Page 394 - FY 2021-22 Proposed Budget

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
2019-20 2020-21 1 2020-21 2021-22 2
RECEIPTS
$ 666,567,602 $ 645,900,502 $ 623,446,000 City Contributions (see Schedule 1)................................. 715,507,021
263,842,364 278,000,000 257,000,000 Member Contributions..................................................... 269,850,000
93,286 98,000 70,000 Family Death Benefit Plan Member Contributions............ 71,000
404,725,040 422,300,000 352,000,000 Earnings on Investments................................................. 362,560,000
361,010,809 -- 1,808,000,000 Gain on Sale of Investments............................................ --
$ 1,696,239,101 $ 1,346,298,502 $ 3,040,516,000 Total Receipts.................................................................... $ 1,347,988,021

EXPENDITURES
$ 972,131,646 $ 1,040,920,000 1,071,210,000 Retirement Allowances.................................................... $ 1,167,618,900
1,065,345 1,156,000 990,000 Family Death Benefit Plan Allowance.............................. 1,156,000
118,136,970 142,991,000 139,150,000 Retired Medical & Dental Subsidy.................................... 148,890,500
14,547,868 16,170,000 16,020,000 Retired Medicare Part B Reimbursements....................... 18,000,000
10,787,797 12,287,000 14,190,000 Refund of Member Contributions..................................... 15,609,000
1,544,373 2,200,000 2,440,000 Refund of Deceased Retired Accum. Contributions......... 2,684,000
28,721,387 29,948,248 32,754,000 Administrative Expense (see Schedule 2)........................ 32,769,233
86,086,447 91,557,275 85,263,000 Investment Management Expense................................... 95,634,761
$ 1,233,021,833 $ 1,337,229,523 $ 1,362,017,000 Total Expenditures............................................................. $ 1,482,362,394

$ 463,217,268 $ 9,068,979 $ 1,678,499,000 Increase in Fund Balance.................................................. $ (134,374,373)
$ 1,696,239,101 $ 1,346,298,502 $ 3,040,516,000 Total Expenditures and Increase in Fund Balance............. $ 1,347,988,021

1. The City contribution amount reflects the City contribution per the City's 2020-21 Adopted Budget and includes the net 2019-20 true-up credit
adjustment of $46,116,643. The contribution amount may vary from the LACERS Board Adopted Resolution due to the timing of the budget approval.

2. The 2021-22 City contribution includes a true-up credit adjustment of $34,089,399 for 2020-21.

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