Page 398 - 2020-21 Budget Summary

LOS ANGELES CITY EMPLOYEES' RETIREMENT SYSTEM

SCHEDULE 1 -- CITY CONTRIBUTIONS

ACTUARIAL REQUIREMENTS
To fund the liabilities of the System for future service as required in Article XI Section
1158 and 1160 of the City Charter in accordance with the actuarial valuation of those
liabilities as of June 30, 2019 as follows:

Tier 1
29.43% of $1,940,314,943 total actuarial salary of Tier 1 members for fiscal year 2020-21. $ 571,034,687

Tier 3
27.45% of $435,713,866 total actuarial salary of Tier 3 members for fiscal year 2020-21. 119,603,458

Subtotal $ 690,638,145

To match the estimated total amount contributed by Family Death Benefit Plan members
in accordance with the provisions of Section 4.1090 of the Los Angeles Administrative Code (LAAC). $ 98,000

Excess Benefit Plan Fund
To fund retirement benefits in excess of the limits set by Internal Revenue Code Section
415 (b) in accordance with the provisions of Section 4.1800 of the LAAC. 1,260,000

Limited Term Plan Fund
To fund the Defined Contribution Plan for elected City officials in accordance with the
provisions of Section 4.1850 of the LAAC. 21,000

Total City Contributions $ 692,017,145

True-up Adjustments:
Credit of difference in City contribution based on estimated covered payroll on July 15, 2019 $ (46,116,643)
and actual covered payroll up to March 2, 2019.
Total City Contributions After True-up $ 645,900,502

City Contributions by Funding Source:
Total Contributions
Covered Tier 1 1 Tier 3 1 Shared Cost for True-up Total
Payroll (29.43%) (27.45%) FDBP/EBP/LTP Adjustments

General City (TRAN) $ 1,978,778,366 $ 468,822,065 $ 102,789,621 $ 1,148,444 $ (40,110,732) $ 532,649,398
Airports 278,955,000 72,031,809 12,681,892 161,900 (5,327,027) 79,548,574
Harbor 89,970,035 23,158,288 2,951,737 52,217 (704,112) 25,458,130
LACERS 15,623,624 3,701,193 811,991 9,067 (33,742) 4,488,509
LAFPP 12,701,784 3,321,334 368,215 7,372 58,970 3,755,891

Total $ 2,376,028,809 $ 571,034,689 $ 119,603,456 $ 1,379,000 $ (46,116,643) $ 645,900,502

1. The total City contribution is based on the contribution rates of 29.43% for Tier 1 and 27.45% for Tier 3, however the allocation to the five
funding sources is adjusted so that $3,971,850 in costs associated with the enhanced benefits for Airport Peace Officers (who elect to stay in
LACERS effective January 7, 2018) are borne exclusively by Airports.

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