LACERS Commitment to Best Management Practices

Upon its release on November 21, 2007, General Manager Robert Aguallo, Jr. announced that he is pleased with the results of the Management Audit brought by the Mayor, City Council and City Controller. The Management Audit is required every five years pursuant to the City Charter. This is LACERS first Management Audit under this Charter mandate.

In the Management Audit, LACERS is commended in several areas:

• For having foresight to plan ahead to fund Other Post-Employment Benefits

• For overall administrative expense near the mean of comparable sized funds and for its measure of efficiency especially considering that LACERS, unlike most other public funds, also administers retiree health care benefits

• For making its customer satisfaction surveys an integral tool in helping deliver high quality products and services to LACERS Members

"LACERS is a leader among public employee pension systems in retirement and health benefits, investments and customer service. We were confident the audit would highlight these strengths and identify a few areas where we may have room to grow," said Aguallo. Additionally, the audit recognized LACERS for its implementation of a top-tier asset allocation strategy, best management practices and a reliable benefits delivery program. Aguallo attributed LACERS success to the Board-adopted Strategic Plan.

"I am proud of the results of the management audit. Our staff and
the Board work together to provide a governance structure and
an investment program that helps ensure a secure retirement for
our Members," said Eric L. Holoman, President, LACERS Board of
Administration.

The entire Management Audit can be viewed on www.LACERS.org.