On March 12, 2014, the Controller released a 5-year management audit of LACERS (click here
). The 5-year audit is required by the Charter and is commissioned by the Mayor, City Council, and Controller. This current audit was released in two parts, the first of which was released on June 27, 2013 (click here
I am proud to report that the audit noted many positive aspects relating to LACERS including:
- That our System “operated in a reasonably efficient and economical manner”;
- That “LACERS Board and staff were diligent in their consideration of the prior management audit recommendations”;
- That LACERS operations are “very transparent”; and
- That “everyone at LACERS had a great attitude of cooperation”.
The greater than 70% reduction in recommendations compared with the 2007 management audit attests to the commitment and diligence of our Board and staff in administering our retirement system.
As we are constantly striving to improve our operations, we welcome the audit recommendations and look forward to further reviewing them with our Board.