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2019 COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR)

SOLID GROWTH

Illustration of the 2019 CAFR theme -- IT ALL ADDS UP

The CAFR theme for the fiscal year ended June 30, 2019 is “Solid Growth.” It highlights how for more than 80 years, LACERA has been proudly fulfilling our mission of producing, protecting, and providing the promised benefits of L.A. County employees and retirees.

Since our founding, LACERA’s growth has been steady and multidirectional. Similar to the way a tree expands its roots, trunk, or crown, LACERA has grown in several aspects—in its membership, scope of service, and fund value.

The theme unfolds in each of the CAFR’s four main sections—financial, investment, actuarial, and statistical—and illustrates how our long-term stability and fund health are based on our ability to evolve, embrace diversity, and maintain an environment conducive to growth.

The annual report is divided into the following 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 2018–19. 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.

1/7/20