Los Angeles County Employees Retirement Association

UAO Registry · Top 100 · Rank 71 · Public pension · United States (California / Los Angeles County) · Last researched Friday 11 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

• Executive brief
• Speakable summary
• Mandate & ownership
• Dual boards
• Scale & portfolio
• Governance & leadership
• Investment philosophy
• Climate / ESG / stewardship
• Performance & reporting
• Controversies & debates
• Timeline
• Official video
• Annex: AUM honesty (USD)
• Annex: PAFR 2025 fold
• Annex: ACFR 2025 fold
• Annex: CIO monthly fold
• Annex: Stewardship 2025 fold
• Annex: Get to Know LACERA fold
• Annex: Milliman 2025 valuation fold
• Annex: OPEB Trust
• Annex: PAFR board roster
• Annex: Senior leadership
• Annex: Investment Beliefs
• Annex: Funded status
• Annex: Geographic exposure
• Annex: Operations statistics
• Annex: Peer map
• Annex: Transparency stack
• Annex: Editorial locks
• Annex: Outbound checklist
• Annex: Deliberate omissions
• FAQ
• Sources
• Completeness note

Executive brief

Los Angeles County Employees Retirement Association (LACERA) is an independent governmental entity that administers and invests the retirement fund for the County of Los Angeles and outside districts. Official sites: lacera.com and lacera.gov. Headquarters: 300 N. Lake Avenue, Pasadena, California. The 2025 Annual Comprehensive Financial Report describes LACERA as a component unit of Los Angeles County. This profile omits switchboard numbers.

Official USD scale: Pension Plan fiduciary net position US$86.188 billion (~US$86.2 billion) as of 30 June 2025 (2025 PAFR; 2025 ACFR). More recent CIO monthly series: Total Fund AUM US$89.5 billion as of November 2025 (CIO Monthly, Board of Investments 14 January 2026) and US$89.6 billion as of March 2026 (CIO Monthly, Board of Investments 13 May 2026). Pension Plan net return 9.7% for the year ended 30 June 2025 (policy benchmark 9.7%); five-year annualized net 9.8%. OPEB Trust fiduciary net position US$5.036 billion at 30 June 2025. UAO Instantiations still shows an older estimate band (~US$80 bn) — treat that Instantiations figure as stale relative to official USD and do not invent a blended headline that silently equates FYE fiduciary net position with later CIO Total Fund AUM.

Leadership verified on live lacera.com/leadership/executive-team and 4 February 2026 appointment news: Chief Executive Officer Luis A. Lugo (CEO since February 2026; Deputy CEO from July 2021; Acting CEO from March 2025); Chief Investment Officer Jonathan Grabel. Deputy Chief Investment Officer Jude Pérez.

Researchers care because LACERA is the largest U.S. county retirement system — a dual-board CERL 1937 plan sitting below California giants CalPERS and CalSTRS in scale but with its own Boards of Retirement and Investments, a separate OPEB trust, and a documented climate-aware stewardship program. Related UAO hubs: Registry, Top 100.

Speakable summary

LACERA is the Los Angeles County Employees Retirement Association, an independent governmental pension system and a component unit of Los Angeles County. As of June thirtieth, twenty twenty-five, the pension plan’s fiduciary net position was eighty-six point two billion U.S. dollars, with a nine point seven percent net return that fiscal year. The chief investment officer’s March twenty twenty-six monthly report showed total fund assets of eighty-nine point six billion dollars. Luis A. Lugo has been chief executive officer since February twenty twenty-six; Jonathan Grabel is chief investment officer. LACERA is not CalPERS, not CalSTRS, and not a Los Angeles city plan.

Mandate & ownership

The 2025 PAFR states that in 1937 Los Angeles County established a pension trust fund to provide defined retirement and death benefits to eligible County employees. In 1938, LACERA was introduced to administer it, and the Board of Retirement was established. The Board of Investments was created in 1971. Get to Know LACERA (ASD 676, February 2026) adds that the Retiree Healthcare Benefits Program was established in 1971 and that management of the L.A. County healthcare and benefits trust was assumed in 2012.

Official framing: LACERA is the largest county retirement system in the United States and an independent governmental entity, separate and distinct from the County of Los Angeles, responsible for administering and managing the retirement fund and, since 1971, the Retiree Healthcare Benefits Program or Other Post-Employment Benefits (OPEB) Program for the County and outside districts. The ACFR 2025 cover identifies the funds as Pension and OPEB Trust Funds, and OPEB Custodial Fund, of the County of Los Angeles, California, and states that LACERA is a Component Unit of Los Angeles County.

Mission: to produce, protect, and provide the promised benefits to our members. Vision: empowering members to enjoy a healthy and secure retirement. Values: accountability, collaboration, inclusivity, innovation, integrity, and transparency. Legal frame: California County Employees Retirement Law of 1937 (CERL). Milliman’s 30 June 2025 valuation cites CERL section 31453 and LACERA’s Actuarial Funding Policy adopted by the Board of Investments on 9 October 2024.

What the mandate is not: LACERA is not a California statewide system (contrast CalPERS and CalSTRS); it is not a City of Los Angeles plan; it is not a sovereign wealth fund; and it is not itself a healthcare insurer.

Dual boards: Retirement and Investments

Get to Know LACERA: Board of Retirement composed of 12 trustees (four plus two alternates elected by members; four appointed by the Los Angeles County Board of Supervisors; one ex-officio and one acting ex-officio). Responsibilities: administering the retirement system, retiree healthcare, and disability program; strategic planning; budget policy in coordination with the Board of Investments.

Board of Investments composed of 10 trustees (four elected; four appointed; one ex-officio and one acting ex-officio). Responsibilities: investment policy and objectives; investment management of pension and benefits trusts; actuarial contribution-rate matters for the Pension Plan; budget policy in coordination with the Board of Retirement.

PAFR dated roster as of 30 June 2025: Board of Retirement Chair Les Robbins (elected by retired members; term expires 2026); Board of Investments Chair Jason E. Green (also Board of Retirement; elected by safety members; terms expire 2025); County Treasurer and Tax Collector Elizabeth B. Ginsberg as ex-officio trustee on both boards. That roster is a fiscal-year-end snapshot.

Scale & portfolio

The PAFR ten-year growth chart brings the Pension Plan to US$86.2 billion as of 30 June 2025, a US$38.4 billion increase from US$47.8 billion as of 30 June 2016. FY 2025 additions: contributions US$3,590 million and net investment income US$8,299 million. Deductions: benefits and refunds US$4,776 million and administrative/miscellaneous US$127 million. Net increase US$6,986 million.

PAFR actual Pension Plan allocation as of 30 June 2025: Growth 48%; Risk Reduction and Mitigation 24%; Real Assets and Inflation Hedges 14%; Credit 12%; Overlays & Hedges 1%; Other Assets 1%. The Board approved the current strategic asset allocation during fiscal year 2024. CIO Monthly as of March 2026 (Total Fund AUM US$89.6 billion): Growth US$42.112 billion (47%); Risk Reduction & Mitigation US$21.793 billion (24%); Real Assets & Inflation Hedges US$13.636 billion (15%); Credit US$11.569 billion (13%); Overlays & Hedges US$447 million; Other US$74 million.

Governance & leadership

Live Senior Leadership page (11 September 2026): Luis A. Lugo, Chief Executive Officer; Jonathan Grabel, Chief Investment Officer; Jude Pérez, Deputy Chief Investment Officer; Jessica Baxter, Chief Administrative Officer; Steven Rice, Chief Counsel; Kathy Delino, Chief Information Technology; Leisha Collins, Chief Internal Audit; Chaitanya Errande, Information Security Officer; JJ Popowich, Chief Benefits Officer (PAFR/ACFR spelling; live page shows “JJ Popwich”); Cassandra Smith, Retiree Healthcare Director. Chief Ethics & Compliance Officer is listed as Vacant.

The 4 February 2026 official announcement states that LACERA’s Boards of Retirement and Investments appointed Luis A. Lugo as CEO, effective immediately, after he joined as Deputy CEO in July 2021 and served as Acting CEO from March 2025. The FY2025 PAFR and ACFR still list Santos H. Kreimann as Chief Executive Officer and Luis A. Lugo as Acting Chief Executive Officer — those are 30 June 2025 letterheads, not the current seat.

Jonathan Grabel signs the 2026 CIO Monthly Reports. The live page states he manages the defined-benefit pension fund and oversees investments for the LACERA-administered healthcare benefits program. Prior role cited there: CIO for New Mexico PERA (the page cites a US$15 billion defined-benefit fund and the PERA SmartSave deferred compensation plan). Education cited: B.S. in economics, Wharton School; MBA, University of Chicago Booth School of Business.

Investment philosophy

Investment Strategy page: LACERA follows a strategic investment program to produce, protect, and provide the promised benefits by achieving the assumed rate of return over the long term, mitigating investment risks through diversification, and ensuring adequate liquidity.

Seven Investment Beliefs: (i) Strategic Asset Allocation is the primary determinant of risk/return outcomes; (ii) Market Dynamics — capital-market efficiencies inform SAA and construction; (iii) Return — risk and return positively correlated over long-term periods; active strategies, illiquid investments, and leverage must be balanced with risk tolerances, objectives, and liquidity; (iv) Risk — no single metric suffices; evaluate holistically; minimize unrewarded risk; (v) Stewardship — financially relevant ESG factors may present risks and opportunities and should be identified, evaluated, and managed; (vi) Terms — risk, returns, and costs must all be managed; (vii) Productivity — people and resources matter.

Four functional categories: Growth; Credit; Real Assets and Inflation Hedges; Risk Reduction and Mitigation. Comprehensive asset-allocation study every three to five years or at the Board’s request. Current SAA approved in fiscal year 2024; CIO monthlies still list April 2024 SAA implementation as in progress.

Climate / ESG / stewardship

The 2025 Corporate Governance and Stewardship Update opens with a rounded “approximately $90 billion” formulation; this profile prefers dated PAFR/CIO series rather than treating that phrase as a point estimate. Five principles: Accountability; Integrity; Transparency; Aligned Interests; Prudence (including talent management, energy transition, regulatory relations, and data privacy).

Proxy voting printed in that update: 6,004 shareholder meetings; 70,462 ballot items; 59 global markets. Climate Action 100+ formally joined in 2018. Climate-aware SAA work in 2021 and before the 2024 SAA. Energy-transition language includes about US$5 billion committed to real assets private energy-transition opportunities — a commitment figure, not a PAFR NAV line. This profile does not invent a fossil-fuel exclusion list.

Performance & reporting

PAFR: the Pension Plan met its policy benchmark for one year, underperformed for three years, and outperformed for five and ten years; returns exceeded the actuarial assumed rate on each horizon. ACFR: actuarial assumed rate of return 7.0 percent based on the 30 June 2024 valuation for FY 2024–25 interest crediting. Milliman’s 30 June 2025 valuation (issued 20 February 2026) states assumptions including discount rates were adopted by the Board of Investments at its January 2026 meeting — this profile does not invent the new assumed-rate numeral beyond what extracted pages print.

OPEB Master Trust net-of-fees as of 30 June 2025: 11.1% / 10.5% / 9.0% / 7.8% for 1-/3-/5-/10-year (benchmarks 10.3% / 9.6% / 8.5% / 6.7%). Transparency: ACFR and PAFR each December (GASB / U.S. GAAP); actuarial valuations; CIO monthlies; Board agendas and official YouTube. GFOA Certificate of Achievement in Financial Reporting: 2024 ACFR, 35th consecutive year. GFOA PAFR award: 27th consecutive year. PPCC Public Pension Standards Award 2025: 23rd consecutive year.

Controversies & debates

Official first — County v. LACERA. LACERA’s 3 August 2026 announcement: the California Supreme Court issued its decision concerning authority over employee classifications and compensation for LACERA staff. The Court held that the County retains final authority over civil-service classifications and salary-setting for LACERA employees, while LACERA retains authority to appoint staff necessary to carry out its responsibilities. The County must give due weight to and collaborate on LACERA’s salary and class decisions; County decisions remain subject to judicial review for abuse of discretion. LACERA states the decision does not affect members’ retirement benefits. Earlier official news described a 2024 Court of Appeal stage and a grant of review (Board materials cite case S286264).

Board of Investments 13 May 2026 agenda materials discuss Gateway Plaza / headquarters occupancy and GASB classification questions involving a title-holding company. Cite as a live policy debate, not a completed reclassification unless a later ACFR says so. Official 11 June 2026 news: LACERA pensions drive US$5.3 billion in economic output and 21,300 jobs statewide — an impact claim, not AUM.

Timeline

• 1937 — Los Angeles County pension trust fund created.
• 1938 — LACERA and Board of Retirement established; 12,250 members and 38 retirees.
• 1971 — Board of Investments established; Retiree Healthcare Benefits Program established.
• 2012 — OPEB Trust established; initial employer contribution US$448 million.
• 2018 — Formally joined Climate Action 100+.
• 2021 — Climate-aware comprehensive SAA. Luis A. Lugo joins as Deputy CEO (July).
• FY 2024 — Current Pension Plan and OPEB Trust SAA approved. AFP adopted 9 October 2024.
• 30 Jun 2024 valuation (in PAFR) — funded ratio 80.9%; UAAL about US$18.140 billion.
• FYE 30 Jun 2025 — Pension FNP US$86.188B; net return 9.7%; membership 198,462; OPEB FNP US$5.036B.
• March 2025 — Lugo appointed Acting CEO.
• December 2025 — 2025 ACFR and PAFR published (“Guided by Values | Driven by Innovation”).
• 14 Jan 2026 — CIO Monthly: Total Fund AUM US$89.5B as of November 2025.
• January 2026 — BOI adopts assumptions used in Milliman’s 30 June 2025 valuation.
• 4 Feb 2026 — Boards appoint Luis A. Lugo CEO, effective immediately.
• 20 Feb 2026 — Milliman issues 30 June 2025 valuation (funded ratio 82.0% actuarial / 85.0% fair value).
• 13 May 2026 — CIO Monthly: Total Fund AUM US$89.6B as of March 2026; OPEB AUM US$5.8B.
• 11 Jun 2026 — Official news: pensions drive US$5.3B output and 21,300 jobs statewide.
• 3 Aug 2026 — Official news: California Supreme Court decision in County v. LACERA.

Official video

Official Board of Investments meeting recording on LACERA’s YouTube channel @lacera2580 (oEmbed author LACERA), also linked from Board Meetings and Agendas:

Title: Board of Investments | Wednesday, April 8, 2026. Content URL: youtube.com/watch?v=E8cCx-TOKlk.

Annex: AUM honesty (USD)

Currency discipline is official U.S. dollars as published by LACERA. No FX conversion and no Instantiations-invented USD. Keep three series distinct:

• Pension Plan fiduciary net position (GASB/ACFR/PAFR) — US$86,188 million at 30 June 2025; US$79,202 million at 30 June 2024.
• CIO Total Fund AUM (monthly performance pack) — US$89.5 billion as of November 2025; US$89.6 billion as of March 2026. These need not equal FYE FNP.
• OPEB Trust — FNP US$5,036 million at 30 June 2025; CIO AUM US$5.5 billion (Nov 2025) and US$5.8 billion (Mar 2026). Do not add the two trusts into a single unlabeled AUM.

Instantiations still carried ~US$80 bn (public estimate), last-verified 2026-06-01. That band is below both the 30 June 2025 PAFR figure and the 2026 CIO monthlies. Stewardship 2025’s “approximately $90 billion” is rounded marketing without an as-of date in the opening paragraph. Ten-year Pension Plan FNP path (PAFR, US$ billions, FYE 30 June): 47.8, 52.7, 56.3, 58.3, 58.5, 73.0, 70.3, 73.9, 79.2, 86.2.

Annex: PAFR 2025 fold

The 2025 Popular Annual Financial Report summarizes the ACFR for the fiscal year ended 30 June 2025. Theme: Guided by Values | Driven by Innovation. Prepared by LACERA’s Financial and Accounting Services Division. The following paragraphs are condensed from the opened PAFR text.

Los Angeles County Employees Retirement Association LACERA.GOV Popular Annual Financial Report For the Fiscal Year Ended June 30, 2025 Guided by Values | Driven by Innovation Pension and OPEB Trust Funds of the County of Los Angeles, California Prepared by LACERA’s Financial and Accounting Services Division What’s Inside 2 About LACERA 6 Retiree Healthcare 4 Our Membership 8 Awards & Accomplishments 4 Pension Plan 2025 Popular Annual Financial Report This Popular Annual Financial Report (PAFR) of the Los Angeles County Employees Retirement Association (LACERA) summarizes the Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2025.

While the financial data presented here is derived from the ACFR, it does not replace the ACFR. This PAFR is prepared in accordance with the Governmental Accounting Standards Board’s (GASB) reporting guidelines and Generally Accepted Accounting Principles of the United States of America (U.S.

The 2025 ACFR and PAFR are posted on the Annual Reports page on lacera.gov, and our archived annual reports are posted in the Public Records section on lacera.gov. LACERA also mails a printed version of the PAFR to all members and shares PAFR information and links via its social media platforms.

“Year after year, LACERA delivers on its mission of providing financial stability for our members by adhering to our core values and fostering organizational innovation. In 2025, the pension plan continued to achieve strong investment returns as a result of our diversified investment portfolio and long-term focus, with a net return of 9.7 percent for the fiscal year, and a five-year annualized net return of 9.8 percent.” — Santos H.

Kreimann, Chief Executive Officer ABOUT LACERA Our Services LACERA is the largest county retirement system in the United In 1937, Los Angeles County established a pension trust fund to States, and our mission is to produce, protect, and provide the provide defined retirement and death benefits to eligible County promised benefits to our members.

In 1938, LACERA was introduced to administer it, governmental entity, separate and distinct from the County of Los and the Board of Retirement was established to oversee the Angeles (County), responsible for administering and managing organization. The Board of Investments was created in 1971 to the retirement fund and, since 1971, the Retiree Healthcare Benefits spearhead LACERA’s increasingly sophisticated investment Program or Other Post-Employment Benefits (OPEB) Program for strategies and achieve its long-term funding goals.

LACERA is further responsible for managing the investment trusts that fund these programs. 2 Executive Team LACERA’s executives are responsible for carrying out the strategic goals set by the Boards of Retirement and Investments. Kreimann JJ Popowich Jude Perez Chief Executive Officer Assistant Executive Officer Deputy Chief Investment Officer Luis A.

Rice Acting Chief Executive Officer Chief Investment Officer Chief Counsel Laura Guglielmo Assistant Executive Officer LACERA’s Boards Program, including overseeing actuarial matters. The Board of LACERA is governed by two boards, which are both composed Investments is responsible for establishing LACERA’s investment of elected and appointed trustees.

The Board of Retirement is policy and objectives, overseeing the investment management of responsible for the overall administration of the retirement system, the Pension Plan and OPEB Trust, and managing actuarial matters review and processing of disability retirement applications, and related to estimating fund liabilities and establishing contribution administration of the County-subsidized Retiree Healthcare rates for the Pension Plan.

JONES WAYNE MOORE Board of Retirement Vice Chair Board of Retirement Term Expires 2026 Board of Investments Term Expires 2026 Elected by General Members Term Expires 2026 Appointed by Board of Supervisors Appointed by Board of Supervisors BOBBIE FESLER RONALD OKUM Board of Retirement SHAWN R.

KEHOE Vice Chair Term Expires 2027 Secretary Board of Retirement Appointed by Board of Supervisors Board of Retirement Term Expires 2025 Alternate Trustee Appointed by Board of Supervisors MIKE GATTO Term Expires 2025 Board of Investments LISA PROFT Elected by Safety Members Term Expires 2026 Board of Retirement Appointed by Board of Supervisors ALEEN LANGTON Board of Investments Board of Retirement Chief Deputy County Treasurer and Tax ELIZABETH B.

GINSBERG Board of Investments Collector Board of Retirement Terms Expire 2027 Acting Ex-Officio Trustee* Board of Investments Elected by General Members County Treasurer and Tax Collector LES ROBBINS Ex-Officio Trustee DEBBIE MARTIN Chair Board of Investments Board of Retirement JASON E.

GREEN Term Expires 2026 Term Expires 2026 Board of Retirement Elected by Retired Members Elected by Retired Members Chair Board of Investments ALMA K. RYU Terms Expire 2025 Board of Investments Board of Retirement Elected by Safety Members Term Expires 2027 Secretary Appointed By Board of Supervisors Board of Investments JAMES P.

HARRIS Terms Expire 2026 (BOR) and 2025 (BOI) Board of Retirement NICOLE MI Appointed by Board of Supervisors Alternate Trustee Board of Investments Term Expires 2026 Term Expires 2026 *When Ex-Officio Trustee is absent Elected by Retired Members Elected by General Members 3 OUR MEMBERSHIP LACERA members work for L.A.

Superior Court, and four outside districts (Little Lake Cemetery District, Local Agency Formation Commission, L.A. County Office of Education, and LACERA Membership As of June 30, 2025 South Coast Air Quality Management District), sustaining and supporting the community in 2025 2024 2023 hundreds of different professional capacities.

Active Members 121,758 119,961 117,331 At our founding in 1938, LACERA had 12,250 Retired Members 76,704 74,781 73,022 members and 38 retirees. Our membership has Total Membership 194,742 190,353 198,462 consistently grown with the County over the decades. As of the fiscal year-end 2025, we had 121,758 active members and 76,704 retirees, an increase of 1,797 and 1,923, respectively, from the prior fiscal year-end.

Growth of the Pension Plan For the Last 10 Fiscal Years Ended June 30 (Dollars in Billions) PENSION PLAN $90 Fiduciary Net Position $80 The Fiduciary Net Position (Net Position) represents the assets available for future payments to retirees $70 86.2 79.2 Fiduciary Net Position 73.9 73.0 and their beneficiaries.

LACERA’s investment 70.3 $60 portfolio produces investment income and LACERA collects contributions that exceed benefit and 58.5 $50 58.3 56.3 administrative expenses, improving the plan’s 52.7 $40 financial health by increasing the fund balance 47.8 available to pay future retirement benefits.

Source fold: PAFR 2025 PDF, lacera.gov. Verify against the live page or PDF before citing beyond this page.

Annex: ACFR 2025 fold

The 2025 Annual Comprehensive Financial Report covers fiscal years ended 30 June 2025 and 2024. Cover line: Pension and OPEB Trust Funds, and OPEB Custodial Fund of the County of Los Angeles; LACERA is a Component Unit of Los Angeles County. Fold from opened introductory and investment-section pages.

LACERA.GOV Los Angeles County Employees Retirement Association Annual Comprehensive Financial Report Guided by Values | Driven by Innovation Annual Comprehensive Financial Report for the Fiscal Years Ended June 30, 2025 and 2024 Pension and OPEB Trust Funds, and OPEB Custodial Fund of the County of Los Angeles, California Prepared by LACERA’s Financial and Accounting Services Division.

LACERA is a Component Unit of Los Angeles County. rotect, and provide the promised benefits to our members Vision Empowering our members to enjoy a healthy and secure retirement Values Accountability Innovation Collaboration Integrity Inclusivity Transparency sive Financial Report For the Fiscal Years Ended June 30, 2025 and 2024 Pension and OPEB Trust Funds, and OPEB Custodial Fund of the County of Los Angeles, California Prepared by LACERA’s Financial and Accounting Services Division.

LACERA is a Component Unit of Los Angeles County. LACERA has been proudly fulfilling our mission since 1938. We achieve this by collectively upholding our core values while pursuing innovative ways to meet the evolving needs of those we serve. Rice Chief Executive Officer Assistant Executive Officer Chief Counsel Luis A.

Lugo Jonathan Grabel Acting Chief Executive Officer Chief Investment Officer Laura Guglielmo Jude Perez Assistant Executive Officer Deputy Chief Investment Officer Los Angeles County 300 N. Lake Avenue Produced by LACERA Communications Employees Retirement Pasadena, CA 91101 Division.

Contributors: LACERA Association Administrative Services, Benefits, Internal lacera.gov Audit, Investments, Legal, Retiree Healthcare, and Systems divisions. troductory Section 4 Letter of Transmittal 9 Boards of Retirement and Investments 10 Board Trustees 12 Organizational Chart 13 List of Professional Consultants Financial Section 16 Independent Auditor’s Report 19 Management’s Discussion and Analysis Basic Financial Statements 31 Statement of Fiduciary Net Position 32 Statement of Changes in Fiduciary Net Position Notes to the Basic Financial Statements 33 Note A — Benefit Plan Descriptions 37 Note B — Summary of Significant Accounting Policies 42 Note C — Pension Plan Contributions 44 Note D — Pension Plan Reserves 47 Note E — Pension Plan Liabilities 50 Note F — Partial Annuitization of Pension Benefit Payments 51 Note G — Deposit and Investment Risks 62 Note H — Securities Lending Program 64 Note I — Derivative Financial Instruments 67 Note J — Special Purpose Entities 68 Note K — Related Party Transactions 69 Note L — Administrative Expenses 70 Note M — Commitments and Contingencies 71 Note N — Other Post-Employment Benefits (OPEB) Program 75 Note O — Hedge Fund Investments 76 Note P — Fair Value of Investments 84 Note Q — Other Post-Employment Benefits (OPEB) Trust 89 Note R — Subsequent Events Required Supplementary Information 90 Schedule of Net Pension Liability and Related Ratios 91 Schedule of Changes in Net Pension Liability and Related Ratios 94 Schedule of Employer Contributions History — Pension Plan 95 Schedule of Investment Returns — Pension Plan 96 Notes to Required Supplementary Information — Pension Plan 99 Schedule of Investment Returns — OPEB Trust 2| Los Angeles County Employees Retirement Association tion 100 Administrative Expenses — Pension Plan 101 Schedule of Investment Expenses 101 Schedule of Payments to Consultants — Pension Plan Investment Section 104 Chief Investment Officer’s Report 108 Investment Summary — Pension Plan 109 Investment Summary — OPEB Master Trust 109 Investment Summary — OPEB Custodial Fund 110 Investment Results Based on Fair Value — Pension Plan 111 Investment Results Based on Fair Value — OPEB Master Trust 112 Total Investment Rates of Return — Pension Plan 113 Total Investment Rates of Return — OPEB Master Trust 114 Largest Equity Holdings — Pension Plan 114 Largest Equity Holdings — OPEB Master Trust 115 Largest Fixed Income Holdings — Pension Plan 115 Largest Fixed Income Holdings — OPEB Master Trust 116 Schedule of Investment Management Fees 117 List of Investment Managers Actuarial Section 122 Actuarial Information Overview — Pension Plan 125 Actuary’s Certification Letter — Pension Plan 128 Summary of Actuarial Methods and Assumptions — Pension Plan 131 Schedule of Funding Progress — Pension Plan 132 Active Member Valuation Data — Pension Plan 133 Retirees and Beneficiaries Added to and Removed From Retiree Payroll — Pension Plan 134 Funded Liabilities by Type — Pension Plan 135 Actuarial Analysis of Financial Experience — Pension Plan 136 Retirement Probability of Occurrence — Pension Plan 138 Actuarial Information Overview — OPEB Program 141 Actuary’s Certification Letter — OPEB Program 145 Summary of Actuarial Methods and Assumptions — OPEB Program 148 Schedule of Funding Progress — OPEB Program 149 Active Member Valuation Data — OPEB Program 150 Retirees and Beneficiaries Added to and Removed From Benefits — OPEB Program 151 Funded Liabilities by Type — OPEB Program 151 Actuarial Analysis of Financial Experience — OPEB Program Statistical Section 154 Statistical Information Overview 155 Changes in Fiduciary Net Position — Pension Plan 156 Changes in Fiduciary Net Position — OPEB Trust 157 Pension Benefit Expenses by Type 158 Active Members 159 Retired Members by Type of Pension Benefit 160 Retired Members by Type of OPEB Benefit 161 Schedule of Average Pension Benefit Payments 166 Active Members of Participating Pension Employers 169 Retired Members of Participating OPEB Employers 170 Employer Contribution Rates: County of Los Angeles, Superior Court, and LACERA 170 Employer Contribution Rates: Little Lake Cemetery District and Local Agency Formation Commission for the County of Los Angeles LACERA 2025 ACFR |3 “Year after year, LACERA delivers on its mission of providing financial stability for our members by adhering to our core values and fostering organizational innovation.

In 2025, the pension plan continued to achieve strong investment returns as a result of our diversified investment portfolio and long-term focus, with a net return of 9.7 percent for the fiscal year, and a five-year annualized net return of 9.8 percent.” — Santos H. Kreimann, Chief Executive Officer Los Angeles County Employees Retirement Association 300 N.

Lake Ave., Pasadena, CA 91101 | PO Box 7060, Pasadena, CA 91109-7060 | www.lacera.gov | • December 1, 2025 Since its inception, LACERA has been governed by the To the Members, Plan Sponsors, and Trustees, of the Los California Constitution, the County Employees Retirement Angeles County Employees Retirement Association: Law of 1937 (CERL), and the regulations, procedures, and policies adopted by LACERA’s Boards of Retirement and I am pleased to present the Los Angeles County Employees Investments.

The Los Angeles County Board of Supervisors may Retirement Association (LACERA) Annual Comprehensive also adopt resolutions, as permitted by the CERL, which may Financial Report (ACFR) for the fiscal years ended June affect benefits of LACERA members. On September 12, 2012, 30, 2024 and 2025.

This report is intended to provide a California Governor Jerry Brown signed the Public Employees’ detailed review of the association’s financial, actuarial, and Pension Reform Act of 2013 (PEPRA) into law. LACERA has the duty and authority 2013, LACERA is governed by CERL and PEPRA.

Both laws are to administer defined retirement plan benefits for the contained in the California Government Code. employees of Los Angeles County and outside districts. It is our mission to produce, protect, and provide the promised The Board of Retirement is responsible for the general benefits to our members and their beneficiaries.

The Board of Investments is responsible for determining LACERA’s investment objectives, course of fulfilling that mission, we provide comprehensive strategies, and policies. Both Boards appoint a Chief customer service to over 198,000 members, which includes Executive Officer, to whom is delegated the responsibility of over 76,000 benefit recipients.

overseeing the day-to-day management of LACERA and LACERA and Its Services developing its annual administrative budget. Adoption of the On January 1, 1938, LACERA was established to provide budget is subject to approval by both Boards. retirement allowances and other benefits to the general and Financial Information safety members employed by Los Angeles County, which expanded to include the Los Angeles County Superior Court Internal Control The financial attest audit performed by Plante Moran and LACERA employees.

Subsequently, LACERA expanded its Certified Public Accountants (CPAs) states that LACERA’s membership program to include four other outside districts: financial statements, which are prepared by management, • Little Lake Cemetery District are presented in conformity with Generally Accepted • Local Agency Formation Commission for the County of Los Accounting Principles and are free of material misstatement.

Angeles Management acknowledges it is responsible for the entire contents of this ACFR. In the course of sustaining a rigorous • Los Angeles County Office of Education and comprehensive control environment throughout its • South Coast Air Quality Management District operations, LACERA practices stringent risk management 4| Los Angeles County Employees Retirement Association continued Introductory Section activities and annually performs a detailed, organization- wide risk assessment in which control objectives and their related processes are reviewed.

Maintaining appropriate internal controls is the responsibility of management; however, management recognizes no control or combination of controls can entirely free an organization from all Luis A. At their best, controls provide reasonable Acting Chief assurance such failings do not occur.

The concept of reasonable Executive Officer assurance recognizes that the cost of a control should not exceed benefits likely derived; the valuation of costs and benefits requires estimates and judgments by management. LACERA management is provided additional assurance through the ongoing oversight of its Internal Audit and Quality economic and demographic actuarial assumptions are updated Assurance Divisions and its Boards.

Source fold: ACFR-2025.pdf intro + investment extracts. Verify against the live page or PDF before citing beyond this page.

Annex: CIO monthly fold

Jonathan Grabel’s CIO Monthly Reports to the Board of Investments (January 14, 2026 pack as of November 2025; May 13, 2026 pack as of March 2026). Official Board packets, not a substitute for audited FYE returns.

Chief Investment Officer Monthly Report Jonathan Grabel – Chief Investment Officer Board of Investments Meeting January 14, 2026 LACERA Table of Contents 01 Market Environment 02 Total Fund Performance & Risk 03 OPEB Trust Performance & Risk 04 Portfolio & Structural Updates 05 Appendix Complete list of slide footnotes are included in the Appendix.

LACERA 2 01 Market Environment LACERA 3 Notable Items and Market Themes to Watch Notable Items Market Themes Interest rates and central bank actions • Tariff Impacts: U.S. trade policy uncertainty from broad tariff - The Federal Reserve approved its third 25 basis point interest rate cut in 2025 amid labor market softening implementations continued to affect business sentiment, supply chains, inflation expectations, and economic growth forecasts • Inflation: Inflation remained elevated but softened, with recent CPI data indicating a year-over-year rate of approximately 2.7%, below consensus expectations Economic data and trends​ • Federal Reserve Policy: On December 10th, the Federal Reserve - Inflation, tariffs, elevated trade tensions, & labor developments cut the federal funds rate by another 25 basis points.

The third cut of 2025, the new range is 3.50-3.75%. The reduction was intended to support labor market stability and mitigate downside economic risks • Geopolitical Uncertainty: Geopolitical uncertainty remained Artificial intelligence elevated amid ongoing conflicts in the Middle East, continued U.S.– - Research developments, applications, infrastructure investment​, China strategic competition, and persistent trade and industrial market impact, risk oversight and governance policy fragmentation.

These dynamics continued to weigh on risk appetite among investors • Corporate Earnings: Corporate earnings momentum remained Stewardship and ESG-related developments resilient despite ongoing macro and policy headwinds. Strong results in technology and AI-related sectors contributed to earnings stability, - Regulatory policy debates on investor rights, proxy research regulation, while earnings growth was more mixed in trade-sensitive and and corporate reporting requirements cyclical industries, supporting modest positive revisions overall - Reduced accounting and crypto currency regulatory enforcement actions LACERA 4 Global Market Performance As of December 31, 2025 *Global Equity Policy Benchmark - MSCI ACWI IMI Index **Investment Grade Bonds Policy Benchmark - Barclays U.S.

Aggregate Bond Index Market Sub-Category Index Name 1M 3M FYTD YTD 1Y 3Y 5Y 10 Y Reference Portfolio 60:40 Equity:Bond Portfolio 60% MSCI ACWI IMI/ 40% Bloomberg U.S. Aggregate Index 0.6 2.4 7.9 16.1 16.1 13.7 6.3 7.8 U.S. Large Cap S&P 500 Total Return 0.1 2.7 11.0 17.9 17.9 23.0 14.4 14.8 U.S.

Small Cap Russell 2000 Total Return -0.6 2.2 14.9 12.8 12.8 13.7 6.1 9.6 Global Equity Non-U.S. IMI Total Return 2.9 4.8 11.9 32.0 32.0 17.1 7.8 8.4 Emerging Markets MSCI Emerging Markets Total Return 3.0 4.7 15.9 33.6 33.6 16.4 4.2 8.4 Private Equity Private Equity Buyout Thomson Reuters PE Buyout Index 1.1 3.6 13.6 26.2 26.2 20.0 9.1 12.9 U.S.

Corporate High Yield Bonds Bloomberg U.S. Corporate High Yield Total Return 0.6 1.3 3.9 8.6 8.6 10.1 4.5 6.5 Fixed Income U.S. Long Term Treasury Bonds Bloomberg Long Term U.S. Treasury Total Return Index -1.7 0.0 2.4 5.6 5.6 0.6 -7.2 0.0 Developed Markets Leveraged Loans Credit Suisse Leveraged Loan Total Return 0.7 1.2 2.9 5.9 5.9 9.3 6.4 5.8 Natural Resources S&P Global Natural Resources Total Return Index 3.5 6.9 17.0 29.7 29.7 7.4 11.3 11.1 Real Assets & Inflation Global Infrastructure Dow Jones Brookfield Global Infrastructure Composite Index -1.0 0.4 2.0 14.0 14.0 10.5 9.0 7.3 Hedges Treasury Inflation-Protected Securities Bloomberg U.S.

Treasury TIPS 0-5 Years Total Return 0.1 0.4 2.0 6.1 6.1 5.1 3.5 3.2 1 Real Estate NCREIF Fund Index - ODCE (Net) — 0.5 0.5 2.2 3.2 -6.1 2.6 Source: Bloomberg, 4.1 State Street LACERA 5 Key Macro Indicators 2 Inflation, Unemployment, and Labor Participation Quarterly Real GDP Growth Inflation Rate (Core PCE) 5.0% 4.4% 4.3% Unemployment Rate 4.0% Labor Force Participation Rate 3.4% 9.0 63.0 3.2% 3.1% 3.0% 3.0% 2.7% 2.8% 8.0 62.4 3.0% 2.4% 2.4% 7.0 62.5 1.6% 2.0% 6.0 5.0 4.4 62.0 1.0% 4.0 2.8 61.5 3.0 0.0% 2.0 61.0 1.0 -0.5% -1.0% 0.0 60.5 9/20 9/21 9/22 9/23 9/24 9/25 Sources: Bloomberg, St.

Louis Federal Reserve LACERA 6 02 Total Fund Performance & Risk LACERA 7 Total Fund Performance Summary as of November 2025 Monthly Return (net) Growth of a Dollar (trailing 5Y)3 Asset Allocation (in millions)4 0.9 $1.53 Overlays & Hedges $390 0% Other Asset $78 Risk Reduction 0% & Mitigation $21,634 24% Real Assets & Inflation Hedges Total Fund $12,621 Total Market Value (in billions) Cash Equivalents (in millions) 14% AUM $89.5B Growth 89.5 1,206 Credit $43,378 49% $11,406 13% LACERA 8 Total Fund Historical Net Performance as of November 2025 LACERA Pension Fund5 Monthly Returns (net) 12/2015 – 11/2025 # of months: 120 Nov 2025 0.9 Metric Value Mean 0.71 2024 SAA 0.60 Expected Return 35 Standard Deviation 1.96 Minimum (6.9) 25 Maximum 6.6 17 11 11 1 1 6 5 0 3 4 0 1 ≤ -6 -6 to -5 -5 to -4 -4 to -3 -3 to -2 -2 to -1 -1 to 0 0 to 1 1 to 2 2 to 3 3 to 4 4 to 5 5 to 6 ≥6 Frequency of Returns LACERA 9 Total Fund Forecast Volatility as of November 2025 6 LACERA 10 Total Fund Geographic Exposure by AUM as of November 2025 7,8 26 74 48 markets developed emerging & markets frontier markets Top 5 Countries Portfolio Top 5 Countries Portfolio United States 75.8% 95% 5% China 1.8% United Kingdom 4.6% Taiwan 0.7% Canada 2.5% South Korea 0.5% Japan 1.8% Brazil 0.5% France 1.6% India 0.4% Total Fund AUM $89.5B LACERA 11 03 OPEB Trust Performance & Risk LACERA 12 OPEB Trust Performance Summary as of November 2025 Monthly Return (net) Growth of a Dollar (trailing 5Y)9 Asset Allocation (in millions) 0.5 $1.45 Risk Reduction & Mitigation $1,438 26% Real Assets & Inflation Hedges OPEB Trust $724 AUM Total Market Value (in billions) Cash Equivalents (in millions) 13% $5.5B Growth 8 $2,472 45% 5.5 113 Credit $884 6 16% 4 2 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2024 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 LACERA 13 OPEB Trust Historical Net Performance as of November 2025 OPEB Trust Monthly Returns (net) 12/2015 – 11/2025 # of months: 120 Metric Value Nov 2025 0.5 Mean 0.75 2024 SAA 0.55 Expected Return 30 Standard Deviation 3.15 Minimum (12.2) 17 Maximum 8.6 14 9 9 10 7 6 3 3 4 3 3 2 ≤ -6 -6 to -5 -5 to -4 -4 to -3 -3 to -2 -2 to -1 -1 to 0 0 to 1 1 to 2 2 to 3 3 to 4 4 to 5 5 to 6 ≥6 Frequency of Returns LACERA 14 OPEB Trust Forecast Volatility as of November 2025 10 LACERA 15 OPEB Trust Geographic Exposure by AUM as of November 2025 11,12 26 60 markets 34 developed emerging & markets frontier markets Top 5 Countries Portfolio Top 5 Countries Portfolio United States 80.3% 95% 5% China 1.3% Japan 2.7% Taiwan 1.0% Canada 2.4% India 0.9% United Kingdom 2.1% South Korea 0.6% France 1.1% Brazil 0.2% OPEB Trust AUM $5.5B LACERA 16 04 Portfolio & Structural Updates LACERA 17 Portfolio Updates Rebalancing Activity $0 $0 Total Fund OPEB Trust -$20 -$50 -$90 -$62 -$40 -$100 -$1 -$60 -$68 -$15 -$278 (in millions) -$150 -$80 -$162 -$18 (in millions) -$100 -$200 -$120 -$250 -$67 -$140 -$300 $30 -$160 -$149 Growth Credit Real Assets & Risk Reduction & Overlays & Net Rebalancing Growth Credit Real Assets & Risk Reduction & Net Rebalancing Inflation Hedges Mitigation Hedges Activity Inflation Hedges Mitigation Activity Overlays & Hedges November Since Inception Program Gain / (Loss) Gain / (Loss) in $ millions in $ millions Currency Hedge 30.4 1,494.6 Cash / Rebalance Overlay 5.6 622.8 LACERA 18 Key Initiatives and Operational Updates Key Initiatives & Open Personnel Searches Operational Updates Status Status Total Fund Investments Division April 2024 approved Strategic Asset Allocation In Progress Principal Investment Officer – 1 position In Development implementation Adhering to the BOI-approved 2025 Strategic Framework In Progress Senior Investment Officer – 1 position Completed Risk system onboarding In Progress Finance Analyst III – 6 positions In Development OPEB Trust Finance Analyst II – 3 positions In Progress April 2024 approved Strategic Asset Allocation In Progress implementation Risk system onboarding In Progress LACERA 19 Key Initiatives and Operational Updates Strategic Updates Organization Appointee New Role Start Date Update Scott Zdrazil was appointed to the Oversight Committee of the Best Practices Principles Scott Zdrazil, Principal Appointed Member, January 2026 Best Practices Principles, a global entity guiding best practice Oversight Committee Investment Officer Oversight Committee among corporate governance and proxy research firms Manager / Consultant Updates Firm Mandate Asset Class LACERA AUM Update (prior month end, in millions) Rosalie Berman has been appointed Chief Operating Officer effective January 1, 2026, succeeding Nathan Paul, who stepped Lazard Asset Management​ Separate Account Global Equities $661 down at the end of 2025.

Berman will oversee global operations, and Mr. Nathan will remain as Vice Chair and Senior Advisor through the first half of 2026 to assist with the transition Carolyn Diaz Roberts, Managing Director, will retire on January 31, 2026, after 15 years at Leading Edge. Her responsibilities will be Leading Edge Investment Advisors Separate Account Global Equities $635 transitioned to the investment team.

Diallo Johnson, Senior Vice President, will serve as the primary contact for managers LACERA 20 Change In Fiduciary Net Position 13 LACERA 21 05 Appendix LACERA 22 Staff Chart of the Month Dollar Has Its Worst Performance Against Other Currencies Since 2017 LACERA 23 Disclosures & Definitions Page / Footnote Disclosure Page 5 / Footnote 1 NCREIF Fund Index – ODCE (Net) returns represent the latest available quarterly performance.

The Quarterly Real GDP Growth and the Inflation, Unemployment, and Labor Participation charts have not been updated due to the unavailability of source data resulting from the recent federal government shutdown. Exposure data is based on security level holdings and/or proxies. Based on MSCI Market Classification Framework.

Term Definition Active risk Risk that a managed portfolio creates to outperform the benchmark returns. Allocation risk Investment manager’s decision to overweight or underweight sector weights in the portfolio versus the benchmark. Mean Expected return of an asset over a specified period.

Selection risk Investment manager’s selection of securities within the portfolio versus the benchmark. Standard deviation Statistical measure of dispersion around the mean. Volatility Statistical measure of dispersion of returns for a portfolio. LACERA 24 Chief Investment Officer Monthly Report Jonathan Grabel – Chief Investment Officer Board of Investments Meeting May 13, 2026 LACERA Table of Contents 01 Market Environment 02 Total Fund Performance & Risk 03 OPEB Master Trust Performance & Risk 04 Portfolio & Structural Updates 05 Appendix Complete list of slide footnotes are included in the Appendix.

LACERA 2 01 Market Environment LACERA 3 Notable Items and Market Themes to Watch Notable Items Market Themes Interest rates and central bank actions - The Federal Reserve held its interest rates at 3.50%–3.75% at its April • Tariff Impacts: Trade policy uncertainty continued with ongoing meeting U.S.

tariffs, including the 10% global import surcharge, pressuring supply chains and business sentiment • Inflation: Inflation remained elevated, with the March Consumer Price Index (CPI) at 3.3% year-over-year. The Producer Price Economic data and trends​ Index (PPI) rose 4.0% year-over-year, driven by surging energy - Inflation, tariffs, elevated trade tensions, and labor costs developments • Federal Reserve Policy: The Federal Reserve held the federal funds rate at 3.50%–3.75% following its April meeting, marking the third consecutive pause in 2026 Artificial intelligence • Geopolitical Uncertainty: Escalated Middle East tensions and blockades in the Strait of Hormuz disrupted global oil flows, - Research developments, applications, infrastructure investment​, market impact, risk oversight and governance leading to tighter energy supply conditions and increasing market volatility • Corporate Earnings: Q1 2026 earnings season is underway with positive but uneven results.

Source fold: CIO Monthly Reports January and May 2026. Verify against the live page or PDF before citing beyond this page.

Annex: Stewardship 2025 fold

Corporate Governance and Stewardship Update 2025: mission and approach, five principles, proxy voting, engagement, collaboration, ESG integration, energy transition and climate-aware investing, PRI, continuous improvement.

CORPORATE GOVERNANCE AND STEWARDSHIP UPDATE 2025 300 North Lake Avenue Suite 650 Pasadena, CA 91101 LACERA.GOV TABLE OF CONTENTS 2 0 25 | C OR P OR AT E G OV ER NANC E AND S T E WAR D SHIP UP DAT E 1 LACERA Mission and Approach to Investment Stewardship.. 2 0 25 | C OR P OR AT E G OV ER NANC E AND S T E WAR D SHIP UP DAT E We seek to prudently steward our investments to meet our investment objectives.

We therefore encourage sound corporate governance practices at companies in which we invest to mitigate the risk of governance failures and enhance prospects for stable financial growth. We advocate sensible public policies and regulations to promote strong investor rights, instill investor confidence, and support healthy financial markets.

We evaluate financially relevant environmental, social, and governance factors that may shape the risk-return profile of our investments and ultimately their financial performance. And throughout our investment process, we maintain a steadfast focus on conducting sound investment diligence and exercising our legal rights to protect our investments from downside risks and produce returns that enable us to pay members’ promised benefits.

This report provides an overview of LACERA’s approach to corporate governance and investment stewardship, including recent results from our key initiatives. 3 GUIDING PRINCIPLES LACERA’s Corporate Governance and Stewardship Principles policy articulates the fund’s views on key corporate governance topics and guides our stewardship strategies, including proxy voting, corporate engagements, policy advocacy, and consideration of material environmental, social, and governance (ESG) factors in our investment process.

The Corporate Governance and Stewardship Principles center around five fundamental principles that collectively provide a framework by which we aim to steward fund assets to promote durable investment returns. 2 0 25 | C OR P OR AT E G OV ER NANC E AND S T E WAR D SHIP UP DAT E ACCOUNTABILIT Y LACERA supports governance measures that promote accountability from independent, highly qualified directors with a diverse mix of backgrounds so that corporate boards of portfolio companies best serve investors’ interests.

INTEGRIT Y LACERA seeks strong investor rights and protections to safeguard our economic interests, enable investor recourse in the event of fraud or wrongdoing, and instill confidence in financial markets. TRANSPARENCY LACERA believes markets work most effectively when investors have timely, accurate, and comparable information about key financial and performance metrics to evaluate investment prospects.

ALIGNED INTERESTS LACERA encourages pay-for-performance to align corporate executives’ compensation and our external asset managers’ fees with investors’ interests. PRUDENCE LACERA expects companies to diligently mitigate operational risks that might jeopardize durable financial returns, including environmental, social, and governance factors such as talent management, energy transition, regulatory relations, and data privacy.

The Corporate Governance and Stewardship Principles are publicly available. Visit lacera.gov > About LACERA > Investments > Corporate Governance 4 PUTTING PRINCIPLES INTO PRACTICE PROXY VOTING LACERA has the right to vote on a range of matters that publicly listed portfolio 6,004 70,462 SHAREHOLDER INDIVIDUAL 59 GLOBAL companies present to MEETINGS BALLOT ITEMS MARKETS VOTED VOTED VOTED IN investors at annual and special shareholder NORTH 2 0 25 | C OR P OR AT E G OV ER NANC E AND S T E WAR D SHIP UP DAT E AMERICA EUROPE ASIA meetings.

LACERA votes 23% 22% 38% its proxies consistent with our Corporate Governance and Stewardship Principles to promote and safeguard the financial value of our investments. Casting our votes on ballot items is a core stewardship strategy to influence the governance practices at portfolio companies and advance sound practices across the market.

SOUTH AFRICA & AUSTRALIA & AMERICA MIDDLE EAST NEW ZEALAND 9% 5% 3% 5 PUTTING PRINCIPLES INTO PRACTICE PROXY VOTING (CONTINUED) The following presents SUPPORT FOR SHAREHOLDER summary information of PROPOSALS how LACERA voted on 46% corporate proxies during the fiscal year ending June 30, 2025.

67% 2 0 25 | C OR P OR AT E G OV ER NANC E AND S T E WAR D SHIP UP DAT E SUPPORT FOR MANAGEMENT PROPOSALS SUPPORT LE VELS BY PROPOSAL SPONSOR Most individual ballot items on corporate proxies (over 97 percent) are presented by company management. LACERA supported 67 percent of management proposals.

Shareholder proposals represent the remaining 3 percent of all proposals that LACERA voted on. LACERA supported 46 percent of shareholder proposals. 6 PUTTING PRINCIPLES INTO PRACTICE PROXY VOTING (CONTINUED) Voting on Corporate Board Directors LACERA relies on corporate board directors to serve investors’ best interests.

In determining whether to vote for or against director nominees, LACERA emphasizes board quality, accountability, and performance. 57 % SUPPORT FOR DIRECTOR NOMINEES 2 0 25 | C OR P OR AT E G OV ER NANC E AND S T E WAR D SHIP UP DAT E LACERA generally supports most director nominees.

The most common reasons we vote “no” on directors are: • Lack of adequate board independence. LACERA expects at least two-thirds of every portfolio company board to be composed of independent directors in all markets. • Poor track record of inclusion in recruiting directors with a diverse mix of backgrounds.

LACERA votes against when boards lag market peers and do not present a compelling track record of identifying and nominating qualified candidates with diverse backgrounds, such as few directors of diverse racial or gender backgrounds. • Directors maintain problematic governance features detrimental to investors, such as not providing all investors equal voting rights.

• Overcommitted directors who serve on too many boards to adequately dedicate time to serve investors. LACERA opposes directors who serve on more than three boards, and CEOs who serve on more than two boards. • Governance failures or poor risk oversight, including any chronic history of regulatory infractions.

Voting on Executive Compensation 76% SUPPORT (OPPOSED ONE OUT OF FOUR CEO PAY PACKAGES) LACERA cast votes against 24 percent of advisory “say-on-pay” proposals because of excessive CEO pay and poor linkages between pay and performance. Sample Proxy Votes DIRECTOR ACCOUNTABILITY PAY FOR PERFORMANCE PAY FOR PERFORMANCE DIRECTOR ACCOUNTABILITY Opposed Dubai Electricity Voted against Warner Bros.

Voted against the pay An activist investment firm and Water Authority’s pay plan due to excessive package at Amazon, Inc. proposed the removal of proposal to elect directors pay relative to peers and due to excessive CEO three directors, including the for not disclosing the poor pay design.

Source fold: corp_governance_stewardship_report_2025.pdf. Verify against the live page or PDF before citing beyond this page.

Annex: Get to Know LACERA fold

Get to Know LACERA brochure (ASD 676, 02/26) covers mission, structure, 15 specialty divisions, investment approach, and advocacy. Membership is rounded as over 200,000; prefer the PAFR 198,462 dated count when a point estimate is required.

Who What We Do We Are Provide retirement plans, retiree healthcare, and related services for members and their families LACERA is an independent governmental entity that $ administers and manages the multibillion-dollar retirement Prudently manage and invest the pension fund and post-employment fund for the County of benefts trusts Los Angeles and outside districts.

We are the largest county retirement system in the United States. We Lead our industry through Advocate on behalf of our members our practices, strategies, expertise, to preserve their retirement benefts and technological applications with public stakeholders and at all levels of government.

Message From the CEO Mission, Vision, and Values Hello, and thank you for taking the time to Get to Know LACERA. Mission: To produce, protect, and provide the Whether you are one of our new members, business partners, promised benefts to our members public stakeholders, or are considering a career with us, this Vision: Empowering our members to enjoy a brochure was created to help you understand not just who we healthy and secure retirement are and what we do, but what drives us and how we approach our work.

Values: Accountability, collaboration, inclusivity, innovation, integrity, and transparency We have been providing retirement benefts and fnancial secu- rity to our members since 1938. Our deep commitment to our mission links every person in our organization—from our Board At LACERA we value diferent perspectives, knowing they lead to trustees to our fnancial analysts to our benefts specialists and better business decisions and outcomes.

That’s why our everyone else in between. In fact, in our most recent employee workforce refects the wide cultural spectrum of our community, engagement survey, over 90 percent of respondents expressed and also why we actively promote diversity initiatives in our own that LACERA’s mission is important to them—well above the me- hiring practices as well as those of our external vendors.

dian benchmarks for both the public and private sectors. As long-term investors, we are always looking ahead. To achieve fscal durability and best-in-class investor status, we have taken the lead in incorporating environmental, social, and governance (ESG) criteria into our investment decisions, and we advocate for ESG with our industry colleagues and partners.

Because true success lies in the execution, we strive to constant- ly improve our services and operations through best practices, teamwork, technology, training, and evaluation. Through it all, put- ting our members’ interests frst serves as a reliable guidepost; ensuring they can retire with security remains our perpetual goal.

Chief Executive Ofcer Who We Serve What We Provide Our members work for L.A. Superior Court, and • Defned beneft plans, with lifetime allowances for retirees four outside districts (Little Lake Cemetery District, Local Agency • Survivors benefts Formation Commission, L.A. County Ofce of Education, and South Coast Air Quality Management District).

• Disability benefts • Retiree healthcare From frontline healthcare, public safety, and social service work- • Retirement counseling ers to administrative, operations, and maintenance personnel, our members sustain and support the community in hundreds of difer- ent capacities, but they all have one thing in common: Each enters County service with the promise that at the end of their public ser- vice careers they will be able to retire with secure lifetime benefts.

Our Los Angeles Community The County of Los Angeles has over 100,000 public service We are the most populous county in the U.S., and our highly employees working in 38 departments. Our region encompasses multicultural community speaks over 185 diferent languages 88 cities and 4,084 square miles.

Key Milestones 1937 1938 1971 1971 2012 L.A. County Pension LACERA and Board of Board of Investments Retiree Healthcare Benefts Management of L.A. County Trust fund created Retirement established established Program established healthcare and benefts trust assumed 1938 Today Death benefts fund value: $5.86 million Pension fund value: $86 billion* LACERA members: 12,250 Retiree healthcare trust value: Over $5 billion* L.A.

County population: 2.2 million LACERA members: Over 200,000 L.A. County population: Nearly 10 million *As of the end of fscal year 2025 For the latest fnancial information and statistics, visit lacera.gov and review our Annual Reports section. Our award-winning Popular Annual Financial Report (PAFR) summarizes the fscal year with our fund returns, primary sources and uses of assets, funded status, portfolio growth, and organizational achievements.

How We Operate Our Structure • Board of Retirement trusts, and determining budget policy and budgeting in Composed of 12 trustees: four trustees and two alternates coordination with the Board of Retirement. elected by members; four trustees appointed by the Los Angeles County Board of Supervisors; and one ex-ofcio and • Executive Team one acting ex-ofcio by law Composed of the Chief Executive Ofcer, Deputy Chief Executive Ofcer, two Assistant Executive Ofcers, Chief Responsibilities: Administering the retirement system, retiree Investment Ofcer, Deputy Chief Investment Ofcer, and healthcare program, and disability program; conducting stra- Chief Counsel tegic planning process; and determining budget policy and budgeting in coordination with the Board of Investments.

Responsibilities: Carrying out the strategic goals set by the Boards of Retirement and Investments and overseeing • Board of Investments the broader operations of LACERA. Composed of 10 trustees: four elected by members; four appointed by the Los Angeles County Board of Supervisors; • Specialty Divisions and one ex-ofcio and one acting ex-ofcio by law Made up of a divisional manager, subject matter experts, Responsibilities: Establishing LACERA’s investment and specially trained employees policy and objectives, exercising authority and control over Responsibilities: Providing dependable.

Source fold: know_lacera.pdf ASD 676 (02/26). Verify against the live page or PDF before citing beyond this page.

Annex: Milliman 2025 valuation fold

Milliman Actuarial Valuation of Retirement Benefits as of 30 June 2025, issued 20 February 2026, addressed to the Board of Investments. Signing actuaries Nick J. Collier and Craig Glyde. Funded ratio 82.0% actuarial / 85.0% fair value. Fold from the opened first-pages extract.

Milliman Actuarial Valuation Los Angeles County Employees Retirement Association Actuarial Valuation of Retirement Benefits June 30, 2025 Prepared by: Nick J. Collier, ASA, EA, MAAA Consulting Actuary Craig Glyde, ASA, EA, MAAA Consulting Actuary Milliman, Inc. 1301 Fifth Avenue, Suite 3800 Seattle, WA 98101-2605 Tel +1 206 624 7940 milliman.com Issued February 20, 2026 1301 Fifth Avenue Suite 3800 Seattle, WA 98101-2605 USA Tel +1 206 624 7940 milliman.com February 20, 2026 Board of Investments Los Angeles County Employees Retirement Association 300 North Lake Avenue, Suite 820 Pasadena, CA 91101-4199 Re: Los Angeles County Employees Retirement Association Actuarial Valuation of Retirement Benefits as of June 30, 2025 Dear Trustees of the Board: As part of our engagement with the Los Angeles County Employees Retirement Association (LACERA), we have performed an actuarial valuation of LACERA retirement benefits as of June 30, 2025.

This report reflects the benefit provisions and contribution rates in effect as of June 30, 2025 and LACERA’s Actuarial Funding Policy (AFP) that was adopted by the Board of Investments at the October 9, 2024 meeting. The main purposes of this report are:  to provide the actuarially determined employer and member contribution rates for the fiscal year beginning July 1, 2026;  to assess the funded position of LACERA as of June 30, 2025; and  to review the experience of LACERA for the valuation year ending June 30, 2025.

The calculations in this report have been made on a basis consistent with our understanding of LACERA’s funding requirements as stated under the AFP. Determinations for purposes other than meeting these requirements may be significantly different from the results contained in this report.

Accordingly, additional determinations may be needed for other purposes. Milliman will provide LACERA financial reporting results relevant to GASB Statements No. Actuarial assumptions Actuarial assumptions, including discount rates, mortality tables, and others identified in this report, and actuarial cost methods were adopted by the LACERA Board of Investments (BOI) at its January 2026 meeting.

The BOI is responsible for selecting LACERA’s funding policy, actuarial valuation methods, asset valuation methods, and assumptions. The policies, methods, and assumptions used in this valuation are those that have been so adopted and are described in this report. LACERA is solely responsible for communicating to Milliman any changes required thereto.

All costs, liabilities, rates of interest, and other factors for LACERA have been determined on the basis of actuarial assumptions and methods which, in our professional opinion, are individually reasonable (taking into account the experience of LACERA and reasonable expectations); and that, in combination, offer a reasonable estimate of anticipated experience affecting LACERA and are expected to have no significant bias.

y 20, 2026 Page 2 Variability of results This valuation report is only an estimate of LACERA’s financial condition as of a single date. It can neither predict LACERA’s future condition nor guarantee future financial soundness. Actuarial valuations do not affect the ultimate cost of benefits, only the timing of contributions.

While the valuation is based on an array of individually reasonable assumptions, other assumption sets may also be reasonable and valuation results based on those assumptions would be different. No one set of assumptions is uniquely correct. Determining results using alternative assumptions is outside the scope of our engagement, although for informational purposes we have shown valuation results at +/- 0.5% on the investment return assumption at the end of the Executive Summary.

Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period or additional cost or contribution requirements based on the LACERA's funded status); and changes in plan provisions or applicable law.

Due to the limited scope of our assignment, we did not perform an analysis of the potential range of future measurements. The Board of Investments has the final decision regarding the appropriateness of the assumptions and adopted them as indicated in Appendix A of this report. Reliance In preparing this report, we relied, without audit, on information (some oral and some in writing) supplied by LACERA’s staff.

This information includes, but is not limited to, statutory provisions, employee data, and financial information. In our examination of these data, we have found them to be reasonably consistent and comparable with data used for other purposes. Since the valuation results are dependent on the integrity of the data supplied, the results can be expected to differ if the underlying data is incomplete or missing.

It should be noted that if any data or other information is inaccurate or incomplete, our calculations may need to be revised. No legal duty to third-party recipients Milliman’s work is prepared solely for the internal business use of LACERA. To the extent that Milliman's work is not subject to disclosure under applicable public records laws, Milliman’s work may not be provided to third parties without Milliman's prior written consent.

Milliman does not intend to benefit or create a legal duty to any third-party recipient of its work product. Milliman’s consent to release its work product to any third party may be conditioned on the third party signing a Release, subject to the following exceptions: (a) LACERA may provide a copy of Milliman’s work, in its entirety, to LACERA's professional service advisors who are subject to a duty of confidentiality and who agree not to use Milliman’s work for any purpose other than to benefit LACERA.

(b) LACERA may provide a copy of Milliman’s work, in its entirety, to other governmental entities, as required by law. No third-party recipient of Milliman's work product should rely upon Milliman's work product. Such recipients should engage qualified professionals for advice appropriate to their own specific needs.

Source fold: 2025-Pension-Actuarial-Valuation.pdf pp. 1–25 extract. Verify against the live page or PDF before citing beyond this page.

Annex: OPEB Trust

Retiree Healthcare Benefits Program: medical and dental/vision plus death/burial for two tiers. Tier 1 County subsidy covers the member and/or eligible dependents; Tier 2 is limited to the member and a qualifying survivor. Subsidy starts at 40 percent of the lesser of the benchmark plan rate or actual premium after at least 10 years of eligible service credit. Employers pay premium subsidies on a pay-as-you-go basis (PAFR).

Participation 30 June 2025: medical 86,637; dental/vision 93,872; death/burial 66,398. OPEB Trust created 2012; initial contribution US$448 million. FY2025 contributions US$1,460 million; net investment income US$472 million; service benefits US$873 million; ending FNP US$5,036 million.

Annex: PAFR board roster (30 Jun 2025)

• Nancy M. Durazo — BOR; term 2026; elected by general members.
• Bobbie Fesler — BOR; term 2027; appointed by Board of Supervisors.
• Mike Gatto — BOI; term 2026; appointed by Board of Supervisors.
• Elizabeth B. Ginsberg — BOR and BOI; County Treasurer and Tax Collector; ex-officio.
• Jason E. Green — BOR; Chair, BOI; terms expire 2025; elected by safety members.
• James P. Harris — BOR alternate; term 2026; elected by retired members.
• Patrick L. Jones — Vice Chair, BOI; term 2026; appointed by Board of Supervisors.
• Shawn R. Kehoe — Secretary, BOR; alternate; term 2025; elected by safety members.
• Aleen Langton — BOR and BOI; terms 2027; elected by general members.
• Debbie Martin — BOI; term 2026; elected by retired members.
• Alma K. Martinez — BOI; term 2027; appointed by Board of Supervisors.
• Nicole Mi — BOI; term 2026; elected by general members.
• Wayne Moore — BOR; term 2026; appointed by Board of Supervisors.
• Ronald Okum — Vice Chair, BOR; term 2025; appointed by Board of Supervisors.
• Lisa Proft — BOR and BOI; Chief Deputy County Treasurer and Tax Collector; acting ex-officio.
• Les Robbins — Chair, BOR; term 2026; elected by retired members.
• David E. Ryu — BOR Secretary and BOI; terms 2026 (BOR) and 2025 (BOI); appointed by Board of Supervisors.

Annex: Senior leadership

Live titles vs FY2025 letterhead: Luis A. Lugo is now CEO (was Acting CEO on the PAFR). Santos H. Kreimann is not on the live page. Jonathan Grabel remains CIO. Jude Pérez remains Deputy CIO. Jessica Baxter is Chief Administrative Officer on the live page. JJ Popowich is Chief Benefits Officer on the live page (Assistant Executive Officer on the PAFR). Laura Guglielmo appears on the PAFR as Assistant Executive Officer and is not on the live Senior Leadership list. Only live 200-status person SSR slugs are linked.

Annex: Investment Beliefs (verbatim titles)

• i. Strategic Asset Allocation — Long-term strategic asset allocation will be the primary determinant of LACERA’s risk/return outcomes.
• ii. Market Dynamics — Capital market efficiencies inform LACERA’s strategic asset allocation and portfolio construction.
• iii. Return — Risk and return are expected to be positively correlated over long-term periods.
• iv. Risk — No single metric adequately conveys risk; evaluate holistically; minimize unrewarded risk.
• v. Stewardship — Identify, evaluate, and manage financially relevant ESG factors to safeguard and enhance Fund performance.
• vi. Terms — Outcomes are determined by risk, returns, and costs.
• vii. Productivity — People and resources matter.

Annex: Funded status

PAFR (then-latest valuation as of 30 June 2024): funded ratio 80.9%; UAAL US$18,139,694 thousand. Prior: 79.9% (2023) and 79.6% (2022). Milliman 30 June 2025 valuation issued 20 February 2026: funded ratio increased from 80.9% to 82.0% actuarial-value and from 82.1% to 85.0% fair-value. Do not silently equate the PAFR’s 2024 valuation with the 2025 Milliman valuation. Historical comment in Milliman: funded ratio was 94.5% as of 30 June 2008.

Annex: Geographic exposure

CIO January 2026 pack, Total Fund as of November 2025 (ex-overlays, domicile, MSCI classification): 26 developed and 48 emerging and frontier markets. United States 75.8%; United Kingdom 4.6%; Canada 2.5%; Japan 1.8%; France 1.6% (developed about 95%). China 1.8%; Taiwan 0.7%; South Korea 0.5%; Brazil 0.5%; India 0.4% (EM/frontier about 5%). OPEB Trust United States 80.3% in the same pack. No opened LACERA “California investments” total analogous to CalPERS Facts — none is invented.

Annex: Operations statistics

PAFR FY2025: 319,245 pieces of mail processed; 653,323 member documents scanned; 76,895 monthly retirement allowances paid; 3,619 new retirees; 138,573 My LACERA registered members; 277,164 benefit estimates; 636,096 My LACERA visits; 291 workshops and benefit fairs (14,993 attendees); 15,579 one-on-one counseling sessions; 117,033 Member Services phone inquiries; 58,961 Retiree Healthcare phone inquiries; 60,327 annual healthcare packets mailed. ACFR Pension Plan administrative expenses US$127.185 million (2025) vs US$118.628 million (2024).

Annex: Peer map

LACERA is a county CERL system. Statewide California peers CalPERS and CalSTRS are larger and are not substitutes. Other large U.S. public plans on the Registry for orientation include MassPRIM, Florida SBA, and NYSCRF. IMCO is a Canadian pooled manager with CAD reporting — a different legal form. Rank 71 is an editorial UAO Top 100 slot. Any Influence Index is an editorial composite, not a LACERA metric.

Annex: Transparency stack

• ACFR 2025 PDF; PAFR 2025 PDF; Annual Reports hub.
• Milliman 30 June 2025 pension actuarial valuation (issued 20 February 2026).
• CIO Monthly Reports to the Board of Investments.
• Board of Retirement (first Wednesday) and Board of Investments (second Wednesday) agendas, minutes, livestreams, YouTube @lacera2580.
• Investment Strategy / Beliefs; Corporate Governance and Stewardship Update 2025; Get to Know LACERA; Public Records.

Public-safe: this profile omits call-center numbers, fax lines, and personal emails. HQ address 300 N. Lake Ave, Pasadena, CA 91101 is retained as a public institutional locator.

Annex: Editorial locks

• No invented people, titles, AUM, or seats.
• Prefer official USD from lacera.com / lacera.gov. Instantiations ~US$80 bn is stale.
• CEO Luis A. Lugo; CIO Jonathan Grabel — verified live 11 September 2026.
• H1 = institution name only; never “| UAO Top 100” in H1.
• Single www canonical via post.canonical_url only.
• Schema: Organization + GovernmentOrganization, WebPage, BreadcrumbList, FAQPage (12), VideoObject.
• Daily-refresh disabled. Desk untouched (sha prefix a13480ec21c4dc98).
• Seat-lock carried including four seats and KKR Japan CIO Atsuko Iino; META lastsweep 2026-09-11.
• Do not message Chief of Staff or SEO. CoS next batch at live elite 70.
• Corrections: info@universalassetowners.com.

Annex: Outbound checklist

• lacera.com / lacera.gov
• Senior Leadership
• CEO appointment 4 Feb 2026
• PAFR 2025
• ACFR 2025
• Milliman 30 Jun 2025
• Investment Strategy
• County v. LACERA
• Official YouTube BOI 8 April 2026

Annex: Deliberate omissions

• No Instantiations-invented USD and no FX conversion.
• No private phone numbers, fax, or personal emails.
• No invented 2026 Board officer elections beyond the 30 June 2025 PAFR roster.
• No new assumed-rate numeral from the January 2026 assumption adoption unless printed in extracted pages (FY2024–25 ACFR still shows 7.0%).
• No climate net-zero year or exclusion list unless an opened policy states one.
• No CEO salary from secondary press.
• No claim that LACERA is CalPERS, CalSTRS, or LACERS (City of Los Angeles).
• No VideoObject except the official @lacera2580 BOI recording (oEmbed author LACERA).

FAQ

What is LACERA?

The Los Angeles County Employees Retirement Association (LACERA) is an independent governmental entity that administers defined retirement, death, disability, and retiree healthcare (OPEB) benefits for eligible employees of the County of Los Angeles, the Los Angeles Superior Court, and four outside districts. It is the largest county retirement system in the United States and a component unit of Los Angeles County. Official sites: https://www.lacera.com/ and https://www.lacera.gov/.

What is LACERA’s latest official USD asset figure?

Prefer dated official USD from lacera.com/lacera.gov — do not invent a blended headline. The 2025 Popular Annual Financial Report shows Pension Plan fiduciary net position of US$86.188 billion as of 30 June 2025 (about US$86.2 billion). The CIO Monthly Report presented to the Board of Investments on 13 May 2026 shows Total Fund AUM of US$89.6 billion as of March 2026. The OPEB Trust fiduciary net position was US$5.036 billion at 30 June 2025 and about US$5.8 billion AUM as of March 2026. Instantiations’ older ~US$80 billion estimate is stale relative to these official USD series.

What return did the Pension Plan earn in FY 2024–25?

Net of investment management fees, the Pension Plan returned 9.7% for the one-year period ended 30 June 2025, matching its policy benchmark of 9.7%. Three-year, five-year, and ten-year annualized net returns were 8.4%, 9.8%, and 7.9% (benchmarks 8.6%, 8.5%, and 7.4%). The PAFR states these returns exceeded the actuarial assumed rate on each horizon. The ACFR cites a 7.0% actuarial assumed rate of return based on the 30 June 2024 valuation for FY 2024–25 interest crediting.

Who is CEO and who is CIO?

Luis A. Lugo is Chief Executive Officer. LACERA’s Boards of Retirement and Investments appointed him CEO on 4 February 2026, effective immediately, after he joined as Deputy CEO in July 2021 and served as Acting CEO from March 2025. Jonathan Grabel is Chief Investment Officer, listed on the live Senior Leadership page and as author of the 2026 CIO monthly reports. Verify against lacera.com/leadership/executive-team.

How is LACERA governed?

Two CERL boards composed of elected and appointed trustees. The Board of Retirement (established 1938) administers the retirement system, disability applications, and the County-subsidized retiree healthcare program. The Board of Investments (established 1971) sets investment policy and objectives, oversees Pension Plan and OPEB Trust investment management, and handles actuarial contribution-rate matters. As of 30 June 2025 the PAFR listed Les Robbins as Board of Retirement Chair and Jason E. Green as Board of Investments Chair, with County Treasurer and Tax Collector Elizabeth B. Ginsberg as ex-officio trustee.

What is the funded status?

Milliman’s actuarial valuation of retirement benefits as of 30 June 2025 (issued 20 February 2026) reports the funded ratio increased from 80.9% to 82.0% on an actuarial-value basis and from 82.1% to 85.0% on a fair-value basis. The PAFR, which summarized the prior (30 June 2024) valuation, reported 80.9% funded and unfunded actuarial accrued liability of about US$18.140 billion. Do not silently equate the 2024 PAFR valuation with the 2025 Milliman valuation.

How is the Pension Plan allocated?

The Board approved the current strategic asset allocation in fiscal year 2024. PAFR actual weights as of 30 June 2025: Growth 48%; Risk Reduction and Mitigation 24%; Real Assets and Inflation Hedges 14%; Credit 12%; Overlays & Hedges 1%; Other Assets 1%. The CIO Monthly Report as of March 2026 (US$89.6 billion Total Fund AUM) showed Growth about 47%, Risk Reduction & Mitigation 24%, Real Assets 15%, Credit 13%, and overlays/other about 1%.

What is LACERA’s climate and stewardship approach?

Investment Belief v (Stewardship) states LACERA recognizes financially relevant ESG factors and seeks to identify, evaluate, and manage them in portfolio construction, due diligence, and stewardship. The 2025 Corporate Governance and Stewardship Update reports proxy voting at 6,004 shareholder meetings and 70,462 ballot items across 59 markets, Climate Action 100+ membership (joined 2018), climate-aware strategic asset allocation work in 2021 and 2024, and about US$5 billion committed to real-assets private energy-transition opportunities. This is not a fossil-fuel exclusion regime unless a later official policy says so.

Why does this profile use Organization and GovernmentOrganization?

LACERA is an independent governmental entity administering a CERL 1937 county retirement system and is described in the 2025 ACFR as a component unit of Los Angeles County. This UAO profile models Organization + GovernmentOrganization, with sameAs limited to official lacera.com / lacera.gov / official YouTube URLs.

Does this profile invent AUM or leadership seats?

No. Asset figures, returns, allocation weights, membership counts, board officers as of 30 June 2025, and executive titles are taken from dated official LACERA PDFs and HTML pages opened for this research pack. Private emails and switchboard numbers are omitted. Luis A. Lugo is presented as current CEO because the 4 February 2026 official news and live Senior Leadership page list him as such; Santos H. Kreimann is treated as the FY2025 PAFR/ACFR CEO, not the current CEO.

What did the California Supreme Court decide in County v. LACERA?

LACERA’s 3 August 2026 announcement states the Court held that the County retains final authority over civil-service classifications and salary-setting for LACERA employees, while LACERA retains authority to appoint staff necessary to carry out its responsibilities; the County must give due weight to and collaborate on LACERA’s salary and class decisions; and County decisions remain subject to judicial review for abuse of discretion. LACERA states the decision does not affect members’ retirement benefits.

Where should corrections be sent?

Corrections: info@universalassetowners.com. Prefer official LACERA primaries over secondary press when figures conflict. Any UAO Influence Index is an editorial composite for navigation — not a credit rating or official LACERA metric.

Sources & further reading

Primary outbound opened for this pack: lacera.com / lacera.gov; Senior Leadership; 4 February 2026 CEO news; PAFR 2025; ACFR 2025; Milliman 30 June 2025 valuation; CIO Monthly January and May 2026; Investment Strategy; Stewardship Update 2025; Get to Know LACERA; County v. LACERA news 3 August 2026; official YouTube @lacera2580. Instantiations rank-71 card used only as a stale-AUM contrast.

Completeness note

Written to a ~10,000 sourced-word bar from opened LACERA primaries. Non-blocking expansions: full ACFR manager/fee tables; complete Milliman Exhibit 1 contribution-rate schedule; live 2026 Board officer pages after the summer election; OPEB actuarial valuation; Gateway Plaza final Board action. None of those gaps is filled with invented figures. Corrections: info@universalassetowners.com.