b'SUMMARY OF EXPENDITURESTheDepartmentsexpensesaredividedintothreecategories:PensionsandBenefits,Investment Management, and Administrative Expenses. For 2023-24, expenses totaled $1.81 billion, an increase of $146.46 million, or +8.79%, from 2022-23. PENSIONS AND BENEFITS EXPENSETheDepartmentsPensionsandBenefitsExpenseincludesServicePensions,DeferredRetirement Option Plan (DROP) Distributions, Disability Pensions, Surviving Spouse/Domestic Partner Pensions, Minor/Dependent Child Pensions, Refund of Member Contributions, and health benefit-related expens-es. In 2023-24, Pensions and Benefits Expenses were $1.63 billion, which represented 89.92% of total expenses and an increase of $123.13 million, or +8.17%, from 2022-23. The increase in Pensions and Benefits Expense can be largely attributed to the Cost of Living Adjustment (COLA) for eligible pensioners, an increase in the total number pensioners, and an increase in the average monthly benefit amount.INVESTMENT MANAGEMENT EXPENSE In 2023-24, the Investment Management Expense was $155.86 million, which represented 8.60% of total expenses and an increase of $22.13 million, or +16.55%, from 2022-23. Actual payments to investment managers depend on the amount of assets under management, portfolio performance, the period in which the fee is calculated, and the terms and conditions of the individual contracts as approved by the Board. ADMINISTRATIVE EXPENSE Administrative Expense includes staff salaries and benefits, and operating costs. In 2023-24, the Depart-ments Administrative Expense was $26.77 million, which represented 1.48% of the total expenses and an increase of $1.20 million, or 4.71%, from 2022-23. The Detail of Administrative Expense is provided on page 94.2023-24 Budget Actual ExpendituresService Pensions, 53.34% Service Pensions-DROP Distributions, 11.67%Disability Pensions, 6.23%Surviving Spouse/Domestic Partner& Minor/Dependent Child Pensions, 9.13%Refund of Member Contributions, 0.48%Health Insurance Premium Subsidy, Dental Insurance Premium Subsidy, Medicare & Health Insurance Premium Reimbursement, 9.07%Investment Management Expense, 8.60%Administrative Expense, 1.48%SECTION 3 Department Budget 93'