b'FINANCIALThis section provides historical perspective, context, and detail to assist in utilizing the Financial Statements, Notes to the Financial Statements, and Required Supplementary Information, to understand and assess the Systems economic condition.The statistical information provided here is divided into two main categories: Financial Trends Information and Operating Information.Financial Trends Information is intended to assist readers in understanding how the Systems financial position has changed over time. The Changes in Fiduciary Net PositionPension Plan and Changes in Fiduciary Net PositionHealth Subsidy Plan present additions by source, deductions by type, and the total change in fiducia-ry net position for the last ten fiscal years. The Pension Benefit Expenses by Type presents a ten-year history of the total benefit amounts for service, disability, and survivor pensioners.Operating Information is intended to provide contextual information about the Systems operations and member-ship, and to assist readers in using financial statement information to understand and evaluate the Systems fiscal condition. Retired Members by Type of Pension Benefit and the Retired Members by Type of Health Subsidy Benefit present the dollar levels for each benefit as of June 30, 2025. FINANCIAL TRENDS INFORMATIONSchedule of Additions by SourcePension Plan(in thousands)Employer ContributionsFiscal% of AnnualMember Net OtherTotal Year Dollars Covered Contributions Investment Income (Loss) IncomePayroll Income (Loss)* (Loss)15-16 478,385 35% 129,734 156,205 3,108 767,43216-17 454,309 33% 128,900 2,256,694 3,436 2,843,33917-18 459,632** 32% 145,112 1,886,956 7,184 2,498,88418-19 504,877 34% 147,753 1,217,329 362 1,870,32219-20 516,638 34% 153,787 605,869 375 1,276,66920-21 543,819 34% 157,786 6,971,432 673 7,673,71021-22 535,450 33% 149,243 (2,021,951) 369 (1,336,889)22-23 481,824 30% 151,935 1,920,050*** 414 2,554,22323-24 480,810 30% 157,191 2,561,355 627 3,199,98324-25 486,958 28% 164,291 3,120,240*** 338 3,771,827* Includes change in unrealized gain and loss of investment.** This amount will not reconcile with the Financial Statements, as it excludes L.A. World Airportscontributions transferred from LACERS, which were reported as Other Income.*** For 2023 and 2025, Net Investment Income includes prior year adjustment.136 LAFPP ANNUAL REPORT 2025'