Page 399 - FY 2022-23 Proposed Budget

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, 2021 as follows:
Tier 1
33.93% of $1,806,158,959 total actuarial salary of Tier 1 members for fiscal year 2022-23. $ 612,829,734
Tier 3
31.35% of $717,056,069 total actuarial salary of Tier 3 members for fiscal year 2022-23. 224,797,077
Subtotal $ 837,626,811
Family Death Benefit Fund
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). $ 47,000

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. 1,332,000

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. 55,000

Total City Contributions $ 839,060,811
True-up Adjustments:
Credit of difference in City contribution based on 2021-22 estimated covered payroll on July 15, 2021 $ (75,194,360)
compared to actual covered payroll up to February 26, 2022 and projected covered payroll through June 30, 2022.
Total City Contributions After True-up $ 763,866,451

City Contributions by Funding Source:
Total Contributions
Covered Tier 1 1 Tier 3 1 Shared Cost for True-up Total
Payroll (33.93%) (31.35%) FDBP/EBP/LTP Adjustments

General City (TRAN) $ 2,110,225,622 $ 498,540,803 $ 197,770,345 $ 1,199,289 $ (65,999,084) $ 631,511,353
Airports 289,184,533 79,575,980 20,481,427 164,350 (7,770,973) 92,450,784
Harbor 90,798,372 26,047,782 4,254,812 51,603 (1,326,264) 29,027,933
LACERS 19,082,101 4,825,515 1,494,608 10,845 79,768 6,410,736
LAFPP 13,924,400 3,839,653 795,886 7,913 (177,807) 4,465,645

Total $ 2,523,215,028 $ 612,829,733 $ 224,797,078 $ 1,434,000 $ (75,194,360) $ 763,866,451

1. The total City contribution is based on the contribution rates of 33.93% for Tier 1 and 31.35% for Tier 3, however the allocation to the five
funding sources is adjusted so that $4,039,848 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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