b'ADMINISTRATIVE EXPENSESBeginning with the June 30, 2014 valuation, the assumedinvestmentrateofreturnexcludes the Plans administrative expenses. This change wasmadetoimplementnewGovernmental AccountingStandardsBoard(GASB)financial reportingrequirements(GASBStatements67 and68)sothatthesameinvestmentreturn assumption can be used for both funding and financial reporting purposes. The actuary now recommends an explicit assumption to account for the Plans administrative expenses.Contribution Amount Allocatedfor Administrative Expenses*Pension 1.28%Health 0.13%* Percent of total payroll. Contributions to be made on July 15, 2025.EMPLOYER Michael Meadows PhotoCONTRIBUTION HISTORYAhistoryofemployercontributionsisillustrated in the following charts. Over the last two decades, theCityscontributiontotheSystemforpension andhealthbenefitshasgrown,althoughthere were periods when the contribution amount was decreasedduetotheSystemsactuarialsurplus status.After the inclusion of Harbor Port Police in January 2006,theHarborDepartmentbeganmaking contributions to the System in Fiscal Year 2007-08.Since its first-year contribution, subsequent contri-butionshavebeenstable.AirportPolicebecame members of the Plan beginning in January 2018, and the Airport Department began making contri-butions to the System in Fiscal Year 2017-18.114 LAFPP ANNUAL REPORT 2024'