b'Employee Development and LeadershipRecognizing that organizational strength depends on talent development, we implemented a voluntary job rotationprogram,hostedtwowell-attendedbrownbagseminars,anddeliveredfourspecializedtraining courses within the Pensions Division. Research on mentorship programs culminated in Board approval of a formal Mentorship Program for FY 202526, reinforcing our commitment to succession planning and retention of institutional knowledge. OPERATIONAL HIGHLIGHTSOperational excellence remained a priority throughout the year. Key achievements include:Asset Allocation Implementation: Successfully completed the multi-year project to implement the revised asset allocation plan. This included hiring J.P. Morgan Investment Managementfortheactivecorefixedincomemandate,adoptingtheInfrastructure Investment Policy, and initiating infrastructure investments to diversify and strengthen the portfolio. CybersecurityAssurance:Comprehensivepenetrationtestingconductedbyour insurancecarrierconfirmedtherobustnessofourtechnologyinfrastructure.Only low-severityvulnerabilitieswereidentified,allofwhichwerepromptlyremediated, ensuring continued protection of member data and system integrity.LOOKING AHEADWhile challenges and uncertainties persist in global markets, LAFPPs strong financial foundation, disciplined risk management, and focus on continuous improvement position us for sustained success. Our strategic priorities for the coming year will build on this momentum, emphasizing member service enhancements, investment diversification, and workforce development.ACKNOWLEDGMENTThese accomplishments reflect the collaborative efforts of the Board, staff, investment managers, actuaries, and consultants. I extend my sincere appreciation to our dedicated team, whose expertise and commitment ensure that the needs of our members are met with excellence. I also thank our Board members and stakeholders for their unwavering support and guidance in advancing the Plans mission.Joseph SalazarGeneral Manager6 LAFPP ANNUAL REPORT 2025'