Page 553 - FY 2021-22 Adopted Budget file_Neat

LOS ANGELES CITY EMPLOYEES' RETIREMENT SYSTEM

SCHEDULE 1 -- CITY CONTRIBUTIONS

ACTUARIAL REQUIREMENTS
To fund the liabilities of the System for future service as required in Article XI Section
1158 and 1160 of the City Charter in accordance with the actuarial valuation of those
liabilities as of June 30, 2020 as follows:

Tier 1
32.81% of $1,817,024,545 total actuarial salary of Tier 1 members for fiscal year 2021-22. $ 596,165,754

Tier 3
30.16% of $553,439,707 total actuarial salary of Tier 3 members for fiscal year 2021-22. 166,917,417
Subtotal $ 763,083,171
Family Death Benefit Fund
To match the estimated total amount contributed by Family Death Benefit Plan members
in accordance with the provisions of Section 4.1090 of the Los Angeles Administrative Code (LAAC). $ 71,000

Excess Benefit Plan Fund
To fund retirement benefits in excess of the limits set by Internal Revenue Code Section
415 (b) in accordance with the provisions of Section 4.1800 of the LAAC. 1,464,000

Limited Term Plan Fund
To fund the Defined Contribution Plan for elected City officials in accordance with the
provisions of Section 4.1850 of the LAAC. 27,000

Total City Contributions $ 764,645,171

True-up Adjustments:
Credit of difference in City contribution based on estimated covered payroll on July 15, 2021 $ (34,089,399)
and actual covered payroll up to February 27, 2021.

Total City Contributions After True-up $ 730,555,772

City Contributions by Funding Source:
Total Contributions
Covered Tier 1 1 Tier 3 1 Shared Cost for True-up Total
Payroll (32.81%) (30.16%) FDBP/EBP/LTP Adjustments

General City (TRAN) $ 1,965,097,210 $ 481,115,482 $ 147,688,758 $ 1,289,506 $ (28,585,653) $ 601,508,093
Airports 286,335,000 81,535,637 14,313,126 192,479 (5,360,215) 90,681,027
Harbor 89,196,150 25,619,989 3,217,483 59,959 (454,329) 28,443,102
LACERS 17,028,492 4,382,336 1,082,827 11,447 382,144 5,858,754
LAFPP 12,807,400 3,512,310 615,222 8,609 (71,346) 4,064,795

Total $ 2,370,464,252 $ 596,165,754 $ 166,917,416 $ 1,562,000 $ (34,089,399) $ 730,555,772

1. The total City contribution is based on the contribution rates of 32.81% for Tier 1 and 30.16% for Tier 3, however the allocation to the five
funding sources is adjusted so that $3,116,294 in costs associated with the enhanced benefits for Airport Peace Officers (who elect to stay in
LACERS effective January 7, 2018) are borne exclusively by Airports.

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