We invite you to read our newsletter filled with announcements and benefit topics including our Enhanced Services, Virtual Webinars, and 2021 Annual Report.
Click below to access the electronic copy of the newsletter.
https://www.lafpp.com/article/march-2022-activedrop-newsletter
An Election to select the Fire Department Employee Member of the Board of Fire and Police Pension Commissioners (Board) is scheduled on April 19, 2022. The candidate elected will serve the term beginning July 1, 2022 and ending June 30, 2027.
BOARD MEMBER DUTIES – The Board exercises the prudent person standard in the discharge of its duties. It has sole and exclusive fiduciary responsibility to administer the Fire and Police Pension System (System) and its assets; has the authority to set and adopt investment policies for over $31 billion in fund assets; and has the duty to establish actuarial assumptions and adopt rules and regulations necessary to administer the System.
Preparation for regular and special meetings requires an individual to commit hours of advanced reading of Board Reports and disability cases. The Board normally meets on the first and third Thursdays of each month at 8:30 a.m. (PT). Most meetings are from three to four hours.
ELECTION PROCESS – Only active, sworn Los Angeles Fire Department (LAFD) members of the System are eligible to run and vote for this Board seat. Members who are interested in becoming a candidate are required to complete and submit the Notice of Intent form which was mailed with the Election Notification. Signature gathering by eligible members is not required to run as a candidate.
Along with the Notice of Intent, the candidate has the option to submit an Occupational Ballot Designation and a typewritten Statement of Qualifications for Office. The Occupational Ballot Designation will be printed under the candidate’s name and shall consist of three words to describe the following: (A) the current principal profession, vocation, or occupation of the candidate, or (B) the principal profession, vocation, or occupation of the candidate during the last calendar year immediately before the filing of the Notice of Intent to become a candidate. The Statement of Qualifications for Office may include information on education, work experience, years of service, and other relevant qualifications and shall not exceed 300 words in length. Any words beyond the 300 word limit will not be printed.
Starting at 8:00 a.m. (PT) on February 23, 2022, candidates who wish to qualify for the ballot are required to provide the following documents: 1) Notice of Intent to run for Office; 2) Occupational Ballot Designation (Optional); and 3) Statement of Qualifications for Office (Optional). The three (3) approved methods of submittal are detailed below. Documents received any other way will NOT be accepted.
The completed Notice of Intent must be received by the Office of the City Clerk – Election Division by the deadline of 5:00 p.m. (PT) on March 4, 2022.
Eligible voters will receive a ballot in the mail. Voters may choose to return their ballot via mail or may deposit it at the drop box located at the Office of the City Clerk – Election Division. Ballots received any other way will NOT be accepted. All completed ballots must be received by the Office of the City Clerk – Election Division by 5:00 p.m. (PT) on April 19, 2022 to be counted.
Sworn Employee Members of LAFD who become eligible within 30 days prior to the Election and wish to vote in the Election should obtain a Certificate of Eligibility (Certificate) from the Personnel Department. Beginning at 8:00 a.m. (PT) on April 8, 2022, after securing a Certificate, the newly eligible voter may contact the Office of the City Clerk – Election Division at (213) 978-0444 or by email at Clerk.ElectionAdmin@lacity.org to schedule an appointment to present themselves and receive a ballot.
The ballots will be tallied on April 21, 2022, in the presence of the observers designated by each candidate via livestream. Candidates may also participate in addition to the two observers. The Office of the City Clerk – Election Division will furnish to the Board the official certified results of the election within 14 days after the date of election.
QUESTIONS – Inquiries regarding the election process may be directed to the Office of the City Clerk – Election Division at (213) 978-0444 or by email at Clerk.ElectionAdmin@lacity.org. Inquiries may also be directed to the Administrative Services Section of the Department of Fire and Police Pensions at (213) 279-3080.
LAFPP is pleased to present our 2021 Annual Report. This report provides financial information, such as the department’s budget summary, investment performance, asset allocation data, plan actuarial data, statistical information, and a summary of plan provisions for the fiscal year ending June 30, 2021.
Some of the highlights in this year’s report include:
LAFPP continues to grow as an organization as we strive to be a leader and innovator in the public pension industry. The Board and staff are committed to prudent and sound investment strategies to grow and protect Plan assets over the long-term to secure the retirement benefits of our members.
In addition to this report, our historical annual reports, actuarial valuations, and financial statements are available on our website under Financial Reports.
The 2021 Form 1099-R is now available for retired members and beneficiaries on MyLAFPP. It is the easiest and fastest way to view and print your tax statement without waiting for delivery to your mailing address.
If you have not yet created a MyLAFPP account, you will need a PIN number to register. Please contact the Communications & Education Section at (213) 279-3155 or send an email to pensions@lafpp.com with your contact number and we will return your call during business hours.
We recommend viewing and downloading your Form 1099-R on a computer.
For the full guide with screenshots visit here: https://www.lafpp.com/post/how-download-form-1099r
HARD COPY FORM 1099-R
Alternatively, the form 1099-R was mailed on Monday, January 31, 2022 to the mailing address we have on file for you. Please allow at least one week for your tax statement to be delivered to your mailing address before contacting LAFPP.
PLEASE REVIEW THE FREQUENTLY ASKED QUESTIONS BELOW FOR MORE INFORMATION ON THIS AND OTHER TAX FORM INQUIRIES.
Some members may receive more than one 1099-R tax form in a year. Here are some of the possible reasons:
Box 1 – Total gross distribution
Box 2a – Your total taxable amount. (If you are retired on a Service-Connected Disability pension, this box will show $0.00)
Box 4 – Federal income tax withheld
Box 5 – Basis recovery distributed
Box 7 – Distribution codes
Box 14 – California State tax withheld
Box 15 – LAFPP’s state and Payer Number (This reflects LAFPP’s information only)
Box 16 – Total amount subject to California state taxes
You should be comparing the total in your pension statement to box 1 of your 1099-R. Box 1 reflects the income received in tax year 2021. Box 2a is the taxable portion of your income received. Some or all of your income may not have been taxable, which is why box 1 and box 2a may be different.
Box 2a may not be equal to the total amount in your pension statement, because you may have:
Your form was mailed to the address on file with LAFPP. Please allow time for mailing before requesting a duplicate. Requests for duplicate forms will be processed and mailed after February 11, 2022. If you would like a replacement copy, please call the Accounting Section at (213) 279-3040 or (844) 88-LAFPP ext. 3040.
To update your mailing address on file with LAFPP you must change in two places:
For those who would prefer not to make changes online, please complete a Change of Address Form and fax or email, as instructed. This form can also be mailed to you upon request.
IMPORTANT NOTE: In addition to Federal taxes, LAFPP is responsible for tax withholding only in the state of California. Since LAFPP does not have an operating business presence in other states, we do not offer tax withholding for states other than California.
Please contact the Retirement Services Section at (213) 279-3125 or email rs@lafpp.com, if you have questions regarding:
Please contact the Communications & Education Section at (213) 279-3155 or email cspsection@lafpp.com, if you have questions regarding:
Please contact the Accounting Section at (213) 279-3040 or email accounting@lafpp.com, if you have questions regarding:
Please contact the Medical & Dental Benefits Section at (213) 279-3115 or email mdb@lafpp.com, if you have questions regarding:
SPECIAL NOTICE: This article only applies to Retired Members and Qualified Surviving Spouses/Domestic Partners of the Los Angeles Fire & Police Pension Plan.
The Centers for Medicare and Medicaid Services (CMS) has increased the standard Medicare Part B monthly premium to $170.10 effective January 1, 2022; however, you may pay a different amount determined by CMS.
Please submit a copy of either:
Please submit a copy of your:
We recommend that you redact or avoid providing any personal identifiable information such as your address, birthdate, and all but the last four digits of your Social Security Number (SSN) from the documents before you submit them. If the document does not have the last four digits of your SSN, please include that at the top of your documents. Please send all documents to LAFPP’s Medical & Dental Benefits Section via:
Due to the anticipated high volume of submissions, it may take at least two to three months to process your Part B documentation and update your reimbursement amount on your LAFPP pension payment.
As a reminder, Part B reimbursement only applies to Retired Members or Qualified Survivors who are eligible for an LAFPP health subsidy and are enrolled in both Medicare Parts A and B. Any additional Part B fees or penalties charged by CMS are not eligible for reimbursement.
You must be a retired member or qualified survivor who is receiving a pension and is eligible for a health subsidy, and enrolled in both Medicare Parts A and B.
You must submit a copy of your Social Security benefits verification statement (your “New Benefit Amount”) or a copy of a 2022 Centers for Medicare and Medicaid Services (CMS) billing statement.
No. Only the retired member or Qualified Survivor enrolled in Parts A and B is eligible for Medicare Part B premium reimbursement.
Yes. You may submit a copy of the first page of your IRMAA letter if it contains your name, address and 2022 monthly Medicare Part B premium deduction. LAFPP does not reimburse IRMAA fees, so your Part B reimbursement will not exceed the 2022 standard monthly premium of $170.10.
You may call or visit your local Social Security Administration (SSA) office. To locate your local SSA office and/or telephone number, you may check their website: https://secure.ssa.gov/ICON. You may also access proof of your 2022 Medicare Part B basic premium online at the SSA website: www.ssa.gov/myaccount. You may be required to create or register your SSA account. Please note that once you have an online account, your SSA notifications will be emailed to you.
You may submit your documentation as soon as it is available and receive a retroactive reimbursement for up to twelve (12) pension roll months from the date your submission is received.
If you have additional questions about your Medicare Part B reimbursement, please contact the Medical and Dental Benefits Section at (213) 279-3115, toll free at (844) 88-LAFPP ext. 3115, or via email to mdb@lafpp.com.
LAFPP welcomes Brian J. Churchill, the Police Department Employee Member-elect, to the Board of Fire and Police Pension Commissioners! Mr. Churchill will be sworn-in during January 2022 to fulfill his fiduciary responsibilities as a Board member beginning February 1, 2022.
Commissioner Paul M. Weber will be stepping down from the Board of Fire and Police Pension Commissioners (Board) as the Police Department Employee Member effective January 31, 2022. Since Commissioner Weber’s term was scheduled to expire on June 30, 2025, this leaves an unexpired term of forty-one (41) months. In accordance with Section 23.102.10(a) of the Los Angeles Administrative Code, the Board authorized the Office of the City Clerk to conduct a Special Election on Tuesday, November 16, 2021, to fill the upcoming vacant seat for the remainder of the unexpired term. The candidate receiving a plurality of all votes cast is then declared elected as the Police Department Employee Member of the Board.
Mr. Churchill received 53.07% of the vote, a majority, and as such is elected to serve the unexpired term of the Police Department Employee Member of the Board beginning February 1, 2022 through June 30, 2025. Congratulations Mr. Churchill!
For a current list of Commissioners, please view the Board Directory. If you have any questions concerning the Special Election results, please contact the Administrative Services Section of the Department of Fire and Police Pensions at (213) 279-3080.
Good news! Based on the actuarial report for the period ending June 30, 2021, the combined funded ratio for pension and health benefits is 92.5%, up from 88.6% the previous year. This marks the fourth consecutive year that the combined funded ratio has increased for the System. The pension benefit funded ratio is now 96.8%, up from 93.2%, and the retiree health benefit funded ratio increased from 59.7% to 64.7%. The favorable results indicate that the Plan remains strong despite another volatile year marked by the continuing COVID-19 pandemic.
Every year a valuation of the LAFPP fund is performed by the Board’s actuary. The valuation reviews the System’s assets and liabilities and establishes the City’s (including the Harbor and Airport Departments) contribution to the fund for each fiscal year. The City’s combined contribution rate for July 15, 2022 will decrease by 4.08% of sworn payroll, from 45.75% to 41.67%. The contribution rate decrease is due to a higher than expected return on the valuation value of assets (after smoothing), lower than expected COLA increases for retirees and beneficiaries, the net loss layer from the June 30, 2006 valuation being fully amortized, and other experience gains. The overall unfunded liabilities have decreased from $3.1 billion to $2.1 billion.
The approved 2021 actuarial reports can be found on the Financial Reports page of our website.
Los Angeles Fire and Police Pensions (LAFPP) is excited to welcome new Chief Investment Officer Ray Joseph. After an exhaustive search for a new Chief Investment Officer (CIO) by Korn Ferry, General Manager Ray Ciranna selected Mr. Joseph as the new CIO replacing Tom Lopez, who is retiring after over 40 years with LAFPP.
Ray will lead LAFPP’s investment team in managing over $30 billion in assets. He brings over 25 years of both public and private investment experience to LAFPP after serving in numerous investment positions and companies.
“I am thrilled that Ray will be leading the team” Mr. Ciranna said. “He brings a wealth of knowledge and I look forward to him building on the success of our strong investment program.”
Previously, Mr. Joseph served as vice president at Wilshire Associates, providing investment strategies and solutions for pension plans, endowments, foundations and family offices. His public experience includes his position as Principal Deputy Special Trustee (Chief Investment Officer) for the Office of the Special Trustee within the U.S. Department of Interior, managing $4.3 billion in assets for 566 American Indian Tribes and $1.0 billion for the U.S. Treasury Department. He also served as the Deputy Director (Deputy Chief Investment Officer) and the Acting Director (Chief Investment Officer) for the State of New Jersey’s Division of Investment, where he oversaw pension investments, deferred compensation plans, and the State of New Jersey’s Cash Management program.
About LAFPP
LAFPP oversees the pension fund for the sworn members of City of Los Angeles Fire, Police, Airport and Port departments. The fund is currently valued at over $30 billion in assets and serves nearly 27,000 members and beneficiaries.
About Korn Ferry
Michael Kennedy of Korn Ferry assisted LAFPP in the nationwide search for the CIO.
Korn Ferry is a global organizational consulting firm that specializes in executive management searches, bringing people and organizations together to exceed their potential.
The 2020 Form 1099-R is now available for retired members on MyLAFPP. It is the easiest and fastest way to view and print your tax statement without waiting for delivery to your mailing address.
If you have not created a MyLAFPP account, you will need a PIN number to register. Please contact the Communications & Education Section at (213) 279-3155 or send an email to pensions@lafpp.com with your contact number and we will return your call during business hours.
We recommend viewing and downloading your Form 1099-R on a computer.
For the full guide with screenshots visit here: https://www.lafpp.com/post/how-download-form-1099r
The Form 1099-R was mailed on Friday, January 29, 2021 to the mailing address we have on file for you.
Please allow at least one week for your tax statement to be delivered to your mailing address before contacting LAFPP.
Form 1099-R Questions:
Contact the Retirement Services Section at (213) 279-3125 or rs@lafpp.com.
MyLAFPP Questions:
Contact the Communications & Education Section at (213) 279-3155 or pensions@lafpp.com.
All active, sworn Los Angeles Police Department (LAPD) members of the Fire and Police Pensions System are eligible to vote in the Special Election for the Police Department Employee Member of the Board of Fire and Police Pension Commissioners to be held on Tuesday, November 16, 2021.
Beginning Tuesday, October 26, 2021, eligible voters will be mailed an official ballot, voting instructions, the candidates’ statements of qualifications, an identification envelope, and a paid-postage return envelope addressed to the Office of the City Clerk – Election Division. Voters may submit their ballot via U.S. Postal Service or, starting at 8:00 a.m. (PT) on November 5, 2021, may hand-deliver their ballot using the contactless mail slot located at the Office of the City Clerk – Election Division, Piper Technical Center, 555 Ramirez Street, Suite 300, Los Angeles, CA 90012. Ballots received any other way will NOT be accepted.
In order to be counted, ballots must be received by the Office of the City Clerk – Election Division by 5:00 p.m. (PT) on Tuesday, November 16, 2021. The candidate who receives a plurality of all votes cast shall be declared the winner of the Special Election. The candidate elected will serve the remainder of the unexpired term that begins February 1, 2022 and ends June 30, 2025.
Voters who damage, spoil, lose, or do not receive their ballots may obtain a replacement upon filing an Affidavit of Loss/Non-Receipt (Affidavit) form. Voters may request an Affidavit form by calling (213) 978-0444 or via email at Clerk.ElectionAdmin@lacity.org.
Sworn Employee members of LAPD who become eligible within 30 days prior to the Special Election and wish to vote should obtain a Certificate of Eligibility (Certificate) from the Personnel Department. Newly eligible members may request an appointment with the Personnel Department to obtain the Certificate by emailing Per.PersonnelServices@lacity.org with the subject line “Request for COE 2021.” The Certificate will be provided to eligible members via secure email. After securing a Certificate, beginning at 8:00 a.m. (PT) on November 5, 2021, the newly eligible voter may contact the Office of the City Clerk – Election Division at (213) 978-0444 or by email at Clerk.ElectionAdmin@lacity.org to schedule an appointment to present themselves with the Certificate and receive a ballot.
Candidates may designate up to two (2) individuals to observe the ballot tally. Candidates may also participate in addition to the two observers. Names of observers designated by the candidates must be submitted to the Office of the City Clerk – Election Division by 5:00 p.m. (PT) on Friday, November 12, 2021 via email at Clerk.ElectionAdmin@lacity.org. Ballots will be opened and tallied on Thursday, November 18, 2021 at 9:00 a.m. (PT), and will be available to designated observers via livestream[1].
[1] The Office of the City Clerk – Election Division’s Notice of Election is the source of and supersedes this web posting. Questions related to the Special Election conduct may be addressed to the Office of the City Clerk – Election Division at (213) 978-0444.
