b'LOS ANGELES FIRE AND POLICE PENSION SYSTEM MANAGEMENTS DISCUSSION AND ANALYSIS (Unaudited)Pension Plan (Continued)Changes in Fiduciary Net PositionCondensed Statement of Changes in Fiduciary Net Position($ in Thousands)2024 2023 Change % ChangeAdditionsEmployer Contributions $ 480,810 $ 481,824 $ (1,014) -0.2%Member Contributions157,191151,935 5,256 3.5%Net Investment Income 2,561,355 1,920,048 641,307 33.4%Other Income627414213 51.4%Total Additions 3,199,983 2,554,221 645,762 25.3%DeductionsPension Benefits 1,456,409 1,342,885 113,524 8.5%Refund of Contributions 8,760 9,580 (820) -8.6%Administrative Expenses24,06822,994 1,074 4.7%Total Deductions 1,489,237 1,375,459113,778 8.3%Net Increase 1,710,746 1,178,762 531,984 45.1%Net Position, Beginning of Year 26,437,300 25,258,538 1,178,762 4.7%Net Position, End of Year $28,148,046 $26,437,300 $1,710,746 6.5% Additions to Fiduciary Net PositionAdditions needed to fund benefit payments are accumulated through employer and member contributions, and from income generated from the Plans investing activities.Contributions for fiscal year 2024 totaled $638 million, an increase of $4.24 million, or 0.67%, over fiscal year 2023. The employers contribution for fiscal year 2024 was $480.81 million compared to $481.82 million for fiscal year 2023. The decrease in employers contributions was due to the decrease in the actuarially required contribution. The increase in member contributions was due to an overall increase in active member salaries.Net investment income amounted to $2.56 billion, an increase in net investment income of $641.3 million, or 33.4%, when compared with $1.92 billion from fiscal year 2023. Investment income increased in fiscal year 2024 due to the net appreciation in the fair value of investments in fiscal year 2024 relative to fiscal year 2023. 7 24 LAFPP ANNUAL REPORT 2024'