b'20082009 TheCityCounciladoptedthefollowingamend- OnMarch3,2009,voterspassedtwoCharter ments to the DROP Program: amendments:1.July 3, 2008 - A DROP member who is subse- 1.ThefirstmeasureestablishedaSurvivor quently appointed Fire or Police Chief prior toBenefit Purchase Program that allows retired exiting DROP shall be allowed to rescind his/ members of the Plan to purchase, at their own her DROP election. expense,asurvivorbenefitforaspouseor 2.November 4, 2008 - A definitive ending datedomestic partner for DROP was removed, and a member must2.The second measure modified the Dependent be on an active duty/working status at the time(Disabled)ChildrenSurvivorBenefitsprovid-of entry into the program. ed by the Plan. Dependent Children may now marry or be adopted without losing the right to Austin Gebhardt Photo Dependent Child benefits. Additional payment options, which do not increase the amount of benefitspayable,werealsoauthorized.The Board of Fire and Police Pension Commission-ers (Board) was granted the authority to pay Dependent Child benefits to a Special Needs Trust for the benefit of the disabled child.On May 7, 2009, the Board terminated its contract withprivateequityconsultant,AldusEquity Partners.Theterminationwasbasedinparton pay-to-play complaints filed against Aldus by the State of New York and the Securities and Exchange Commission. One of the founders of Aldus later pleaded guilty to felony securities fraud in the New Yorkattorneygeneralspensionfundcorruption probe. In addition, two appointed commissioners resigned from the Board on this day.On July 23, 2009, the Board adopted a Contrac-torDisclosurePolicytoregulatetheSystems contractorsandfineorterminatethosewho violatethepolicy.Thepolicycomplieswiththe provisions of Assembly Bill 1584 (later enacted into law on October 11, 2009), requiring the disclosure ofgifts,campaigncontributions,andmeetings with the Systems investment managers, consul-tants, and other contractors, to provide transpar-ency and help avoid conflicts and the appearance of conflicts.176 LAFPP ANNUAL REPORT 2024'