Page 397 - 2020-21 Budget Summary

LOS ANGELES CITY EMPLOYEES' RETIREMENT SYSTEM

This Department, under its Board of Administration, is vested with the exclusive management and control of the investments of the
City Employees' Retirement Fund and the administration of the provisions of the City Charter and Administrative Code relative to the
retirement, disability, and death benefits provided for all City employees, except the uniformed forces of the Fire and Police
Departments, a portion of Harbor Port Police and Airport Police, and the Department of Water and Power.

Budget
Actual Budget Estimated Appropriation
2018-19 2019-20 1 2019-20 2020-21 2

RECEIPTS
$ 587,889,902 $ 676,779,336 $ 676,667,000 City Contributions (see Schedule 1)................................. 645,900,502
240,258,510 258,361,000 260,000,000 Member Contributions..................................................... 280,000,000
98,886 104,000 102,000 Family Death Benefit Plan Member Contributions............ 98,000
416,415,425 415,158,054 410,000,000 Earnings on Investments................................................. 422,300,000
315,119,217 -- 284,000,000 Gain on Sale of Investments............................................ --
$ 1,559,781,940 $ 1,350,402,390 $ 1,630,769,000 Total Receipts.................................................................... $ 1,348,298,502

EXPENDITURES
$ 908,034,349 $ 964,600,000 981,715,000 Retirement Allowances.................................................... $ 1,040,920,000
1,119,276 1,156,000 1,104,000 Family Death Benefit Plan Allowance.............................. 1,156,000
122,766,321 134,136,000 133,015,000 Retired Medical & Dental Subsidy.................................... 142,991,000
13,344,880 14,100,000 14,700,000 Retired Medicare Part B Reimbursements....................... 16,170,000
10,629,675 11,427,000 11,170,000 Refund of Member Contributions..................................... 12,287,000
1,053,844 1,360,000 2,000,000 Refund of Deceased Retired Accum. Contributions......... 2,200,000
24,325,015 28,076,399 27,933,000 Administrative Expense (see Schedule 2)........................ 31,190,324
82,970,385 87,121,829 81,775,000 Investment Management Expense................................... 91,557,275
$ 1,164,243,745 $ 1,241,977,228 $ 1,253,412,000 Total Expenditures............................................................. $ 1,338,471,599

$ 395,538,195 $ 108,425,162 $ 377,357,000 Increase in Fund Balance.................................................. $ 9,826,903

$ 1,559,781,940 $ 1,350,402,390 $ 1,630,769,000 Total Expenditures and Increase in Fund Balance............. $ 1,348,298,502

1. The City contribution amount reflects the City contribution per the City's 2019-20 Adopted Budget and includes the net 2018-19 true-up credit
adjustment of $36,017,160. The contribution amount may vary from the LACERS Board Adopted Resolution due to the timing of the budget approval.

2. The 2020-21 City contribution includes a true-up credit adjustment of $46,116,643 for 2019-20.

364