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Illustration of the 2018 CAFR theme -- IT ALL ADDS UP

The CAFR theme for the fiscal year ended June 30, 2018 is “It All Adds Up.” It highlights how for 80 years, LACERA has been proudly fulfilling our mission of producing, protecting, and providing the promised benefits of L.A. County employees and retirees. To achieve that, everything we do at LACERA is based on numbers—from rating customer service to analyzing fund performance to making long-term financial projections. The theme unfolds in each of the CAFR’s four main sections—financial, investment, actuarial, and statistical—and presents how getting the numbers right is critical to achieving benchmarks and funding future benefits, taking care of our community, and planning for the County’s continued growth. And while metrics are vital to our daily work, at LACERA we never lose sight of what it all adds up to: the financial security of our members, who have dedicated their careers to public service.

The annual report is divided into five sections with each section featuring detailed reports, graphs, and figures explaining the condition of LACERA's finances.

The Introductory Section offers an overview of LACERA and the significant activities and events that occurred during the fiscal year 2017–18. In addition to the Letter of Transmittal, this section contains the Certificate of Achievement for Excellence in Financial Reporting, the Public Pension Standards Award, Members of the Boards of Retirement and Investments, LACERA's administrative management, and a list of professional consultants utilized by LACERA.

The Financial Section presents the financial condition and funding status of LACERA. Contents of this section include the Independent Auditor's Report by Plante Moran CPAs, Management's Discussion and Analysis, Financial Statements and Notes, and Other Supplementary Information.

The Investment Section provides an overview of LACERA's investment program. This section contains the Independent Consultant’s Report, the Chief Investment Officer's Report, Investment Results, a list of the Investment Managers who provide investment services to LACERA, and other portfolio information.

The Actuarial Section communicates the association's funding status and presents other actuarial-related information. This section contains the certification of the consulting actuary, Milliman, Inc., and actuarial statistics.

The Statistical Section presents information pertaining to LACERA's operations on a multi-year basis.