Page 398 - FY 2022-23 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.

COMBINED STATEMENT OF RECEIPTS AND EXPENDITURES 1
Budget
Actual Budget Estimated Appropriation
2020-21 2021-22 2 2021-22 2022-23 3

RECEIPTS
$ 659,689,020 $ 730,555,772 $ 725,524,000 City Contributions (see Schedule 1).................................. 763,866,451
259,217,329 269,850,000 250,000,000 Member Contributions........................................................ 262,500,000
67,168 71,000 68,000 Family Death Benefit Plan Member Contributions............. 47,000
10,923,779 11,520,000 12,165,000 Self-Funded Dental Insurance Premium............................ 12,840,000
918,708 660,000 986,000 Member Insurance Premium Reserve............................... 1,296,000
379,258,551 362,560,000 340,000,000 Earnings on Investments.................................................... 350,200,000
2,113,011,755 -- 220,000,000 Gain on Sale of Investments.............................................. --
$ 3,423,086,310 $ 1,375,216,772 $ 1,548,743,000 Total Receipts...................................................................... $ 1,390,749,451

EXPENDITURES
$ 1,066,341,253 $ 1,170,660,000 1,172,000,000 Retirement Allowances...................................................... $ 1,277,000,000
989,654 1,156,000 884,000 Family Death Benefit Plan Allowance................................ 884,000
136,902,985 149,800,000 148,500,000 Retired Medical & Dental Subsidy..................................... 160,380,000
15,810,471 18,000,000 17,300,000 Retired Medicare Part B Reimbursements........................ 20,412,000
8,232,476 8,590,000 8,890,000 Self-Funded Dental Insurance Claims............................... 10,437,000
15,285,377 15,609,000 14,000,000 Refund of Member Contributions....................................... 15,400,000
2,298,471 2,684,000 2,000,000 Refund of Deceased Retired Accum. Contributions.......... 2,200,000
31,791,154 32,904,448 32,861,000 Administrative Expense (see Schedule 2)......................... 39,786,791
759,296 864,000 852,000 Self-Funded Administrative Fee......................................... 973,000
101,556,101 95,652,261 102,137,000 Investment Management Expense.................................... 107,027,414
$ 1,379,967,238 $ 1,495,919,709 $ 1,499,424,000 Total Expenditures............................................................... $ 1,634,500,205

$ 2,043,119,072 $ (120,702,937) $ 49,319,000 Increase in Fund Balance.................................................... $ (243,750,754)

$ 3,423,086,310 $ 1,375,216,772 $ 1,548,743,000 Total Expenditures and Increase in Fund Balance.............. $ 1,390,749,451

1. The Combined Statement of Receipts and Expenditures includes the 115 Trust Fund receipts and expenditures.

2. The City contribution amount reflects the City contribution per the City's 2021-22 Adopted Budget and includes the net 2020-21 true-up credit
adjustment of $34,089,399. The contribution amount may vary from the LACERS Board Adopted Resolution due to the timing of the budget approval.
3. The 2022-23 City contribution includes a true-up credit adjustment of $75,194,360 for 2021-22.

370