b'INVESTMENT EARNINGSInvestment Earnings consist of Earnings on Investments and Gain (Loss) on Sale of Investments. In 2024-25, the Department had investment earnings of $2.45 billion, an increase of $0.53 billion, or +27.36%, from 2023-24. 2024-25 BudgetActual ReceiptsEarnings on Investmentsincludes real estate and private equity net cash, interest and dividends, and miscellaneousincome.EarningsonInvestmentsin 2024-25 were $854.70 million, an increase of $91.32 million, or +11.96%, from 2023-24. 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 invest-ments are a function of how many transactions are performed by our investment advisors. In 2024-25, the Department received $1.59 billion in cash through thesetransactions,anincreaseof$0.43billion,orInvestment Earnings, 74.60%+37.51%, from 2023-24.Employer Contributions*, 20.38%Member Contributions, 5.01%Miscellaneous, 0.01%* Excludes Excess Benefit Plan (EBP).ReceiptsFive-Year Receipts HistoryIn Millions$4,000 Employer Contributions*Member Contributions$3,500Investment Earnings$3,000 Miscellaneous**$2,500$2,000$1,500$1,000$500$02020-21 2021-22 2022-23 2023-24 2024-25 *** Excludes Excess Benefit Plan (EBP).** Miscellaneous receipts in 2024-25 was $0.38 million or 0.01% of Total Receipts.92 LAFPP ANNUAL REPORT 2025'