b'LOS ANGELES FIRE AND POLICE PENSION SYSTEM MANAGEMENTS DISCUSSION AND ANALYSIS (Unaudited)Pension Plan (Continued)Changes in Fiduciary Net Position (Continued)Deductions from Fiduciary Net PositionCosts associated with the Pension Plan include benefit payments to members, refunds of contributions due to termination and member death, and administrative expenses.Deductions for the fiscal year ended June 30, 2024, totaled $1.49 billion, an increase of $113.78 million, or 8.3%, over fiscal year 2023. The increase was due primarily to the up to 5.1% cost of living adjustments made to eligible pensions and an increase in the total number of retirees compared to fiscal year 2023.Condensed Statement of Changes in Fiduciary Net Position($ in Thousands)2023 2022 Change % ChangeAs restatedAdditionsEmployer Contributions $481,824 $535,450 $(53,626) -10.0%Member Contributions 151,935 149,243 2,692 1.8%Net Investment Income1,920,048 (2,021,951)3,941,999 195.0%Other Income41436945 12.2%Total Additions2,554,221 (1,336,889)3,891,110 291.1%DeductionsPension Benefits1,342,8851,237,262 105,623 8.5%Refund of Contributions 9,580 7,474 2,106 28.2%Administrative Expenses 22,994 22,146848 3.8%Total Deductions1,375,4591,266,882 108,577 8.6%Net Increase1,178,762 (2,603,771)3,782,533 145.3%Net Position, Beginning of Year,As Restated25,258,53827,862,309(2,603,771) -9.3% Net Position, End of Year $ 26,437,300 $ 25,258,538 $ 1,178,762 4.7% 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 2023 totaled $633.76 million, a decrease of $50.93 million, or 7.44%, over fiscal year 2022. The employers contribution for fiscal year 2023 was $481.82 million compared to $535.45 million for fiscal year 2022. The decrease in employers contributions was due to the decrease in8 SECTION 2 Financials 25'