LACERA is a premier retirement system serving one of the largest retirement populations in the United States. We are viewed as industry leaders for our administrative practices, innovative strategies, advanced technological applications, and general expertise. In order to best service our members, we believe it is important for management, staff, and Board members to be up-to-date on retirement-related issues and information. LACERA encourages learning via workshops, classrooms, and other educational experiences. We also attend, participate, and support other county and state-wide retirement associations; giving presentations regarding investments, benefits, communications, and legal issues.
LACERA REMEMBERS SIMON FRUMKIN
We honor the memory of Simon "Si" Frumkin, who was an esteemed member of LACERA's Board of Retirement (BOR) from 2003 to his death in May. The insight, humanity, and unique life experience he contributed to the BOR will be remembered for many years to come.
Mr. Frumkin was born in Lithuania in 1930 and endured imprisonment at Dachau concentration camp. As a Holocaust survivor, he devoted his life to ensuring history would not repeat itself.
He moved to the U.S. in 1949 and graduated from New York University in 1953. Shortly thereafter, he settled in Los Angeles, eventually becoming the owner of Universal Drapery Fabrics and earning a master's degree in history from California State University, Northridge.
Recognized internationally as a voice for human rights, Mr. Frumkin founded the Southern California Council for Soviet Jews, was involved in the opening of Holocaust exhibits in China and Japan, and was active in the "Meet a Survivor" program at the L.A. Museum of Tolerance.
Mr. Frumkin was a past member of the L.A. City Human Relations Commission and was active in the Simon Weisenthal Center Outreach Program. He often spoke to students about the Holocaust and taught college-level courses on Eastern Europe, Jewish History, and the Middle East.
As a member of the BOR, he was committed to ensuring fairness and justice for County retirees.
(6-22-09)
LACERA ACKNOWLEDGED FOR EXCELLENCE IN FINANCIAL REPORTING
For the 19th consecutive year, LACERA has received the Government Finance Officers Association's (GFOA) Certificate of Achievement for Excellence in Financial Reporting for the Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30, 2008. This award represents the highest form of recognition in governmental accounting and financial reporting, all the more appreciated as the theme of this year's annual report was LACERA's drive to achieve. Congratulations to LACERA staff for their contributions to the annual report, and attaining this prestigious award.
(6-30-09)
LACERA WILL CONTINUE TO PAY YOUR BENEFITS AS PROMISED
Your retirement benefits are a vested right. LACERA will continue to pay your benefits as promised, in spite of the current economic climate.
Given the current challenges of the U.S. economy and the investment market, LACERA members are concerned about the impact of the market on the financial health of our retirement fund. Despite market volatility, LACERA remains a financially strong organization with $38.7 billion in assets.* As of the fund's last actuarial valuation on June 30, 2007, LACERA was 94 percent funded.
THE FUND IS POSITIONED TO WITHSTAND THE CURRENT FINANCIAL DOWNTURN
As a long-term investor, we have structured our investment portfolio to experience bull markets where we have outstanding returns and withstand bear markets where we have negative returns. For example, during the 2001 dot-com market collapse, we dropped to 82 percent funding. We have since climbed back to 94 percent funding.
LACERA's Board of Investments has always adhered to an Investment Policy that broadly invests (diversifies) the fund's assets to mitigate the risk associated with market volatility. LACERA's Investment staff is carefully monitoring market activities and keeping the Board of Investments apprised of any notable events.
We will continue to fulfill our mission to produce, protect, and provide the promised benefits. (10-29-08)
Additional LACERA Investment Policy and Portfolio Information (10-22-08)
*At fiscal year-end, June 30, 2008.
