Los Angeles County Employees Retirement Association’s board of investments has directed the $27 billion fund’s actuary to use a new method for determining the value of assets. However, the board made the changes with the provision that the valuation issue be revisited within two years.
The new method uses market value with gains and losses amortized over a three-year period to determine the actuarial value of assets for valuations on and after June 30, 1999. The board also decided to implement the new method in the June 30 valuation as if it had been in effect in prior years.
