Retirement Board — Burlington, VT
Date: 2026-05-05
Time: 09:30

Retirement Board

 Tuesday, May 5, 2026, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st
 Floor

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1. Agenda
 Subject 1.1. Motion to adopt agenda
 Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


 Category 1. Agenda

 Department Retirement Administration


 Type Action
 Procedural


 Recommended Action Motion to adopt agenda

2. Public Forum

3. Minutes
 Subject 3.1. February 23, 2026 Retirement Board Meeting Minutes
 Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 3. Minutes

  Department Retirement Administration


  Type Information
 Minutes


  Recommended Action approve the minutes

4. Approve Return of Contributions
  Subject 4.1. Alan L. Mashtare, Class B $10,570.80; Effective Date of Benefit: 03/01/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Alan L. Mashtare

  Subject 4.2. Philo J. Brown Gould, Class B $1,898.90; Effective Date of Benefit:
 04/01/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Philo J. Brown Gould

  Subject 4.3. Kim My Soukone, Class B $990.34; Effective Date of Benefit: 04/01/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Kim My Soukone

  Subject 4.4. Alexander M. Wolfgang, Class B $2,961.29; Effective Date of Benefit:
 04/01/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions
Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Alexander M. Wolfgang

Subject 4.5. Candice K. Holbrook, Class B $17,604.18; Effective Date of Benefit:
 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Candice K. Holbrook

Subject 4.6. Rodney J. Dollar, Class B $21,966.09; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Rodney L. Dollar

Subject 4.7. Sinead E. Murray, Class B $2,343.72; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Sinead E. Murray

Subject 4.8. Shannon Rose Giblin, Class B $543.74; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration
Type Action


Recommended Action approve return of contribution for Shannon Rose Giblin

Subject 4.9. Carly J. Levinson, Class B $4,302.24; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Carly J. Levinson

Subject 4.10. Kyler G. Orr, Class B $3,913.72; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Kyler G. Orr

Subject 4.11. Troy Hughes, Class B $7,086.46; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Troy Hughes

Subject 4.12. Gena Christina Elliot, Class B $1,290.11; Effective Date of Benefit:
 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Gena Christina Elliott
Subject 4.13. Cathy Austrian, Class B $14.74; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Cathy Austrian

Subject 4.14. Joyce H. Cameron, Class B $4,843.60; Effective Date of Benefit:
 05/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Joyce H. Cameron

Subject 4.15. Hannah Murine Kaull, Class B $1,845.51; Effective Date of Benefit:
 05/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Hannah Murine Kaull

Subject 4.16. Mary Peterson, Class B $2,850.10; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Mary Peterson

Subject 4.17. Elson E. Cote, Class B $9,371.61; Effective Date of Benefit: 05/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Elson E. Cote

  Subject 4.18. Jared Pellerin, Class B $14,463.51; Effective Date of Benefit: 05/01/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Jared Pellerin

  Subject 4.19. Todd Michael Van de Meulebroecke, Class B $4,727.92; Effective Date of
 Benefit: 05/01/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Todd Michael Van de Meulebroecke

  Subject 4.20. Thomas H. Farran, Class B $10,447.83; Effective Date of Benefit:
 04/01/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Thomas H. Farran

5. Approve Retirement Applications
  Subject 5.1. Mary C. Griffin, Class B $5,937.60; Effective Date of Benefit: 02/11/26;
 Payment Date: 02/15/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Mary C. Griffin

Subject 5.2. William H. Parizo, Class B $8,739.88 and $97.73; Effective Date of Benefit:
 02/01/26; Payment Date: 02/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for William H. Parizo

Subject 5.3. Samid Latifovic, Class B $449.66; Effective Date of Benefit: 01/01/26;
 Payment Date: 02/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Samid Latifovic

Subject 5.4. Nina L. Mazuzan, Class B $763.48; Effective Date of Benefit: 02/01/26;
 Payment Date: 02/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Nina L. Mazuzan

Subject 5.5. Joel Fitzgerald, Class B $659.76; Effective Date of Benefit: 02/01/26;
 Payment Date: 03/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications
Department Retirement Administration


Type Action


Recommended Action approve retirement application for Joel Fitzgerald

Subject 5.6. Jill Strube, Class B $224.95; Effective Date of Benefit: 04/01/26; Payment
 Date: 04/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Jill Strube

Subject 5.7. Philip C. Luedee, Class A $9,294.03; Effective Date of Benefit: 03/01/26;
 Payment Date: 03/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Philip C. Luedee

Subject 5.8. Joan I. Williamson, Class B $238.65; Effective Date of Benefit: 04/01/26;
 Payment Date: 04/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Joan I. Williamson

Subject 5.9. Ivan Johnston, Class B $217.68; Effective Date of Benefit: 04/01/26;
 Payment Date: 04/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration
  Type Action


  Recommended Action approve retirement application for Ivan Johnston

6. Disability Retirement Application
  Subject 6.1. Zachary M. Allen, Class B $4,159.55; Effective Date of Benefit: 03/01/26;
 Payment Date: 03/15/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 6. Disability Retirement Application

  Department Retirement Administration


  Type Action


  Recommended Action approve the disability retirement application for Zachary M. Allen

7. Administrative Update
  Subject 7.1. Charles Schwab Trust Bank Plan sponsor Authorized signature list
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 7. Administrative Update

  Department Retirement Administration


  Type Action


  Recommended Action authorize the Retirement Board to add CAO Katherine Schad and DOF Bradley
 Kukenberger and remove DFO Rich Goodwin to the Charles Schwab Trust Bank Plan
 sponsor Authorized signature list

  Subject 7.2. Actuarial Valuation Report as of June 30, 2025 - USI
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 7. Administrative Update

  Department Retirement Administration


  Type Action


  Recommended Action approve the report and place it on file

8. Fiducient
  Subject 8.1. Rebalancing recommendation
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 8. Fiducient
  Department Retirement Administration


  Type Action


  Recommended Action to approve the rebalancing of the Burlington Employees's Retirement System's
 investment portfolio back to its long-term strategic asset allocation targets, and to
 authorize City staff, in consultation with the investment advisor, to execute the
 anticipated trades as summarized, with final trade amounts subject to change based on
 market conditions at the time of execution

  Subject 8.2. City of Burlington Employees Retirement System Quarterly Investment
 Review - First Quarter 2026
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 8. Fiducient
  Department Retirement Administration


  Type Discussion
 Information
 Presentation


  Subject 8.3. Discussion on UBS Trumbull properties
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 8. Fiducient
  Department Retirement Administration


  Type Discussion



9. Executive Session Re: contract terms for investment advisory services
  Subject 9.1. Executive Session Re: contract terms for investment advisory services
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 9. Executive Session Re: contract terms for investment advisory services

  Department Retirement Administration


  Type Action
 Discussion
 Information
 Procedural


  Recommended Action 1. Move to make a specific finding that premature general public knowledge of contract
 terms for investement advisory services would clearly place the City at a substantial
 disadvantage;
 1. Based upon that finding move to enter into executive session pursuant to 1 VSA
 313(1)(A).

10. Adjournment
Subject 10.1. Motion to adjourn
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 10. Adjournment

Department Retirement Administration


Type Action
 Procedural


Recommended Action Motion to adjourn

Retirement Board

 Tuesday, May 5, 2026, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st
 Floor

Join from PC, Mac, iPad, or Android:

https://zoom.us/j/96083625363

Phone one-tap:

+16469313860, 96083625363# US

Join via audio:

+1 646 931 3860 US

Webinar ID: 960 8362 5363

International numbers available: https://zoom.us/u/aeaxhWUj0A



1. Agenda
 Subject 1.1. Motion to adopt agenda
 Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


 Category 1. Agenda

 Department Retirement Administration


 Type Action
 Procedural


 Recommended Action Motion to adopt agenda

2. Public Forum

3. Minutes
 Subject 3.1. February 23, 2026 Retirement Board Meeting Minutes
 Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor




 Page 1 of 148
  Category 3. Minutes

  Department Retirement Administration


  Type Information
 Minutes


  Recommended Action approve the minutes

4. Approve Return of Contributions
  Subject 4.1. Alan L. Mashtare, Class B $10,570.80; Effective Date of Benefit: 03/01/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Alan L. Mashtare

  Subject 4.2. Philo J. Brown Gould, Class B $1,898.90; Effective Date of Benefit:
 04/01/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Philo J. Brown Gould

  Subject 4.3. Kim My Soukone, Class B $990.34; Effective Date of Benefit: 04/01/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Kim My Soukone

  Subject 4.4. Alexander M. Wolfgang, Class B $2,961.29; Effective Date of Benefit:
 04/01/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions


 Page 2 of 148
Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Alexander M. Wolfgang

Subject 4.5. Candice K. Holbrook, Class B $17,604.18; Effective Date of Benefit:
 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Candice K. Holbrook

Subject 4.6. Rodney J. Dollar, Class B $21,966.09; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Rodney L. Dollar

Subject 4.7. Sinead E. Murray, Class B $2,343.72; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Sinead E. Murray

Subject 4.8. Shannon Rose Giblin, Class B $543.74; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration




 Page 3 of 148
Type Action


Recommended Action approve return of contribution for Shannon Rose Giblin

Subject 4.9. Carly J. Levinson, Class B $4,302.24; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Carly J. Levinson

Subject 4.10. Kyler G. Orr, Class B $3,913.72; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Kyler G. Orr

Subject 4.11. Troy Hughes, Class B $7,086.46; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Troy Hughes

Subject 4.12. Gena Christina Elliot, Class B $1,290.11; Effective Date of Benefit:
 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Gena Christina Elliott




 Page 4 of 148
Subject 4.13. Cathy Austrian, Class B $14.74; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Cathy Austrian

Subject 4.14. Joyce H. Cameron, Class B $4,843.60; Effective Date of Benefit:
 05/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Joyce H. Cameron

Subject 4.15. Hannah Murine Kaull, Class B $1,845.51; Effective Date of Benefit:
 05/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Hannah Murine Kaull

Subject 4.16. Mary Peterson, Class B $2,850.10; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Mary Peterson

Subject 4.17. Elson E. Cote, Class B $9,371.61; Effective Date of Benefit: 05/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor



 Page 5 of 148
  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Elson E. Cote

  Subject 4.18. Jared Pellerin, Class B $14,463.51; Effective Date of Benefit: 05/01/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Jared Pellerin

  Subject 4.19. Todd Michael Van de Meulebroecke, Class B $4,727.92; Effective Date of
 Benefit: 05/01/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Todd Michael Van de Meulebroecke

  Subject 4.20. Thomas H. Farran, Class B $10,447.83; Effective Date of Benefit:
 04/01/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Thomas H. Farran

5. Approve Retirement Applications
  Subject 5.1. Mary C. Griffin, Class B $5,937.60; Effective Date of Benefit: 02/11/26;
 Payment Date: 02/15/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor



 Page 6 of 148
Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Mary C. Griffin

Subject 5.2. William H. Parizo, Class B $8,739.88 and $97.73; Effective Date of Benefit:
 02/01/26; Payment Date: 02/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for William H. Parizo

Subject 5.3. Samid Latifovic, Class B $449.66; Effective Date of Benefit: 01/01/26;
 Payment Date: 02/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Samid Latifovic

Subject 5.4. Nina L. Mazuzan, Class B $763.48; Effective Date of Benefit: 02/01/26;
 Payment Date: 02/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Nina L. Mazuzan

Subject 5.5. Joel Fitzgerald, Class B $659.76; Effective Date of Benefit: 02/01/26;
 Payment Date: 03/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications




 Page 7 of 148
Department Retirement Administration


Type Action


Recommended Action approve retirement application for Joel Fitzgerald

Subject 5.6. Jill Strube, Class B $224.95; Effective Date of Benefit: 04/01/26; Payment
 Date: 04/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Jill Strube

Subject 5.7. Philip C. Luedee, Class A $9,294.03; Effective Date of Benefit: 03/01/26;
 Payment Date: 03/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Philip C. Luedee

Subject 5.8. Joan I. Williamson, Class B $238.65; Effective Date of Benefit: 04/01/26;
 Payment Date: 04/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Joan I. Williamson

Subject 5.9. Ivan Johnston, Class B $217.68; Effective Date of Benefit: 04/01/26;
 Payment Date: 04/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration




 Page 8 of 148
  Type Action


  Recommended Action approve retirement application for Ivan Johnston

6. Disability Retirement Application
  Subject 6.1. Zachary M. Allen, Class B $4,159.55; Effective Date of Benefit: 03/01/26;
 Payment Date: 03/15/26
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 6. Disability Retirement Application

  Department Retirement Administration


  Type Action


  Recommended Action approve the disability retirement application for Zachary M. Allen

7. Administrative Update
  Subject 7.1. Charles Schwab Trust Bank Plan sponsor Authorized signature list
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 7. Administrative Update

  Department Retirement Administration


  Type Action


  Recommended Action authorize the Retirement Board to add CAO Katherine Schad and DOF Bradley
 Kukenberger and remove DFO Rich Goodwin to the Charles Schwab Trust Bank Plan
 sponsor Authorized signature list

  Subject 7.2. Actuarial Valuation Report as of June 30, 2025 - USI
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 7. Administrative Update

  Department Retirement Administration


  Type Action


  Recommended Action approve the report and place it on file

8. Fiducient
  Subject 8.1. Rebalancing recommendation
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 8. Fiducient


 Page 9 of 148
  Department Retirement Administration


  Type Action


  Recommended Action to approve the rebalancing of the Burlington Employees's Retirement System's
 investment portfolio back to its long-term strategic asset allocation targets, and to
 authorize City staff, in consultation with the investment advisor, to execute the
 anticipated trades as summarized, with final trade amounts subject to change based on
 market conditions at the time of execution

  Subject 8.2. City of Burlington Employees Retirement System Quarterly Investment
 Review - First Quarter 2026
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 8. Fiducient
  Department Retirement Administration


  Type Discussion
 Information
 Presentation


  Subject 8.3. Discussion on UBS Trumbull properties
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 8. Fiducient
  Department Retirement Administration


  Type Discussion



9. Executive Session Re: contract terms for investment advisory services
  Subject 9.1. Executive Session Re: contract terms for investment advisory services
  Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 9. Executive Session Re: contract terms for investment advisory services

  Department Retirement Administration


  Type Action
 Discussion
 Information
 Procedural


  Recommended Action 1. Move to make a specific finding that premature general public knowledge of contract
 terms for investement advisory services would clearly place the City at a substantial
 disadvantage;
 1. Based upon that finding move to enter into executive session pursuant to 1 VSA
 313(1)(A).

10. Adjournment


 Page 10 of 148
Subject 10.1. Motion to adjourn
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 10. Adjournment

Department Retirement Administration


Type Action
 Procedural


Recommended Action Motion to adjourn




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Calculation of Return of Employee Contributions Form A
Burlington Employees' Retirement System Rodney J. Dollar


IMPORTANT: City of Burlington reserves the right to correct any errors in the Calculation of Benefit Options. If it is
determined at any time that the information provided in this Pension Distribution Kit conflicts with the terms of the
Plan, the terms of the Plan will govern. Under the law, a plan must be operated in accordance with its terms and errors
must be corrected. As a Plan participant, you may have made post-tax contributions to the Plan. As a result, a portion of
your benefit may be non-taxable. Consult with your tax advisor if you have any questions.

 Information Used in Determination
 Participant Name: Rodney J. Dollar Class: B
 Date of Birth: Department: BED Non-Union
 Date of Hire: 02/14/2022 Post-Tax Employee Contributions: $0.00
 Date of Termination: 03/17/2025 Normal Retirement Date (NRD): 05/05/2054
 Beneficiary Date of Birth: N/A Payment Start Date: 04/01/2026
 Vesting Percentage: 0.0000%

 Determination of Employee Contribution Balance with Interest
 Balance at
 Period Ending Description Transaction End of Period
 06/30/2022 Contributions $2,537.45 $2,537.45
 06/30/2022 Interest at 2% $0.00 $2,537.45
 06/30/2023 Contributions $6,948.85 $9,486.30
 06/30/2023 Interest at 2% $50.75 $9,537.05
 06/30/2024 Contributions $6,018.98 $15,556.03
 06/30/2024 Interest at 2% $190.74 $15,746.77
 03/17/2025 Contributions $5,580.55 $21,327.32
 06/30/2025 Interest at 2% $314.94 $21,642.26
 03/31/2026 Interest at 2% $323.83 $21,966.09


 (1) Pre-Tax Employee Contributions (Taxable): $21,085.83

 (2) Interest Accrued on Employee Contributions (5.5% through 12/31/2017, 2% thereafter): $880.26

 (3) Total Return of Employee Contributions with Interest: $21,966.09



 Determination of Taxable Portion of Benefit

 Form of Payment Total Benefit Taxable Portion Non-Taxable Portion
 Return of Contributions $21,966.09 $21,966.09 0.00




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Page 28 of 148
 USICG Participant Service Center
 95 Glastonbury Blvd. STE 102
 Glastonbury, CT 06033-4456




 Shannon Rose Giblin




March 9, 2026


Re: Burlington Employees' Retirement System - Refund of Employee Contributions

Dear Shannon Rose Giblin:

We have received your completed election forms regarding your pension benefit under the Burlington
Employees' Retirement System. As outlined in the original cover letter, because your completed forms were
received after the benefit commencement date shown on the forms package, your benefit amount must be
recalculated for a current payment date. We have now calculated your final benefit amount. Your benefit
payable as a return of employee contributions under Class B as of April 1, 2026 is $543.74. This amount will
be rolled over to the Roth IRA you noted on your completed forms.

The Participant Service Center is ready to assist you with any questions you may have.

 Call the Participant Service Center at 1.866.495.3548 between
 8:30 am and 4:30 pm ET, Monday – Friday. (Multilingual Services are available)

 Send an email to ServiceCenter@pensionedge.com. Please note “City of Burlington, VT” in your
 subject line. If emailing confidential information, please contact the Participant Service Center
 first to receive a secure email link.

 Send by mail to USI Consulting Group, ATTN: USICG Participant Service Center,
 95 Glastonbury Blvd, STE 102, Glastonbury, CT 06033




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 USICG Participant Service Center
 95 Glastonbury Blvd. STE 102
 Glastonbury, CT 06033-4456




 Gena Christina Elliott




March 17, 2026


Re: Burlington Employees' Retirement System - Refund of Employee Contributions

Dear Gena Christina Elliott:

We have received your completed election forms regarding your pension benefit under the Burlington
Employees' Retirement System. As outlined in the original cover letter, because your completed forms were
received after the benefit commencement date shown on the forms package, your benefit amount must be
recalculated for a current payment date. We have now calculated your final benefit amount. Your benefit
payable as a return of employee contributions under Class B as of April 1, 2026 is $1,290.11. You will receive
this amount, less any withholding.

The Participant Service Center is ready to assist you with any questions you may have.

 Call the Participant Service Center at 1.866.495.3548 between
 8:30 am and 4:30 pm ET, Monday – Friday. (Multilingual Services are available)

 Send an email to ServiceCenter@pensionedge.com. Please note “City of Burlington, VT” in your
 subject line. If emailing confidential information, please contact the Participant Service Center
 first to receive a secure email link.

 Send by mail to USI Consulting Group, ATTN: USICG Participant Service Center,
 95 Glastonbury Blvd, STE 102, Glastonbury, CT 06033




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Calculation of Return of Employee Contributions Form A
Burlington Employees' Retirement System Hannah Murine Kaull


IMPORTANT: City of Burlington reserves the right to correct any errors in the Calculation of Benefit Options. If it is
determined at any time that the information provided in this Pension Distribution Kit conflicts with the terms of the
Plan, the terms of the Plan will govern. Under the law, a plan must be operated in accordance with its terms and errors
must be corrected. As a Plan participant, you may have made post-tax contributions to the Plan. As a result, a portion of
your benefit may be non-taxable. Consult with your tax advisor if you have any questions.

 Information Used in Determination
 Participant Name: Hannah Murine Kaull Class: B
 Date of Birth: Department: School
 Date of Hire: 08/22/2024 Post-Tax Employee Contributions: $0.00
 Date of Termination: 10/31/2025 Normal Retirement Date (NRD): 08/07/2066
 Beneficiary Date of Birth: Payment Start Date: 05/01/2026
 Vesting Percentage: 0.0000%

 Determination of Employee Contribution Balance with Interest
 Balance at
 Period Ending Description Transaction End of Period
 06/30/2025 Contributions $1,447.38 $1,447.38
 06/30/2025 Interest at 2% $0.00 $1,447.38
 10/31/2025 Contributions $374.05 $1,821.43
 04/30/2026 Interest at 2% $24.08 $1,845.51


 (1) Pre-Tax Employee Contributions (Taxable): $1,821.43

 (2) Interest Accrued on Employee Contributions (5.5% through 12/31/2017, 2% thereafter): $24.08

 (3) Total Return of Employee Contributions with Interest: $1,845.51



 Determination of Taxable Portion of Benefit

 Form of Payment Total Benefit Taxable Portion Non-Taxable Portion
 Return of Contributions $1,845.51 $1,845.51 0.00




USICG.COM 3/13/2026Page
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 USICG Participant Service Center
 95 Glastonbury Blvd. STE 102
 Glastonbury, CT 06033-4456




 Mary C. Griffin




February 17, 2026



Re: Your Pension Benefit from the Burlington Employees' Retirement System

Dear Ms. Griffin:

Due to an error in your earnings that we received from the City of Burlington, we have revised your benefit
calculation. As of March 1, 2026, your monthly benefit will change from $5,897.01 to $5,937.60. You will
also receive a one-time catch-up payment in the amount of $527.67. This represents the difference between
the pension payments you received from February 2025 to February 2026 and the pension payments you
should have received in those months.

The Participant Service Center is ready to assist you with any questions you may have.

 Call the Participant Service Center at 1.866.495.3548 between
 8:30 am and 4:30 pm ET, Monday – Friday. (Multilingual Services are available)

 Send an email to ServiceCenter@pensionedge.com. Please note “City of Burlington, VT” in your
 subject line. If emailing confidential information, please contact the Participant Service Center first to
 receive a secure email link.

 Send by mail to USI Consulting Group, ATTN: USICG Participant Service Center,
 95 Glastonbury Blvd, STE 102, Glastonbury, CT 06033




 Page 42 of 148
 USICG Participant Service Center
 95 Glastonbury Blvd. STE 102
 Glastonbury, CT 06033-4456




 William Parizo




February 17, 2026



Re: Your Pension Benefit from the Burlington Employees' Retirement System

Dear Mr. Parizo:

Due to an error in your earnings that we received from the City of Burlington, we have revised your benefit
calculation. The monthly 50% Joint & Survivor Annuity options you elected in the amounts of $8,622.27 (No
COLA) and $96.85 (Full COLA) will be increased to $8,739.88 and $97.73, respectively. This will take effect
with your first payment retroactive to January 1, 2026 and all payments after this date.

The Participant Service Center is ready to assist you with any questions you may have.

 Call the Participant Service Center at 1.866.495.3548 between
 8:30 am and 4:30 pm ET, Monday – Friday. (Multilingual Services are available)

 Send an email to ServiceCenter@pensionedge.com. Please note “City of Burlington, VT” in your
 subject line. If emailing confidential information, please contact the Participant Service Center first to
 receive a secure email link.

 Send by mail to USI Consulting Group, ATTN: USICG Participant Service Center,
 95 Glastonbury Blvd, STE 102, Glastonbury, CT 06033




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Calculation of Benefit Options Form A
Burlington Employees' Retirement System, Class B - IBEW Local 300 Zachary M. Allen
IMPORTANT: City of Burlington reserves the right to correct any errors in the Calculation Benefit Options. If it is
determined at any time that the information provided in this Pension Distribution Kit conflicts with the terms of the
Plan, the terms of the Plan will govern. Under the law, a plan must be operated in accordance with its terms and errors
must be corrected.
  Type of Calculation
  Disability
  Information Used in Benefit Determination
  Participant Name: Zachary M. Allen Class: B
  Date of Birth: Department: IBEW Local 300
  Date of Hire: 09/13/2021 Vesting Percentage: 0.0000%
  Date of Disability: 12/01/2025 Normal Retirement Date (NRD): 06/13/2053
  Beneficiary Date of Birth: N/A Payment Start Date: 03/01/2026
 Employee Contribution Balance w/
 Interest as of 03/01/2026: $13,653.88
  Earnings
  Rate of Compensation: $74,868.14
  Determination of Benefit Amount
  COLA Option No COLA
  (1) Retirement Accrual Percentage 66.67%*
  (2) Monthly Offset for Workers’ Compensation $0.00
  (3) Monthly Benefit** Payable at Payment Start Date
 = (1) x Rate of Compensation/12 - (2) $4,159.55***

  Benefit Options Available
 No COLA
  Form of Payment Option Initial Survivor’s
 Factor Benefit Benefit
  Straight Life Annuity N/A $4,159.55 ****

 * Work-related disability benefit
 ** Payable as a Straight Life Annuity
 *** The benefit will be recalculated upon the NRD of the member
 **** Amount in excess (if any) of accumulated employee contributions, with interest, over payments made




USICG.COM 3/9/2026Page
 3 51 of 148
Burlington Employees'
Retirement System




 Actuarial
 Valuation Report

 as of June 30, 2025

 Page 52 of 148
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



 Table of Contents

Executive Summary ................................................................................................................................................. 1
Valuation Results and Highlights ............................................................................................................................. 2
 Purpose of the Valuation ................................................................................................................................... 2
 Information Available in the Valuation Report .................................................................................................. 2
 Changes Reflected in the Valuation ................................................................................................................... 2
 Cash Contribution for Fiscal Year Ending 2027 .................................................................................................. 2
 Liability Experience During Period Under Review.............................................................................................. 2
 Asset Experience During Period Under Review ................................................................................................. 2
 Assessment and Measurement of Risks............................................................................................................. 3
 Implications of Contribution Allocation Procedure or Funding Policy............................................................... 5
Certification ............................................................................................................................................................. 6
Development of Unfunded Accrued Liability and Funded Ratio ............................................................................. 7
Determination of Normal Cost and Actuarially Determined Employer Contribution ............................................. 9
Actuarially Determined Employer Contribution per Group .................................................................................. 11
Determination of Actuarial Gain/Loss ................................................................................................................... 12
Development of Asset Values................................................................................................................................ 13
Target Allocation and Expected Rate of Return .................................................................................................... 17
Amortization of Unfunded Liability ....................................................................................................................... 18
Member Data ........................................................................................................................................................ 19
Description of Actuarial Methods ......................................................................................................................... 24
Description of Actuarial Assumptions ................................................................................................................... 25
Summary of Plan Provisions .................................................................................................................................. 29




Report Prepared By:
 Steve A. Lemanski Robert P. Lessard Rebecca Lunt
 Partner | Vice President & Assistant Vice President & Senior Actuarial Analyst
 Senior Consulting Actuary Consulting Actuary
 860.856.2073 860.856.2106 860.856.2133
 steve.lemanski@usi.com rob.lessard@usi.com becca.lunt@usi.com



 Page 53 of 148
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



 Executive Summary

 June 30, 2025 June 30, 2024

 Class A Class B Total Class A Class B Total

  Number of members
 Active employees 153 791 944 162 760 922
 Terminated vested members 29 335 364 30 340 370
 Vested in employee contributions only 32 428 460 30 407 437
 Retired, disabled and beneficiaries 226 699 925 218 676 894
 Total 440 2,253 2,693 440 2,183 2,623

  Covered employee payroll 13,205,664 54,843,945 68,049,609 13,113,308 50,906,356 64,019,663
  Average plan salary 86,312 69,335 72,086 80,946 66,982 69,436

  Actuarial present value of future benefits 212,383,973 226,262,193 438,646,166 205,415,351 218,776,165 424,191,516
  Actuarial accrued liability 177,910,245 199,585,366 377,495,611 171,415,164 193,529,063 364,944,227

  Plan assets
 Market value of assets 123,461,463 145,931,933 269,393,396 110,857,257 134,064,074 244,921,331
 Actuarial value of assets 118,490,932 140,056,745 258,547,677 109,471,149 132,387,799 241,858,948

  Unfunded accrued liability 59,419,313 59,528,621 118,947,934 61,944,015 61,141,264 123,085,279

  Funded ratio 66.6% 70.2% 68.5% 63.9% 68.4% 66.3%

  Actuarially determined employer contribution (ADEC)
 Fiscal year ending 2027 2027 2027 2026 2026 2026
 ADEC 8,164,468 7,249,136 15,413,604 8,293,582 7,184,926 15,478,508




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 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



 Valuation Results and Highlights
Purpose of the Valuation
The purpose of the valua@on is to develop the Actuarially Determined Employer Contribu@on (ADEC).
The ul@mate cost of a pension plan is based primarily on the level of beneﬁts promised by the plan. The pension
fund's investment earnings serve to reduce the cost of plan beneﬁts and expenses. Thus,


 Ul@mate cost = Beneﬁts Paid + Expenses Incurred – Investment Return – Employee Contribu@ons


The actuarial cost method distributes this ul@mate cost over the working life@me of current plan par@cipants. By
means of this budge@ng process, costs are allocated to both past and future years, and a cost is assigned to the
current year. The current year's allocated cost, or normal cost, is the building block upon which the actuarially
determined employer contribu@on is developed. The June 30, 2025 valua@on produces the contribu@on for the
ﬁscal year ending 2027.

Information Available in the Valuation Report
The Execu@ve Summary is intended to emphasize the notable results of the valua@on from the perspec@ve of the
Plan Sponsor. Suppor@ng technical detail is documented in Results of the Valua@on, Suppor@ng Exhibits and
Descrip@on of Actuarial Methods and Assump@ons. A concise summary of the principal provisions of the Plan is
outlined in Summary of Plan Provisions.

Changes Reflected in the Valuation
The Class A compulsory retirement age increased from 60 to 63, which decreased the unfunded accrued liability
by $231,000 and increased the ADEC by $42,000.

Cash Contribution for Fiscal Year Ending 2027
The City cost is: 2027 Fiscal Year
 Class A $8,164,468
 Class B 7,249,136
 Total $15,413,604

Liability Experience During Period Under Review
The plan experienced a net actuarial loss on liabili@es of approximately $2,435,000 since the prior valua@on. The
loss was mainly due to salary increases that were more than expected and new plan par@cipants.

Asset Experience During Period Under Review
The plan's assets provided the following rates of return during the past fiscal year:
 2025 Fiscal Year
Market Value Basis 12.6%
Actuarial Value Basis 9.5%
The Actuarial Value of assets, rather than the Market Value, is used to determine plan contribu@ons. The
Actuarial Value spreads the asset vola@lity over 5 years, thereby smoothing out ﬂuctua@ons that are inherent in
the Market Value.
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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




Assessment and Measurement of Risks
Financial Signiﬁcance of Plan
It is important to understand the size of the pension plan compared to the size of the sponsor of that plan.
Addi@onal pension contribu@ons may be required at inopportune @mes for the plan sponsor. In general, a plan
sponsor with assets or revenue that are much larger than the liabili@es in its pension plans will be beLer able to
withstand increases in required pension contribu@ons.

Plan Maturity Measurements

 June 30, 2025 June 30, 2024
Actuarial accrued liability for members currently in pay status
as a percentage of the total actuarial accrued liability 62.3% 61.0%

• A lower percentage results in greater volatility as the investment return assumption changes.

• A higher percentage results in greater demand on cash due to a proportionately higher
percentage of benefits being in pay status.


 June 30, 2025
Duration of benefit payments using an investment rate of return of 7.10% 13.3 years

• A higher duration will occur if the plan's percentage of members in pay status decreases. A plan
with a higher duration will have a liability that is more sensitive to changes in the investment
return assumption.


 June 30, 2025 June 30, 2024
Ratio of market value of assets to covered payroll 4.0 3.8

• A higher ratio is more typical of relatively mature plans with a larger percentage of inactive
members and may cause more potential contribution volatility as pension fund assets fluctuate.


Risks to Assess
Es7mated Impact of a 5% Reduc7on in Market Value of Assets


 Fiscal Year
 Ending 2027
Increase in actuarially determined employer contribution (ADEC) 239,280

• Plans would generally be subject to a larger amortization payment if the market value of assets
were 5% smaller. As a result, the ADEC would generally be higher for up to 20 years.


Due to the asset smoothing method, the ADEC will addi@onally increase by the same amount in each of the next
few years. Each of these addi@onal contribu@ons will con@nue for up to 20 years.


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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



Es7mated Impact of a 1-Year Increase in Life Expectancies

 Fiscal Year
 Ending 2027
Increase in actuarially determined employer contribution (ADEC) 719,050

• If members live longer than expected, it generally results in larger benefits and/or additional
benefit payments made. As a result, the ADEC would generally be higher for up to 20 years.

Low-Default-Risk Obliga7on Measure
 June 30, 2025
Low-default-risk obligation measure (LDROM)* 468,358,957
Total actuarial accrued liability (AAL) for all members** 377,495,611
Difference between LDROM and AAL 90,863,346
• This exhibit illustrates the impact on the ongoing funding liability if the plan decided to invest
completely in low-default-risk securities.

* The LDROM discount rate is 5.20%. The discount rate used for this purpose is equal to the published Bond Buyer GO 20-
Bond Municipal Index eﬀec've as of June 30, 2025. Other than the discount rate, the assump'ons and methods are
consistent with those used in the actuarial valua'on. The disclosure of the LDROM is for illustra've purposes and does not
necessarily imply that the associated discount rate should be used for funding purposes.
** The discount rate used in the valua'on is 7.10%.

Historical Results

 Annual
 Effective Rate Market Value Benefit
 Investment of Return on of Assets as a Payments as a
Valuation Year Return Market Value % of Actuarial % of Market
Beginning Assumption of Assets Accrued Liability Value of Assets
2025 7.10% N/A 71.4% N/A
2024 7.10% 12.6% 67.1% 9.5%
2023 7.10% 12.8% 64.4% 9.9%
2022 7.10% 10.2% 64.3% 10.2%
2021 7.20% -13.3% 80.1% 8.3%
2020 7.30% 31.1% 66.4% 9.5%
2019 7.40% 2.3% 70.0% 8.9%
2018 7.50% 5.1% 71.4% 8.8%
2017 8.00% 9.6% 69.5% 8.9%
2016 8.00% 14.1% 63.8% 9.4%



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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



Implications of Contribution Allocation Procedure or Funding Policy
I have assessed the impact of the funding policy on the an@cipated employer contribu@ons and the plan’s funded
status. The funding policy is described in the Descrip@on of Actuarial Methods sec@on of this report.
I have es@mated the approximate length of @me before the unfunded accrued liability, if any, will become fully
amor@zed. The period is es@mated to be 18 years. Subsequent to the end of this period, the future an@cipated
employer contribu@ons will be the corresponding annual normal costs.
I have assessed whether the funding policy will be suﬃcient to cover future beneﬁt payments and administra@ve
expenses. The current funding policy is an@cipated to cover these costs indeﬁnitely.




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 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




 Certification
This report presents the results of the June 30, 2025 Actuarial Valua@on for Burlington Employees' Re@rement
System (the Plan) for the purpose of es@ma@ng the funded status of the Plan and determining the Actuarially
Determined Employer Contribu@on (ADEC) for the ﬁscal year ending June 30, 2027. This report may not be
appropriate for any other purpose.

The valuation has been performed in accordance with generally accepted actuarial principles and practices. It is
intended to comply with all applicable Actuarial Standards of Practice.

As required under Part II, Section 24-61 of the Burlington Code of Ordinances, experience studies are performed
at least one in every five-year period. The assumptions in this report were based on an experience study
covering the period July 1, 2017 to June 30, 2022.

In our opinion, the actuarial assumptions used in this report are reasonably related to the experience of the Plan
and to reasonable long-term expectations.

In preparing this valuation, I have relied on employee data provided by the Plan Sponsor, and on asset and
contribution information provided by the Trustee. I have audited neither the employee data nor the financial
information, although I have reviewed them for reasonableness.

The results in this valuation report are based on the Plan as summarized in the Summary of Plan Provisions
section of this report and the actuarial assumptions and methods detailed in the Description of Actuarial
Methods and Assumptions section of this report.

Future actuarial measurements may differ significantly from the current measurements presented in this report
due to factors such as, but not limited to, 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 Plan’s funded
status); and changes in plan provisions or applicable law. Due to the limited scope of this report, an analysis of
the potential range of such future measurements has not been performed.

I have no relationship with the employer or the Plan that would impair, or appear to impair, my objectivity in
performing the work presented in this report. I am a member of the American Academy of Actuaries and meet
its Qualification Standards to render the actuarial opinion contained herein.



Steve A. Lemanski, FSA, FCA, MAAA Robert P. Lessard, ASA, MAAA
Enrolled Actuary 23-05506 Enrolled Actuary 23-08801

January 16, 2026




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 Development of Unfunded Accrued Liability and Funded Ratio

 June 30, 2025 June 30, 2024

 Class A Class B Total Class A Class B Total

  Actuarial accrued liability for inactive members
 Retired, disabled and beneficiaries $118,793,608 $116,534,448 $235,328,056 $111,131,689 $111,574,279 $222,705,968
 Terminated vested members 2,835,779 11,005,497 13,841,276 2,931,943 10,775,576 13,707,519
 Due refund of employee contributions only 325,735 1,263,204 1,588,939 444,165 1,652,858 2,097,023
 Total 121,955,122 128,803,149 250,758,271 114,507,797 124,002,713 238,510,510

  Actuarial accrued liability for active employees 55,955,123 70,782,217 126,737,340 56,907,367 69,526,350 126,433,717

  Total actuarial accrued liability 177,910,245 199,585,366 377,495,611 171,415,164 193,529,063 364,944,227

  Actuarial value of assets 118,490,932 140,056,745 258,547,677 109,471,149 132,387,799 241,858,948

  Unfunded accrued liability 59,419,313 59,528,621 118,947,934 61,944,015 61,141,264 123,085,279

  Funded ratio 66.6% 70.2% 68.5% 63.9% 68.4% 66.3%




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 Actuarial Accrued Liability vs. Actuarial Value of Assets

 $400,000,000

 $350,000,000

 $300,000,000

 $250,000,000

 $200,000,000

 $150,000,000

 $100,000,000

 $50,000,000

 $0
 2019 2020 2021 2022 2023 2024 2025

 Actuarial Accrued Liability (EAN Basis) Actuarial Value of Assets




 Funded Ra7o

 90%
 80%
 70%
 60%
 50%
 40%
 30%
 20%
 10%
 0%
 2019 2020 2021 2022 2023 2024 2025

 Market Value Actuarial Value




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  Determination of Normal Cost and Actuarially Determined Employer Contribution


 June 30, 2025 June 30, 2024
 Percent of Percent of
 Cost payroll Cost payroll
  Gross normal cost $8,061,970 11.1% $7,857,234 11.6%
  Estimated employee contributions (3,876,865) -5.4% (3,687,029) -5.5%

  City's normal cost 4,185,105 5.8% 4,170,205 6.2%
  Amortization of unfunded accrued liability 11,098,761 15.3% 11,179,027 16.5%

  Contribution before adjustment as of the
 valuation date 15,283,866 21.1% 15,349,232 22.7%

  Estimated valuation year payroll for actives
 not yet at 100% assumed retirement age 72,413,354 67,595,783

  Fiscal year ending 2027 2026
  Adjustment for interest and inflation 129,738 129,276
  Actuarially determined employer contribution 15,413,604 15,478,508




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 Actuarially Determined Employer Contribu7on

  $18,000,000

  $16,000,000

  $14,000,000

  $12,000,000

  $10,000,000

 $8,000,000

 $6,000,000

 $4,000,000

 $2,000,000

 $0
 2021 2022 2023 2024 2025 2026 2027

 Normal Cost Past Service Cost




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 Actuarially Determined Employer Contribution per Group

 Class B IBEW Class B BED
 Class A Class B School Class B Airport Class B Water Class B Other Class B Total
 Local 300 Non-Union
 Gross normal cost $4,057,985 $417,716 $407,702 $1,034,435 $198,355 $149,807 $1,795,970 $4,003,985 $8,061,970
 Estimated employee contributions (1,520,221) (290,765) (191,828) (520,544) (140,837) (103,613) (1,109,057) (2,356,644) (3,876,865)
 City's normal cost 2,537,764 126,951 215,874 513,891 57,518 46,194 686,913 1,647,341 4,185,105

 Actuarial accrued liability 177,910,245 34,534,670 27,072,540 31,003,026 8,755,303 4,805,570 93,414,257 199,585,366 377,495,611
 Actuarial value of assets 118,490,932 24,234,309 18,997,845 21,756,019 6,143,933 3,372,254 65,552,385 140,056,745 258,547,677
 Unfunded accrued liability 59,419,313 10,300,361 8,074,695 9,247,007 2,611,370 1,433,316 27,861,872 59,528,621 118,947,934

 Amortization of unfunded accrued liability 5,548,034 960,454 752,922 862,234 243,496 133,649 2,597,972 5,550,727 11,098,761
 Contribution before adjustment as of the
 valuation date 8,085,798 1,087,405 968,796 1,376,125 301,014 179,843 3,284,885 7,198,068 15,283,866

 Estimated valuation year payroll for actives not yet
 at 100% assumed retirement age 14,358,881 7,176,360 5,120,612 12,559,894 3,504,611 2,543,642 27,149,354 58,054,473 72,413,354
 City's normal cost as a percentage of payroll 17.7% 1.8% 4.2% 4.1% 1.6% 1.8% 2.5% 2.8% 5.8%
 Contribution as a percentage of payroll 56.3% 15.2% 18.9% 11.0% 8.6% 7.1% 12.1% 12.4% 21.1%

 Fiscal year ending June 30, 2026
 Adjustment for interest and inflation 78,670 3,935 6,692 15,931 1,783 1,432 21,295 51,068 129,738
 Actuarially determined employer contribution 8,164,468 1,091,340 975,488 1,392,056 302,797 181,275 3,306,180 7,249,136 15,413,604




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 Determination of Actuarial Gain/Loss
The Actuarial Gain/Loss is the diﬀerence between the expected unfunded accrued liability and the actual
unfunded accrued liability, without regard to any changes in actuarial methods, actuarial assump@ons or plan
provisions. This can also be referred to an Experience Gain/Loss, since it reﬂects the diﬀerence between what
was expected and what was actually experienced.

 Actuarial Gain / Loss
 Expected unfunded accrued liability June 30, 2025
 Expected unfunded accrued liability June 30, 2025
 Unfunded accrued liability June 30, 2024 $123,085,279
 Gross normal cost June 30, 2024 7,857,234
 City and employee contributions for 2024-2025 (17,724,969)
 Interest at 7.10% to June 30, 2025 8,683,641
 Expected unfunded accrued liability June 30, 2025 121,901,185

 Actuarial (gain) / loss June 30, 2025 (2,721,964)

 Actual unfunded accrued liability June 30, 2025, prior to plan
 provision, assumption and method changes 119,179,221 119,179,221

 Sources of (gain) / loss
 Assets (5,157,000)
 Salary increases 1,271,000
 Retiree mortality 663,000
 Turnover, disability and retirements (1,072,000)
 New entrants 748,000
 Data adjustments (25,000)
 COLA increases 79,000
 Other experience 771,000
 Total (gain) / loss (rounded to nearest $1,000) (2,722,000)

 Plan provision changes since prior valuation (231,287)

 Actual unfunded accrued liability June 30, 2025, after plan
 provision, assumption and method changes 118,947,934




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 Development of Asset Values


 Summary of Fund Activity
 Market Value Actuarial Value
 1. Beginning value of assets June 30, 2024
 Trust assets $244,921,331 $241,858,948

 2. Contributions
 City contributions during year 13,103,013 13,103,013
 Employee contributions during year 4,621,956 4,621,956
 Total for plan year 17,724,969 17,724,969

 3. Disbursements
 Benefit payments during year 23,176,877 23,176,877
 Administrative expenses during year 637,548 637,548
 Total for plan year 23,814,425 23,814,425

 4. Net investment return
 Interest and dividends 5,425,075 N/A
 Realized and unrealized gain / (loss) 25,364,239 N/A
 Expected return N/A 17,178,722
 Recognized gain / (loss) N/A 5,599,463
 Required adjustment due to corridor N/A 0
 Reversal of prior year required adjustment N/A 0
 Investment-related expenses (227,793) N/A
 Total for plan year 30,561,521 22,778,185

 5. Ending value of assets June 30, 2025
 Trust assets: (1) + (2) - (3) + (4) 269,393,396 258,547,677

 6. Approximate rate of return 12.6% 9.5%




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 Relationship of Actuarial Value to Market Value
  1. Market value 6/30/2025 $269,393,396
  2. Gain / (loss) not recognized in actuarial value 6/30/2025 10,845,719
  3. Preliminary actuarial value 6/30/2025: (1) - (2) 258,547,677
  4. Preliminary actuarial value as a percentage of market value: (3) ÷ (1) 96.0%
  5. Gain / (loss) recognized for corridor minimum / maximum N/A
  6. Actuarial value 6/30/2025 after corridor minimum / maximum: (3) + (5) 258,547,677
  7. Actuarial value as a percentage of market value: (6) ÷ (1) 96.0%


 Development of Market Value Gain / Loss for 2024-2025 Plan Year
  1. Market value 6/30/2024 $244,921,331
  2. City contributions 13,103,013
  3. Employee contributions 4,621,956
  4. Benefit payments 23,176,877
  5. Administrative expenses 637,548
  6. Expected return at 7.10% 17,178,722
  7. Expected value 6/30/2025: (1) + (2) + (3) - (4) - (5) + (6) 256,010,597
  8. Market value 6/30/2025 269,393,396
  9. Market value gain / (loss) for 2024-2025 plan year: (8) - (7) 13,382,799


 Recognition of Gain / Loss in Actuarial Value

 (c) (d) (e)
 (b) Recognized in Total recognized Not recognized
 (a) Total recognized current year: as of 6/30/2025: as of 6/30/2025:
 Year Gain / (loss) as of 6/30/2024 20% of (a) (b) + (c) (a) - (d)
  2020-2021 $45,779,498 $36,623,600 $9,155,898 $45,779,498 $0
  2021-2022 (50,373,977) (30,224,385) (10,074,795) (40,299,180) (10,074,797)
  2022-2023 6,555,637 2,622,254 1,311,127 3,933,381 2,622,256
  2023-2024 12,653,367 2,530,673 2,530,673 5,061,346 7,592,021
  2024-2025 13,382,799 0 2,676,560 2,676,560 10,706,239
 Total 5,599,463 10,845,719




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 Rate of Return on Market Value of Assets
 Period Ending Average Annual Effective Rate of Return
 June 30 1 Year 3 Years 5 Years 10 Years
 2016 -1.3% 3.7% 3.8% 4.2%
 2017 14.1% 3.4% 6.3% 3.9%
 2018 9.6% 7.3% 6.9% 5.7%
 2019 5.1% 9.5% 5.0% 8.6%
 2020 2.3% 5.6% 5.8% 7.0%
 2021 31.1% 12.1% 12.0% 7.8%
 2022 -13.3% 5.2% 6.0% 6.1%
 2023 10.2% 7.8% 6.1% 6.5%
 2024 12.8% 2.5% 7.6% 6.3%
 2025 12.6% 11.9% 9.7% 7.8%


 Rate of Return on Actuarial Value of Assets
 Period Ending Average Annual Effective Rate of Return
 June 30 1 Year 3 Years 5 Years 10 Years
 2016 4.4% 7.7% 6.3% 5.6%
 2017 6.5% 6.2% 7.2% 5.2%
 2018 7.1% 6.0% 7.3% 5.1%
 2019 6.6% 6.7% 6.5% 5.7%
 2020 5.9% 6.5% 6.1% 6.2%
 2021 7.2% 6.6% 6.7% 6.5%
 2022 6.7% 6.6% 6.7% 6.9%
 2023 5.4% 6.4% 6.4% 6.8%
 2024 7.2% 6.4% 6.5% 6.5%
 2025 9.5% 7.4% 7.2% 6.6%




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 Actual Rate of Return on Assets

 35%
 30%
 25%
 20%
 15%
 10%
 5%
 0%
 -5%
 -10%
 -15%
 -20%
 2019 2020 2021 2022 2023 2024 2025

 Market Value Actuarial Value




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 Target Allocation and Expected Rate of Return
 June 30, 2025
 Long-Term Expected
 Target Nominal Rate of
Asset Class Allocation Return* Weighting

U.S. Core Fixed Income 20.00% 5.20% 1.04%
U.S. Bonds - Dynamic 7.00% 5.30% 0.37%
Domestic Large Cap Equity 33.00% 6.60% 2.18%
Domestic Small Cap Equity 10.00% 6.40% 0.64%
International Developed Equity 18.00% 7.50% 1.35%
Emerging Markets Equity 7.50% 8.60% 0.65%
Private Real Estate 3.00% 8.10% 0.24%
Broad Real Assets 1.50% 7.60% 0.11%

 100.00% 6.58%

Interaction Effect 0.90%

Long-Term Expected Nominal Return 7.48%


*Long-Term Real Returns are provided by Fiducient Advisors. The supporting information was provided by
Fiducient Advisors and reflects the Capital Market Assumptions as of January 1, 2025. The returns are
geometric means.

The long-term expected rate of return on pension plan investments was determined using a building block
method in which best-es@mate ranges of expected future real rates of return are developed. Best es@mates of
the real rates of return for each major asset class are included in the pension plan’s target asset alloca@on.

The informa@on above is based on geometric means and does not reﬂect addi@onal returns through investment
selec@on, asset alloca@on and rebalancing. An expected rate of return of 7.10% was used.




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 Amortization of Unfunded Liability


 Schedule of Amortization Bases

 Present value
 of remaining
 Date Original Amortization Years installments as of
 established amount installment remaining June 30, 2025
  Initial base June 30, 2023 $114,978,760 $10,212,585 18 $109,233,417
  2024 base June 30, 2024 10,880,707 966,441 19 10,618,179
  2025 base June 30, 2025 (903,662) (80,265) 20 (903,662)

  Total 11,098,761 118,947,934


  Equivalent single amortization period 18 years




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 Member Data
The data reported by the Plan Sponsor for this valua@on includes 944 ac@ve employees who met the Plan’s minimum age and service requirements as of June 30,
2025.



 Member Data
 Terminated Due refund of Members in
 Active vested contributions pay status Total
 Total members June 30, 2024 922 370 437 894 2,623
 Adjustments 0 -5 +5 0 0
 Retirements -22 -27 N/A +49 0
 Disabilities 0 N/A N/A 0 0
 Terminations
 Vested -31 +31 N/A N/A 0
 Lump sum payments -29 -5 -30 N/A -64
 Due contributions only -32 N/A +32 N/A 0
 Deaths
 With death benefit -1 0 0 -6 -7
 Without death benefit 0 -1 0 -21 -22
 End of payments 0 0 0 -2 -2
 Rehires +8 -2 -6 N/A 0
 New beneficiaries N/A -1 N/A +11 +10
 New entrants +129 +4 +22 N/A +155
 Total members June 30, 2025 944 364 460 925 2,693



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 Member Counts by Status

 3,000


 2,500


 2,000


 1,500


 1,000


 500


 0
 2019 2020 2021 2022 2023 2024 2025

 Active Terminated Members in Pay Status




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 Member Data
 Terminated Due refund of Members in
 Active vested contributions pay status
 Average age
 June 30, 2024 44.0 53.4 38.0 70.3
 June 30, 2025 43.7 53.0 38.4 70.5

 Average service
 June 30, 2024 9.6 N/A N/A N/A
 June 30, 2025 9.3 N/A N/A N/A

 Covered employee payroll
 June 30, 2024 $64,019,663 N/A N/A N/A
 June 30, 2025 68,049,609 N/A N/A N/A

 Total annual benefits
 June 30, 2024 N/A $2,320,681 N/A $21,999,192
 June 30, 2025 N/A 2,404,498 N/A 23,316,332




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 Member Data - Class A
 Terminated Due refund of Members in
 Active vested contributions pay status Total
  Total members June 30, 2024 162 30 30 218 440
 Adjustments 0 0 0 -1 -1
 Retirements -8 -1 N/A +9 0
 Disabilities 0 N/A N/A 0 0
 Terminations
 Vested -2 +2 N/A N/A 0
 Lump sum payments -3 -2 -2 N/A -7
 Due contributions only -2 N/A +2 N/A 0
 Deaths
 With death benefit 0 0 0 -2 -2
 Without death benefit 0 0 0 -1 -1
 End of payments 0 0 0 N/A 0
 Rehires 0 0 0 N/A 0
 New beneficiaries N/A N/A N/A +3 +3
 New entrants +6 N/A +2 N/A +8
  Total members June 30, 2025 153 29 32 226 440




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 Member Data - Class B
 Terminated Due refund of Members in
 Active vested contributions pay status Total
  Total members June 30, 2024 760 340 407 676 2,183
 Adjustments 0 -5 +5 +1 +1
 Retirements -14 -26 N/A +40 0
 Disabilities 0 N/A N/A 0 0
 Terminations
 Vested -29 +29 N/A N/A 0
 Lump sum payments -26 -3 -28 N/A -57
 Due contributions only -30 N/A +30 N/A 0
 Deaths
 With death benefit -1 0 0 -4 -5
 Without death benefit 0 -1 0 -20 -21
 End of payments 0 0 0 -2 -2
 Rehires +8 -2 -6 N/A 0
 New beneficiaries N/A -1 N/A +8 +7
 New entrants +123 +4 +20 N/A +147
  Total members June 30, 2025 791 335 428 699 2,253




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 Description of Actuarial Methods
Asset Valuation Method
The Actuarial Value of assets used in the development of plan contributions phases in the recognition of
differences between the actual return on Market Value and expected return on Market Value over a 5-year
period at 20% per year.

Actuarial Cost Method
Changes in Actuarial Cost Method: None.
Description of Current Actuarial Cost Method: Entry Age Normal (level percentage of salary)
Normal Cost: Under this method, the total normal cost is the sum of amounts necessary to fund each active
member’s normal retirement benefit if paid annually from entry age to assumed retirement age. Entry age is
the age at which the employee would have been first eligible for the plan, if it had always been in effect. The
normal cost for each participant is expected to remain a level percentage of the employee’s salary. The normal
cost for the plan is the difference between the total normal cost for the year and the anticipated member
contributions for that year.

Past Service Liability: The present value of future benefits that relates to service before the valuation date is
the total past service liability. The unfunded past service liability is the difference between the total past
service liability and any assets (including accumulated member contributions). Unfunded accrued liabilities as
of June 30, 2023 were amortized over a closed 20-year period. Future changes in the unfunded accrued
liability will be amortized separately, assuming a new 20-year amortization each valuation.

Experience Gains and Losses: All experience gains and losses (the financial effect of the difference between
the actual experience during the prior period and the result expected by the actuarial assumptions for that
prior period) appear directly in the past service liability and are amortized at the same rate the plan is
amortizing the remaining unfunded past service liability.




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 Description of Actuarial Assumptions
 Changes in Actuarial Assumptions

 The valuation reflects changes in the actuarial assumptions listed below. (The assumptions used before and
 after these changes are more fully described in the next section.)
  Retirement age

 The assumptions indicated were changed to better reflect the Enrolled Actuary’s current best estimate of
 anticipated experience of the plan.

Investment rate of return (net of investment-related and administrative expenses)
7.10%.

Rate of compensation increase (including inflation)
Class A - Fire Class A - Police Class B
Completed Years Completed Years Completed Years
 of Service Rate* of Service Rate* of Service Rate*
 <1 11.0% <1 9.0% <1 6.5%
 1 9.0% 1 8.0% 1 6.2%
 2 8.0% 2 7.2% 2 6.0%
 3 7.0% 3 6.2% 3 5.1%
 4 6.5% 4 6.0% 4 4.9%
 5 6.0% 5 5.7% 5 4.8%
 6 5.5% 6 5.5% 6 4.7%
 7 5.0% 7 5.3% 7 4.6%
 8 5.0% 8 5.2% 8 4.5%
 9 5.0% 9 5.1% 9 4.4%
 10 4.8% 10 4.9% 10 4.3%
 11 4.7% 11 4.7% 11 4.2%
 12 4.6% 12 4.6% 12 4.1%
 13 4.5% 13 4.5% 13 4.1%
 14 4.4% 14 4.4% 14 4.0%
 15 4.3% 15 4.3% 15 3.9%
 16 4.2% 16 4.2% 16 3.9%
 17 4.0% 17 4.0% 17 3.9%
 18 3.8% 18 3.8% 18 3.8%
 19 3.7% 19 3.7% 19 3.7%
 20+ 3.6% 20+ 3.6% 20+ 3.6%
* Inflation: 2.70% * Inflation: 2.70% * Inflation: 2.70%
The actuarial assumption in regards to rate of compensation increases shown above are based on the results
of an actuarial experience study for the period July 1, 2017 through June 30, 2022.




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Inflation
2.70%.
This assumption is based on long-term historical inflation numbers. While near term averages have been
higher, we do not believe this trend will continue indefinitely and expect that there will be a reversion to the
long-term average.

Mortality
Class A:
Retirees – Pub-2010 Public Retirement Plans Amount-Weighted Mortality Tables for Public Safety Employees,
for non-annuitants and annuitants, projected to the valuation date with Scale MP-2021, set forward 2 years.
Disabled – Pub-2010 Public Retirement Plans Amount-Weighted Mortality Tables for Public Safety Disabled
Retirees, projected to the valuation date with Scale MP-2021.
Survivors – Pub-2010 Public Retirement Plans Amount-Weighted Mortality Tables for Public Safety Contingent
Survivors, projected to the valuation date with Scale MP-2021.
Class B:
Retirees – Pub-2010 Public Retirement Plans Amount-Weighted Mortality Tables for General Employees, for
non-annuitants and annuitants, projected to the valuation date with Scale MP-2021, set forward 2 years.
Disabled – Pub-2010 Public Retirement Plans Amount-Weighted Mortality Tables for General Disabled
Retirees, projected to the valuation date with Scale MP-2021, set forward 3 years.
Survivors – Pub-2010 Public Retirement Plans Amount-Weighted Mortality Tables for General Contingent
Survivors, projected to the valuation date with Scale MP-2021, set forward 3 years.

Mortality improvement
Projected to date of decrement using Scale MP-2021 (generational).
We have selected this mortality assumption because it is based on a recently published public retirement
mortality study released by the Society of Actuaries.

Retirement age

Class A - Fire Class A - Police
Completed Years Completed Years
 of Service Rate of Service Rate
 <15 0% <15 0%
 15-18 2.5% 15-16 2.5%
 19 5% 17-18 7.5%
 20-23 20% 19 20%
 24 50% 20-24 40%
 25 85% 25 85%
 26-29 60% 26-29 60%
 30+ 100% 30+ 100%
Compulsory retirement is assumed at age 63. Compulsory retirement is assumed at age 63.
Prior: Compulsory retirement is assumed at age 60. Prior: Compulsory retirement is assumed at age 60.


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Retirement age (cont.)
Class B


 Age Rate
 55-57 3%
 58-59 8%
 60-61 10%
 62 16%
 63-64 20%
 65-69 30%
 70-74 50%
 75+ 100%

Termination prior to retirement
Class A - Fire
Completed Years
 of Service Rate
 <3 10.0%
 3 9.0%
 4 8.0%
 5 7.0%
 6 6.0%
 7 5.0%
 8 4.5%
 9 4.0%
 10+ 0.0%
Class A - Police
Completed Years
 of Service Rate
 <2 12.0%
 2 11.0%
 3 10.0%
 4 9.0%
 5 7.0%
 6 6.0%
 7 5.0%
 8 4.0%
 9 3.0%
 10+ 0.0%




USICG.COM 27Page 80 of 148
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




Termination prior to retirement (cont.)
Class B – 110% of the Vaughn Select & Ultimate Withdrawal Table for service prior to 3 years, and 140% of the
Vaughn Select & Ultimate Withdrawal Table thereafter.
Sample rates
 Completed Years of Service
 Age 0 1 2 3+
 20 32.8% 27.5% 23.1% 26.0%
 25 30.6% 24.8% 20.4% 19.0%
 30 28.4% 22.0% 17.6% 14.1%
 35 26.2% 19.6% 15.2% 11.1%
 40 24.0% 17.4% 13.0% 9.1%
 45 21.8% 15.5% 11.1% 7.7%
 50 19.6% 13.9% 9.5% 6.3%
 55 0.0% 0.0% 0.0% 0.0%

Disability
Class A Fire: 1985 Pension Disability Study Class 3 Table for Males and Females.

Class A Police: 1985 Pension Disability Study Class 2 Table for Males and Females.

Class B: 60% of 1985 Pension Disability Study Class 1 Table for Males and Females.

The actuarial assumptions in regards to rates of decrement shown above are based on the results of an
actuarial experience study for the period July 1, 2017 through June 30, 2022.

Administrative expenses
Currently, there is no expense load assumed for administrative expenses.

Cost of living increases
2.60%.

Accrual rate election
Class A: 80% of retiring members are assumed to elect the no COLA accrual rate and 20% of retiring members
are assumed to elect the full COLA accrual rate.

Class B: 70% of retiring members are assumed to elect the no COLA accrual rate and 30% of retiring members
are assumed to elect the full COLA accrual rate.

Payroll growth
3.10% per year.

Percent of active employees married
80%.

Spouse’s age
Husbands are assumed to be 2 years older than wives.


USICG.COM 28Page 81 of 148
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM


 Summary of Plan Provisions
This exhibit summarizes the major provisions of the Plan. It is not intended to be, nor should it be interpreted as
a complete statement of all plan provisions. To the extent that this summary does not accurately reﬂect the
plan provisions, then the results of this valua'on may not be accurate.

Plan identification
Single-employer pension plan.

Effective date
July 1, 1954.

Average Final Compensation (AFC)
For Class A Police non-union employees, Class A Police employees hired after January 10, 2011, Class A Fire
employees hired after October 7, 2011 Class B AFSCME Local 1343 employees hired after June 7, 2011, Class B
IBEW Local 300 employees hired after October 30, 2012 or any employees hired on or after January 1, 2018, it
is the average earnable compensation during the highest 5 non-overlapping 12-month periods. For all others, it
is the average earnable compensation during the highest 3 non-overlapping 12-month periods.

Membership eligibility
Regular employees of the City of Burlington excluding elective officers other than the mayor and excluding
teachers other than certain teachers employed prior to July 1, 1947.

Membership classification
Class A
Members of the Fire and Police Departments not including clerical employees.

Class B
All other members.

Service retirement
Eligibility
Class A
For Police employees hired before July 1, 2006, age 42 and 5 years of creditable service. For Police employees
hired after January 10, 2011, age 40 and 20 years of creditable service. For other Police Union employees, age
45 and 5 years of creditable service. For Fire employees hired after January 10, 2011, age 45 and 20 years of
creditable service. For Fire Union employees hired on or before January 10, 2011, age 45 and 5 years of
creditable service. For all others, age 42 and 5 years of creditable service. Compulsory at age 63.

Class B
Age 55 and 5 years of creditable service.




USICG.COM 29Page 82 of 148
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



Service retirement (continued)
Amount of Benefit
Class A
For Fire employees hired before January 1, 2007 and Police employees hired before July 1, 2006, 2.75% of AFC
times creditable service not in excess of 25 years plus 0.50% of AFC times creditable service between 25 and 35
years. For Police employees hired after January 10, 2011, 2.50% of AFC times creditable service not in excess of
20 years plus 5.00% of AFC times creditable service between 20 and 25 years. For Fire employees hired after
January 10, 2011, 3.00% of AFC times creditable service not in excess of 25 years plus 0.50% of AFC times
creditable service between 25 and 35 years. For all others, 2.65% of AFC times creditable service not in excess
of 25 years plus 0.50% of AFC times creditable service between 25 and 35 years. Benefit increased by Cost of
Living Adjustment detailed below.

In lieu of this benefit, at the time of retirement, a member may choose either (i) an accrual rate of 3.25% for
the first 25 years of creditable service, plus an accrual of 0.50% for creditable service between 25 and 35 years,
and a Cost of Living Adjustment equal to one half of the Cost of Living Adjustment detailed below, or (ii) an
accrual rate of 3.80% for all years of service prior to June 30, 2006 for the first 25 years, an accrual rate of
3.60% for all years of service commencing July 1, 2006 for the first 25 years, plus an accrual rate of 0.50% for
creditable service between 25 and 35 years, and no Cost of Living Adjustment.

A Fire employee hired on or after January 1, 2007 or a Police employee hired on or after July 1, 2006 may only
select a benefit with a full Cost of Living Adjustment. Any Fire employee hired after October 5, 2015 cannot
receive a pension that exceeds 90% of the employee’s average final compensation.

For Police employees hired after January 10, 2011, the above benefits based on AFC and creditable service at
retirement are reduced actuarially for the period of time by which retirement precedes age 50.

For all other Police employees, prior to age 55, the above benefit based on AFC and creditable service at
retirement is reduced actuarially for the period of time by which retirement precedes the earlier of 25 years of
creditable service and age 55. For employees who terminate with 20 to 25 years of creditable service the
above benefit based on AFC and creditable service at retirement is reduced by 1.82% for each year that
creditable service is less than 25 years.

For Fire employees hired on or after January 10, 2011, who are at least age 45 with 20 years of creditable
service, the normal retirement benefit is reduced actuarially for the period of time by which retirement
precedes age 50. For employees who terminate with 20 to 25 years of creditable service who retire at age 50
or later, the above benefit based on AFC and creditable service at retirement is reduced by 1.82% for each year
that creditable service is less than 25 years. Employees that retiree at age 50 with at least 25 years of
creditable service receive an unreduced benefit.

For Fire employees hired on or after January 1, 2007 but before January 10, 2011, the normal retirement
benefit is reduced actuarially for the period to time by which retirement precedes age 55. For employees who
terminate with 20 to 25 years of creditable service and have attained age 48, the above benefit based on AFC
and creditable service at retirement is reduced by 1.82% for each year that creditable service is less than 25
years. Employees that retire at age 50 with at least 20 years of creditable service or at age 45 with at least 25
years of creditable service receive an unreduced benefit.

For Fire employees hired before January 1, 2007, the normal retirement benefit is reduced actuarially for the
period of time by which retirement precedes the earlier of age 55 or 25 years of creditable service. For
employees who terminate with 20 to 25 years of creditable service, the above benefit based on AFC and
creditable service at retirement is reduced by 1.82% for each year that creditable service is less than 25 years.
Employees that retire at age 45 with at least 25 years of creditable service receive an unreduced benefit.


USICG.COM 30Page 83 of 148
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




Service retirement (continued)
Class B
For employees hired prior to July 1, 2006 (on or before May 4, 2008 for IBEW): Age 65 and older, the greater of
(i) 1.60% of AFC (at age 65) times creditable service not in excess of 25 years plus 0.50% of AFC (at age 65)
times creditable service in excess of 25 years or (ii) the actuarial equivalent of the benefit determined at age
65. This benefit will be increased by the Cost of Living Adjustment detailed below.

In lieu of this benefit, at the time of retirement, an IBEW member may choose (i) an accrual rate of 1.90% for
all years of service prior on or before May 4, 2008 and an accrual rate of 1.80% for all years of service after
May 4, 2008, and a Cost of Living Adjustment equal to one-half of the Cost of Living Adjustment detailed
below, or (ii) an accrual rate of 2.20% for all years of service on or before May 4, 2008 and an accrual rate of
2.00% for all years of service after May 4, 2008, and no Cost of Living Adjustment.

In lieu of this benefit, at the time of retirement, a member not in IBEW may choose (i) an accrual rate of 1.90%
for all years of service prior to June 30, 2006 for the first 25 years, an accrual rate of 1.80% for all years of
service on or after July 1, 2006 for the first 25 years, plus an accrual of 0.50% for creditable service in excess of
25 years, and a Cost of Living Adjustment equal to one-half of the Cost of Living Adjustment detailed below, or
(ii) an accrual rate of 2.20% for all years of service prior to June 30, 2006 (on or before May 4, 2008 for IBEW)
for the first 25 years, an accrual rate of 2.00% for all years of service on or after July 1, 2006 for the first 25
years, plus an accrual of 0.50% for creditable service in excess of 25 years, and no Cost of Living Adjustment.

For employees hired on or after July 1, 2006 (after May 4, 2008 for IBEW): Age 65 and older, the greater of (i)
1.40% of AFC (at age 65) times creditable service not in excess of 25 years plus 0.50% of AFC (at age 65) times
creditable service in excess of 25 years or (ii) the actuarial equivalent of the benefit determined at age 65. This
benefit will be increased by the Cost of Living Adjustment detailed below.

An employee hired on or after July 1, 2006 (after May 4, 2008 for IBEW) may only select a benefit with a full
Cost of Living Adjustment.

Except for employees detailed below, prior to age 65, the above benefit based on AFC and creditable service at
retirement reduced by 2% for each year that retirement precedes age 65. For IBEW employees hired before
May 4, 2008, who elect a contribution rate of 4% is elected the early reduction factor is 2% for each year the
retirement precedes age 65. For IBEW employees hired before May 4, 2008, who elect a contribution rate of
3% the benefit is reduced by a factor which varies with age. The factor equals 1 at 65 and .4 at 50.

For IBEW employees hired after May 4, 2008, the benefit is reduced by a factor which varies by age. The factor
equals 1 at 65 but is equal to .356 at age 55.

For AFSCME Local 1343 employees hired before January 1, 2006 that meet the Rule of 82 by December 7, 2011
but retire later than December 7, 2011, the reduction is 4% per year at ages 55 to 59 for each year under age
65, and the standard 2% per year reduction for ages 60 to 65. For other AFSCME Local 1343 employees retiring
after December 7, 2011, there will be full actuarial reduction from ages 55 to 59 and the standard 2% per year
reduction for ages 60 to 65.




USICG.COM 31Page 84 of 148
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



Cost of Living Adjustment
Benefits increase annually by changes in the Consumer Price Index of more than 1%. For Class A Fire
employees retiring after October 5, 2015, Class A Police employees retiring after August 29, 2016, Class B
AFSCME employees retiring after October 30, 2015, Class B IBEW employees retiring after March 9, 2016, and
all employees retiring after July 1, 2017, the maximum annual increase is 2.75%. For all other members, the
maximum annual increase is 5%. Increases are not applicable to deferred vested benefit prior to
commencement, survivor income benefit, disability benefit prior to normal retirement age or members who
choose to have no cost of living adjustment. For Class B employees that retire after July 1, 2018, the retirement
COLA will be determined annually by the BERS Board equal to the CPI-U Northeast Region, with a maximum
COLA increase of 2.75%, except that if the funding level of the BERS falls below 81%, the BERS Board may
reduce or vote for no COLA for payees prior to age 65 for the upcoming year. For Class A Police employees who
retire after February 1, 2019 and Fire employees who retire after March 28, 2019, the retirement COLA will be
determined annually by the BERS Board equal to the CPI-U Northeast Region, with a maximum COLA of 2.75%,
except that if the Class A funding level of the BERS falls below 73%, the BERS Board may reduce or vote for no
COLA for the upcoming year.

Service Adjustment
Class A service for calculation of benefits shall be adjusted such that any Class A employee shall be granted
1.07 years of credit for each year in which the employee worked prior to July 1, 1996, and 1.17 years
thereafter, in a position regularly assigned a workweek consisting on average of fifty-three or more hours of
work per week.

Disability Retirement
Eligibility
All Members. Permanently disabled. Class B AFSCME Local 1343 employees must have 2 years of creditable
service to be eligible for disabilities that are not work-related. Class A Fire employees hired after October 7,
2011 must have 1 year of creditable service to be eligible for disabilities that are not work-related. All other
employees are immediately eligible.

Amount of Benefit
A benefit payable until normal service retirement eligibility (Class A - age 55 and 5 years of creditable service,
Class B - age 65 and 5 years of creditable service). For Class A Fire employees hired after October 7, 2011, it is
equal to 66 2/3% of the member's earnable compensation less workmen's compensation. For Class B IBEW
employees hired after October 20, 2012 and Class B AFSCME employees, it is equal to 66 2/3% of the
member's earnable compensation less workmen's compensation and Social Security. For all others, it is equal
to 75% of the member's earnable compensation less workmen's compensation and, in the case of Class B, less
Social Security.

After normal service retirement eligibility, a service retirement benefit based on AFC at retirement and
creditable service at normal service retirement eligibility, including the period while permanently disabled and
receiving a disability benefit from the System.

Accidental Death
Eligibility
Class A only. Death due to accident while in the performance of duty.

Amount of Benefit
A benefit to the spouse until death or remarriage of the greater of (i) 55% of AFC, and (ii) the participant's
current accrued retirement benefit. Upon death or remarriage of the spouse, the benefit will be payable
to children until age 21.
USICG.COM 32Page 85 of 148
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



Survivor Income
Eligibility
All members. Death in active service.

Amount of Benefit
Class A
30% of compensation during the July preceding death payable to spouse until earlier of death or 2nd
anniversary of remarriage. An additional 5% per unmarried child under 21 (maximum additional 10%) is
payable until benefits cease or children no longer eligible. If there is no spouse or spouse dies, the benefit is
payable to unmarried children under age 21 until earlier of death, marriage or age 21.

Class B
30% of compensation during the July preceding death payable to spouse until earlier of death, 2nd anniversary
of remarriage or age 62. Upon the spouse's attainment of age 62 (if not remarried) a benefit based on the 50%
Joint and Survivor form of payment will be paid to the spouse for life. If there is no spouse or spouse dies, the
benefit is payable to unmarried children under age 21 until earlier of death, marriage or age 21.

Return of Contributions
Accumulated contributions returned upon separation with no vested benefits under the plan or upon death
with no accidental death benefit payable. Interest will accrue on these contributions at a rate of 5.5% until
December 31, 2017 and 2.0% thereafter, or at a higher rate as may be set by the Retirement Board. Interest
will only accrue on contributions made after June 30, 1980.
Upon death of a retired member, the excess of his contribution at retirement over the benefits paid will be
paid to his beneficiary or estate.

Vested Retirement
Eligibility
5 years of creditable service.
Vesting percentage.
100% after 5 years. Prior to July 1, 2017, several groups had a graded vesting schedule of 20% after
completion of 3 years of creditable service to 100% after completion of 7 years of creditable service.

Amount of Benefit
Class A
Vesting percentage times the benefit calculated using AFC and creditable service at termination. The benefit is
payable commencing at age 55. Member may elect early receipt with reduction as for service retirement prior
to age 55.

Class B
Vesting percentage times the benefit calculated using AFC and creditable service at termination. The benefit is
payable commencing at age 65. Member may elect early receipt with reduction as for service retirement prior
to age 65.




USICG.COM 33Page 86 of 148
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




Survivor Spouse's Pension
Eligibility
All members. Death of a terminated member entitled to a vested retirement benefit prior to commencement
of such benefit.
Amount of Benefit
50% of reduced accrued benefit reflecting the 50% Joint and Survivor form of payment (ages as of date
payments commence) payable at member's early retirement date. Spouse may elect to receive payments later
than member's early retirement date with no reduction for receipt at member's 65th birthday.

Offsets on Benefits
Disability and accidental death benefits are offset by workmen's compensation paid for the same disability or
death.

Employee Contributions
Class A
11.0% of earnable compensation for Class A employees for the first 35 years of creditable service, and none
thereafter.
Class A employees shall contribute to the BERS a percentage of their salary. The total contribution required
from both the City and employees will be based on the annual system valuation prepared by the City’s
actuaries. Effective retroactive to July 1, 2018, employees shall contribute a percentage so that all employees
are contributing 28% (and the City is contributing 72%) of the total contribution required. For Fiscal Year 2019,
this means that each Class A employee contributed 12.69% of the employee’s base pay. The individual
employee contribution for each subsequent fiscal year will be determined prior to the beginning of the fiscal
year.

Effective July 1, 2020, employees shall contribute a percentage so that all employees are contributing 29%
(and the City is contributing 71%) of the total contribution required.

Effective July 1, 2021, employees shall contribute a percentage so that all employees are contributing 30%
(and the City is contributing 70%) of the total contribution required.

Class B
Member contributions for Class B employees, who elected to continue to be eligible for early retirement
benefits at 2% per year deduction between ages 55 and 65, in accordance with the 2006-2009 collective
bargaining agreement will be 4.8% in fiscal year 2016-2017, and 5.2% beginning with fiscal year 2017-2018.
Member contributions for all other Class B employees will be will be 3.8% in fiscal year 2016-2017, and 4.2%
beginning with fiscal year 2017-2018.

Class B employees shall contribute to the BERS a percentage of their annual salary. The total contribution
required from both the City and employees will be based on the annual system valuation prepared by the
City’s actuaries.

Effective retroactive to July 1, 2018, employees shall contribute a percentage so that all employees are
contributing 28% (and the City is contributing 72%) of the total contribution required. For Fiscal Year 2019,
this shall mean that the contribution rate for a Class B employee was 4.41% of the employee’s base pay.


USICG.COM 34Page 87 of 148
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




Employee Contributions (continued)
Effective July 1, 2022, employees shall contribute a percentage so that all employees are contributing 30%
(and the City is contributing 70%) of the total contribution required.

Notwithstanding the above, an individual Class A Fire employee’s contribution shall not exceed 14% of their
eligible wages in Fiscal Years 2026, 2027, and 2028.

Notwithstanding the above, an individual Class B employee’s contribution shall not exceed 7% of their eligible
wages in Fiscal Years 2023, 2024, 2025, and 2026.




USICG.COM 35Page 88 of 148
 Burlington Employees Retirement System
 Trade Recommendation Worksheet
 Objective : Rebalance portfolio to targets
 Trade values may change due to market movements


 Unreconciled Balance Current Target Resulting Resulting
 Investment Name Trade Amount
 As of: 4/29/2026 Allocation Allocation Balances Allocation
 Actual Portfolio Cash Balance $58,801

 Cash $353,688 0.1% 0.0% ($58,801) $294,887 0.1%
Cash $58,801 0.0% 0.0% ($58,801) $0 0.0%
Cash $294,887 0.1% 0.0% $0 $294,887 0.1%

 Fixed Income $72,010,810 23.3% 27.0% $11,270,000 $83,280,810 27.0%
Johnson Institutional Core Bond $53,292,723 17.3% 20.0% $8,395,000 $61,687,723 20.0%
BlackRock Strategic Income Opportunities K $18,718,088 6.1% 7.0% $2,875,000 $21,593,088 7.0%

 Domestic Equity $139,341,843 45.1% 43.0% ($6,710,000) $132,631,843 43.0%
BNY Mellon Large Cap Core $108,021,582 35.0% 33.0% ($6,235,000) $101,786,582 33.0%
BNY Mellon DB SL SMID Cap SIF $31,320,261 10.1% 10.0% ($475,000) $30,845,261 10.0%

 International Equity $84,883,998 27.5% 25.5% ($6,230,000) $78,653,998 25.5%
BNY Mellon DB NSL International SIF $57,559,284 18.6% 18.0% ($2,040,000) $55,519,284 18.0%
BNY Mellon DB NSL Emerging Markets SIF $27,324,713 8.9% 7.5% ($4,190,000) $23,134,713 7.5%

 Real Assets $11,907,418 3.9% 4.5% $1,728,801 $13,636,219 4.4%
DWS RREEF Real Assets R6 $4,102,084 1.3% 1.5% $1,728,801 $5,830,885 1.9%
UBS Trumbull Property Fund $7,805,334 2.5% 3.0% $0 $7,805,334 2.5%

 Alternatives - Private Equity $243,598 0.1% 0.0% $0 $243,598 0.1%
Hamilton Lane Secondary Fund II, L.P. $624 0.0% 0.0% $0 $624 0.0%
Hamilton Lane Private Equity Offshore Fund VII (Series A) $141,974 0.0% 0.0% $0 $141,974 0.0%
Hamilton Lane Private Equity Offshore Fund VII (Series B) $101,000 0.0% 0.0% $0 $101,000 0.0%

Investment Portfolio Total $308,741,355 100.0% 100.0% $0 $308,741,355 100.0%

Current Cash Exclusion Amount $0
Current Cash Addition Amount $0


Balance information has been compiled solely by Fiducient Advisors and has not been independently verified. In preparing this report, Fiducient Advisors has relied upon information provided by the investment managers and/or the
custodian. Unless otherwise noted, daily valued investments are valued as of the previous business day’s closing NAV. Held at source investments are valued as of the most recent month end or quarterly statement, unless otherwise noted.


Disclaimer: By signing below, you agree that, unless exclusively stated and mutually agreed upon in your written agreement with Fiducient Advisors, L.L.C. (“Fiducient”), you understand and agree that the duties and responsibilities under
this agreement do not include acting as your agent in connection with: (a) establishing or terminating client accounts with investment managers, (b) providing purchase, sale, or money movement instructions to custodians, (c) providing
investment or withdrawal instructions to mutual fund or other investment management companies, (d) verifying, providing or relaying wire transfer instructions relating to the settlement of transactions. Fiducient shall not be liable to you
for any failure relating to the preparation, issuance, delivery, accuracy or completeness of such instructions related to the trade recommendations approved by you in accordance with any reallocation or rebalancing. You are responsible for
verifying the accuracy of this information and directly communicating any instructions to appropriate parties. Fiducient is neither authorized to initiate transactions on your behalf nor can we assume responsibility for inaccurate, incomplete,
or untimely information. You understand that these transactions may not necessarily be performed simultaneously, and that implementation of investment decisions may subject the portfolio to risks of being uninvested for a period of time,
including periods of extreme market volatility. Sale proceeds and/or cash may be "out of the market" for a period of time due to transactional and procedural constraints.




Signature Date




 Page 89 of 148
 City of Burlington Employees Retirement System

 Quarterly Investment Review - First Quarter 2026




This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors, A Wealthspire Company, and the information contained herein is confidential and
  the dissemination or distribution to any other person without the prior approval of Fiducient Advisors, A Wealthspire Company, is strictly prohibited. Information has been obtained from sources
believed to be reliable, though not independently verified. Any forecasts are hypothetical and represent future expectations and not actual return volatilities and correlations will differ from forecasts.
 This report does not represent a specific investment recommendation. The opinions and analysis expressed herein are based on Fiducient Advisor, A Wealthspire Company, research and
  professional experience and are expressed as of the date of this report. Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice. Past performance
 does not indicate future performance and there is risk of loss.

 Page 90 of 148
 Fiducient Advisors Update


 Retirement Plans Endowments & Foundations The Wealth Office®

 • Should Cash Balance Plans Use • How Effective Liquidity • Your 2026 Wealth Checkup
 Multiple Investment Pools? Planning Protects And Webcast
 • Demystifying Pension Liabilities Strengthens Your Mission
 • 10 Mistakes Wealthy Investors
 • From Paychecks to Payouts: • The New Duty of Care: Must Avoid This Year
 Building Reliable Retirement Navigating AI in Purpose-
 • Is It Time to Ratchet Up Your
 Income Driven Portfolios
 Giving?




 Research Insights New Associates – Welcome!
 • 2026 Essential Economic Update Webcast Will Boisseau – Senior Consultant
 • Private Markets Update Colin Harris – Consulting Analyst
 David Nicosia – Managing Director, Business Development
 • Monthly Market Updates
 Nancy Ramirez – Client Service Associate
 • Monthly Market Recaps
 Michael Sahakian – Senior Consultant
 Connor Swartz – Consulting Analyst
 As of March 31, 2026




 Save the Date!
 2026 Investor Conference
 Swissotel Chicago | October 22
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www.FiducientAdvisors.com
Table of Contents




 Section 1 Capital Markets Overview
 Section 2 Portfolio and Manager Review
 Section 3 Fiduciary Governance Calendar




 Page 92 of 1483
Capital Markets Overview




 Page 93 of 1484
 Market Themes

 Historical Events and S&P 500 Total Return Expected Change in Fed Funds Rate
 Operation Epic Fury commenced at the end of February as the U.S. Market expectations for Fed rate cuts shifted significantly in March from
 and Israel launched coordinated military strikes on Iran. Volatility the start of the year, moving from pricing in roughly two cuts to zero cuts
 spiked, particularly in commodity markets, and risk-off sentiment for 2026. Spiking commodity prices gave rise to concerns of inflation
 ensued. Historically, geopolitical events have resulted in initial volatility, reigniting, conflicting with concerns of slowing growth and weakening labor
 while longer term, markets have generally fared well. market data, which typically put downward pressure on interest rates.


 45% 1


 35%

 25%
 0

 15%




 # 25bp Increments
  5%
 -1
 -5%

-15%

-25% -2

-35%
 Day 0 Day 100 Day 200 Day 300 Day 400

 11-Sep Brexit Vote
 -3
 COVID-19 Pandemic Crimea Annexation 1-Jan 22-Jan 12-Feb 5-Mar 26-Mar
 Gulf War Hamas Attacks Israel
 Iraq War Russia Invades Ukraine December 2026 FOMC Meeting
 US-China Trade War Iran Conflict June 2027 FOMC Meeting

 Source: Bloomberg Finance, L.P. As of March 31, 2026 Source: Bloomberg Finance, L.P. As of April 2, 2026
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
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 loss.
 1485
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Market Themes

 Software Under Pressure U.S. Large Cap Lags Other Equity Segments
 Concerns of AI disruption within the software industry sent prices U.S. large cap equities came under pressure in the first quarter. Weakness
 plummeting. The software industry’s previous ~50% premium over the in software and other Mag-7 names detracted from large cap. Diversification
 broader market has eroded over the past 5 months. This concern has away from these high valuation areas of the market proved to be favorable
 also had negative impact within the private credit space, which has for the quarter as investors favored smaller cap U.S. and non-U.S.
 relatively large allocations to software. Many private credit funds are investments which were more attractively valued.
 seeing large redemption requests from investors.
 45 S&P 500 / Software - IND - PE - NTM
 S&P 500 - PE - NTM 2.0%


 40 0.9%
 1.0% 0.7%


 35
 0.0%
 -0.2%




Forward P/E Ratio
 30


 YTD Return
 -1.0%

 -1.2%

 25 -2.0%



 20 -3.0%



 -4.0%
 15
 -4.3%
 -5.0%
 10 S&P 500 Russell 2000 S&P 500 MSCI EAFE MSCI EM
 2-Apr-21 2-Apr-22 2-Apr-23 2-Apr-24 2-Apr-25 Equal Weight


 Source: FactSet. As of March 31, 2026. Source: Morningstar. As of March 31, 2026


 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
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 loss.
 1486
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 Asset Class Returns

 27

 24.4
 24 YTD

 21


 18


 15




 Total Returns (%)
 12


 9
 6.7
 6
 3.8
 3.0
 3
 0.7 0.9
 0.3 0.0
 0
 0.0 -0.2
 -0.5 -0.8 -1.0 -1.2
 -3

 -4.2
 -6
 TIPS Municipals 5- U.S. Core Bond High Yield High Yield U.S. Long Foreign Bond U.S Large Cap U.S. Small Cap International Emerging U.S. Equity Real Assets Commodities Hedge Funds*
 Year Municipals Duration Developed Markets REITs
Source: Morningstar Direct. As of March 31, 2026. *Hedge fund returns as of February 28, 2026.

 Fixed Income (1Q 2026) Equity (1Q 2026) Real Asset / Alternatives (1Q 2026)
 +/- Fixed income markets had a mixed quarter to start +/- It was a mixed quarter for U.S. equities as U.S. large + Equity REITs had a favorable quarter, outpacing the
 the year. Positive results were reversed in March cap underperformed small cap. Concerns that AI would broader U.S. equity market. Data centers were a
 following the onset of the conflict with Iran. Interest disrupt the software industry was a drag on large cap notable area of strength for the quarter.
 rates spiked as inflation expectations rose. names early on, and the conflict with Iran further sparked
 investors into a risk-off mentality. + Commodities rose over 20% during the quarter, driven
 - The high yield sector was not immune to the general from rising energy prices as the conflict in Iran disrupted
 risk-off sentiment and posted a modest decline in the +/- Developed international markets had a strong start to global energy and commodity markets.
 quarter as credit spreads widened. the year, but markets reversed course following the onset
 of the U.S./Iran conflict. Despite the pullback in March, + Real assets performed well during the quarter, driven
 - Longer duration assets struggled in March as interest non-U.S. markets outpaced U.S. large cap. Emerging by underlying commodity exposure, as well as global
 rates rose, offsetting positive momentum earlier in the markets outpaced developed, driven by strength in AI infrastructure related assets.
 year. related hardware companies.

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 Fixed Income Market Update

 U.S. Treasury Yield Curve Corporate Credit Spreads – Trailing 5 Years
 The Federal Reserve held its target rate steady during the quarter, but Risk-off sentiment spilled into the corporate credit market as both
 interest rates moved higher across the curve. Concerns of rising investment grade and high yield spreads moved higher during the
 inflation stemming from spiking commodity prices were a primary driver quarter. Growing concerns of weaker growth helped fuel the move.
 and investor expectations for rate cuts in 2026 dissipated. Despite the increase, spread levels remain below longer-term averages.


 5.0 500 1,250
 3/31/2026 10Yr Avg
 4.8 IG 89 bps 113 bps
 HY 317 bps 385 bps
 4.6 400 1,000

 4.4 4.30




 Spreads (bps)
 4.2 4.23
 300 750


  Yield (%)
 4.18
 4.0 3.89


 3.8 200 500
 3.79

 3.6


 3.4 3.47 100 250
 3/31/26

 3.2 12/31/25 Bloomberg U.S. Inv. Grade Corp Index (LHS)
 3/31/25 Bloomberg U.S. Corp High Yield Index (RHS)
 3.0 0 0
 0 5 10 15 20 25 30
 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 6/25 12/25
 U.S. Treasury Maturity (yrs)
  Source: FactSet. As of March 31, 2026. Source: FactSet. As of March 31, 2026.


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 Equity Market Update


 U.S. Equities – Returns by Sector (1Q 2026)
 U.S. large cap equities experienced a negative first quarter, but underlying sector performance was mixed. Growing concerns about the impact of AI,
 particularly within the software sector, was a key detractor. Shares of Oracle and Salesforce were down over 20% each during the period, while “asset
 heavy” sectors such as utilities, materials and industrials performed well. Energy was the standout in the quarter as commodity prices spiked and oil
 moved to over $100 per barrel following the close of the Strait of Hormuz.
 YTD
 38.2%




 8.3% 9.7% 7.7%
 2.8% 4.6%


 -4.3% -4.9% -6.9%
 -9.1% -9.3% -9.2%

 S&P 500 Utilities Real Estate Materials IT Industrials Health Care Financials Energy Cons. Cons. Disc. Comm.
 Source: Morningstar Direct. As of March 31, 2026. Staples Services


 Market Capitalization, Style, and Select Country Performance (1Q 2026)
 Regional equity markets saw mixed results during the first quarter. U.S. small cap produced a modest positive return while U.S. large cap and non-
 U.S. markets declined. Abroad, markets started the year strong, but reversed course as the U.S./Iran conflict escalated. Despite the re-rating in March,
 non-U.S. equities generally outperformed U.S. equities. A rotation out of more expensive growth-oriented segments of the market helped value stocks
 lead the way for the quarter. 19.1%


 0.9% 2.2% 2.0% 3.3% 1.1%

 -1.9% -1.3% -0.5% -0.7% -1.4%
 -4.2% -4.7%
 -9.5% -8.5%
 -18.1%
 Small Value Small Value Small Value
 Growth Growth Growth
 Germany
 Large Large Aust. Large India Brazil


 U.S. Int’l Developed Emerging Markets
Source: Morningstar Direct. As of March 31, 2026.
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 Real Assets Market Update


  Commodity Performance (1Q 2026) REIT Sector Performance (1Q 2026)
  Commodities advanced during the quarter, with all major sub-sectors posting REITs rose during the first quarter and outperformed broader equities amid
  gains. Energy prices rose sharply amid the conflict involving Iran and the closure heightened macro and geopolitical volatility, with most sub-sectors producing a
  of the Strait of Hormuz, a critical chokepoint through which roughly 20% of global positive return. Data centers led the way in the period supported by robust
  oil and liquefied natural gas supply flows. hyperscaler demand tied to AI and cloud expansion.
 70 YTD YTD

 Diversified 6.3
 60.0
 60
 Specialty 12.1

 Data Centers 23.8
 50
 Health Care 5.3




 Total Return (%)
 Retail 6.5
 40
 Residential -6.3

 30 Self Storage 4.7

 Lodging/Resorts 4.8

 20
 Industrial 2.6

 Infrastructure -4.5
 10 8.6 8.0
 4.6 Timber 1.9

 Office-16.5
 0
 Energy Industrial Precious Agriculture
 -20 -10 0 10 20 30
 Metals Metals
 Total Return (%)
 Source: Morningstar Direct. As of March 31, 2026. Source: Morningstar Direct. As of March 31, 2026.
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 Marketable Alternatives

 6.0%

 5.1%
 5.0%
 4.5%
 4.2% 4.1%
 3.9%
 4.0%




Total Return
 3.1% 3.2%
 3.0% 3.0%
 3.0%
 2.5%

 2.0% 2.0%
 2.0%



 1.0%



 0.0%
 HFRI Fund of Funds HFRI Asset Weighted HFRI Equity Hedge HFRI Event Driven HFRI Macro HFRI Relative Value
 Composite Composite

 Trailing 3-Month YTD

 Source: Morningstar Direct. As of February 28, 2026.

 Fund of Funds / Asset Weighted (1Q) Equity Hedge / Event Driven (1Q) Macro / Relative Value (1Q)
 + The HFRI Fund of Funds Composite returned 4.2 + Equity Hedge strategies returned 4.5 percent over the + Macro strategies returned 5.1 percent over the period,
 percent over the trailing 3-month period and 3.0 percent period, supported by strong global equity markets and a outpacing all other strategy groups.
 year-to-date. positive long/short spread.
 + Within Macro, both discretionary and systematic
 + The HFRI Asset Weighted Composite returned 4.1 + Within the Equity Hedge peer group, strategies strategies performed well, with the respective peer
 percent over the trailing 3-month period and 3.0 percent focused on energy and materials performed particularly groups returning high single digit returns.
 year-to-date. well.
 + Relative Value strategies returned 2.5 percent over
 +/- Marketable alternatives outpaced fixed income and + Event Driven strategies returned 3.2 percent over the the period, with Yield Alternatives strategies standing
 U.S. large cap equities but trailed small cap equities period, with Activist strategies leading the peer group. out as notable performers.
 and non-U.S. equities.

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 Private Equity Market Update

 U.S. Private Equity Deal Activity
 U.S. private equity activity has begun the year at a slower pace in terms of aggregate deal value relative to 2025, despite a higher transaction count. This divergence
 suggests a$1,400.0
 shift toward smaller transactions, contrasting with last year’s concentration of activity among larger, upper-market deals. 12,000
 10,360
 $1,200.0 9,497 9,189
 10,000
 8,603
 8,209
 $1,000.0
 8,000
 6,288 6,573 6,649
 $800.0
 5,401 6,000
 4,827
 $600.0
 4,000
 $400.0 2,415

 $469.2 $592.0 $658.7 $691.4 $631.7 $1,272.5 $954.0 $878.5 $1,186.9
 2,000
 $733.3 $260.2
 $200.0

 $0.0 0
 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
 Deal value ($B) Deal count Estimated deal count
Source: Pitchbook. As of March 31, 2026.
Private Equity Performance (As of September 30, 2025) U.S. Private Equity Fundraising Activity
Public market performance has been strong as of late; however, longer term periods Fundraising in Q1 was lighter as investors continue to focus on distribution activity.
continue to favor private markets. Growth equity and venture capital returns are
continuing to recover but still lag in the medium term. 1,089 1,058
Benchmark 1-YR 3-YR 5-YR 10-Y 15-Y
 829 733
US Private Equity Index 8.3% 8.2% 14.1% 15.0% 15.8%
 553
US Buyout Index 7.6% 8.7% 14.3% 14.6% 15.5%
 435 517 464 549 412
US Growth Equity Index 10.3% 6.9% 13.6% 16.3% 16.4%

 $184 $255 $194 $361 $253 $384 $384 $408 $379 $288
US Venture Capital Index 16.2% 3.0% 13.4% 13.7% 15.4% 85
 $54
S&P 500 Index 17.6% 24.9% 16.5% 15.3% 14.6%
 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Source: Cambridge Associates. As of September 30, 2025. Returns presented as horizon Capital raised ($B) Fund count
pooled return, net of fees. S&P 500 Index as of September 30, 2025. Indices cannot be
 Source: Pitchbook. As of March 31, 2026.
invested in directly. See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
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 The Case for Diversification



 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 10 Years (Ann)
 Emerging Markets Emerging Markets
 U.S. Small Cap High Yield Municipals U.S. Large Cap U.S. Large Cap U.S. Equity REITs Commodities U.S. Large Cap U.S. Large Cap Commodities U.S. Large Cap
 Equity Equity
 21.3 4.8 31.4 21.0 41.3 16.1 26.5 24.5 24.4 14.0
 37.3 33.6
 International International International
 High Yield Cash U.S. Mid Cap U.S. Small Cap Commodities Cash U.S. Mid Cap U.S. Equity REITs U.S. Mid Cap
 Developed Equity Developed Equity Developed Equity
 17.1 1.8 30.5 20.0 27.1 1.5 15.3 3.8 10.9
 25.0 18.2 31.2
 Emerging Markets
 U.S. Mid Cap U.S. Large Cap Municipals 5-Year U.S. Equity REITs U.S. Large Cap Hedge Funds U.S. Mid Cap U.S. Small Cap U.S. Large Cap Hedge Funds U.S. Small Cap
 Equity
 13.8 21.7 1.7 28.7 26.5 -5.3 17.2 11.5 17.4 3.0 9.9
 18.3
 International
 U.S. Large Cap U.S. Mid Cap U.S. Core Bond U.S. Small Cap U.S. Mid Cap U.S. Mid Cap Municipals 5-Year U.S. Small Cap Balanced Balanced U.S. Mid Cap
 Developed Equity
 12.1 18.5 0.0 25.5 17.1 22.6 -5.3 16.9 10.8 16.2 1.3
 8.4
 International
 Commodities Balanced TIPS Balanced U.S. Small Cap High Yield Balanced Hedge Funds Commodities U.S. Small Cap Commodities
 Developed Equity
 11.8 15.4 -1.3 13.5 14.8 -11.2 15.4 9.1 15.8 0.9 8.0
 22.0
 Emerging Markets International Emerging Markets
 U.S. Small Cap High Yield Balanced TIPS TIPS High Yield High Yield U.S. Small Cap Cash
 Equity Developed Equity Equity
 14.6 -2.1 19.4 11.0 -11.8 13.4 8.2 12.8 0.9
 11.2 11.3 7.8
 Emerging Markets Emerging Markets
 U.S. Equity REITs High Yield Municipals U.S. Equity REITs Hedge Funds Balanced U.S. Core Bond U.S. Equity REITs U.S. Mid Cap High Yield Municipals Balanced
 Equity Equity
 8.6 9.7 -4.0 10.9 10.2 -13.0 11.4 10.6 0.7 7.6
 18.4 7.5
 International Emerging Markets
 Balanced U.S. Equity REITs Hedge Funds High Yield High Yield Municipals High Yield Municipals High Yield Municipals Hedge Funds TIPS High Yield
 Developed Equity Equity
 5.9 8.7 -4.0 14.3 7.8 -13.1 6.3 9.2 0.3 6.1
 7.8 9.8
 International
 TIPS Hedge Funds U.S. Large Cap High Yield Municipals U.S. Core Bond Hedge Funds High Yield Municipals Commodities High Yield U.S. Core Bond U.S. Equity REITs
 Developed Equity
 4.7 7.8 -4.8 10.7 7.5 6.2 9.2 5.4 8.6 0.0 5.6
 -14.5

High Yield Municipals High Yield Balanced U.S. Core Bond High Yield TIPS Balanced Hedge Funds Cash U.S. Core Bond Municipals 5-Year Hedge Funds
 3.0 7.5 -5.5 8.7 7.1 6.0 -16.0 6.1 5.3 7.3 0.0 5.6

 Emerging Markets
  U.S. Core Bond U.S. Core Bond U.S. Mid Cap TIPS High Yield Municipals High Yield U.S. Mid Cap U.S. Core Bond U.S. Equity REITs TIPS High Yield Municipals
 Equity
 2.6 3.5 -9.1 8.4 4.9 5.3 -17.3 5.5 4.9 7.0 4.1
 -0.2
 International International
 Municipals 5-Year U.S. Small Cap Hedge Funds Municipals 5-Year Municipals 5-Year U.S. Large Cap Cash Municipals 5-Year High Yield TIPS
  Developed Equity Developed Equity
 3.1 -11.0 8.4 4.3 0.3 -19.1 5.1 5.0 -0.5 2.7
 1.0 3.8
 Emerging Markets International
 Hedge Funds TIPS Commodities Commodities Cash Cash Municipals 5-Year TIPS Cash Cash
 Equity Developed Equity
 0.5 3.0 -11.2 7.7 0.5 0.0 4.3 1.8 4.3 2.3
 -20.1 -1.2
 International
 Cash Commodities Municipals 5-Year Commodities U.S. Core Bond U.S. Small Cap TIPS U.S. Core Bond High Yield Municipals Balanced Municipals 5-Year
 Developed Equity
 0.3 1.7 5.4 -3.1 -1.5 -20.4 3.9 1.3 2.5 -1.9 1.8
 -13.8
 Emerging Markets Emerging Markets
 Municipals 5-Year Cash Cash U.S. Equity REITs U.S. Equity REITs Commodities Municipals 5-Year U.S. Equity REITs U.S. Large Cap U.S. Core Bond
 Equity Equity
 -0.4 0.8 2.2 -5.1 -24.9 -7.9 1.2 2.3 -4.2 1.7
 -14.6 -2.5
Sources: Morningstar, FactSet. As of March 31, 2026. *Periods greater than one year are annualized. Total returns in U.S. dollars. Hedge Funds as of February 28, 2026.




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 Financial Markets Performance

 Total Return as of March 31, 2026
 Periods greater than one year are annualized
 All returns are in U.S. dollar terms
  Global Fixed Income Markets QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
  Bloomberg 1-3-Month T-Bill 0.9% 0.9% 4.1% 4.8% 3.4% 2.7% 2.3% 1.5%
  Bloomberg U.S. TIPS 0.3% 0.3% 3.0% 3.2% 1.5% 3.1% 2.7% 2.8%
  Bloomberg Municipal Bond (5 Year) 0.0% 0.0% 4.1% 2.8% 1.1% 1.8% 1.8% 2.3%
  Bloomberg High Yield Municipal Bond 0.7% 0.7% 2.4% 5.3% 1.9% 3.3% 4.1% 5.3%
  Bloomberg U.S. Aggregate 0.0% 0.0% 4.3% 3.6% 0.3% 1.6% 1.7% 2.4%
  Bloomberg U.S. Corporate High Yield -0.5% -0.5% 7.0% 8.6% 4.2% 5.1% 6.1% 5.7%
  Bloomberg Global Aggregate ex-U.S. Hedged -0.2% -0.2% 2.8% 4.3% 1.1% 1.7% 2.2% 3.2%
  Bloomberg Global Aggregate ex-U.S. Unhedged -1.9% -1.9% 4.2% 1.6% -2.9% -1.0% -0.4% -0.1%
  Bloomberg U.S. Long Gov / Credit -0.8% -0.8% 2.2% 0.9% -2.9% 0.1% 1.2% 3.6%
  Global Equity Markets QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
  S&P 500 -4.3% -4.3% 17.8% 18.3% 12.1% 14.4% 14.2% 13.3%
  Dow Jones Industrial Average -3.2% -3.2% 12.2% 13.8% 9.1% 10.9% 12.5% 11.7%
  NASDAQ Composite -7.0% -7.0% 25.6% 21.7% 11.1% 16.7% 17.1% 15.8%
  Russell 3000 -4.0% -4.0% 18.1% 17.9% 10.9% 13.8% 13.7% 12.8%
  Russell 1000 -4.2% -4.2% 17.7% 18.1% 11.3% 14.2% 14.0% 13.1%
  Russell 1000 Growth -9.8% -9.8% 18.8% 21.2% 12.8% 17.0% 16.8% 15.3%
  Russell 1000 Value 2.1% 2.1% 15.9% 14.3% 9.4% 10.6% 10.6% 10.5%
  Russell Mid Cap 1.3% 1.3% 16.0% 13.3% 7.3% 10.5% 10.9% 10.7%
  Russell Mid Cap Growth -6.3% -6.3% 9.6% 12.7% 5.4% 10.3% 11.7% 11.1%
  Russell Mid Cap Value 3.7% 3.7% 17.6% 13.1% 7.9% 9.9% 9.8% 10.0%
  Russell 2000 0.9% 0.9% 25.7% 13.0% 3.8% 8.6% 9.9% 9.0%
  Russell 2000 Growth -2.8% -2.8% 23.6% 12.3% 1.6% 7.7% 9.8% 9.1%
  Russell 2000 Value 5.0% 5.0% 28.1% 13.8% 5.8% 9.1% 9.6% 8.6%
  MSCI ACWI -3.2% -3.2% 20.0% 16.6% 9.5% 11.6% 11.3% 9.3%
  MSCI ACWI ex. U.S. -0.7% -0.7% 24.9% 14.5% 7.0% 8.5% 8.4% 5.6%
  MSCI EAFE -1.2% -1.2% 21.3% 13.6% 7.9% 8.9% 8.4% 6.3%
  MSCI EAFE Growth -4.7% -4.7% 12.7% 7.5% 3.5% 6.9% 7.1% 6.0%
  MSCI EAFE Value 2.0% 2.0% 30.1% 19.9% 12.2% 10.4% 9.3% 6.4%
  MSCI EAFE Small Cap -1.3% -1.3% 25.6% 12.6% 4.4% 7.4% 7.4% 6.8%
  MSCI Emerging Markets -0.2% -0.2% 29.6% 14.8% 3.7% 6.6% 7.8% 3.7%
  Alternatives QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
  FTSE NAREIT All Equity REITs 3.8% 3.8% 3.3% 6.8% 4.0% 4.6% 5.6% 7.5%
  S&P Real Assets 6.7% 6.7% 15.7% 9.8% 6.3% 6.1% 6.3% 5.2%
  FTSE EPRA NAREIT Developed 1.3% 1.3% 10.1% 7.9% 2.8% 2.6% 3.8% 5.3%
  FTSE EPRA NAREIT Developed ex U.S. -4.4% -4.4% 16.5% 6.5% -0.7% -0.2% 2.2% 3.2%
  Bloomberg Commodity Total Return 24.4% 24.4% 32.3% 13.9% 14.0% 10.6% 8.0% 0.1%
  HFRI Fund of Funds Composite* 3.0% 3.0% 12.8% 9.1% 5.3% 6.3% 5.6% 4.1%
  HFRI Asset Weighted Composite* 3.0% 3.0% 11.5% 8.1% 6.2% 5.8% 5.5% 4.5%
  Sources: Morningstar, FactSet. As of March 31, 2026. *Consumer Price Index and HFRI indexes as of February 28, 2026.

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Portfolio and Manager Review




 Page 104 of 148
 15
Asset Allocation
Total Plan As of March 31, 2026
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
Total Plan 285,451,031 100.0 100.0 0.0
 Pension Benefits Payable to the City -3,719,344 -1.3 0.0 -1.3
 Total Invested Assets 289,170,375 101.3 100.0 1.3
 Short Term Liquidity 294,943 0.1 0.0 0.1
 Key Bank Cash Portfolio 294,887 0.1 0.0 0.1
 First American Govt Oblig Fund Z 56 0.0 0.0 0.0
 Fixed Income 71,856,604 25.2 27.0 -1.8
 JIC Core Bond Fund I 53,292,723 18.7 20.0 -1.3
 BlackRock Strategic Income Opportunities K 18,563,881 6.5 7.0 -0.5
 Equity 205,278,554 71.9 68.5 3.4
 Domestic Equity 127,397,570 44.6 43.0 1.6
 BNYM Mellon DB NSL Stock Index Fund 98,728,517 34.6 33.0 1.6
 BNYM Mellon DB SL SMID Cap Stock Index Fund 28,669,053 10.0 10.0 0.0
 International Equity 77,637,386 27.2 25.5 1.7
 BNYM Mellon DB NSL International Stock Index Fund 54,033,393 18.9 18.0 0.9
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund 23,603,993 8.3 7.5 0.8
 Private Equity 243,598 0.1 0.0 0.1
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 141,974 0.0 - -
 Hamilton Lane VII B 101,000 0.0 - -
 Real Assets 11,740,274 4.1 4.5 -0.4
 UBS Trumbull Property Fund 7,805,334 2.7 3.0 -0.3
 DWS RREEF Real Assets R6 3,934,940 1.4 1.5 -0.1

Valuations data as of:

Hamilton Lane VII - 9/30/2025
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 3/31/2026

All private equity and real estate assets are adjusted for any subsequent capital activity.




Investments with a zero balance were held in the portfolio during the reporting period and will be removed once they no longer impact portfolio performance.
Asset Allocation weightings may not add up to 100% due to rounding.


 Page 105 of 148
 16
Asset Allocation
Total Invested Assets As of March 31, 2026
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
 Total Invested Assets 289,170,375 100.0 100.0 0.0
 Short Term Liquidity 294,943 0.1 0.0 0.1
 Key Bank Cash Portfolio 294,887 0.1 0.0 0.1
 First American Govt Oblig Fund Z 56 0.0 0.0 0.0
 Fixed Income 71,856,604 24.8 27.0 -2.2
 JIC Core Bond Fund I 53,292,723 18.4 20.0 -1.6
 BlackRock Strategic Income Opportunities K 18,563,881 6.4 7.0 -0.6
 Equity 205,278,554 71.0 68.5 2.5
 Domestic Equity 127,397,570 44.1 43.0 1.1
 BNYM Mellon DB NSL Stock Index Fund 98,728,517 34.1 33.0 1.1
 BNYM Mellon DB SL SMID Cap Stock Index Fund 28,669,053 9.9 10.0 -0.1
 International Equity 77,637,386 26.8 25.5 1.3
 BNYM Mellon DB NSL International Stock Index Fund 54,033,393 18.7 18.0 0.7
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund 23,603,993 8.2 7.5 0.7
 Private Equity 243,598 0.1 0.0 0.1
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 141,974 0.0 - -
 Hamilton Lane VII B 101,000 0.0 - -
 Real Assets 11,740,274 4.1 4.5 -0.4
 UBS Trumbull Property Fund 7,805,334 2.7 3.0 -0.3
 DWS RREEF Real Assets R6 3,934,940 1.4 1.5 -0.1



Valuations data as of:

Hamilton Lane VII - 9/30/2025
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 3/31/2026

All private equity and real estate assets are adjusted for any subsequent capital activity.




Investments with a zero balance were held in the portfolio during the reporting period and will be removed once they no longer impact portfolio performance.
Asset Allocation weightings may not add up to 100% due to rounding.
 Page 106 of 148
 17
 Recent Portfolio Activities


 Quarter Cash Flow

 • April 6, 2026: $92,320.64 UBS Trumbull Property Fund LP redemption.
 2Q 2026
 • April 28, 2026: $58,801.13 UBS Trumbull Property Fund LP distribution.

 1Q 2026 • January 28, 2026: $57,549.45 UBS Trumbull Property Fund LP distribution.

 • October 3, 2025: $22,939.07 UBS Trumbull Property Fund LP redemption.
 4Q 2025
 • October 27, 2025: $57,768.34 UBS Trumbull Property Fund LP distribution.
 • July 7, 2025: $3,689,564 cash raised to reimburse the General Fund.
 3Q 2025 • July 25, 2025: $57,987.44 UBS Trumbull Property Fund LP distribution.
 • August 19,2025: $1,031,535.48 invested excess cash.
 • April 14, 2025: Funded DWS RREEF Real Asset Fund.
 2Q 2025 • April 28, 2025: $58,224.58 UBS Trumbull Property Fund LP distribution.
 • June 23, 2025: $3,000,000 cash raised to reimburse the General Fund.
 • January 6, 2025: $266,147.78 UBS Trumbull Property Fund LP redemption.
 1Q 2025
 • January 27, 2025: $60,043.52 UBS Trumbull Property Fund LP distribution.
 • October 10, 2024: $386,628.34 UBS Trumbull Property Fund LP redemption.
 4Q 2024
 • October 25, 2024: $70,575.75 UBS Trumbull Property Fund LP distribution.
 • July 5, 2024: $124,974.45 UBS Trumbull Property Fund LP redemption.
 3Q 2024
 • July 26, 2024: $67,506.43 UBS Trumbull Property Fund LP distribution.
 • April 4, 2024: $55,152.00 UBS Trumbull Property Fund LP redemption.
 2Q 2024 • April 19, 2024: $67,457.44 UBS Trumbull Property Fund LP distribution.
 • June 28, 2024: $5,436,142 cash raised to reimburse the General Fund.

 Note: 2Q 2026 portfolio activity is not reflected in the 1Q 2026 Quarterly Report

 Page 107 of 148
 18
www.FiducientAdvisors.com
Portfolio Dashboard
Total Invested Assets As of March 31, 2026
Historical Performance Summary of Cash Flows
 24.0 Fiscal 1 Since
 QTR
 YTD Year Inception
 Total Invested Assets
 16.1 15.8 Beginning Market Value 293,308,810 275,006,808 254,282,842 126,047,968
 16.0
 12.2 11.9 Net Contributions - -5,736,573 -5,736,573 -57,163,323



 Return (%)
 8.7 9.0 Gain/Loss -4,138,436 19,900,139 40,624,106 220,285,730
 8.0 7.4 7.4 6.6 6.7 7.1
 6.1 Ending Market Value 289,170,375 289,170,375 289,170,375 289,170,375


 Current Benchmark Composition
 0.0
 From Date To Date
 -1.4 -1.2
 04/2025 Present 27.00% Blmbg. U.S. Aggregate, 33.00% S&P 500, 10.00%
 Russell 2500 Index, 18.00% MSCI EAFE (Net), 7.50% MSCI
 -8.0 Emerging Markets (Net), 3.00% NCREIF Fund Index - ODCE
 QTR Fiscal 1 3 5 10 Since (net), 1.50% DWS Real Assets Benchmark
 YTD Year Years Years Years Inception
 Portfolio (01/2008) Portfolio Benchmark (01/2008)

Portfolio Allocation Actual vs. Target Allocations

 Short Term Liquidity Short Term Liquidity 0.0%
 Real Assets 0.1%
 4.1% 0.1% $294,943 0.1%
 Private Equity Fixed Income
 0.1% 24.8% Fixed Income 27.0%
 24.8%
 International Equity $71,856,604 -2.2 %
 26.8%
 Domestic Equity 43.0%
 44.1%
 $127,397,570 1.1%

 International Equity 25.5%
 26.8%
 $77,637,386 1.3%

 Private Equity 0.0%
 0.1%
 $243,598 0.1%
 Domestic Equity
 44.1% Real Assets 4.5%
 4.1%
 $11,740,274 -0.4 %

 Short Term Liquidity Fixed Income Domestic Equity -20.0 % 0.0% 20.0% 40.0% 60.0%

 International Equity Private Equity Real Assets Target Actual Differences




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.



 Page 108 of 148
 19
  Asset Class Performance & BERS Benchmark Attribution




BERS Benchmark Composition: 27.0% Blmbg. U.S. Aggregate, 33.0% S&P 500, 10.0% Russell 2500 Index, 18.0% MSCI EAFE (Net), 7.5% MSCI Emerging Markets
(Net), 3.0% NCREIF Fund Index - ODCE (net), 1.5% DWS Real Assets Benchmark
 Page 109 of 148
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www.FiducientAdvisors.com
Asset Allocation
Total Invested Assets As of March 31, 2026
Actual vs. Target

 0.0%
Short Term Liquidity
 0.1%
 $294,943
 0.1%

 27.0%
 Fixed Income
 24.8%
 $71,856,604
 -2.2 %

 43.0%
 Domestic Equity 44.1%
 $127,397,570
 1.1%

 25.5%
International Equity
 26.8%
 $77,637,386
 1.3%

 0.0%
 Private Equity
 0.1%
 $243,598
 0.1%

 4.5%
 Real Assets 4.1%
 $11,740,274
 -0.4 %

 -16.0 % -8.0 % 0.0% 8.0% 16.0% 24.0% 32.0% 40.0% 48.0% 56.0%

 Target Allocation Actual Allocation Allocation Differences
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
  Short Term Liquidity 294,943 0.1 0.0 0.1
  Fixed Income 71,856,604 24.8 27.0 -2.2
  Domestic Equity 127,397,570 44.1 43.0 1.1
  International Equity 77,637,386 26.8 25.5 1.3
  Private Equity 243,598 0.1 0.0 0.1
  Real Assets 11,740,274 4.1 4.5 -0.4
Total Invested Assets 289,170,375 100.0 100.0 0.0




 Page 110 of 148
 21
Fixed Income Asset Class Summary
Total Invested Assets As of March 31, 2026




Important Disclosure Information:
Holding characteristics are sourced from Morngingstar Direct and manager provided data. Mutual fund data is as of the most recent submission to Morningstar.
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments,
including derivatives, which may be used to gain or reduce market exposure and/or risk management.



Past performance may not be indicative of future results. Account information has been compiled solely by Fiducient Advisors has not been independently verified, and does not reflect the impact of taxes on
non-qualified accounts. In preparing this report, Fiducient Advisors has relied upon information provided by third party sources. A copy of our current written disclosure statement discussing our advisory
services and fees continues to remain available for your review upon request. Historical performance results for investment indices and/or categories have been provided for general comparison purposes only,
and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of
decreasing historical performance results. It should not be assumed that your account holdings correspond directly to any comparative indices.
 Page 111 of 148
 22
Performance Overview
Total Invested Assets As of March 31, 2026
Trailing Performance Summary
 Current Fiscal 1 3 5 7 10 Since Inception
 Quarter YTD Year Years Years Years Years Inception Date
Total Invested Assets -1.4 7.4 16.1 12.2 6.6 8.5 8.7 6.1 01/2008
  Policy Benchmark -1.2 7.4 15.8 11.9 6.7 8.9 9.0 7.1 01/2008




Calendar Year Performance Summary
 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Total Invested Assets 17.8 11.2 15.0 -15.4 14.6 12.7 19.1 -5.2 17.0 8.7
  Policy Benchmark 17.4 10.7 14.9 -14.7 14.3 14.5 20.6 -5.2 16.9 9.0




Plan Reconciliation
 Fiscal 1 3 5 10 Since Inception
 QTR
 YTD Year Years Years Years Inception Date
Total Invested Assets 01/2008
  Beginning Market Value 293,308,810 275,006,808 254,282,842 217,406,261 239,835,720 152,332,082 126,047,968
  Net Contributions - -5,736,573 -5,736,573 -15,036,334 -31,838,713 -44,269,388 -57,163,323
  Gain/Loss -4,138,436 19,900,139 40,624,106 86,800,448 81,173,367 181,107,681 220,285,730
  Ending Market Value 289,170,375 289,170,375 289,170,375 289,170,375 289,170,375 289,170,375 289,170,375


Benchmark Composition
 Weight (%)
Apr-2025
 Blmbg. U.S. Aggregate 27.0
 S&P 500 33.0
 Russell 2500 Index 10.0
 MSCI EAFE (Net) 18.0
 MSCI Emerging Markets (Net) 7.5
 NCREIF Fund Index - ODCE (net) 3.0
 DWS Real Assets Benchmark 1.5




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.
 Page 112 of 148
 23
Manager Performance
Fiscal Year As of March 31, 2026
 Performance(%)
 Jul-2024 Jul-2023 Jul-2022 Jul-2021 Jul-2020 Jul-2019 Jul-2018 Jul-2017 Jul-2016 Jul-2015
 To To To To To To To To To To
 Jun-2025 Jun-2024 Jun-2023 Jun-2022 Jun-2021 Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016
Total Invested Assets (excluding Prepaid) 12.6 12.8 10.3 -13.2 31.1 0.8 5.1 9.6 13.9 -1.2
  Policy Benchmark 12.4 12.1 10.9 -12.5 30.2 2.9 6.0 9.6 13.7 0.4




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. Fund
level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 113 of 148
 24
Manager Performance
Total Invested Assets As of March 31, 2026

 Allocation Performance(%)
 Manager
 Market Status
 Fiscal 1 3 5 10 Since Inception
 Value % QTR
 YTD Year Years Years Years Inception Date
 ($)
Total Invested Assets 289,170,375 100.0 -1.4 7.4 16.1 12.2 6.6 8.7 6.1 01/2008
  Policy Benchmark -1.2 7.4 15.8 11.9 6.7 9.0 7.1
  Secondary Benchmark -1.2 7.4 15.9 11.9 6.6 8.8 7.0

Short Term Liquidity 294,943 0.1 0.0 0.8 0.8 2.0 1.3 - 1.2 01/2021
  90 Day U.S. Treasury Bill 0.8 2.9 4.0 4.7 3.3 2.3 3.2

Key Bank Cash Portfolio 294,887 0.1

First American Govt Oblig Fund Z 56 0.0 0.9 2.9 4.0 4.7 3.3 2.2 4.1 03/2022
  90 Day U.S. Treasury Bill 0.8 2.9 4.0 4.7 3.3 2.3 4.1
  Money Market-Taxable Median 0.8 2.8 3.9 4.6 3.2 2.0 3.9
 First American Govt Oblig Fund Z Rank 16 19 19 19 19 14 20

Fixed Income 71,856,604 24.8 -0.1 3.3 5.1 4.5 0.9 - 0.1 01/2021
  Blmbg. U.S. Aggregate 0.0 3.1 4.3 3.6 0.3 1.7 -0.4

JIC Core Bond Fund I 53,292,723 18.4 0.0 3.2 4.6 3.7 0.3 1.9 0.4 03/2020 Maintain
  Blmbg. U.S. Aggregate 0.0 3.1 4.3 3.6 0.3 1.7 0.3
  Intermediate Core Bond Median -0.1 3.0 4.3 3.6 0.3 1.7 0.3
 JIC Core Bond Fund I Rank 30 19 19 45 49 31 49

BlackRock Strategic Income Opportunities K 18,563,881 6.4 -0.3 3.5 6.5 6.5 3.1 4.0 4.2 03/2022 Maintain
  Blmbg. U.S. Aggregate 0.0 3.1 4.3 3.6 0.3 1.7 0.7
  Nontraditional Bond Median -0.4 2.8 4.6 5.8 2.8 3.5 3.7
 BlackRock Strategic Income Opportunities K Rank 48 35 19 32 41 30 34




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 114 of 148
 25
Manager Performance
Total Invested Assets As of March 31, 2026

 Allocation Performance(%)
 Manager
 Market Status
 Fiscal 1 3 5 10 Since Inception
 Value % QTR
 YTD Year Years Years Years Inception Date
 ($)
Domestic Equity 127,397,570 44.1 -3.0 7.8 19.1 17.2 10.4 - 11.5 01/2021
  Domestic Equity Benchmark -2.9 7.9 19.1 17.3 10.5 13.3 11.6

BNYM Mellon DB NSL Stock Index Fund 98,728,517 34.1 -4.3 6.2 17.8 18.3 12.0 14.1 14.1 04/2016 Maintain
  S&P 500 -4.3 6.2 17.8 18.3 12.1 14.2 14.2
  Large Blend Median -4.4 5.3 16.6 17.0 10.7 13.1 13.1
 BNYM Mellon DB NSL Stock Index Fund Rank 49 31 30 24 18 12 12

BNYM Mellon DB SL SMID Cap Stock Index Fund 28,669,053 9.9 2.0 13.8 23.5 13.3 5.6 10.7 10.7 04/2016 Maintain
  Russell 2500 Index 2.0 13.7 23.4 13.2 5.5 10.6 10.6
  U.S. SMID Cap Equity (MF) Median 0.9 9.4 17.4 10.9 5.1 9.7 9.7
 BNYM Mellon DB SL SMID Cap Stock Index Fund Rank 39 29 24 24 44 28 28

International Equity 77,637,386 26.8 -0.8 10.9 24.1 14.3 6.7 - 7.0 01/2021
  International Equity Benchmark -0.9 10.7 23.8 14.2 6.9 8.7 7.1

BNYM Mellon DB NSL International Stock Index Fund 54,033,393 18.7 -1.2 8.7 21.7 14.0 8.2 8.8 8.8 04/2016 Maintain
  MSCI EAFE (Net) -1.2 8.5 21.3 13.6 7.9 8.4 8.4
  Foreign Large Blend Median 0.8 10.2 22.8 14.2 7.4 8.4 8.4
 BNYM Mellon DB NSL International Stock Index Fund Rank 78 66 61 54 29 35 35

BNYM Mellon DB NSL Emerging Markets Stock Index Fund 23,603,993 8.2 0.2 16.4 30.1 14.8 3.5 7.7 7.7 04/2016 Maintain
  MSCI Emerging Markets (Net) -0.2 15.7 29.6 14.8 3.7 7.8 7.8
  Diversified Emerging Mkts Median 3.0 18.6 33.1 15.0 3.8 7.9 7.9
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund Rank 81 67 66 53 55 54 54




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 115 of 148
 26
Manager Performance
Total Invested Assets As of March 31, 2026

 Allocation Performance(%)
 Manager
 Market Status
 Fiscal 1 3 5 10 Since Inception
 Value % QTR
 YTD Year Years Years Years Inception Date
 ($)


Private Equity 243,598 0.1 0.0 0.0 -2.8 -11.8 -7.9 - -5.8 01/2021

Hamilton Lane II 624 0.0 0.0 0.0 0.0 -23.7 -19.4 -2.4 6.2 03/2009 Maintain

Hamilton Lane VII A 141,974 0.0 0.0 -5.8 -8.1 -13.8 -8.8 2.8 5.7 07/2011 Maintain

Hamilton Lane VII B 101,000 0.0 0.0 -1.5 -4.9 -10.0 -6.9 1.1 4.7 07/2011 Maintain

Real Assets 11,740,274 4.1 3.7 6.8 8.6 -0.9 0.9 - 1.0 01/2021
  Real Assets Benchmark 1.2 2.5 3.3 -2.8 2.3 - 2.5

UBS Trumbull Property Fund 7,805,334 2.7 1.0 3.2 4.6 -2.1 0.8 - 1.2 07/2016 Terminate
  NCREIF Fund Index - ODCE (net) 1.2 2.5 3.3 -2.8 2.4 3.8 3.7

DWS RREEF Real Assets R6 3,934,940 1.4 9.8 15.1 18.4 10.5 7.3 7.7 18.4 04/2025 Maintain
  DWS Real Assets Benchmark 10.2 16.5 19.8 10.4 7.7 6.8 19.8



Valuations data as of:
Valuations data as of:
Hamilton Lane VII - 9/30/2025
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 3/31/2026

All private equity and real estate assets are adjusted for any subsequent capital activity.




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 116 of 148
 27
Calendar Year Performance
Total Invested Assets As of March 31, 2026
 Performance(%)
 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Total Invested Assets 17.8 11.2 15.0 -15.4 14.6 12.7 19.1 -5.2 17.0 8.7
  Policy Benchmark 17.4 10.7 14.9 -14.7 14.3 14.5 20.6 -5.2 16.9 9.0
  Secondary Benchmark 17.4 10.7 14.7 -15.1 14.1 14.0 19.8 -5.3 16.7 9.1

Short Term Liquidity 1.0 2.9 2.3 0.3 0.0 - - - - -
  90 Day U.S. Treasury Bill 4.2 5.3 5.0 1.5 0.0 0.7 2.3 1.9 0.9 0.3

First American Govt Oblig Fund Z 4.2 5.2 5.0 1.5 0.0 0.4 2.1 1.7 0.8 0.2
  90 Day U.S. Treasury Bill 4.2 5.3 5.0 1.5 0.0 0.7 2.3 1.9 0.9 0.3
  Money Market-Taxable Median 4.0 5.0 4.8 1.4 0.0 0.3 1.8 1.5 0.5 0.0
 First American Govt Oblig Fund Z Rank 17 22 26 23 22 20 13 16 11 13

Fixed Income 8.1 2.5 6.0 -12.7 -2.0 - - - - -
  Blmbg. U.S. Aggregate 7.3 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6

JIC Core Bond Fund I 7.9 1.2 5.4 -13.7 -2.0 9.7 8.9 0.1 3.7 3.7
  Blmbg. U.S. Aggregate 7.3 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6
  Intermediate Core Bond Median 7.1 1.5 5.6 -13.4 -1.6 7.9 8.5 -0.4 3.5 2.6
 JIC Core Bond Fund I Rank 10 72 63 63 79 14 30 20 37 17

BlackRock Strategic Income Opportunities K 8.7 5.4 7.4 -5.6 1.1 7.3 7.8 -0.5 5.0 3.7
  Blmbg. U.S. Aggregate 7.3 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6
  Nontraditional Bond Median 6.2 5.9 7.2 -6.4 1.1 4.6 6.2 -0.8 3.7 4.5
 BlackRock Strategic Income Opportunities K Rank 18 60 48 43 52 24 28 46 30 66




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and
provided by Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a
statement or data from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of
fees unless otherwise stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception.
Inception dates for asset class composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of
underlying component strategies.
 Page 117 of 148
 28
Calendar Year Performance
Total Invested Assets As of March 31, 2026
 Performance(%)
 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Domestic Equity 16.6 22.1 24.4 -18.1 26.0 - - - - -
  Domestic Equity Benchmark 16.5 22.1 24.4 -18.1 26.3 19.3 30.1 -6.6 19.9 14.2

BNYM Mellon DB NSL Stock Index Fund 17.9 25.0 26.2 -18.1 28.7 18.3 31.4 -4.4 21.8 -
  S&P 500 17.9 25.0 26.3 -18.1 28.7 18.4 31.5 -4.4 21.8 12.0
  Large Blend Median 16.4 23.3 24.5 -18.2 26.6 17.5 30.0 -5.6 21.2 10.3
 BNYM Mellon DB NSL Stock Index Fund Rank 24 25 27 49 22 41 27 24 35 -

BNYM Mellon DB SL SMID Cap Stock Index Fund 12.0 12.1 17.6 -18.3 18.4 20.0 27.9 -9.9 17.0 -
  Russell 2500 Index 11.9 12.0 17.4 -18.4 18.2 20.0 27.8 -10.0 16.8 17.6
  U.S. SMID Cap Equity (MF) Median 7.9 12.0 16.1 -16.3 23.3 13.5 25.8 -11.0 15.7 16.1
 BNYM Mellon DB SL SMID Cap Stock Index Fund Rank 22 50 35 56 63 42 37 46 46 -

International Equity 32.4 5.1 16.3 -15.8 5.5 - - - - -
  International Equity Benchmark 32.2 5.0 16.1 -15.7 6.7 13.2 20.3 -14.1 31.1 6.2

BNYM Mellon DB NSL International Stock Index Fund 31.6 4.2 18.6 -14.1 11.5 8.6 22.3 -13.3 25.7 -
  MSCI EAFE (Net) 31.2 3.8 18.2 -14.5 11.3 7.8 22.0 -13.8 25.0 1.0
  Foreign Large Blend Median 31.2 4.6 16.3 -15.9 10.3 9.7 22.1 -15.0 25.5 0.8
 BNYM Mellon DB NSL International Stock Index Fund Rank 45 56 18 24 34 57 48 22 48 -

BNYM Mellon DB NSL Emerging Markets Stock Index Fund 33.8 7.3 9.5 -20.6 -2.6 18.3 18.4 -14.6 37.2 -
  MSCI Emerging Markets (Net) 33.6 7.5 9.8 -20.1 -2.5 18.3 18.4 -14.6 37.3 11.2
  Diversified Emerging Mkts Median 31.8 6.3 11.0 -22.5 -1.3 17.8 20.5 -16.4 35.4 8.4
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund Rank 35 38 63 35 60 48 65 30 43 -




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and
provided by Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a
statement or data from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of
fees unless otherwise stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception.
Inception dates for asset class composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of
underlying component strategies.
 Page 118 of 148
 29
Calendar Year Performance
Total Invested Assets As of March 31, 2026
 Performance(%)
 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016


Private Equity -12.9 -15.1 -7.0 -10.5 18.8 - - - - -

Hamilton Lane II 0.0 -14.6 -52.0 2.0 -22.9 24.7 32.7 25.5 13.6 8.9

Hamilton Lane VII A -19.1 -15.9 -4.7 -13.8 33.9 14.6 13.9 14.7 9.9 9.0

Hamilton Lane VII B -11.1 -12.9 -7.0 -3.8 0.4 18.6 6.8 8.3 10.7 9.1

Real Assets 6.0 -2.5 -15.8 0.8 15.7 - - - - -
  Real Assets Benchmark 2.9 -2.3 -12.7 7.5 19.3 - - - - -

UBS Trumbull Property Fund 4.8 -2.5 -15.8 4.9 15.1 -5.1 -3.0 6.0 5.2 -
  NCREIF Fund Index - ODCE (net) 2.9 -2.3 -12.7 6.5 21.0 0.3 4.4 7.4 6.7 7.8

DWS RREEF Real Assets R6 13.2 5.6 2.6 -9.6 23.9 3.9 21.8 -5.1 15.0 4.4
  DWS Real Assets Benchmark 14.5 3.0 4.2 -7.5 22.3 -3.7 19.7 -7.7 11.6 12.0




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and
provided by Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a
statement or data from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of
fees unless otherwise stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception.
Inception dates for asset class composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of
underlying component strategies.
 Page 119 of 148
 30
Performance Attribution
Total Invested Assets vs. Secondary Benchmark 1 Year Ending March 31, 2026
Total Fund Performance Total Value Added:0.2%




 Total Value Added 0.2% Asset Allocation 0.0%




Total Fund Benchmark 15.9% Manager Value Added 0.2%




 Total Fund 16.1% Other 0.1%




 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% -0.4 % -0.2 % 0.0% 0.2% 0.4%



Total Asset Allocation:0.0% Total Manager Value Added:0.2%


 Short Term Liquidity 0.4% -0.1 % 0.0%


 Fixed Income -1.9 % 0.1% 0.2%




 Weight (%)
 Domestic Equity 0.9% -0.1 % 0.0%


 International Equity 1.2% 0.0% 0.1%


 Real Assets -0.6 % 0.0% 0.0%


 Private Equity 0.1% 0.0% 0.0%


 -4.0 % -2.0 % 0.0% 2.0% -0.4 % -0.2 % 0.0% 0.2% -0.4 % -0.2 % 0.0% 0.2% 0.4%

 Average Active Weight Asset Allocation Value Added Manager Value Added

Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.



 Page 120 of 148
 31
Manager Status Commentary
City of Burlington Employees Retirement System As of March 31, 2026

Manager Recommendation Comments
Fixed Income
JIC Core Bond Fund I Maintain
BlackRock Strategic Income Opportunities K Maintain
Equity
Domestic Equity
BNYM Mellon DB NSL Stock Index Fund Maintain
BNYM Mellon DB SL SMID Cap Stock Index Fund Maintain
International Equity
BNYM Mellon DB NSL International Stock Index Fund Maintain
BNYM Mellon DB NSL Emerging Markets Stock Index Fund Maintain
Private Equity
Hamilton Lane II Maintain
Hamilton Lane VII A Maintain
Hamilton Lane VII B Maintain
Real Assets
UBS Trumbull Property Fund Terminate Following the departures of two key team members in 2020, Matt Lynch, Head of US Real Estate, and Jack Connelly, Head of Transactions, the UBS Trumbull Property Fund was evaluated for
 potential impacts and conversation with the team took place. Following this due diligence the Trumbull Property Fund was moved to terminate status. A significant redemption queue remains
 for the Fund. Redemptions are paid out on a pro-rata basis according to the ratio of the requesting investor’s units to the total units of all investors requesting redemptions. It is anticipated that
 satisfying the pool will be a multi-year process.
DWS RREEF Real Assets R6 Maintain



BERS is in the redemption queue for a full liquidation of the UBS Trumbull Property Fund.




Commentary produced upon change of status.



 Page 121 of 148
 32
Reconciliation of BERS Pension Benefits Payable to the City



 Funds Received Expenses & Benefits Misc. Monthly Amount Balance Due Payment
 by the City Paid by the City Adjustment* due To/(From) To/(From) From BERS to
 for BERS* for BERS* BERS BERS the City
Beginning Balance, 7/1/2025 (5,737,200)

 July 366,642 (2,067,536) (1,700,894) (7,438,094)
 August 412,171 (2,167,097) (1,754,926) (3,455,820) 5,737,200
 September 931,747 (2,102,352) 6,153 (1,164,452) (4,620,272)
 October 2,277,565 (4,397,794) (2,120,229) (6,740,502)
 November 280,319 (102,583) (4,719) 173,017 (6,567,485)
 December 1,054,852 (2,287,198) (52) (1,232,397) (7,799,882)
 January 439,977 (2,202,278) (1,762,301) (9,562,183)
 February 8,655,288 (2,356,695) 6,298,594 (3,263,589)
 March 2,115,798 (2,571,553) (455,755) (3,719,344)
 April
 May
 FYE June 2026

Total 16,534,360 (20,255,086) 1,382 (3,719,344) (3,719,344) 5,737,200




Actuarially Determined Employer Contribution (FYE 2026): 15,478,508
Administrative Fees: 648,000
Additional Employer Contribution per union contracts: 367,840
Total required from the City Depts to BERS: 16,494,348
Remaining Balance until Fully Funded: (40,012)


Note: COB Department changes will be billed and booked before Jan 1, 2026




Amounts are provided by the City of Burlington, VT on a monthly basis. The actual amounts recorded by the City each month may vary from the information shown above as additional
funds are received by the City and allocated to previous periods. This exhibit does not reflect adjustments to previous periods, however the cumulative impact of any changes is reflecting
in the "Balance Due To/(From) BERS".
 Page 122 of 148
 33
Investment Gain/Loss Summary
City of Burlington Employees Retirement System 1 Quarter Ending March 31, 2026
 Market Value Market Value
 as of Net Contributions Gain/Loss As of
 01/01/2026 03/31/2026
Total Plan 285,508,929 4,080,538 -4,138,436 285,451,031
Pension Benefits Payable to the City -7,799,882 4,080,538 - -3,719,344


Total Invested Assets 293,308,810 - -4,138,436 289,170,375
Short Term Liquidity 172,677 122,187 79 294,943
Key Bank Cash Portfolio 172,640 122,247 - 294,887
First American Govt Oblig Fund Z 37 -60 79 56
Fixed Income 71,913,246 - -56,642 71,856,604
JIC Core Bond Fund I 53,286,613 - 6,110 53,292,723
BlackRock Strategic Income Opportunities K 18,626,632 - -62,752 18,563,881
Equity 209,903,879 -122,247 -4,503,078 205,278,554
Domestic Equity 131,302,288 - -3,904,718 127,397,570
BNYM Mellon DB NSL Stock Index Fund 103,204,067 - -4,475,550 98,728,517
BNYM Mellon DB SL SMID Cap Stock Index Fund 28,098,221 - 570,832 28,669,053
International Equity 78,235,746 - -598,360 77,637,386
BNYM Mellon DB NSL International Stock Index Fund 54,677,500 - -644,106 54,033,393
BNYM Mellon DB NSL Emerging Markets Stock Index Fund 23,558,247 - 45,746 23,603,993
Private Equity 365,845 -122,247 - 243,598
Hamilton Lane II 624 - - 624
Hamilton Lane VII A 257,244 -115,270 - 141,974
Hamilton Lane VII B 107,977 -6,977 - 101,000
Real Assets 11,319,008 60 421,206 11,740,274
UBS Trumbull Property Fund 7,789,435 -57,549 73,449 7,805,334
DWS RREEF Real Assets R6 3,529,574 57,609 347,757 3,934,940
Valuations data as of:
Valuations data as of:
Hamilton Lane VII - 9/30/2025
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 3/31/2026

All private equity and real estate assets are adjusted for any subsequent capital activity.




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 123 of 148
 34
Portfolio Statistics
Total Invested Assets As of March 31, 2026
 1 3 5 10 Since Inception
 QTD
 Year Years Years Years Inception Date
  Return -1.4 16.1 12.2 6.6 8.7 6.1 01/2008
  Standard Deviation 3.9 8.3 9.3 11.4 12.7 12.8
  Upside Risk 1.9 2.1 8.3 8.7 10.1 9.9
  Downside Risk 3.4 5.8 5.4 7.6 8.2 8.3

vs. Policy Benchmark
  Alpha 0.0 -0.5 0.1 -0.2 1.8 3.1
  Beta 1.1 1.0 1.0 1.0 0.8 0.5
  Information Ratio -0.3 0.6 0.9 -0.1 0.0 -0.1
  Tracking Error 0.2 0.4 0.3 0.4 9.5 12.9

vs. 90 Day U.S. Treasury Bill
  Sharpe Ratio -0.2 1.4 0.8 0.3 0.5 0.4




Calculation based on monthly periodicity. Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.



 Page 124 of 148
 35
Estimated Fee Analysis
Total Invested Assets As of March 31, 2026
 Estimated Estimated Universe Median
 Market Value Fee Schedule Details
 Annual Fee Annual Fee Expense Ratio
 ($) (Ex. Mutual Fund Investments)
 ($) (%) (%)
Total Invested Assets 289,170,375 422,241 0.15 -
Short Term Liquidity 294,943 - 0.00 -
  Key Bank Cash Portfolio 294,887 - - -
  First American Govt Oblig Fund Z 56 - 0.18 0.42
Fixed Income 71,856,604 248,328 0.35 -
  JIC Core Bond Fund I 53,292,723 133,232 0.25 0.67
  BlackRock Strategic Income Opportunities K 18,563,881 115,096 0.62 1.42
Equity 205,278,554 78,791 0.04 -
Domestic Equity 127,397,570 38,219 0.03 -
  BNYM Mellon DB NSL Stock Index Fund 98,728,517 29,619 0.03 0.03 % of Assets 0.82
  BNYM Mellon DB SL SMID Cap Stock Index Fund 28,669,053 8,601 0.03 0.03 % of Assets 1.19
International Equity 77,637,386 38,136 0.05 -
  BNYM Mellon DB NSL International Stock Index Fund 54,033,393 21,613 0.04 0.04 % of Assets 1.05
  BNYM Mellon DB NSL Emerging Markets Stock Index Fund 23,603,993 16,523 0.07 0.07 % of Assets 1.45
Private Equity 243,598 2,436 1.00 -
  Hamilton Lane II 624 6 1.00 1.00 % of Assets -
  Hamilton Lane VII A 141,974 1,420 1.00 1.00 % of Assets -
  Hamilton Lane VII B 101,000 1,010 1.00 1.00 % of Assets -
Real Assets 11,740,274 95,122 0.81 -
  UBS Trumbull Property Fund 7,805,334 60,101 0.77 0.77 % of Assets -
  DWS RREEF Real Assets R6 3,934,940 35,021 0.89 -


Estimated Annual Fee (%): The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information. Fee calculations for mutual
funds represent fees at the net expense level. Fee calculations for commingled funds and/or alternative investments reflect base management fees and exclude underlying fund expenses captured at the NAV
level, any applicable performance-based fees, or incentive fees. Fees for fund of funds are shown at the fund of fund level and do not include fees charged by underlying investment managers/funds.

Universe Median Net Expense Ratio (%): Mutual fund equivalent universe shown for comparative purposes, where available. Private Equity universe fee average: Fund of Funds 0.87% (excludes underlying
fund fees and performance-based fees), Direct Funds 2.0% management fee (excludes performance-based fee and any pass- through expenses).




The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.

Fee calculations for mutual funds represent fees at the net expense level. Fee calculations for commingled funds and/or alternative investments reflect base management fees and exclude underlying fund
expenses captured at the NAV level, any applicable performance-based fees, or incentive fees. Fees for fund of funds are shown at the fund of fund level and do not include fees charged by underlying
investment managers/funds.
 Page 125 of 148
 36
Liquidity Schedule
Total Invested Assets As of March 31, 2026
 Market Value Liquid Semi Liquid Illiquid
Investments Subscriptions Redemptions
 ($) ($) ($) ($)
Short Term Liquidity
Key Bank Cash Portfolio Daily Liquid 294,887 294,887 - -
First American Govt Oblig Fund Z Daily Liquid 56 56 - -
Fixed Income
JIC Core Bond Fund I Daily Liquid 53,292,723 53,292,723 - -
BlackRock Strategic Income Opportunities K Daily Liquid 18,563,881 18,563,881 - -
Domestic Equity
BNYM Mellon DB NSL Stock Index Fund Daily Liquid 98,728,517 98,728,517 - -
BNYM Mellon DB SL SMID Cap Stock Index Fund Daily Liquid 28,669,053 28,669,053 - -
International Equity
BNYM Mellon DB NSL International Stock Index Fund Daily Liquid 54,033,393 54,033,393 - -
BNYM Mellon DB NSL Emerging Markets Stock Index Fund Daily Liquid 23,603,993 23,603,993 - -
Private Equity
Hamilton Lane II Illiquid Illiquid 624 - - 624
Hamilton Lane VII A Illiquid Illiquid 141,974 - - 141,974
Hamilton Lane VII B Illiquid Illiquid 101,000 - - 101,000
Real Assets
UBS Trumbull Property Fund Quarterly Semi Liquid 7,805,334 - 7,805,334 -
DWS RREEF Real Assets R6 Daily Liquid 3,934,940 3,934,940 - -
Total ($) 289,170,375 281,121,443 7,805,334 243,598
Total (%) 100.0 97.2 2.7 0.1




Liquid – daily to monthly | Semi-Liquid – greater than monthly and up to one year | Illiquid – greater than one year
The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.
 Page 126 of 148
 37
Liquidity Schedule
Total Invested Assets As of March 31, 2026
 Market Value % of
Redemptions
 ($) Total Plan
Illiquid 243,598 0.1
Semi Liquid 7,805,334 2.7
Liquid 281,121,443 97.2
Total 289,170,375 100.0



BERS is in the redemption queue for a full liquidation of the UBS Trumbull Property Fund.




Liquid – daily to monthly | Semi-Liquid – greater than monthly and up to one year | Illiquid – greater than one year
The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.
 Page 127 of 148
 38
Benchmark History
Total Invested Assets As of March 31, 2026
Account Name From Date To Date Benchmark
Total Invested Assets 04/2025 Present 27.0% Blmbg. U.S. Aggregate, 33.0% S&P 500, 10.0% Russell 2500 Index, 18.0% MSCI EAFE (Net), 7.5% MSCI Emerging
 Markets (Net), 3.0% NCREIF Fund Index - ODCE (net), 1.5% DWS Real Assets Benchmark
 04/2024 03/2025 27.0% Blmbg. U.S. Aggregate, 33.5% S&P 500, 9.5% Russell 2500 Index, 19.0% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 4.0% NCREIF Fund Index - ODCE (net)
 01/2023 03/2024 25.0% Blmbg. U.S. Aggregate, 32.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net)
 09/2022 12/2022 25.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net), 1.0% NCREIF Timberland Index
 05/2021 08/2022 18.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 10.5% Russell 2500 Index, 23.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net), 1.0% NCREIF Timberland Index
 12/2019 04/2021 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index
 06/2017 11/2019 20.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF
 Timberland Index
 01/2016 05/2017 28.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 2.0% NCREIF Timberland Index
 01/2008 12/2015 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index


Secondary Benchmark 04/2025 Present 27.0% Blmbg. U.S. Aggregate, 33.0% S&P 500, 10.0% Russell 2500 Index, 18.0% MSCI EAFE (Net), 7.5% MSCI Emerging
 Markets (Net), 3.0% UBS Trumbull Property Fund, 1.5% DWS Real Assets Benchmark
 04/2024 03/2025 27.0% Blmbg. U.S. Aggregate, 33.5% S&P 500, 9.5% Russell 2500 Index, 19.0% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 4.0% UBS Trumbull Property Fund
 01/2023 03/2024 25.0% Blmbg. U.S. Aggregate, 32.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% UBS Trumbull Property Fund
 09/2022 12/2022 25.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% UBS Trumbull Property Fund, 1.0% Molpus SWF II
 05/2021 08/2022 18.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 10.5% Russell 2500 Index, 23.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 6.0% UBS Trumbull Property Fund, 1.0% Molpus SWF II
 12/2019 04/2021 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% UBS Trumbull Property Fund, 2.0% Molpus SWF II
 06/2017 11/2019 20.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 8.0% UBS Trumbull Property Fund, 2.0% Molpus SWF II
 07/2016 05/2017 28.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 2.0% Molpus SWF II
 01/2016 06/2016 28.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 2.0% Molpus SWF II
 03/2009 12/2015 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% Molpus SWF II




 Page 128 of 148
 39
Benchmark History
Total Invested Assets As of March 31, 2026
Account Name From Date To Date Benchmark
 01/2008 02/2009 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index




 Page 129 of 148
 40
Fiduciary Governance Calendar




 Page 130 of 148
 41
 Fiduciary Governance Calendar


 The fiduciary governance calendar is designed to create a disciplined framework around governance, which
 helps ensure that over the course of a calendar year key fiduciary obligations and responsibilities are being met.




 •
 •
 Investment Review
 Investment Policy Review
 Q1 Q2 •
 •
 Investment Review
 Portfolio Expense and
 • Fiduciary Training Governance Fee Focus Liquidity Review*




 •
 •
 Investment Review
 Capital Markets
 Q4 Q3 •
 •
 Investment Review
 Municipal Landscape Update
 Assumptions Asset Allocation Municipal • Annual Actuarial Review
 • Asset Allocation Review Focus Landscape




 Fiduciary Trail® Fiduciary Lockbox®




 *Liquidity analysis is provided only for portfolios with marketable alternatives and/or private equity.

 Page 131 of 148
 42
www.FiducientAdvisors.com
 Investment Policy Statement


 A well-written Investment Policy Statement serves as the blueprint for the management of the
 investment program. As such, there are certain criteria that are required in an IPS, and other criteria
 that may or may not be included based on the organization’s circumstances:


 Important elements of an IPS to consider: In the appendix, you will find the most
 recent IPS on file for the Burlington
 Investment objective(s)  Employees’ Retirement System.

 Assignment of responsibilities 
 • The body of the IPS is as of May
 Asset allocation framework  2024, and the asset allocation table in
 Appendix A is as of March 2025.
 Rebalancing guidelines 
 • The IPS was most  recently
 Selection and monitoring criteria for reviewed/approved by the Investment
 
 investment strategies Committee in April 2025.
 Termination guidelines for investment
  • There are no recommendations for
 strategies
 change at this point in time.
 Liquidity guidelines 

 Proxy voting 




 Page 132 of 148
 43
www.FiducientAdvisors.com
 INVESTMENT POLICY STATEMENT
 CITY OF BURLINGTON, VERMONT
BURLINGTON EMPLOYEES' RETIREMENT SYSTEM

 CURRENT VERSION: March 17, 2025

 Revised May 20, 2024
 Revised October 16, 2023
 Revised October 3, 2019
 Revised November 19, 2015
 Revised December 3, 2009
 Revised June 23, 2005
 Revised February 2, 2000
 Revised June 27, 1997
 Revised September 18, 1996
 Revised October 28, 1993
 Revised September 24, 1992
 Revised May 28, 1992
 Revised November 2, 1989
 Adopted March 19, 1987




 1


 Page 133 of 148
 44
I. OVERVIEW

The Burlington Employees' Retirement System (“BERS” or the “Plan”) is a defined
benefit pension plan established to provide retirement benefits to participants in
accordance with the benefit structure adopted by the City of Burlington, Vermont.

The Plan is governed by Chapter 24 of the City of Burlington Code of Ordinances as
authorized by Title VII of the City of Burlington Charter.

This Investment Policy Statement (IPS) amends, supersedes and restates in its
entirety all prior BERS Investment Policy Statements.

If any terms of this IPS conflict with the Plan documents, the terms and conditions
of the plan documents shall prevail.


II. PURPOSE OF THE PLAN AND IPS

The Plan’s purpose is to provide retirement benefits to employees who are eligible
to receive benefits under the Plan.
The purpose of the IPS is to outline the following general provisions affecting the
Plan by:
• Assisting the Board to fulfill its fiduciary responsibilities;

• Conveying the Plan’s purpose, investment objective, investment strategy and
 constraints;

• Establishing a decision-making framework to promote the effectiveness of the
 Plan;

• Intending for the Plan to be maintained in compliance with applicable laws and
 regulations;

• Setting forth the roles and responsibilities of the Board, Investment Consultant
 (“Consultant”) and other relevant parties.


III. STANDARDS AND DUTIES

A. Fiduciary Standards

 Assets of BERS shall be managed in a manner consistent with fiduciary
 standards. Investments shall be made with the care, skill, and diligence that a
 prudent person would use in achieving the aims outlined in this IPS.

 2


 Page 134 of 148
 45
B. Board Duties

 The Board has the responsibility of establishing and maintaining policies
 governing management of BERS’ financial assets (the “Fund”), including:

 1. Act solely in the best interest of the Plan beneficiaries and the Plan’s
 objectives.
 2. Setting of investment policy;
 3. Choosing an asset allocation to balance risk and return;
 4. Selecting and evaluating professionals to manage those assets;
 5. Communicating guidelines to those professionals.
 6. Monitoring performance of the plan.
 7. Avoid prohibited transactions and conflicts of interest.

C. Consultant Duties
 1. Assist in the development and periodic review of the investment policy.
 2. Proactively recommend changes to enhance the effectiveness of the
 investment policy, investment strategy or asset allocation.
 3. Make proactive investment manager hire and fire recommendations.
 4. Monitor aggregate and manager-level performance to ensure compliance
 with stated objectives.
 5. Provide the Board with quarterly performance updates.
 6. On a timely basis, notify the Board if there are pertinent developments with
 any of the Plan’s investment managers.

D. Investment Managers
 1. Manage assets in accordance with the guidelines and objectives outlined in
 prospectuses (mutual funds), investment agreements (commingled funds,
 private partnerships, etc.), or manager-specific investment guidelines
 (separate accounts).
 2. Exercise investment discretion to buy, manage and sell assets held in the
 portfolios.
 3. Promptly vote proxies and related actions in a manner consistent with the
 long-term interest of the Plan as an investor.
 4. Communicate all organizational changes in a timely manner, including but
 not limited to ownership, organizational structure, financial condition and
 professional staff.
 5. Seek “best price and execution” for transactions. Both explicit and implicit
 transactions costs should be considered.

E. Custodian(s)
 1. Safeguard portfolio assets.
 2. Accurately value portfolio holdings.


 3


 Page 135 of 148
 46
 3. Execute buy/sell orders and cash transfers in a timely manner as directed
 by the Board.
 4. Collect all income and dividends owed to the Plan.
 5. Settle all transactions (buy/sell orders) initiated by separate account
 investment managers.
 6. Provide reports at least quarterly that detail transactions, cash flows,
 securities values and changes in the value of each security and the overall
 portfolio since the previous report.
 7. Provide all requested portfolio information to the Consultant and Board in a
 timely manner.


IV. INVESTMENT GOAL

 The long-term goal of the portfolio is to earn the actuarial return assumption net
 of fees over a long period of time such as 20 years while assuming only as much
 risk as the Board believes is needed to achieve that return. The return
 assumption shall not be used to justify taking excessive risk.

 The following philosophy should be followed in pursuing that goal:

 A. Philosophy
 1. Adhere to a long-term perspective;
 2. Align strategy with goals and risk tolerance;
 3. Maintain consistent exposure to the capital markets;
 4. Use simple investment structures that the Trustees understand;
 5. Minimize investment costs.


V. INVESTMENT STRATEGY

The Plan is expected to be maintained in perpetuity. Future amendments to
the Plan may occur, but the optimal investment strategy will be determined based
on the plan provisions as they exist at any point in time.

The Board acknowledges that the Plan’s asset allocation strategy is likely to be its
primary determinant of performance. The following strategy should be followed in
implementing this philosophy:

 1. Diversify;
 2. Focus primarily on asset allocation;
 3. Rebalance to targets periodically, which is likely to result in reducing
 exposure to investments that have recently outperformed and/or adding to
 investments that have recently underperformed;
 4


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 47
 4. Emphasize index management where appropriate;
 5. Keep manager and asset turnover low

With the assistance of its Consultant, the Board intends to review or revise the
target allocation to asset classes periodically to ensure the investment strategy
remains consistent with the Plan’s investment objectives, as those objectives may
evolve over time given the plan’s funding status and other factors.

In addition to achieving the investment objectives previously outlined in this
Statement, the goal of the overall investment strategy is to meet or exceed (a risk-
appropriate) benchmark over full market cycles. The benchmark will constitute
underlying market indices appropriate for the strategy, and its components will be
illustrated in the periodic performance report provided by the Consultant.


VI. INVESTMENT MANAGER SELECTION

The Plan may select investment managers through a variety of investment vehicles
including, but not limited to, separate accounts, mutual funds, commingled funds or
private partnerships.

The underlying investment managers selected for the Plan are intended to be
selected with the care, skill and diligence that would be applied by a prudent person
acting in a like capacity and knowledgeable about investing.

With the assistance of its Consultant, the Board will examine investment
managers’ investment objectives and processes; historical adherence to stated
objectives and processes; depth of resources; quality of personnel; historical
performance (including risk) versus various appropriate benchmarks;
appropriateness of diversification; reasonableness of fees; and any other metric
that may be material when evaluating investment managers’ capabilities. The
Board will use all available information and its best judgment when seeking to
hire skillful investment managers. The Board may also select low cost, passively
managed investment products where appropriate.

The Trustees understand that should Burlington choose to invest in a commingled
fund, the investment policies governing that fund take precedence over the policies
in this IPS. When investing in any commingled structure, the Trustees should
consider whether those guidelines are sufficiently compatible with BERS own goals.

Should the Trustees decide to invest in any individual account that must conform to
standards set forth in this IPS, those standards shall be set forth in the manager’s
contract and attached to this IPS following the Investment Addendum.

 5


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 48
VII. INVESTMENT MANAGER EVALUATION AND OVERSIGHT

With the assistance of its Consultant, the Board intends to periodically review the
performance of the underlying investment managers. Investment manager
performance will be evaluated against proper indices, peer group comparisons and
risk-adjusted performance metrics. They will also be evaluated against other metrics
that may include but are not limited to expenses, consistency of strategy or style or
other qualitative factors.

Investment managers may be considered for possible termination if they fail to meet
performance or other guidelines enumerated in the Plan’s periodic performance
report provided by the Consultant. The performance summary section of the most
recent performance report, including managers and their various benchmarks, will
serve as an appendix to this IPS.

With the assistance of its Consultant, the Board intends to use all known information
and its best judgment to determine if and when terminating a manager is warranted.
Events that may trigger a termination include but are not limited to illegal or unethical
behavior on the part of the manager; failure to follow investment guidelines;
underperformance; turnover among key personnel; a change in investment style or
strategy; insufficient infrastructure to keep pace with asset growth; significant
increase in expenses or fees; and any other observation the Board deems may
prevent the manager from carrying out its duties effectively. In addition, managers
may be terminated at any time for any reason at the discretion of the Board.


VIII. LIQUIDITY

The Board intends to construct the portfolio to provide adequate liquidity to meet
the obligations of the retirement system. Due to market volatility and the uncertain
nature of commitments, drawdowns, and distributions, it may not be possible to
monitor liquidity continuously. However, attempts will be made to manage liquidity
to the greatest extent possible and illiquid assets in the portfolio will be sufficiently
limited to ensure all obligations can be met.


IX. PROXY VOTING

For separately managed accounts, if applicable, investment managers will be
expected to vote proxies in the best interest of the Plan as an investor. When
applicable, mutual fund proxies are intended to be voted in the best interest of
the Plan.

 6


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 49
INVESTMENT APPENDIX

The following sets out the Board’s current choices regarding the asset allocation
targets and acceptable ranges.

Asset Allocation

The asset allocation and allowable ranges are effective March 2025:

 Asset Allocation Guidelines: Lower Limit Target Upper Limit

 Fixed Income and Cash Equivalents 15% 35%
 27%

 Publicly Traded Global Equity 50% 85%
 68.5%

 Domestic Equity 30% 50%
 43%

 International Equity 20% 35%
 25.5%

 Real Assets (includes Real Estate) 0% 10%
 4.5%

 Private Equity 0% 0.5% 3%


Cash flow should be managed to maintain each allocation close to the target.
Rebalancing becomes mandatory within a 90-day period if an allocation falls outside
the range.




 7


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 50
 Effective Governance & Oversight


  • Public pension committees play a critical role in safeguarding the retirement benefits of public
 employees and effective governance and oversight are essential for ensuring the long-term
 sustainability of these funds.

  • Maintaining transparency and accountability is fundamental to building trust with stakeholders.
 Committees should ensure that decisions are well-documented and communicated to all relevant
 parties (e.g., Board of Finance; Board of Selectman; Freedom of Information (FoI) inquiries).

  • A comprehensive governance policy should outline the committee’s mission, values, and
 principles. This policy should be revisited and updated regularly to reflect changing circumstances
 and best practices across public plans.

  • Regular public disclosures of financial performance, investment strategies, and governance
 practices are recommended to keep stakeholders informed.

  • Continuous education is crucial for committee members to stay informed about industry trends,
 regulatory changes, and best practices. Regular training sessions, workshops, and conferences
 can help members enhance their skills and knowledge.

  • Effective succession planning ensures the continuity and stability of the committee. This includes
 identifying and mentoring potential new members, as well as establishing a process for the orderly
 transition of roles and responsibilities.



 Page 140 of 148
 51
www.FiducientAdvisors.com
 Governance & Oversight


 Public fund fiduciaries shoulder a significant responsibility in managing and
 overseeing the assets entrusted to them by the public

 • While governmental plans are not subject to Title I of
 ERISA, which deals with fiduciary duties, they are
 “Five Key Duties”
 however subject to applicable provisions in the
 Internal Revenue Code (“Code”) and state laws. Duty of Loyalty:
 Act exclusively in the interest of plan participants and beneficiaries
 • Legislative history suggests that the satisfaction of ERISA
 rules would be sufficient to satisfy the Code requirements
 … “Spirit of ERISA” Duty of Prudence:
 Act in accordance with the “prudent expert rule”
 • The “exclusive benefit rule” under IRC Section 401(a)(2)
 has been interpreted to mean exercise of prudence in
 the investment of plan assets is a requirement. Duty to Diversify Investments:
 Diversify the portfolio options to balance risk
 • Many states have adopted “prudent investor” language,
 which includes many of the basic ERISA fiduciary
 principles (including duty of loyalty, duty of prudence, duty
 Duty to Follow Plan Documents:
 to diversify). Follow the plan provisions and policies governing the plan
 • The Uniform Prudent Investor Act (UPIA) is a law that
 establishes standards for how trustees should manage
 trust assets. It requires trustees to act in the best Duty to Avoid Prohibited Transactions:
 Ensure legal and appropriate transactions and be free from conflict
 interests of the beneficiaries, exercise reasonable care,
 skill, and caution, and consider the prudence of an
 individual investment in the context of the total
 portfolio. Most states have adopted UPIA.

Sources: www.irs.gov/retirement-plans/governmental-plans-under-internal-revenue-code-section-401a. www.uniformlaws.org.
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 52
www.FiducientAdvisors.com
Pension Board Educational Support


 Training & Education to Assist Board Members in Making Informed Decisions


 Fiduciary Governance
 A thorough discussion regarding their
 role and responsibilities, and
 embracing Committee Best Practices,
 as fiduciaries to public fund assets.

 Fiduciary
 Investments Investments
 In-depth reviews of global capital Governance
 markets and specific asset classes,
 the concept of diversification and
 asset allocation, and the various
 types of strategies that may be used
 by investment managers.
 Pension
 Pension Liabilities & Other Topics
 Liabilities &
 Understanding key concepts and Other
 assumptions that drive pension
 liability valuations and contribution
 Topics
 volatility, and other topics of interest
 to a governing body




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 53
 Actuarial Review



 City of Burlington Employees Retirement System

 6/30/2025 6/30/2024
 Actuarial Value of Assets 258,547,677 241,858,948

 Total Accrued Liability 377,495,611 364,944,227

 Funded Ratio 68.5% 66.3%

 Actuarial Return Assumption 7.10% 7.10%




Source: USI Consulting Group, Actuarial Valuation Report, as of 6/30/2025

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 54
www.FiducientAdvisors.com
 Definitions & Disclosures
 Please note: Due to rounding methodologies of various data providers, certain returns in this report might differ slightly when compared to other sources


REGULATORY DISCLOSURES

Offer of ADV Part 2A: Rule 204-3 under the Investment Advisers Act of 1940 requires that we make an annual offer to clients to send them, without charge, a written disclosure statement meeting the requirements of such rule.
We will be glad to send a copy of our ADV Part 2A to you upon your written request to compliance@fiducient.com.

INDEX DEFINITIONS

 Citigroup 3 Month T-Bill measures monthly return equivalents of yield averages that are not marked to market. The Three-Month Treasury Bill Indexes consist of the last three three-month Treasury bill issues.
 Ryan 3 Yr. GIC is an arithmetic mean of market rates of $1 million Guaranteed Interest Contracts held for three years.
 Bloomberg Treasury U.S. T-Bills-1-3 Month Index includes aged U.S. Treasury bills, notes and bonds with a remaining maturity from 1 up to (but not including) 3 months. It excludes zero coupon strips.
 Bloomberg Capital US Treasury Inflation Protected Securities Index consists of Inflation-Protection securities issued by the U.S. Treasury.
 Bloomberg Muni Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. Bonds must be rated investment-grade by at least two ratings agencies.
 Bloomberg Muni 1 Year Index is the 1-year (1-2) component of the Municipal Bond index.
 Bloomberg Muni 3 Year Index is the 3-year (2-4) component of the Municipal Bond index.
 Bloomberg Muni 5 Year Index is the 5-year (4-6) component of the Municipal Bond index.
 Bloomberg Muni 7 Year Index is the 7-year (6-8) component of the Municipal Bond index.
 Bloomberg Intermediate U.S. Gov’t/Credit is the Intermediate component of the U.S. Government/Credit index, which includes securities in the Government and Credit Indices. The Government Index includes treasuries
 and agencies, while the credit index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.
 Bloomberg U.S. Aggregate Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-
 backed securities.
 Bloomberg Global Aggregate ex. USD Indices represent a broad-based measure of the global investment-grade fixed income markets. The two major components of this index are the Pan-European Aggregate and the
 Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds and Canadian government, agency and corporate securities.
 Bloomberg U.S. Corporate High Yield Index covers the universe of fixed rate, non-investment grade debt. Eurobonds and debt issues from countries designated as emerging markets (sovereign rating of
 Baa1/BBB+/BBB+ and below using the middle of Moody’s, S&P, and Fitch) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG countries are included.
 JP Morgan Government Bond Index-Emerging Market (GBI-EM) Index is a comprehensive, global local emerging markets index, and consists of regularly traded, liquid fixed-rate, domestic currency government
 bonds to which international investors can gain exposure.
 The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.
 The Dow Jones Industrial Index is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry.
 The NASDAQ is a broad-based capitalization-weighted index of stocks in all three NASDAQ tiers: Global Select, Global Market and Capital Market.
 Russell 3000 is a market-cap-weighted index which consists of roughly 3,000 of the largest companies in the U.S. as determined by market capitalization. It represents nearly 98% of the investable U.S. equity market.
 Russell 1000 consists of the largest 1000 companies in the Russell 3000 Index.
 Russell 1000 Growth measures the performance of those Russell 1000 companies with higher P/B ratios and higher forecasted growth values.
 Russell 1000 Value measures the performance of those Russell 1000 companies with lower P/B ratios and lower forecasted growth values.
 Russell Mid Cap measures the performance of the 800 smallest companies in the Russell 1000 Index.
 Russell Mid Cap Growth measures the performance of those Russell Mid Cap companies with higher P/B ratios and higher forecasted growth values.
 Russell Mid Cap Value measures the performance of those Russell Mid Cap companies with lower P/B ratios and lower forecasted growth values.
 Russell 2000 consists of the 2,000 smallest U.S. companies in the Russell 3000 index.
 Russell 2000 Growth measures the performance of the Russell 2000 companies with higher P/B ratios and higher forecasted growth values.
 Russell 2000 Value measures the performance of those Russell 2000 companies with lower P/B ratios and lower forecasted growth values.
 Russell 2500 consists of the 2,500 smallest U.S. companies in the Russell 3000 index.
 Russell 2500 Growth measures the performance of the Russell 2500 companies with higher P/B ratios and higher forecasted growth values.
 Russell 2500 Value measures the performance of those Russell 2500 companies with lower P/B ratios and lower forecasted growth values.
 MSCI World captures large and mid-cap representation across 23 Developed Markets countries. With 1,645 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
 MSCI ACWI (All Country World Index) ex. U.S. Index captures large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the United States) and 23 Emerging Markets countries. With
 1,859 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.
 MSCI ACWI (All Country World Index) ex. U.S. Small Cap Index captures small cap representation across 22 of 23 Developed Markets countries (excluding the US) and 23 Emerging Markets countries. With 4,368
 constituents, the index covers approximately 14% of the global equity opportunity set outside the US.
 MSCI EAFE is an equity index which captures large and mid-cap representation across Developed Markets countries around the world, excluding the US and Canada. With 930 constituents, the index covers approximately
 85% of the free float-adjusted market capitalization in each country.




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 MSCI EAFE Value captures large and mid-cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the US and Canada. The value investment style
 characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. With 507 constituents, the index targets 50% coverage of the free
 float- adjusted market capitalization of the MSCI EAFE Index.
 MSCI EAFE Growth captures large and mid-cap securities exhibiting overall growth style characteristics across Developed Markets countries around the world, excluding the US and Canada. The growth investment
 style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate and long-term historical EPS growth trend and
 long-term historical sales per share growth trend. With 542 constituents, the index targets 50% coverage of the free float-adjusted market capitalization of the MSCI EAFE Index.
 MSCI Emerging Markets captures large and mid-cap representation across 23 Emerging Markets countries. With 836 constituents, the index covers approximately 85% of the free-float adjusted market capitalization in each
 country.
 Consumer Price Index is a measure of prices paid by consumers for a market basket of consumer goods and services. The yearly (or monthly) growth rates represent the inflation rate.
 FTSE NAREIT Equity REITs Index contains all Equity REITs not designed as Timber REITs or Infrastructure REITs.
 S&P Developed World Property defines and measures the investable universe of publicly traded property companies domiciled in developed markets. The companies in the index are engaged in real estate related
 activities, such as property ownership,management, development, rental and investment.
 S&P Developed World Property x U.S. defines and measures the investable universe of publicly traded property companies domiciled in developed countries outside of the U.S. The companies included are engaged in real
 estate related activities, such as property ownership, management, development, rental and investment.
 Fund Specific Broad Real Asset Benchmarks:
 • DWS Real Assets: 30%: Dow Jones Brookfield Infrastructure Index, 30%: FTSE EPRA/NAREIT Developed Index,15%: Bloomberg Commodity Index, 15%: S&P Global Natural Resources Index, 10%:
 U.S. Treasury Inflation Notes Total Return Index
 • PIMCO Inflation Response Multi Asset Fund: 45% Bloomberg U.S. TIPS, 20% Bloomberg Commodity Index, 15% JP Morgan Emerging Local Markets Plus, 10% Dow Jones Select REIT, 10% Bloomberg Gold
 Subindex Total Return
 • Principal Diversified Real Assets: 35% BBgBarc U.S. Treasury TIPS Index, 20% S&P Global Infrastructure Index NTR, 20% S&P Global Natural Resources Index NTR, 15% Bloomberg Commodity Index, and
 10% FTSE EPRA/NAREIT Developed Index NTR
 • Wellington Diversified Inflation H: 50% MSCI ACWI Commodity Producers Index, 25% Bloomberg Commodity Index, and 25% Bloomberg Bloomberg US TIPS 1 – 10 Year Index
 Bloomberg Commodity Index is calculated on an excess return basis and reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and
 weight-caps are applied at the commodity, sector and group level for diversification.
 HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in US Dollar and
 have a minimum of $50 Million under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds.
 The Alerian MLP Index is the leading gauge of energy Master Limited Partnerships (MLPs). The float adjusted, capitalization-weighted index, whose constituents represent approximately 85% of total float-adjusted
 market capitalization, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis.
 The Adjusted Alerian MLP Index is commensurate with 65% of the monthly returns of the Alerian MLP Index to incorporate the effect of deferred tax liabilities incurred by MLP entities.
 Cambridge Associates U.S. Private Equity Index is based on data compiled from more than 1,200 institutional-quality buyout, growth equity, private equity energy, and mezzanine funds formed between 1986 and 2015.
 Cambridge Associates U.S. Venture Capital Index is based on data compiled from over 1,600 institutional-quality venture capital funds formed between 1986 and 2015.
 Vanguard Spliced Bloomberg US1-5Yr Gov/Cr Flt Adj Index: Bloomberg U.S. 1–5 Year Government/Credit Bond Index through December 31, 2009; Bloomberg U.S. 1–5 Year
 Government/CreditFloatAdjustedIndex thereafter.
 Vanguard Spliced Bloomberg US5-10Yr Gov/Cr Flt Adj Index: Bloomberg U.S. 5–10 Year Government/Credit Bond Index through December 31, 2009; Bloomberg U.S. 5–10 Year
 Government/CreditFloatAdjustedIndex thereafter.
 Vanguard Spliced Bloomberg US Agg Flt Adj Index: Bloomberg U.S. Aggregate Bond Index through December 31, 2009; Bloomberg U.S. Aggregate Float Adjusted Index thereafter.
 Vanguard Spliced Bloomberg US Long Gov/Cr Flt Adj Index: Bloomberg U.S. Long Government/Credit Bond Index through December 31, 2009; Bloomberg U.S. Long Government/Credit Float Adjusted Index thereafter.
 Vanguard Balanced Composite Index: Made up of two unmanaged benchmarks, weighted 60% Dow Jones U.S. Total Stock Market Index (formerly the Dow Jones Wilshire 5000 Index) and 40% Bloomberg
 U.S. Aggregate Bond Index through May 31, 2005; 60% MSCI US Broad Market Index and 40% Bloomberg U.S. Aggregate Bond Index through December 31, 2009; 60% MSCI US Broad Market Index and 40% Bloomberg U.S.
 Aggregate Float Adjusted Index through January 14, 2013; and 60% CRSP US Total Market Index and 40% Blomberg U.S. Aggregate Float Adjusted Index thereafter.
 Vanguard Spliced Intermediate-Term Tax-Exempt Index: Bloomberg 1–15 Year Municipal Bond Index.
 Vanguard Spliced Extended Market Index: Dow Jones Wilshire 4500 Index through June 17, 2005; S&P Transitional Completion Index through September 16, 2005; S&P Completion Index thereafter.
 Vanguard Spliced Value Index: S&P 500 Value Index (formerly the S&P 500/Barra Value Index) through May 16, 2003; MSCI US Prime Market Value Index through April 16, 2013; CRSP US Large Cap Value Index thereafter.
 Vanguard Spliced Large Cap Index: Consists of MSCI US Prime Market 750 Index through January 30, 2013, and the CRSP US Large Cap Index thereafter.
 Vanguard Spliced Growth Index: S&P 500 Growth Index (formerly the S&P 500/Barra Growth Index) through May 16, 2003; MSCI US Prime Market Growth Index through April 16, 2013; CRSP US Large Cap Growth Index
 thereafter.
 Vanguard Spliced Mid Cap Value Index: MSCI US Mid Cap Value Index through April 16, 2013; CRSP US Mid Cap Value Index thereafter.
 Vanguard Spliced Mid Cap Index: S&P MidCap 400 Index through May 16, 2003; the MSCI US Mid Cap 450 Index through January 30, 2013; and the CRSP US Mid Cap Index thereafter.
 Vanguard Spliced Mid Cap Growth Index: MSCI US Mid Cap Growth Index through April 16, 2013; CRSP US Mid Cap Growth Index thereafter.
 Vanguard Spliced Total Stock Market Index: Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) through April 22, 2005; MSCI US Broad Market Index through June 2, 2013; and
 CRSP US Total Market Index thereafter.
 Vanguard Spliced Small Cap Value Index: SmallCap 600 Value Index (formerly the S&P SmallCap 600/Barra Value Index) through May 16, 2003; MSCI US Small Cap Value Index through April 16, 2013; CRSP US Small Cap
 Value Index thereafter.




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 Vanguard Spliced Small Cap Index: Russell 2000 Index through May 16, 2003; the MSCI US Small Cap 1750 Index through January 30, 2013; and the CRSP US Small Cap Index thereafter.
 Vanguard Spliced Small Cap Growth Index: S&P SmallCap 600 Growth Index (formerly the S&P SmallCap 600/Barra Value Index) through May 16, 2003; MSCI US Small Cap Growth Index through April 16, 2013;
 CRSP US Small Cap Growth Index thereafter.
 Vanguard Spliced Total International Stock Index: Consists of the Total International Composite Index through August 31, 2006; the MSCI EAFE + Emerging Markets Index through December 15, 2010; the MSCI ACWI ex
 USA IMI Index through June 2, 2013; and FTSE Global All Cap ex US Index thereafter. Benchmark returns are adjusted for withholding taxes.
 Vanguard Spliced Developed Markets Index: MSCI EAFE Index through May 28, 2013; FTSE Developed ex North America Index through December 20, 2015; FTSE Developed All Cap ex US Transition Index through May 31,
 2016; FTSE Developed All Cap ex US Index thereafter. Benchmark returns are adjusted for withholding taxes.
 Vanguard Spliced Emerging Markets Index: Select Emerging Markets Index through August 23, 2006; MSCI Emerging Markets Index through January 9, 2013; FTSE Emerging Transition Index through June 27, 2013; FTSE
 Emerging Index through November 1, 2015; and FTSE Emerging Markets All Cap China A Transition Index thereafter. Benchmark returns are adjusted for withholding taxes.
 Vanguard REIT Spliced Index: MSCI US REIT Index adjusted to include a 2% cash position (Lipper Money Market Average) through April 30, 2009; MSCI US REIT Index through January 31, 2018; MSCI US Investable
 Market Real Estate 25/50 Transition Index through July 24, 2018; MSCI US Investable Market Real Estate 25/50 Index thereafter.

Additional:
 Equity sector returns are calculated by Russell and MSCI for domestic and international markets, respectively. MSCI sector definitions correspond to the MSCI GICS® classification (Global Industry Classification System);
 Russell uses its own sector and industry classifications.
 MSCI country returns are calculated by MSCI and are free float-adjusted market capitalization indices that are designed to measure equity market performance in each specific country.
 Currency returns are calculated using Bloomberg’s historical spot rate indices and are calculated using the U.S. dollar as the base currency.
 The Index of Leading Economic Indicators, calculated by The Conference Board, is used as a barometer of economic activity over a range of three to six months. The index is used to determine the direction and stability
 of the economy. The composite index of leading indicators, which is derived from 10 leading indicators, helps to signal turning points in the economy and forecast economic cycles. The leading indicators are the
 following: average weekly hours, average weekly initial claims, manufacturers’ new orders, both consumer and non-defense capital goods, vendor performance, building permits, stock prices, money supply (M2), the
 interest rate spread and the index of consumer expectations.
 S&P Target Date Indexes are constructed using a survey method of current target date investments with $100 million or more in assets under management. Allocations for each vintage are comprised of exchange-
 traded- funds that represent respective asset classes used in target date portfolios. The indexes are designed to represent a market consensus glide path.

DEFINITION OF KEY STATISTICS AND TERMS

 Returns: A percentage figure used when reporting historical average compounded rate of investment return. All returns are annualized if the period for which they are calculated exceeds one year.
 Universe Comparison: The universe compares the fund's returns to a group of other investment portfolios with similar investment strategies. The returns for the fund, the index and the universe percentiles are displayed. A
 percentile ranking of 1 is the best, while a percentile ranking of 100 is the worst. For example, a ranking of 50 indicates the fund outperformed half of the universe. A ranking of 25 indicates the fund was in the top 25% of the
 universe,outperforming75%.
 Returns In Up/Down Markets: This measures how the fund performed in both up and down markets. The methodology is to segregate the performance for each time period into the quarters in which the market, as defined
 by the index, was positive and negative. Quarters with negative index returns are treated as down markets, and quarters with positive index returns are treated as up markets. Thus, in a 3 year or 12 quarter period, there
 might be 4 down quarters and 8 up quarters. A simple arithmetic average of returns is calculated for the fund and the index based on the up quarters. A simple arithmetic average of returns is calculated for the fund and
 the index based on the down quarters. The up market capture ratio is the ratio of the fund's return in up markets to the index. The down market capture ratio is the ratio of the fund's return in down markets to the
 index. Ideally, the fund would have a greater up market capture ratio than down market capture ratio.
 Standard Deviation: Standard deviation is a statistical measure of the range of performance within which the total returns of a fund fall. When a fund has a high standard deviation, the range of performance is very
 wide, meaning there is a greater volatility. Approximately 68% of the time, the total return of any given fund will differ from the average total return by no more than plus or minus the standard deviation figure. Ninety-five
 percent of the time, a fund’s total return will be within a range of plus or minus two times the standard deviation from the average total return. If the quarterly or monthly returns are all the same the standard
 deviation will be zero. The more they vary from one another, the higher the standard deviation. Standard deviation can be misleading as a risk indicator for funds with high total returns because large positive deviations
 will increase the standard deviation without a corresponding increase in the risk of the fund. While positive volatility is welcome, negative is not.
 R-Squared: This reflects the percentage of a fund’s movements that are explained by movements in its benchmark index. An R-squared of 100 means that all movements of a fund are completely explained by movements in
 the index. Conversely, a low R-squared indicates very few of the fund’s movements are explained by movements in the benchmark index. R-squared can also be used to ascertain the significance of a particular beta.
 Generally, a higher R-squared will indicate a more reliable beta figure. If the R-squared is lower, then the beta is less relevant to the fund’s performance. A measure of diversification, R-squared indicates the extent to which
 fluctuations in portfolio returns are explained by market. An R-squared = 0.70 implies that 70% of the fluctuation in a portfolio's return is explained by the fluctuation in the market. In this instance, overweighting or
 underweighting of industry groups or individual securities is responsible for 30% of the fund's movement.
 Beta: This is a measure of a fund’s market risk. The beta of the market is 1.00. Accordingly, a fund with a 1.10 beta is expected to perform 10% better than the market in up markets and 10% worse that the market in
 down markets. It is important to note, however, a low fund beta does not imply the fund has a low level of volatility; rather, a low beta means only that the fund’s market-related risk is low. Because beta analyzes the market
 risk of a fund by showing how responsive the fund is to the market, its usefulness depends on the degree to which the markets determine the fund's total risk (indicated by R-squared).
 Alpha: The Alpha is the nonsystematic return, or the return that can’t be attributed to the market. It can be thought of as how the manager performed if the market’s return was zero. A positive alpha implies the
 manager added value to the return of the portfolio over that of the market. A negative alpha implies the manager did not contribute any value over the performance of the market.
 Sharpe Ratio: The Sharpe ratio is the excess return per unit of total risk as measured by standard deviation. Higher numbers are better, indicating more return for the level of risk experienced. The ratio is a fund's return
 minus the risk-free rate of return (30-day T-Bill rate) divided by the fund’s standard deviation. The higher the Sharpe ratio, the more reward you are receiving per unit of total risk. This measure can be used to rank the
 performance of mutual funds or other portfolios.
 Treynor Ratio: The Treynor ratio measures returns earned in excess of that which could have been earned on a riskless investment per each unit of market risk. The ratio relates excess return over the risk-free rate
 to the additional risk taken; however, systematic risk is used instead of total risk. The Treynor ratio is similar to the Sharpe ratio, except in the fact that it uses the beta to evaluate the returns rather than the standard
 deviation of portfolio returns. High values mean better return for risk taken.




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 Tracking Error: Tracking error measures the volatility of the difference in annual returns between the manager and the index. This value is calculated by measuring the standard deviation of the difference between the
 manager and index returns. For example, a tracking error of +/- 5 would mean there is about a 68% chance (1 standard deviation event) that the manager's returns will fall within +/- 5% of the benchmark's annual
 return.
 Information Ratio: The information ratio is a measure of the consistency of excess return. This value is determined by taking the annualized excess return over a benchmark (style benchmark by default) and dividing it by
 the standard deviation of excess return.
 Consistency: Consistency shows the percent of the periods the fund has beaten the index and the percent of the periods the index has beat the fund. A high average for the fund (e.g., over 50) is desirable, indicating the fund
 has beaten theindex frequently.
 Downside Risk: Downside risk is a measure similar to standard deviation but focuses only on the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set
 of returns. The higher the factor, the riskier the product.
 M-Squared: M-squared, or the Modigliani risk-adjusted performance measure is used to characterize how well a portfolio’s return rewards an investor for the amount of risk taken, relative to that of some
 benchmark portfolio and to the risk-free rate.

DEFINITION OF KEY PRIVATE EQUITY TERMS

 PIC (Paid in Capital): The amount of committed capital that has been transferred from the limited partner to the general partner.
 TVPI (Total Value to Paid in Capital): Money returned to limited partners plus the fund’s unrealized investments, divided by money paid-in to the partnership. The TVPI should equal RVPI plus DPI.
 DPI (Distribution to Paid In Capital): Money returned (distributions) to limited partners divided by money paid in to the partnership. Also called cash-on-cash multiple.
 RVPI (Residual Value to Paid In Capital): The value of a fund’s unrealized investments divided by money paid-in to the partnership.
 Internal rate of return (IRR): This is the most appropriate performance benchmark for private equity investments. It is a time-weighted return expressed as a percentage. IRR uses the present sum of cash
 drawdowns (money invested), the present value of distributions (money returned from investments) and the current value of unrealized investments and applies a discount.
 Commitment: Every investor in a private equity fund commits to investing a specified sum of money in the fund partnership over a specified period of time. The fund records this as the limited partnership’s
 capital commitment. The sum of capital commitments is equal to the size of the fund.
 Capital Distribution: These are the returns that an investor in a private equity fund receives. It is the income and capital realized from investments less expenses and liabilities. Once a limited partner has had their
 cost of investment returned, further distributions are actual profit. The partnership agreement determines the timing of distributions to the limited partner. It will also determine how profits are divided among the limited
 partners and generalpartner.
 Carried Interest: The share of profits that the fund manager is due once it has returned the cost of investment to investors. Carried interest is normally expressed as a percentage of the total profits of the fund.
 Co-Investment: Co-Investments are minority investments made alongside a private equity investor in an LBO, a recapitalization, or an expansion capital transaction. It is a passive, non-controlling investment, as the
 private equity firm involved will typically exercise control and perform monitoring functions.
 General Partner (GP): This can refer to the top-ranking partners at a private equity firm as well as the firm managing the private equity fund.
 GP Commitments: It is normal practice for the GP managing a private equity fund to also make a financial commitment to the fund on the same basis as the LPs in the fund, and this is seen as an important factor
 driving the alignment of GP and LP interests. The historic benchmark for GP commitments has been 1% of the total fund size, but this is by no means universal, and many GPs commit significantly larger amounts.
 Furthermore, there has been a marked trend towards GPs making larger commitments to their funds over recent years.
 Leveraged Buy-Out (LBO): The acquisition of a company using debt and equity finance.
 Limited Partner (LP): Institutions or high-net-worth individuals/sophisticated investors that contribute capital to a private equity fund.
 Public Market Equivalent (PME): Performance measure used to evaluate performance relative to the market. It is calculated as the ratio of the discounted value of the LP’s inflows divided by the discounted value
 of outflows, with the discounting performed using realized market returns.
 Primaries: An original investment vehicle that invests directly into a company or asset.

VALUATION POLICY

Fiducient Advisors does not engage an independent third-party pricing service to value securities. Our reports are generated using the security prices provided by custodians used by our clients. Our custodial pricing hierarchy
is available upon request. If a client holds a security not reported by the first custodian within the hierarchy, the valuation is generated from the next custodian within the hierarchy, and so forth. Each custodian uses pricing
services from outside vendors, where the vendors may generate nominally different prices. Therefore, this report can reflect minor valuation differences from those contained in a custodian’s report. In rare instances where
FA overrides a custodial price, prices are taken from Bloomberg.

REPORTING POLICY

This report is intended for the exclusive use of the client listed within the report. Content is privileged and confidential. Any dissemination or distribution is strictly prohibited. Information has been obtained from a variety of
sources believed to be reliable though not independently verified. Any forecast represents median expectations and actual returns, volatilities and correlations will differ from forecasts. Please note each client has customized
investment objectives and constraints and the investment strategy for each portfolio is based on a client-specific asset allocation model. Past performance does not indicate future performance and there is a possibility of a loss.
Performance calculated net of investment fees. Certain portfolios presented may be gross of Fiducient Advisors’ fees and actual performance would be reduced by investment advisory fees. This report does not represent a specific
investment recommendation. Please consult with your advisor, attorney, and accountant, as appropriate, regarding specific advice.




 Page 147 of 148
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Custodian reports are the reports that govern the account. There will be different account values between Fiducient Advisors’ reports and the custodian reports based on whether the report utilizes trade date or settlement
date to calculate value. Additionally, difference between values contained on reports may be caused by different accrued income values. Any forecasts represent future expectations and actual returns, volatilities and correlations
will differ from forecasts. This report does not represent a specific investment recommendation. Please consult with your advisor, attorney, and accountant, as appropriate, regarding specific advice. Past performance does
not indicate future performance and there is a possibility of aloss.

Manager performance for mutual funds and ETFs is based on NAV and provided by Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a
manager statement, or calculations based on a statement or data from the client’s custodian. Unless specified otherwise, all returns are net of individual manager fees, represent total returns and are annualized for periods
greater than one year. The deduction of fees produces a compounding effect that reduces the total rate of return over time. As an example, the effect of investment management fees on the total value of a client’s portfolio
assuming (a) quarterly fee assessment, (b) $1,000,000 investment, (c) portfolio return of 8% a year, and (d) 0.50% annual investment advisory fee would be $5,228 in the first year, and cumulative effects of $30,342 over
five years and $73,826 over ten years. Additional information on advisory fees charged by Fiducient Advisors are described in Part 2 of the Form ADV.

MATERIAL RISKS & LIMITATIONS

Fixed Income securities are subject to interest rate risks, the risk of default and liquidity risk. U.S. investors exposed to non-U.S. fixed income may also be subject to currency risk and fluctuations.
-Liability Driven Investing (LDI) Assets
Cash may be subject to the loss of principal and over longer period of time may lose purchasing power due to inflation.
-Short Term Liquidity
Domestic Equity can be volatile. The rise or fall in prices take place for a number of reasons including, but not limited to changes to underlying company conditions, sector or industry factors, or other macro events. These
may happen quickly and unpredictably.
International Equity can be volatile. The rise or fall in prices take place for a number of reasons including, but not limited to changes to underlying company conditions, sector or industry impacts, or other macro events.
These may happen quickly and unpredictably. International equity allocations may also be impact by currency and/or country specific risks which may result in lower liquidity in some markets.
Real Assets can be volatile and may include asset segments that may have greater volatility than investment in traditional equity securities. Such volatility could be influenced by a myriad of factors including, but not limited
to overall market volatility, changes in interest rates, political and regulatory developments, or other exogenous events like weather or natural disaster.
Private Equity involves higher risk and is suitable only for sophisticated investors. Along with traditional equity market risks, private equity investments are also subject to higher fees, lower liquidity and the potential for
leverage that may amplify volatility and/or the potential loss of capital.
Private Credit involves higher risk and is suitable only for sophisticated investors. These assets are subject to interest rate risks, the riskof default and limited liquidity. U.S. investors exposed to non-U.S. private credit may also
be subject to currency risk and fluctuations.
Private Real Estate involves higher risk and is suitable only for sophisticated investors. Real estate assets can be volatile and may include unique risks to the asset class like leverage and/or industry, sector or geographical
concentration. Declines in real estate value may take place for a number of reasons including, but are not limited to economic conditions, change in condition of the underlying property or defaults by the borrow.
Marketable Alternatives involves higher risk and is suitable only for sophisticated investors. Along with traditional market risks, marketable alternatives are also subject to higher fees, lower liquidity and the potential for
leverage that may amplify volatility or the potential for loss of capital. Additionally, short selling involved certain risks including, but not limited to additional costs, and the potential for unlimited loss on certain short sale
positions.


OTHER

By regulation, closed-end funds utilizing debt for leverage must report their interest expense, as well as their income tax expense, as part of their total expense ratio. To make for a useful comparison between closed-end funds and
both open-end funds and exchange-traded funds, adjusted expense ratios excluding interest and income tax expenses are utilized for closed-end funds within this report. See disclosure on closed-end fund fact sheets for information
regarding the total expense ratio of each closed-end fund.

Please advise us of any changes in your objectives or circumstances.

CUSTODIAN STATEMENTS

Please remember to review the periodic statements you receive from you custodian. If you do not receive periodic statements from your custodian or notice issues with the activity reported in those statements, please
contact FA or your custodian immediately.




 Page 148 of 148
 59

BURLINGTON RETIREMENT BOARD
 BUSHOR CONFERENCE ROOM, 149 CHURCH STREET, 1ST FLOOR
 MINUTES OF MEETING
 May 5, 2026




1. Agenda
1. Agenda
Vice Chair Kasti convened the meeting at 9:45 am.
Members present: Munir Kasti, Eric Dalla Mura, Paul Olsen, Kyle Blake, Matt Dow, David Mount and Katherine
Schad
Others present: Brad Kukenberger, Lynn Reagan, Hayley McClenahan and Kate Pizzi

Subject 1.1. Motion to adopt agenda
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 1. Agenda

Department Retirement Administration


Type Action
 Procedural


Recommended Action Motion to adopt agenda
1.1. Motion to adopt agenda
Motion made by Board Member Dalla Mura, seconded by Board Member Blake, to adopt the agenda as
presented. Motion passed unanimously.


2. Public Forum
2. Public Forum
N/A

3. Minutes
3. Minutes
Motion made by Board Member Mount, seconded by Board Member Dow, to approve the February 23, 2026
Retirement Board Meeting Minutes. Motion passed unanimously.

Subject 3.1. February 23, 2026 Retirement Board Meeting Minutes
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 3. Minutes
Department Retirement Administration


Type Information
 Minutes


Recommended Action approve the minutes
3.1. February 23, 2026 Retirement Board Meeting Minutes


4. Approve Return of Contributions
4. Approve Return of Contributions
Motion made by Board Member Olsen, seconded by Board Member Blake, to approve the return of
contributions as presented. Motion passed unanimously.

Subject 4.1. Alan L. Mashtare, Class B $10,570.80; Effective Date of Benefit:
 03/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Alan L. Mashtare
4.1. Alan L. Mashtare, Class B $10,570.80; Effective Date of Benefit: 03/01/26


Subject 4.2. Philo J. Brown Gould, Class B $1,898.90; Effective Date of Benefit:
 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Philo J. Brown Gould
4.2. Philo J. Brown Gould, Class B $1,898.90; Effective Date of Benefit: 04/01/26


Subject 4.3. Kim My Soukone, Class B $990.34; Effective Date of Benefit:
 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions
Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Kim My Soukone
4.3. Kim My Soukone, Class B $990.34; Effective Date of Benefit: 04/01/26


Subject 4.4. Alexander M. Wolfgang, Class B $2,961.29; Effective Date of Benefit:
 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Alexander M. Wolfgang
4.4. Alexander M. Wolfgang, Class B $2,961.29; Effective Date of Benefit: 04/01/26


Subject 4.5. Candice K. Holbrook, Class B $17,604.18; Effective Date of Benefit:
 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Candice K. Holbrook
4.5. Candice K. Holbrook, Class B $17,604.18; Effective Date of Benefit: 04/01/26


Subject 4.6. Rodney J. Dollar, Class B $21,966.09; Effective Date of Benefit:
 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Rodney L. Dollar
4.6. Rodney J. Dollar, Class B $21,966.09; Effective Date of Benefit: 04/01/26


Subject 4.7. Sinead E. Murray, Class B $2,343.72; Effective Date of Benefit:
 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Sinead E. Murray
4.7. Sinead E. Murray, Class B $2,343.72; Effective Date of Benefit: 04/01/26


Subject 4.8. Shannon Rose Giblin, Class B $543.74; Effective Date of Benefit:
 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Shannon Rose Giblin
4.8. Shannon Rose Giblin, Class B $543.74; Effective Date of Benefit: 04/01/26


Subject 4.9. Carly J. Levinson, Class B $4,302.24; Effective Date of Benefit:
 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Carly J. Levinson
4.9. Carly J. Levinson, Class B $4,302.24; Effective Date of Benefit: 04/01/26


Subject 4.10. Kyler G. Orr, Class B $3,913.72; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Kyler G. Orr
4.10. Kyler G. Orr, Class B $3,913.72; Effective Date of Benefit: 04/01/26


Subject 4.11. Troy Hughes, Class B $7,086.46; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Troy Hughes
4.11. Troy Hughes, Class B $7,086.46; Effective Date of Benefit: 04/01/26


Subject 4.12. Gena Christina Elliot, Class B $1,290.11; Effective Date of Benefit:
 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Gena Christina Elliott
4.12. Gena Christina Elliot, Class B $1,290.11; Effective Date of Benefit: 04/01/26


Subject 4.13. Cathy Austrian, Class B $14.74; Effective Date of Benefit: 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action
Recommended Action approve return of contribution for Cathy Austrian
4.13. Cathy Austrian, Class B $14.74; Effective Date of Benefit: 04/01/26


Subject 4.14. Joyce H. Cameron, Class B $4,843.60; Effective Date of Benefit:
 05/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Joyce H. Cameron
4.14. Joyce H. Cameron, Class B $4,843.60; Effective Date of Benefit: 05/01/26


Subject 4.15. Hannah Murine Kaull, Class B $1,845.51; Effective Date of Benefit:
 05/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Hannah Murine Kaull
4.15. Hannah Murine Kaull, Class B $1,845.51; Effective Date of Benefit: 05/01/26


Subject 4.16. Mary Peterson, Class B $2,850.10; Effective Date of Benefit:
 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Mary Peterson
4.16. Mary Peterson, Class B $2,850.10; Effective Date of Benefit: 04/01/26


Subject 4.17. Elson E. Cote, Class B $9,371.61; Effective Date of Benefit: 05/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Elson E. Cote
4.17. Elson E. Cote, Class B $9,371.61; Effective Date of Benefit: 05/01/26


Subject 4.18. Jared Pellerin, Class B $14,463.51; Effective Date of Benefit:
 05/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Jared Pellerin
4.18. Jared Pellerin, Class B $14,463.51; Effective Date of Benefit: 05/01/26


Subject 4.19. Todd Michael Van de Meulebroecke, Class B $4,727.92; Effective Date
 of Benefit: 05/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Todd Michael Van de Meulebroecke
4.19. Todd Michael Van de Meulebroecke, Class B $4,727.92; Effective Date of Benefit: 05/01/26


Subject 4.20. Thomas H. Farran, Class B $10,447.83; Effective Date of Benefit:
 04/01/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration
Type Action


Recommended Action approve return of contribution for Thomas H. Farran
4.20. Thomas H. Farran, Class B $10,447.83; Effective Date of Benefit: 04/01/26


5. Approve Retirement Applications
5. Approve Retirement Applications
Motion made by Board Member Dalla Mura, seconded by Board Member Olsen, to approve the retirement
applications as presented. Motion passed unanimously.

Subject 5.1. Mary C. Griffin, Class B $5,937.60; Effective Date of Benefit:
 02/11/26; Payment Date: 02/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Mary C. Griffin
5.1. Mary C. Griffin, Class B $5,937.60; Effective Date of Benefit: 02/11/26; Payment Date: 02/15/26


Subject 5.2. William H. Parizo, Class B $8,739.88 and $97.73; Effective Date of
 Benefit: 02/01/26; Payment Date: 02/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for William H. Parizo
5.2. William H. Parizo, Class B $8,739.88 and $97.73; Effective Date of Benefit: 02/01/26; Payment Date:
02/15/26


Subject 5.3. Samid Latifovic, Class B $449.66; Effective Date of Benefit: 01/01/26;
 Payment Date: 02/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration
Type Action


Recommended Action approve retirement application for Samid Latifovic
5.3. Samid Latifovic, Class B $449.66; Effective Date of Benefit: 01/01/26; Payment Date: 02/15/26


Subject 5.4. Nina L. Mazuzan, Class B $763.48; Effective Date of Benefit:
 02/01/26; Payment Date: 02/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Nina L. Mazuzan
5.4. Nina L. Mazuzan, Class B $763.48; Effective Date of Benefit: 02/01/26; Payment Date: 02/15/26


Subject 5.5. Joel Fitzgerald, Class B $659.76; Effective Date of Benefit: 02/01/26;
 Payment Date: 03/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Joel Fitzgerald
5.5. Joel Fitzgerald, Class B $659.76; Effective Date of Benefit: 02/01/26; Payment Date: 03/15/26


Subject 5.6. Jill Strube, Class B $224.95; Effective Date of Benefit: 04/01/26;
 Payment Date: 04/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Jill Strube
5.6. Jill Strube, Class B $224.95; Effective Date of Benefit: 04/01/26; Payment Date: 04/15/26
Subject 5.7. Philip C. Luedee, Class A $9,294.03; Effective Date of Benefit:
 03/01/26; Payment Date: 03/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Philip C. Luedee
5.7. Philip C. Luedee, Class A $9,294.03; Effective Date of Benefit: 03/01/26; Payment Date: 03/15/26


Subject 5.8. Joan I. Williamson, Class B $238.65; Effective Date of Benefit:
 04/01/26; Payment Date: 04/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Joan I. Williamson
5.8. Joan I. Williamson, Class B $238.65; Effective Date of Benefit: 04/01/26; Payment Date: 04/15/26


Subject 5.9. Ivan Johnston, Class B $217.68; Effective Date of Benefit: 04/01/26;
 Payment Date: 04/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Ivan Johnston
5.9. Ivan Johnston, Class B $217.68; Effective Date of Benefit: 04/01/26; Payment Date: 04/15/26


6. Disability Retirement Application
6. Disability Retirement Application
Motion made by Board Member Blake, seconded by Board Member Mount, to approve the motion as
presented. Motion passed unanimously.
Subject 6.1. Zachary M. Allen, Class B $4,159.55; Effective Date of Benefit:
 03/01/26; Payment Date: 03/15/26
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 6. Disability Retirement Application

Department Retirement Administration


Type Action


Recommended Action approve the disability retirement application for Zachary M. Allen
6.1. Zachary M. Allen, Class B $4,159.55; Effective Date of Benefit: 03/01/26; Payment Date: 03/15/26


7. Administrative Update
7. Administrative Update

Subject 7.1. Charles Schwab Trust Bank Plan sponsor Authorized signature list
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 7. Administrative Update

Department Retirement Administration


Type Action


Recommended Action authorize the Retirement Board to add CAO Katherine Schad and DOF Bradley
 Kukenberger and remove DFO Rich Goodwin to the Charles Schwab Trust Bank Plan
 sponsor Authorized signature list
7.1. Charles Schwab Trust Bank Plan sponsor Authorized signature list
Motion made by Board Member Mount, seconded by Board Member Olsen, to approve the motion as
presented. Motion passed unanimously.


Subject 7.2. Actuarial Valuation Report as of June 30, 2025 - USI
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 7. Administrative Update

Department Retirement Administration


Type Action


Recommended Action approve the report and place it on file
7.2. Actuarial Valuation Report as of June 30, 2025 - USI
Motion made by Board Member Dalla Mura, seconded by Board Member Blake, to postpone this agenda item
to the June meeting. Motion passed unanimously.
8. Fiducient
8. Fiducient

Subject 8.1. Rebalancing recommendation
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 8. Fiducient

Department Retirement Administration


Type Action


Recommended Action to approve the rebalancing of the Burlington Employees's Retirement System's
 investment portfolio back to its long-term strategic asset allocation targets, and to
 authorize City staff, in consultation with the investment advisor, to execute the
 anticipated trades as summarized, with final trade amounts subject to change
 based on market conditions at the time of execution
8.1. Rebalancing recommendation
Motion made by Board Member Blake, seconded by Board Member Dalla Mura, to approve the motion as
presented. Motion passed unanimously.


Subject 8.2. City of Burlington Employees Retirement System Quarterly Investment
 Review - First Quarter 2026
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
Category 8. Fiducient
Department Retirement Administration


Type Discussion
 Information
 Presentation


8.2. City of Burlington Employees Retirement System Quarterly Investment Review - First Quarter 2026


Subject 8.3. Discussion on UBS Trumbull properties
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
Category 8. Fiducient
Department Retirement Administration


Type Discussion


8.3. Discussion on UBS Trumbull properties


9. Executive Session Re: contract terms for investment advisory services
9. Executive Session Re: contract terms for investment advisory services

Subject 9.1. Executive Session Re: contract terms for investment advisory services
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 9. Executive Session Re: contract terms for investment advisory services

Department Retirement Administration


Type Action
 Discussion
 Information
 Procedural


Recommended Action 1. Move to make a specific finding that premature general public knowledge of
 contract terms for investement advisory services would clearly place the City at a
 substantial disadvantage;
 1. Based upon that finding move to enter into executive session pursuant to 1 VSA
 313(1)(A).
9.1. Executive Session Re: contract terms for investment advisory services
Motion made by Board Member Blake, seconded by Board Member Olsen, to approve the motion as
presented going into Executive Session. Motion passed unanimously.

Motion made by Board Member Blake, seconded by Board Member Mount, to move to accept the city staff
recommendation toward the Investment Advisory Services RFQ to Fiducient, pending City Attorney Approval.




10. Adjournment
10. Adjournment

Subject 10.1. Motion to adjourn
Meeting May 5, 2026 - Retirement Board Meeting - Tuesday, May 5, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 10. Adjournment

Department Retirement Administration


Type Action
 Procedural


Recommended Action Motion to adjourn
10.1. Motion to adjourn
Motion made by Board Member Schad, seconded by Board Member Blake, to adjourn the meeting at 11:08
am.
Motion passed uananimously.