b'INVESTMENT EARNINGSInvestment Earnings consist of Earnings on investments and Gain (Loss) on Sale of Investments. In 2023-24, the Department received investment earnings of $1.92 billion, an increase of $1.12 billion, or +140.94%, from 2022-23. EarningsonInvestmentsincludesreal estate and private equity net cash, interest and2023-24 BudgetActual Receiptsdividends, and miscellaneous income. Earnings on Investments in 2023-24 were $763.38 million, anincreaseof$77.77million,or+11.34%,from 2022-23. Gain (Loss) on Sale of Investmentsincludes actual cash receipts to the Pension System on the sale of investments. Gains or losses on the sale of investments are a function of how many transac-tions are performed by our investment advisors. In 2023-24, the Department received $1.16 billion in cash through these transactions, an increase of $1.05 billion, or +931.82%, from 2022-23.Investment Earnings, 70.53%Employer Contributions*, 23.68%Member Contributions, 5.77%Miscellaneous, 0.02%* Excludes Excess Benefit Plan (EBP).ReceiptsFive-Year Receipts HistoryIn Millions$4,000Employer Contributions*$3,500Member Contributions$3,000 Investment Earnings$2,500 Miscellaneous**$2,000$1,500$1,000$500$02019-20 2020-21 2021-22 2022-23 2023-24 *** Excludes Excess Benefit Plan (EBP).** Miscellaneous receipts in 2023-24 was $0.70 million or 0.02% of Total Receipts.92 LAFPP ANNUAL REPORT 2024'