b'LOS ANGELES FIRE AND POLICE PENSION SYSTEM NOTES TO FINANCIAL STATEMENTS JUNE 30, 2024 AND 2023NOTE 4FUNDING POLICY AND CONTRIBUTION INFORMATION (Continued)During fiscal year 2023, total contributions of $668.24 million from the employer and $151.93 million from the members were made, with respect to the Pension Plan and Health Subsidy Plan, in accordance with actuarially determined contribution requirements determined through an actuarial valuation performed on June 30, 2021.For the Pension Plan, fiscal year 2023 employer contributions included $323.76 million for entry age normal cost, $137.96 million for the unfunded actuarial accrued liability annual amount, and $20.10 million for pension administrative expense. For the Health Subsidy Plan, fiscal year 2023 employer contributions consisted of $76.50 million for entry age normal cost, $108.15 million for the unfunded actuarial accrued liability annual amount, and $1.77 million for health administrative expense.NOTE 5NET PENSION LIABILITYThe components of the Systems net pension liability (NPL) at June 30, 2024 and 2023, were as follows: 2024 2023Total Pension Liability $27,892,689,723 $26,800,919,509Less: Fiduciary Net Position28,148,045,88926,437,299,567Net Pension Liability (Surplus) $(255,356,166) $363,619,942Fiduciary Net Position as a Percentage of the Total Pension Liability 100.92% 98.64% The NPL was measured as of June 30, 2024 and June 30, 2023 and determined based upon plan assets as of each measurement date and upon rolling forward to each measurement date the total pension liability (TPL) from the actuarial valuation as of June 30, 2023 and 2022, respectively.Actuarial AssumptionsThe TPL as of June 30, 2024 and June 30, 2023 that were measured by the actuarial valuations as of June 30, 2023 and June 30, 2022, respectively, used the following actuarial assumptions, which were based on the July 1, 2019 through June 30, 2022 Experience Study Report dated May 10, 2023, and were applied to all periods included in the measurement as of June 30, 2024 and 2023:Inflation Rate2.50% Projected Salary IncreaseRangesfrom3.90%to12.00%basedonyearsof service, including inflation. Investment Return Rate7.00%,includinginflationbutnetofpensionplan investment expenses. Real Across-the-Board Salary Increase0.50% Cost of Living Adjustments (COLAs)2.75% of Tiers 1 - 6 retirement income. 27 44 LAFPP ANNUAL REPORT 2024'