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Based on the actuarial report for the period ending June 30, 2023, the combined funded ratio for pension and health benefits is 96.8%, up from 95.0% the previous year. This marks the sixth consecutive year that the combined funded ratio has increased for the System. The pension benefit funded ratio is now 99.5%, up from 98.0%, and the retiree health benefit funded ratio increased from 74.3% to 77.7%. The favorable results indicate that the Plan remains strong despite another volatile year marked by the continuing high inflation and financial market volatility.



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, 2024, will decrease by 1.90% of sworn payroll, from 40.41% to 38.51%. The contribution rate decrease is due to a higher than expected return on the valuation value of assets (after smoothing) and changes in assumptions, partially offset by higher than expected COLA increases for retirees and beneficiaries and higher than expected salary increases for active members. The overall unfunded liabilities have decreased from $1.5 billion to $975 million.



The actuarial valuation reports can be found on the&nbsp;<a href="https://lafpp.com/about/inside-lafpp/financial-reports">Financial Reports&nbsp;</a>page of our website.

2023 Valuation Reports Approved

May 2025

April 2025

March 2025

February 2025

September 2025

January 2025

August 2025

July 2025

June 2025

December 2025

November 2025

October 2025

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