From LARFPA President Jim Mateer:
Today, at their regularly scheduled meeting, the Los Angeles Fire and Police Pension Board approved an increase in the non-Medicare subsidy. Those retirees who have not reached their 65th birthday will receive a 4.5% increase in their medical subsidy. There is no change or increase to their dental subsidy.
While this is good news, it is also disappointing the majority of the Board did not want to approve a higher amount as indicated by the medical trend research – or the amount recommended by the medical actuarial retained by both the Police Relief and Fireman’s Relief Associations. The staff of the LAFPP recommended a 3% increase. Last year the LAFPP staff recommended a no increase despite the medical trend recommending 4.75%. The Board ultimately approved a 2% increase.
The increased subsidy will begin on the pension check for July 2022.