The fiscal year 2016 payroll for LACERS Active Members was higher than ever at $1.88 billion, despite the fact that we had about 6,000 fewer Active Members than we had at our peak.
LACERS strives to keep investment fees low. Based on the 2016 Cost Effectiveness Management Investment Benchmarking Report, LACERS total investment cost of 0.469% (of total assets) was lower than the U.S. pension plan median cost of 0.538%. LACERS’ net-of-fees return of 0.3% was higher than the U.S. pension plan median net-of-fees of -0.6%. Fees and returns are based on calendar year 2015 data.
The auditors from Brown Armstrong Accountancy Corporation (Brown Armstrong) have completed the audit of LACERS’ financial statements for the Fiscal Year ended June 30, 2016. Brown Armstrong has issued an unmodified (“clean”) opinion, indicating that the financial statements fairly present LACERS’ fiduciary net position, and changes in fiduciary net position for the year ended June 30, 2016 is in conformity with generally accepted accounting principles. An unmodified opinion is the highest opinion possible. Further, there were no significant findings discovered in the audit.