Retirement Board — Burlington, VT
Date: 2025-05-19
Time: 09:30

Retirement Board

  Monday, May 19, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st
 Floor

Join from PC, Mac, iPad, or Android:
https://zoom.us/j/95653245202
Phone one-tap:
+13092053325,,95653245202# US
Join via audio:
+1 309 205 3325 US
Webinar ID: 956 5324 5202
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1. Agenda
  Subject 1.1. Motion to adopt agenda
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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
  Subject 2.1. Verbal Comments
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 2. Public Forum

  Department Retirement Administration


  Type Action
 Procedural
  Recommended Action open Public Forum
 close Public Forum

3. Minutes
  Subject 3.1. April 21, 2025 Retirement Board Meeting Minutes - C/T
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 3. Minutes
  Department Clerk/Treasurer's Office


  Type Action
 Information
 Minutes



4. Approve Return of Contributions
  Subject 4.1. John Ledoux, Class B $2,797.95; Effective Date of Benefit: 06/01/25
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 John Ledoux

  Subject 4.2. Christine Gall, Class B $6,436.07; Effective Date of Benefit: 05/01/25
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Christine Gall

  Subject 4.3. Olivia Morgan Darisse, Class B $21,462.06; Effective Date of Benefit:
 06/01/25
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Olivia Morgan Darisse
5. Approve Retirement Applications
  Subject 5.1. Edwin W. Webster, Jr., Class A $10,561.37; Effective Date of Benefit:
 06/01/25; Payment Date: 06/15/25
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Edwin W. Webster, Jr.

  Subject 5.2. John Hennessey, Class B $42.34; Effective Date of Benefit: 05/01/25;
 Payment Date: 05/15/25
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 John Hennessey

  Subject 5.3. Lisa Jones, Class B $3,116.07; Effective Date of Benefit: 05/01/25;
 Payment Date: 05/15/25
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Lisa Jones

  Subject 5.4. Kathryn Kantorski, Class B $1,043.85; Effective Date of Benefit: 05/01/25;
 Payment Date: 05/15/25
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Kathryn Kantorski
  Subject 5.5. Barbara Collins, Class B $81.83; Effective Date of Benefit: 04/01/25;
 Payment Date: 04/15/25
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Barbara Collins

6. Administrative Update
  Subject 6.1. 2024 Valuation Report - USI
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 6. Administrative Update

  Department Clerk/Treasurer's Office


  Type Discussion
 Information
 Action


  Recommended Action to approve and accept the valuation report as prepared by USI, the City’s designated
 actuary; to direct that such report may be relied upon for the purposes of setting the
 ADEC, and contribution and funding rates for the BERS for the FY ’26 budget; and, to
 forward the valuation and the Board’s approval to the City Council as a communication

7. Fiducient
  Subject 7.1. BERS Flash Report - April 2025
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Clerk/Treasurer's Office


  Type Information
 Discussion



8. Adjournment
  Subject 8.1. Motion to adjourn
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 8. Adjournment

  Department Retirement Administration
Type Action
 Procedural


Recommended Action Motion to adjourn

Retirement Board

  Monday, May 19, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st
 Floor

Join from PC, Mac, iPad, or Android:
https://zoom.us/j/95653245202
Phone one-tap:
+13092053325,,95653245202# US
Join via audio:
+1 309 205 3325 US
Webinar ID: 956 5324 5202
International numbers available: https://zoom.us/u/adwV0dfPu6
1. Agenda
  Subject 1.1. Motion to adopt agenda
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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
  Subject 2.1. Verbal Comments
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 2. Public Forum

  Department Retirement Administration


  Type Action
 Procedural




 Page 1 of 93
  Recommended Action open Public Forum
 close Public Forum

3. Minutes
  Subject 3.1. April 21, 2025 Retirement Board Meeting Minutes - C/T
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 3. Minutes
  Department Clerk/Treasurer's Office


  Type Action
 Information
 Minutes



4. Approve Return of Contributions
  Subject 4.1. John Ledoux, Class B $2,797.95; Effective Date of Benefit: 06/01/25
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 John Ledoux

  Subject 4.2. Christine Gall, Class B $6,436.07; Effective Date of Benefit: 05/01/25
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Christine Gall

  Subject 4.3. Olivia Morgan Darisse, Class B $21,462.06; Effective Date of Benefit:
 06/01/25
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Olivia Morgan Darisse


 Page 2 of 93
5. Approve Retirement Applications
  Subject 5.1. Edwin W. Webster, Jr., Class A $10,561.37; Effective Date of Benefit:
 06/01/25; Payment Date: 06/15/25
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Edwin W. Webster, Jr.

  Subject 5.2. John Hennessey, Class B $42.34; Effective Date of Benefit: 05/01/25;
 Payment Date: 05/15/25
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 John Hennessey

  Subject 5.3. Lisa Jones, Class B $3,116.07; Effective Date of Benefit: 05/01/25;
 Payment Date: 05/15/25
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Lisa Jones

  Subject 5.4. Kathryn Kantorski, Class B $1,043.85; Effective Date of Benefit: 05/01/25;
 Payment Date: 05/15/25
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Kathryn Kantorski


 Page 3 of 93
  Subject 5.5. Barbara Collins, Class B $81.83; Effective Date of Benefit: 04/01/25;
 Payment Date: 04/15/25
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Barbara Collins

6. Administrative Update
  Subject 6.1. 2024 Valuation Report - USI
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 6. Administrative Update

  Department Clerk/Treasurer's Office


  Type Discussion
 Information
 Action


  Recommended Action to approve and accept the valuation report as prepared by USI, the City’s designated
 actuary; to direct that such report may be relied upon for the purposes of setting the
 ADEC, and contribution and funding rates for the BERS for the FY ’26 budget; and, to
 forward the valuation and the Board’s approval to the City Council as a communication

7. Fiducient
  Subject 7.1. BERS Flash Report - April 2025
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Clerk/Treasurer's Office


  Type Information
 Discussion



8. Adjournment
  Subject 8.1. Motion to adjourn
  Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 8. Adjournment

  Department Retirement Administration



 Page 4 of 93
Type Action
 Procedural


Recommended Action Motion to adjourn




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Page 21 of 93
ACTUARIAL VALUATION REPORT

JUNE 30, 2024




 BURLINGTON EMPLOYEES'
 RETIREMENT SYSTEM

 Page 22 of 93
 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 2026 .................................................................................................. 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 23 of 93
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM

 Executive Summary


 June 30, 2024 June 30, 2023
 Class A Class B Total Class A Class B Total

Number of members
 Active employees 162 760 922 160 763 923
 Terminated vested members 30 340 370 31 358 389
 Vested in employee contributions only 30 407 437 24 355 379
 Retired, disabled and beneficiaries 218 676 894 217 658 875
 Total 440 2,183 2,623 432 2,134 2,566

Covered employee payroll 13,113,308 50,906,355 64,019,663 11,685,113 46,967,315 58,652,428
Average plan salary 80,946 66,982 69,436 73,032 61,556 63,545

Actuarial present value of future benefits 205,415,351 218,776,165 424,191,516 193,575,065 209,305,325 402,880,390
Actuarial accrued liability 171,415,164 193,529,063 364,944,227 162,527,797 184,722,081 347,249,878

Plan assets
 Market value of assets 110,857,257 134,064,074 244,921,331 100,055,156 123,599,082 223,654,238
 Actuarial value of assets 109,471,149 132,387,799 241,858,948 103,910,050 128,361,068 232,271,118

Unfunded accrued liability 61,944,015 61,141,264 123,085,279 58,617,747 56,361,013 114,978,760

Funded ratio 63.9% 68.4% 66.3% 63.9% 69.5% 66.9%

Actuarially determined employer contribution (ADEC)
 Fiscal year ending 2026 2026 2026 2025 2025 2025
 ADEC 8,293,582 7,184,926 15,478,508 7,651,246 6,592,054 14,243,300



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 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



 Valuation Results and Highlights
Purpose of the Valuation
The purpose of the valuaAon is to develop the Actuarially Determined Employer ContribuAon (ADEC).
The ulAmate 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,


 UlAmate cost = Beneﬁts Paid + Expenses Incurred – Investment Return – Employee ContribuAons


The actuarial cost method distributes this ulAmate cost over the working lifeAme of current plan parAcipants. By
means of this budgeAng 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 contribuAon is developed. The June 30, 2024 valuaAon produces the contribuAon for the
ﬁscal year ending 2026.

Information Available in the Valuation Report
The ExecuAve Summary is intended to emphasize the notable results of the valuaAon from the perspecAve of the
Plan Sponsor. SupporAng technical detail is documented in Results of the ValuaAon, SupporAng Exhibits and
DescripAon of Actuarial Methods and AssumpAons. A concise summary of the principal provisions of the Plan is
outlined in Summary of Plan Provisions.

Changes Reflected in the Valuation
None.

Cash Contribution for Fiscal Year Ending 2026
The City cost is: 2026 Fiscal Year
 Class A $8,293,582
 Class B 7,184,926
 Total $15,478,508

Liability Experience During Period Under Review
The plans experienced a loss on liabiliAes of approximately $8,631,000 since the prior valuaAon. The loss was
mainly due to salary increases that were higher than expected, as well as losses from actual turnover and
reArement paJerns.

Asset Experience During Period Under Review
The plan's assets provided the following rates of return during the past fiscal year:

 2024 Fiscal Year
Market Value Basis 12.8%
Actuarial Value Basis 7.2%

The Actuarial Value of assets, rather than the Market Value, is used to determine plan contribuAons. The
Actuarial Value spreads the asset volaAlity over 5 years, thereby smoothing out ﬂuctuaAons that are inherent in
the Market Value.
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 ACTUARIAL VALUATION REPORT
 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.
AddiAonal pension contribuAons may be required at inopportune Ames for the plan sponsor. In general, a plan
sponsor with assets or revenue that are much larger than the liabiliAes in its pension plans will be beJer able to
withstand increases in required pension contribuAons.

Plan Maturity Measurements

 June 30, 2024 June 30, 2023
Actuarial accrued liability for members currently in pay status
as a percentage of the total actuarial accrued liability 61.0% 61.4%

• 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, 2024
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, 2024 June 30, 2023
Ratio of market value of assets to covered payroll 3.8 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
Es6mated Impact of a 5% Reduc6on in Market Value of Assets


 Fiscal Year
 Ending 2026
Increase in actuarially determined employer contribution (ADEC) 217,542

• 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 addiAonally increase by the same amount in each of the next
few years. Each of these addiAonal contribuAons will conAnue for up to 20 years.



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 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



Es6mated Impact of a 1-Year Increase in Life Expectancies


 Fiscal Year
 Ending 2026
Increase in actuarially determined employer contribution (ADEC) 689,334

• 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 Obliga6on Measure

 June 30, 2024
Low-default-risk obligation measure (LDROM)* 532,740,242
Total actuarial accrued liability (AAL) for all members** 364,944,227
Difference between LDROM and AAL 167,796,015
• 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 3.93%. 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, 2024. 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
2024 7.10% N/A 67.1% N/A
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%
2015 8.00% -1.3% 69.3% 8.8%


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 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




Implications of Contribution Allocation Procedure or Funding Policy
I have assessed the impact of the funding policy on the anAcipated employer contribuAons and the plan’s funded
status. The funding policy is described in the DescripAon of Actuarial Methods secAon of this report.
I have esAmated the approximate length of Ame before the unfunded accrued liability, if any, will become fully
amorAzed. The period is esAmated to be 19 years. Subsequent to the end of this period, the future anAcipated
employer contribuAons will be the corresponding annual normal costs.
I have assessed whether the funding policy will be suﬃcient to cover future beneﬁt payments and administraAve
expenses. The current funding policy is anAcipated 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, 2024 Actuarial ValuaAon for Burlington Employees' ReArement
System (the Plan) for the purpose of esAmaAng the funded status of the Plan and determining the Actuarially
Determined Employer ContribuAon (ADEC) for the ﬁscal year ending June 30, 2026. 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

May 5, 2025




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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



 Development of Unfunded Accrued Liability and Funded Ratio


 June 30, 2024 June 30, 2023
 Class A Class B Total Class A Class B Total

  Actuarial accrued liability for inactive members
 Retired, disabled and beneficiaries $111,131,689 $111,574,279 $222,705,968 $107,454,674 $105,885,423 $213,340,097
 Terminated vested members 2,931,943 10,775,576 13,707,519 2,908,661 11,735,265 14,643,926
 Due refund of employee contributions only 444,165 1,652,858 2,097,023 272,096 1,454,521 1,726,617
 Total 114,507,797 124,002,713 238,510,510 110,635,431 119,075,209 229,710,640

  Actuarial accrued liability for active employees 56,907,367 69,526,350 126,433,717 51,892,366 65,646,872 117,539,238

  Total actuarial accrued liability 171,415,164 193,529,063 364,944,227 162,527,797 184,722,081 347,249,878

  Actuarial value of assets 109,471,149 132,387,799 241,858,948 103,910,050 128,361,068 232,271,118

  Unfunded accrued liability 61,944,015 61,141,264 123,085,279 58,617,747 56,361,013 114,978,760

  Funded ratio 63.9% 68.4% 66.3% 63.9% 69.5% 66.9%




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 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




 Actuarial Accrued Liability vs. Actuarial Value of Assets




 Funded Ra6o




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 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




  Determination of Normal Cost and Actuarially Determined Employer Contribution


 June 30, 2024 June 30, 2023
 Percent of Percent of
 Cost payroll Cost payroll
  Gross normal cost $7,857,234 11.6% $7,402,863 11.3%
  Estimated employee contributions (3,687,029) -5.5% (3,493,344) -5.3%

  City's normal cost 4,170,205 6.2% 3,909,519 5.9%
  Amortization of unfunded accrued liability 11,179,027 16.5% 10,212,586 15.6%

  Contribution before adjustment as of the
 valuation date 15,349,232 22.7% 14,122,105 21.5%

  Estimated valuation year payroll for actives
 not yet at 100% assumed retirement age 67,595,783 65,752,934

  Fiscal year ending 2026 2025
  Adjustment for interest and inflation 129,276 121,195
  Actuarially determined employer contribution 15,478,508 14,243,300




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 Actuarially Determined Employer Contribu6on




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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 $4,089,601 $409,378 $373,449 $924,168 $186,426 $137,125 $1,737,087 $3,767,633 $7,857,234
  Estimated employee contributions (1,503,761) (284,676) (185,752) (452,489) (140,459) (86,300) (1,033,592) (2,183,268) (3,687,029)
 City's normal cost 2,585,840 124,702 187,697 471,679 45,967 50,825 703,495 1,584,365 4,170,205

  Actuarial accrued liability 171,415,164 33,586,315 26,440,810 28,709,289 8,615,931 5,039,497 91,137,221 193,529,063 364,944,227
  Actuarial value of assets 109,471,149 22,975,455 18,087,416 19,639,219 5,893,916 3,447,379 62,344,414 132,387,799 241,858,948
  Unfunded accrued liability 61,944,015 10,610,860 8,353,394 9,070,070 2,722,015 1,592,118 28,792,807 61,141,264 123,085,279

 Amortization of unfunded accrued liability 5,627,582 963,435 758,463 823,535 247,151 144,560 2,614,301 5,551,445 11,179,027
 Contribution before adjustment as of the
 valuation date 8,213,422 1,088,137 946,160 1,295,214 293,118 195,385 3,317,796 7,135,810 15,349,232

  Estimated valuation year payroll for actives not yet
 at 100% assumed retirement age 13,670,555 7,207,820 4,827,884 10,894,158 3,492,482 2,130,774 25,372,110 53,925,228 67,595,783
  City's normal cost as a percentage of payroll 18.9% 1.7% 3.9% 4.3% 1.3% 2.4% 2.8% 2.9% 6.2%
  Contribution as a percentage of payroll 60.1% 15.1% 19.6% 11.9% 8.4% 9.2% 13.1% 13.2% 22.7%

  Fiscal year ending June 30, 2026
 Adjustment for interest and inflation 80,160 3,866 5,819 14,622 1,425 1,576 21,808 49,116 129,276
 Actuarially determined employer contribution 8,293,582 1,092,003 951,979 1,309,836 294,543 196,961 3,339,604 7,184,926 15,478,508




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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 assumpAons 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, 2024
 Expected unfunded accrued liability June 30, 2024
 Unfunded accrued liability June 30, 2023 $114,978,760
 Gross normal cost June 30, 2023 7,402,863
 City and employee contributions for 2023-2024 (15,708,903)
 Interest at 7.10% to June 30, 2024 8,144,038
 Expected unfunded accrued liability June 30, 2024 114,816,758

 Actuarial (gain) / loss June 30, 2024 8,268,521

 Actual unfunded accrued liability June 30, 2024, prior to plan
 provision, assumption and method changes 123,085,279

 Sources of (gain) / loss
 Assets (362,000)
 Salary increases 4,617,000
 Retiree mortality (244,000)
 Turnover, disability and retirements 3,411,000
 New entrants 239,000
 Data adjustments 257,000
 COLA increases 818,000
 Other experience (467,000)
 Total (gain) / loss (rounded to nearest $1,000) 8,269,000




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 Development of Asset Values


 Summary of Fund Activity
 Market Value Actuarial Value
 1. Beginning value of assets June 30, 2023
 Trust assets $223,654,238 $232,271,118

 2. Contributions
 City contributions during year 11,716,667 11,716,667
 Employee contributions during year 3,992,236 3,992,236
 Total for plan year 15,708,903 15,708,903

 3. Disbursements
 Benefit payments during year 22,082,080 22,082,080
 Administrative expenses during year 648,900 648,900
 Total for plan year 22,730,980 22,730,980

 4. Net investment return
 Interest and dividends 6,633,128 N/A
 Realized and unrealized gain / (loss) 21,878,134 N/A
 Expected return N/A 15,635,803
 Recognized gain / (loss) N/A 974,104
 Required adjustment due to corridor N/A 0
 Reversal of prior year required adjustment N/A 0
 Investment-related expenses (222,092) N/A
 Total for plan year 28,289,170 16,609,907

 5. Ending value of assets June 30, 2024
 Trust assets: (1) + (2) - (3) + (4) 244,921,331 241,858,948

 6. Approximate rate of return 12.8% 7.2%




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 Relationship of Actuarial Value to Market Value
  1. Market value 6/30/2024 $244,921,331
  2. Gain / (loss) not recognized in actuarial value 6/30/2024 3,062,383
  3. Preliminary actuarial value 6/30/2024: (1) - (2) 241,858,948
  4. Preliminary actuarial value as a percentage of market value: (3) ÷ (1) 98.7%
  5. Gain / (loss) recognized for corridor minimum / maximum N/A
  6. Actuarial value 6/30/2024 after corridor minimum / maximum: (3) + (5) 241,858,948
  7. Actuarial value as a percentage of market value: (6) ÷ (1) 98.7%


 Development of Market Value Gain / Loss for 2023-2024 Plan Year
  1. Market value 6/30/2023 $223,654,238
  2. City contributions 11,716,667
  3. Employee contributions 3,992,236
  4. Benefit payments 22,082,080
  5. Administrative expenses 648,900
  6. Expected return at 7.10% 15,635,803
  7. Expected value 6/30/2024: (1) + (2) + (3) - (4) - (5) + (6) 232,267,964
  8. Market value 6/30/2024 244,921,331
  9. Market value gain / (loss) for 2023-2024 plan year: (8) - (7) 12,653,367


 Recognition of Gain / Loss in Actuarial Value

 (c) (d) (e)
 (b) Recognized in Total recognized Not recognized
 (a) Total recognized current year: as of 6/30/2024: as of 6/30/2024:
 Year Gain / (loss) as of 6/30/2023 20% of (a) (b) + (c) (a) - (d)
  2019-2020 ($9,744,015) ($7,795,214) ($1,948,801) ($9,744,015) $0
  2020-2021 45,779,498 27,467,700 9,155,900 36,623,600 9,155,898
  2021-2022 (50,373,977) (20,149,590) (10,074,795) (30,224,385) (20,149,592)
  2022-2023 6,555,637 1,311,127 1,311,127 2,622,254 3,933,383
  2023-2024 12,653,367 0 2,530,673 2,530,673 10,122,694
 Total 974,104 3,062,383




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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
 2015 -1.7% 6.4% 8.2% 5.4%
 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% 5.1% 6.0% 6.1%
 2023 10.2% 7.8% 6.1% 6.5%
 2024 12.8% 2.5% 7.6% 6.3%


 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
 2015 7.8% 8.3% 6.3% 5.6%
 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% 6.6% 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%




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 Actual Rate of Return on Assets




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 Target Allocation and Expected Rate of Return
 June 30, 2024

 Long-Term
 Target Expected Real
  Asset Class Allocation Rate of Return* Weighting
  Core Fixed Income 20.00% 5.90% 1.18%
  U.S. Bonds - Dynamic 7.00% 6.80% 0.48%
  U.S. Large Cap Equity 33.00% 7.30% 2.41%
  U.S. Small Cap Equity 9.50% 6.80% 0.65%
  International Developed Equity 19.00% 8.20% 1.56%
  International Emerging Markets Equity 7.00% 10.10% 0.71%
  Private Equity 0.50% 10.30% 0.05%
  Real Estate 4.00% 7.80% 0.31%

 100.00% 7.35%

  Interaction Effect 1.00%

  Long-Term Expected Nominal Return 8.35%


  *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 October 31, 2023. 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-esAmate ranges of expected future real rates of return are developed. Best esAmates of
the real rates of return for each major asset class are included in the pension plan’s target asset allocaAon.

The informaAon above is based on geometric means and does not reﬂect addiAonal returns through investment
selecAon, asset allocaAon 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, 2024
  Initial base June 30, 2023 $114,978,760 $10,212,586 19 $112,204,572
  2024 base June 30, 2024 10,880,707 966,441 20 10,880,707

  Total 11,179,027 123,085,279


  Equivalent single amortization period 19 years




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 Member Data
The data reported by the Plan Sponsor for this valuaAon includes 922 acAve employees who met the Plan’s minimum age and service requirements as of June 30,
2024.



 Member Data
 Terminated Due refund of Members in
 Active vested contributions pay status Total
 Total members June 30, 2023 923 389 379 875 2,566
 Adjustments 0 0 +3 0 +3
 Retirements -19 -19 N/A +38 0
 Disabilities 0 N/A N/A 0 0
 Terminations
 Vested -18 +18 N/A N/A 0
 Lump sum payments -34 -10 -35 N/A -79
 Due contributions only -59 N/A +59 N/A 0
 Deaths
 With death benefit -1 -4 -1 -5 -11
 Without death benefit 0 -3 0 -20 -23
 Transfers +2 0 0 N/A +2
 Rehires +8 -6 -2 N/A 0
 New beneficiaries N/A +5 0 +6 +11
 New entrants +120 N/A +34 N/A +154
 Total members June 30, 2024 922 370 437 894 2,623




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 Member Counts by Status




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 Member Data
 Terminated Due refund of Members in
 Active vested contributions pay status
 Average age
 June 30, 2023 43.7 53.1 38.3 70.0
 June 30, 2024 44.0 53.4 38.0 70.3

 Average service
 June 30, 2023 9.4 N/A N/A N/A
 June 30, 2024 9.6 N/A N/A N/A

 Covered employee payroll
 June 30, 2023 $58,652,428 N/A N/A N/A
 June 30, 2024 64,019,663 N/A N/A N/A

 Total annual benefits
 June 30, 2023 N/A $2,515,746 N/A $21,012,530
 June 30, 2024 N/A 2,320,681 N/A 21,999,192




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 Member Data - Class A
 Terminated Due refund of Members in
 Active vested contributions pay status Total
  Total members June 30, 2023 160 31 24 217 432
 Adjustments 0 0 0 0 0
 Retirements -6 0 N/A +6 0
 Disabilities 0 N/A N/A 0 0
 Terminations
 Vested -1 +1 N/A N/A 0
 Lump sum payments 0 -1 0 N/A -1
 Due contributions only -4 N/A +4 N/A 0
 Deaths
 With death benefit 0 0 0 0 0
 Without death benefit 0 0 0 -5 -5
 Transfers +2 0 0 N/A +2
 Rehires +1 -1 0 N/A 0
 New beneficiaries N/A N/A N/A 0 0
 New entrants +10 N/A +2 N/A +12
  Total members June 30, 2024 162 30 30 218 440




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 Member Data - Class B
 Terminated Due refund of Members in
 Active vested contributions pay status Total
  Total members June 30, 2023 763 358 355 658 2,134
 Adjustments 0 0 +3 0 +3
 Retirements -13 -19 N/A +32 0
 Disabilities 0 N/A N/A 0 0
 Terminations
 Vested -17 +17 N/A N/A 0
 Lump sum payments -34 -9 -35 N/A -78
 Due contributions only -55 N/A +55 N/A 0
 Deaths
 With death benefit -1 -4 -1 -5 -11
 Without death benefit 0 -3 0 -15 -18
 Transfers 0 0 0 N/A 0
 Rehires +7 -5 -2 N/A 0
 New beneficiaries N/A +5 0 +6 +11
 New entrants +110 N/A +32 N/A +142
  Total members June 30, 2024 760 340 407 676 2,183




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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.)
  None.

 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 the most 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 60. 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%




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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.


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 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 60.

Class B
Age 55 and 5 years of creditable service.




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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 30 Page 53 of 93
 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 31 Page 54 of 93
 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 32 Page 55 of 93
 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 33 Page 56 of 93
 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 34 Page 57 of 93
 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 2023, 2024, and 2025.

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 35 Page 58 of 93
Burlington Employees’ Retirement System
REVIEW OF THE JULY 1, 2024 ACTUARIAL VALUATION



Robert P. Lessard, ASA, MAAA, Enrolled Actuary Steve A. Lemanski, FSA, FCA, MAAA, Enrolled Actuary
 Assistant Vice President, Consulting Actuary Partner | Vice President, Senior Consulting Actuary
 USI Consulting Group
 May 19, 2025

©2025 USI Consulting Group | All rights reserved..
 Page 59 of 93
 Today’s
 Agenda
1 Purpose of the Valuation 4 Funded Status
2 Summary of Results – Overview 5 Employer Contribution (ADEC)
3 Valuation Results – Executive Summary 6 Asset Information




 ©2025 USI Consulting Group. All rights reserved. | 1
 Page 60 of 93
Purpose of the Valuation

The ultimate 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,


 City’s Ultimate cost = Benefits Paid + Expenses Incurred – Investment Return – Employee Contributions




 Actuarial Valuation utilizes an actuarial cost method to assign a portion of this
  “ultimate cost” to the budget year. The valuation does not determine the cost
  of the plan but is a tool used to determine the appropriate level of City
  contributions.

 Actuarially Determined Employer Contribution (ADEC) developed from the
  valuation is comprised of two components: amortization of unfunded liability
  (currently 20-year “layered” amortization) & normal cost (assignment of
  benefits “earned” for the budget year).

 ©2025 USI Consulting Group. All rights reserved. | 2
 Page 61 of 93
Summary of Results - Overview

 Funded Ratio (Assets divided by Actuarial Liability) is 66.3%, vs. 66.9% for 2023
 Plan’s Funded Ratio compares with 76.0% in NASRA survey for FYE 2023
 Actuarially Determined Employer Contribution (ADEC) is $15.479 M (FY 2025-26),
 vs. $14.243 M (FY 2024-25)
 Asset experience – +7.2% actuarial (5-year smoothed) return, vs. the 7.1%
 assumption (12.8% on a market value basis) : ADEC impact : - $32K
 Assumption changes – none
 Other plan experience:
 o Salary increases : ADEC impact : + $540K
 o Retirements, terminations, disabilities and mortality : ADEC impact : + $454K
 o Expected increase in normal cost (continuing actives) : ADEC impact: + $121K
 o COLA increases (continuing retirees) : ADEC impact: + $117K
 o New entrants : ADEC impact : + $34K




 ©2025 USI Consulting Group. All rights reserved. | 3
 Page 62 of 93
Assumption Discussion

 Investment return – The assumption remains at 7.10% for the 2024 actuarial
 valuation. Median for CT public sector pension plans (USI survey based on FYE
 2023 CAFRs) is 6.50% (average is 6.43% for all plans; 6.71% for plans with $50+
 million in assets). 8% of plans in the USI survey lowered the investment return
 assumption from June 30, 2022 to June 30, 2023. NASRA survey (November 2024)
 shows average assumption of 6.91% (median 7.00%) for large public sector
 pension funds.
 Mortality projection scale – There was not an annual mortality projection scale
 update published for 2024 by the Society of Actuaries. Mortality projection scale is
 used to estimate how life expectancies are expected to change in the future. This
 is used in conjunction with the underlying mortality table, which reflects estimated
 life expectancies today.




 ©2025 USI Consulting Group. All rights reserved. | 4
 Page 63 of 93
Valuation Results – Executive Summary
 June 30, 2024 June 30, 2023
 Class A Class B Total Class A Class B Total

 Number of members
 Active employees 162 760 922 160 763 923
 Terminated vested members 30 340 370 31 358 389
 Vested in employee contributions only 30 407 437 24 355 379
 Retired, disabled and beneficiaries 218 676 894 217 658 875
 Total 440 2,183 2,623 432 2,134 2,566

 Covered employee payroll 13,113,308 50,906,355 64,019,663 11,685,113 46,967,315 58,652,428
 Average plan salary 80,946 66,982 69,436 73,032 61,556 63,545

 Actuarial present value of future benefits 205,415,351 218,776,165 424,191,516 193,575,065 209,305,325 402,880,390
 Actuarial accrued liability 171,415,164 193,529,063 364,944,227 162,527,797 184,722,081 347,249,878

 Plan assets
 Market value of assets 110,857,257 134,064,074 244,921,331 100,055,156 123,599,082 223,654,238
 Actuarial value of assets 109,471,149 132,387,799 241,858,948 103,910,050 128,361,068 232,271,118

 Unfunded accrued liability 61,944,015 61,141,264 123,085,279 58,617,747 56,361,013 114,978,760

 Funded ratio 63.9% 68.4% 66.3% 63.9% 69.5% 66.9%

 Actuarially determined employer contribution (ADEC)
 Fiscal year ending 2026 2026 2026 2025 2025 2025
 ADEC 8,293,582 7,184,926 15,478,508 7,651,246 6,592,054 14,243,300



 ©2025 USI Consulting Group. All rights reserved. | 5
 Page 64 of 93
Funded Status – Trends
 Actuarial Accrued Liability vs. Actuarial Value of Assets




 Funded Ratio




 ©2025 USI Consulting Group. All rights reserved. | 6
 Page 65 of 93
Funded Status – Breakdown by Class A & B
 Development of Unfunded Accrued Liability and Funded Ratio




 ©2025 USI Consulting Group. All rights reserved. | 7
 Page 66 of 93
Asset Information – FYE 2024 Reconciliation




 ©2025 USI Consulting Group. All rights reserved. | 8
 Page 67 of 93
Actuarial vs. Market Value of Assets




 ©2025 USI Consulting Group. All rights reserved. | 9
 Page 68 of 93
Asset Returns – Trends




 ©2025 USI Consulting Group. All rights reserved. | 10
 Page 69 of 93
Asset Returns – Trends




 ©2025 USI Consulting Group. All rights reserved. | 11
 Page 70 of 93
 Thank you!




This information is provided solely for educational purposes and is not to be construed as investment, legal or tax advice.
Prior to acting on this information, we recommend that you seek independent advice specific to your situation from a
qualified investment/legal/tax professional.
©2025 USI Consulting Group. All rights reserved.


 Page 71 of 93
 City of Burlington Employees Retirement System

 Monthly Performance Update - April 2025




  This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors and the information contained herein is confidential and the dissemination or
distribution to any other person without the prior approval of Fiducient Advisors 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 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 72 of 93
 Market Performance

 2025 YTD Performance – April 30th

 15%

 MSCI EAFE, 11.8%
 10%



 5%
 MSCI EM, 4.3%
 BBg US Agg, 3.2%

 0%



 -5% S&P 500, -4.9%



 -10%
 Russell 2000, -11.6%


 -15%



 -20%



 -25%




 Source: FactSet. As of April 30, 2025

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a73 of 932
www.FiducientAdvisors.com loss. Indices cannot be invested in directly.
 Asset Class Performance


 16


 YTD MTD 11.8
 12


 8

 4.3 4.5 4.3 4.7
 4.6 3.6




 Total Returns (%)
 4 3.2
 2.4 3.3
 1.0 0.7
 0.4 1.3
 0 0.1 0.4 0.0 0.2
 -0.5 -0.6
 -1.2 -0.4 -1.2
 -1.0 -1.8 -2.3 -2.0
 -4 -5.1 -4.8

 -8


 -12
 -11.6


 -16
 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 April 30, 2025. *Hedge fund returns are as of March 31, 2025.


Fixed Income (April) Equity (April) Real Asset / Alternatives (April)
+ It was another volatile month for interest rates as - “Liberation Day” marked an extreme shift in U.S. + U.S. equity REITs declined and
investors continued to digest the potential impact of trade policy as the administration implemented 10% underperformed the broader equity market.
foreign policy on future inflation and growth. Core universal tariffs. U.S. markets experienced a sharp Interest rate volatility and a rise in longer
bonds eked out a modest gain in the month. decline early in the month before clawing their way dated yields weighed on the asset class.
 back to end modestly below where they began.
+/- Credit markets were not immune to the volatility. + Real assets edged out a slight gain in the
High yield bonds produced a flat return in April + International markets continued to shine and month, driven by favorable returns within
despite widening credit spreads. Weakness in the extended their lead over domestic equities year-to- infrastructure and inflation linked assets.
energy sector was a large detractor. date. Favorable local market performance was
 - Commodities were among the weakest asset
 further supported by a declining U.S. dollar, which
- Long duration assets lagged as the yield curve classes during April. Energy and industrial
 fell almost 5% during April.
steepened over the course of the month. metals were the primary detractors.

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
 74loss.
 of 933
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Fixed Income Market Update

 U.S. Treasury Yield Curve Corporate Credit Spreads – Trailing 5 Years (April)
 U.S. fixed income markets saw a significant steepening in the belly of Credit markets were volatile in the month and both investment grade
 the curve during the month as the 2-year yield fell almost 30 basis and high yield spreads moved wider. Growing uncertainty surrounding
 points. Longer dated assets struggled as concerns of a weak auction, the tariff impact on corporate fundamentals took hold. Despite the
 rising inflation expectations, pressure from foreign sellers and the move higher in spreads and growing concerns of an economic
 unwinding of hedge fund trades pushed long Treasury yields higher. slowdown, valuations still flash as expensive (i.e., spreads remain
 below their longer-term averages).
 5.0 500 1,250
 4/30/2025 10Yr Avg
 4.8 IG 106 bps 121 bps
 HY 384 bps 412 bps
 4.6 400 1,000
 4.58
 4.4
 4.23



 Spreads (bps)
 4.25
 4.2 300 750


 Yield (%)
 4.17
 4.0 3.89

 3.8 200 500

 3.6
 3.60
 3.4 100 250
 4/30/25

 3.2 3/31/25
 Bloomberg U.S. Inv. Grade Corp Index (LHS)
 12/31/24
 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
 U.S. Treasury Maturity (yrs)
 Source: FactSet. As of April 30, 2025. Source: FactSet. As of April 30, 2025.


 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
 75loss.
 of 934
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 Equity Market Update


 U.S. Equities – Returns by Sector (April)
 The S&P 500 fell during April, marking the third straight month of negative returns. A modest reversal in growth-oriented segments, such as
 information technology, was not enough to offset weak returns in energy, financials and health care. Energy was the leading detractor as commodity
 markets moved lower. Q1 earnings season is underway and, while still early, initial earnings metrics look favorable. However, many companies have
 been removing forward guidance due to rising uncertainty created by the ongoing tariff situation, further fueling declining business optimism.
 6.5% MTD
 5.0%
 2.3% 1.6% 2.6%
 0.6% 1.4% 1.2% 0.8% YTD
 0.1% 0.0% 0.2%

 -0.7% -1.2% -0.3%
 -2.2% -2.1%
 -3.7%
 -4.9% -4.8% -5.5%

 -11.2%
 -13.6% -14.1%

 S&P 500 Utilities Real Estate Materials IT Industrials Health Care Financials Energy Cons. Cons. Disc. Comm.
 Source: Morningstar Direct. As of April 30, 2025. Staples Services


 Market Capitalization, Style, and Select Country Performance (April)
 Non-U.S. equities outperformed domestic equities during the month. Strong results in Europe, notably Germany, helped propel developed markets
 higher. In emerging regions, Mexico rallied as tariff attention shifted away from North America to other regions globally, while the ongoing trade
 tensions between China weighed on the region. From a style perspective, growth outpaced value as value-oriented sectors, such as energy and
 financials, struggled. 13.0%


 7.5%
 5.8% 5.2%
 4.3% 4.1%
 2.7% 2.7%
 1.7% 1.9%
 0.6% 0.7%

  -0.6%
 -2.3% -3.1%
 -4.3%
  Large Small Growth Value Large Small Growth Value UK Germany Large Small Growth Value China Mexico
 U.S. Int’l Developed Emerging Markets
  Source: Morningstar Direct. As of April 30, 2025.
 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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 76loss.
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 Real Asset Market Update


Commodity Performance (April) REIT Sector Performance (April)
Commodity markets struggled in April as investors grappled with foreign Elevated volatility and a move higher in longer dated interest rates were
trade policy uncertainty and the potential impact it may have on the global headwinds for REITs during the month. More cyclically oriented areas,
economy. The energy component was the driving negative force. WTI crude such as industrials and lodging/resorts, came under pressure amidst the
oil prices fell from over $70 to below $60, for the first time since April 2021, growing uncertainty and reduced outlook for global economic growth.
as investors anticipated future supply increases from OPEC and reduced
global demand should economic activity slow.
 25 8.0
 21.9 Data Centers -8.4

 20 Diversified -3.8
 5.4

 Health Care -2.5
 15 11.0

 Industrial -9.3
 -3.8
 10
 Infrastructure 4.5
 21.6
 5 3.2



  Total Return (%)
 Lodging/Resorts-21.6 -5.3
 1.0 3.1
 1.2 -6.7
 0 Office -16.5

 Residential -4.0
 -5 0.3
 -6.9 -3.3
 Retail -3.0
 -10 -7.0
 Self Storage -0.8
 0.1
 -15 1.1
 -16.2 Specialty -10.1

 -20 Timber -12.0
 -6.3
 Energy Industrial Precious Agriculture
 Metals Metals Total Return (%)
 Source: FactSet. As of April 30, 2025. YTD MTD Source: FactSet. As of April 30, 2025. MTD YTD

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
 77loss.
 of 936
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Financial Markets Performance

 Total Return as of April 30, 2025
 Periods greater than one year are annualized
 All returns are in U.S. dollar terms
 Global Fixed Income Markets MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 Bloomberg 1-3-Month T-Bill 0.4% 1.4% 4.9% 4.4% 2.7% 2.5% 1.9% 1.3%
 Bloomberg U.S. TIPS 0.1% 4.3% 8.1% 0.8% 1.8% 3.1% 2.5% 2.9%
 Bloomberg Municipal Bond (5 Year) -0.5% 0.4% 2.8% 2.5% 1.2% 1.9% 1.6% 2.2%
 Bloomberg High Yield Municipal Bond -1.8% -1.0% 4.4% 3.5% 4.7% 3.8% 4.1% 5.2%
 Bloomberg U.S. Aggregate 0.4% 3.2% 8.0% 2.0% -0.7% 1.7% 1.5% 2.4%
 Bloomberg U.S. Corporate High Yield 0.0% 1.0% 8.7% 6.2% 6.3% 4.8% 4.9% 6.0%
 Bloomberg Global Aggregate ex-U.S. Hedged 1.5% 1.3% 6.7% 3.4% 0.9% 2.3% 2.4% 3.1%
 Bloomberg Global Aggregate ex-U.S. Unhedged 5.1% 7.8% 9.5% 0.5% -1.8% -1.2% 0.1% 0.5%
 Bloomberg U.S. Long Gov / Credit -1.2% 2.4% 6.4% -1.7% -4.8% 0.6% 1.1% 3.7%
 Global Equity Markets MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 S&P 500 -0.7% -4.9% 12.1% 12.2% 15.6% 13.1% 12.3% 13.0%
 Dow Jones Industrial Average -3.1% -3.9% 9.5% 9.4% 13.0% 10.0% 11.0% 11.7%
 NASDAQ Composite 0.9% -9.5% 12.2% 13.2% 15.3% 14.8% 14.5% 15.1%
 Russell 3000 -0.7% -5.4% 11.4% 11.4% 15.1% 12.3% 11.7% 12.6%
 Russell 1000 -0.6% -5.1% 11.9% 11.9% 15.4% 12.8% 12.0% 12.8%
 Russell 1000 Growth 1.8% -8.4% 14.5% 15.6% 17.2% 16.3% 15.3% 15.3%
 Russell 1000 Value -3.0% -1.0% 8.6% 7.6% 13.0% 8.7% 8.4% 10.0%
 Russell Mid Cap -1.0% -4.4% 7.3% 7.1% 13.0% 9.0% 8.8% 10.9%
 Russell Mid Cap Growth 3.4% -4.0% 13.7% 11.7% 12.3% 11.2% 10.6% 12.2%
 Russell Mid Cap Value -2.5% -4.5% 5.2% 5.0% 13.2% 7.3% 7.5% 9.8%
 Russell 2000 -2.3% -11.6% 0.9% 3.3% 9.9% 4.9% 6.3% 8.4%
 Russell 2000 Growth -0.6% -11.7% 2.4% 5.1% 7.6% 4.9% 6.4% 9.2%
 Russell 2000 Value -4.0% -11.4% -0.7% 1.4% 11.7% 4.4% 5.9% 7.4%
 MSCI ACWI 0.9% -0.4% 11.8% 10.3% 13.1% 9.1% 8.6% 8.9%
 MSCI ACWI ex. U.S. 3.6% 9.0% 11.9% 8.0% 10.1% 4.8% 4.8% 5.2%
 MSCI EAFE 4.6% 11.8% 12.6% 10.1% 11.4% 5.7% 5.4% 6.1%
 MSCI EAFE Growth 5.2% 7.4% 6.6% 7.0% 8.1% 5.5% 5.6% 6.4%
 MSCI EAFE Value 4.1% 16.1% 18.6% 13.1% 14.5% 5.5% 5.0% 5.5%
 MSCI EAFE Small Cap 5.8% 9.7% 12.4% 5.3% 9.0% 3.1% 5.5% 6.8%
 MSCI Emerging Markets 1.3% 4.3% 9.0% 3.8% 6.3% 1.8% 3.1% 3.1%
 Alternatives MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 Consumer Price Index* #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
 FTSE NAREIT All Equity REITs -2.0% 0.7% 16.3% -1.1% 7.3% 6.5% 6.0% 8.3%
 S&P Real Assets 0.2% 4.7% 11.1% 2.5% 7.7% 4.6% 4.0% 5.3%
 FTSE EPRA NAREIT Developed 1.0% 2.9% 12.7% -1.1% 6.0% 3.0% 3.2% 5.8%
 FTSE EPRA NAREIT Developed ex U.S. 7.8% 11.6% 9.1% -2.3% 2.2% -0.6% 0.8% 3.7%
 Bloomberg Commodity Total Return -4.8% 3.6% 4.1% -3.7% 13.7% 4.3% 1.7% -0.6%
 HFRI Fund of Funds Composite* -1.2% -0.4% 4.3% 3.9% 7.1% 4.2% 3.5% 3.5%
 HFRI Asset Weighted Composite* -0.8% 0.5% 4.1% 4.0% 7.2% 4.2% 3.6% 4.4%
 Alerian MLP -8.8% 2.6% 13.5% 21.2% 27.0% 10.8% 3.9% 7.2%
 Sources: Morningstar, FactSet. As of April 30, 2025. *Consumer Price Index and HFRI indexes as of March 31, 2025.

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
 78loss.
 of 937
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
Asset Allocation
Total Plan As of April 30, 2025
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
Total Plan 251,484,690 100.0 100.0 0.0
 Pension Benefits Payable to the City -4,761,156 -1.9 0.0 -1.9
 Total Invested Assets 256,245,846 101.9 100.0 1.9
 Short Term Liquidity 192,196 0.1 0.0 0.1
 Key Bank Cash Portfolio 133,969 0.1 0.0 0.1
 First American Govt Oblig Fund Z 58,227 0.0 0.0 0.0
 Fixed Income 67,760,254 26.9 27.0 -0.1
 JIC Core Bond Fund I 50,219,899 20.0 20.0 0.0
 BlackRock Strategic Income Opportunities K 17,540,355 7.0 7.0 0.0
 Equity 177,545,842 70.6 68.5 2.1
 Domestic Equity 106,859,134 42.5 43.0 -0.5
 Mellon Large Cap Core 84,130,643 33.5 33.0 0.5
 Mellon Smid Cap Core 22,728,491 9.0 10.0 -1.0
 International Equity 70,139,877 27.9 25.5 2.4
 Mellon EAFE Fund 51,475,875 20.5 18.0 2.5
 Mellon Emerging Markets 18,664,001 7.4 7.5 -0.1
 Private Equity 546,831 0.2 0.0 0.2
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 391,261 0.2 - -
 Hamilton Lane VII B 154,946 0.1 - -
 Real Assets 10,747,554 4.3 4.5 -0.2
 UBS Trumbull Property Fund 7,660,226 3.0 3.0 0.0
 DWS RREEF Real Assets R6 3,087,328 1.2 1.5 -0.3

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

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 79 of 938
Asset Allocation
Total Invested Assets As of April 30, 2025
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
 Total Invested Assets 256,245,846 100.0 100.0 0.0
 Short Term Liquidity 192,196 0.1 0.0 0.1
 Key Bank Cash Portfolio 133,969 0.1 0.0 0.1
 First American Govt Oblig Fund Z 58,227 0.0 0.0 0.0
 Fixed Income 67,760,254 26.4 27.0 -0.6
 JIC Core Bond Fund I 50,219,899 19.6 20.0 -0.4
 BlackRock Strategic Income Opportunities K 17,540,355 6.8 7.0 -0.2
 Equity 177,545,842 69.3 68.5 0.8
 Domestic Equity 106,859,134 41.7 43.0 -1.3
 Mellon Large Cap Core 84,130,643 32.8 33.0 -0.2
 Mellon Smid Cap Core 22,728,491 8.9 10.0 -1.1
 International Equity 70,139,877 27.4 25.5 1.9
 Mellon EAFE Fund 51,475,875 20.1 18.0 2.1
 Mellon Emerging Markets 18,664,001 7.3 7.5 -0.2
 Private Equity 546,831 0.2 0.0 0.2
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 391,261 0.2 - -
 Hamilton Lane VII B 154,946 0.1 - -
 Real Assets 10,747,554 4.2 4.5 -0.3
 UBS Trumbull Property Fund 7,660,226 3.0 3.0 0.0
 DWS RREEF Real Assets R6 3,087,328 1.2 1.5 -0.3




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

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 80 of 939
Portfolio Dashboard
Total Invested Assets As of April 30, 2025
Historical Performance Summary of Cash Flows
 16.0 1 Fiscal 1
 YTD
 Month YTD Year
 Total Invested Assets

 12.0 Beginning Market Value 254,395,256 244,261,835 254,317,255 238,839,078
 11.2
 Net Contributions - 57,506 38 -5,436,104
 9.7 9.6



 Return (%)
 9.4
 Gain/Loss 1,850,591 11,926,505 1,928,553 22,842,872
 8.0 7.2 Ending Market Value 256,245,846 256,245,846 256,245,846 256,245,846
 6.9 7.0 6.8 6.6
 5.6
 4.9 4.8
 Current Benchmark Composition
 4.0
 From Date To Date
 04/2025 Present 27.00% Blmbg. U.S. Aggregate, 33.00% S&P 500, 10.00%
 0.7 0.6 0.8 0.7
 Russell 2500 Index, 18.00% MSCI EAFE (Net), 7.50% MSCI
 0.0 Emerging Markets (Net), 3.00% NCREIF Fund Index - ODCE
 1 Fiscal YTD 1 3 5 10 Since (net), 1.50% DWS Real Assets Benchmark
 Month 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%
 4.2% 0.1% $192,196 0.1%
 Private Equity Fixed Income
 0.2% Fixed Income 27.0%
 26.4% 26.4%
 International Equity $67,760,254 -0.6 %
 27.4%
 Domestic Equity 42.5%
 41.7%
 $106,859,134 -0.8 %

 International Equity 26.0%
 27.4%
 $70,139,877 1.4%

 Private Equity 0.5%
 0.2%
 $546,831 -0.3 %
 Domestic Equity
 Real Assets 4.0%
 41.7% 4.2%
 $10,747,554 0.2%

 Short Term Liquidity Fixed Income Domestic Equity -15.0 % 0.0% 15.0% 30.0% 45.0% 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 81 of 93
 10
 Recent Portfolio Activities


 Quarter Cash Flow

 • April 14, 2025: Funded DWS RREEF Real Asset Fund.
 2Q 2025

 • 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.




 Page 82 of 93
 11
www.FiducientAdvisors.com
Performance Overview
Total Invested Assets As of April 30, 2025
Trailing Performance Summary
 1 Fiscal 1 3 5 7 10 Since Inception
 YTD
 Month YTD Year Years Years Years Years Inception Date
Total Invested Assets 0.7 4.9 0.8 9.7 6.9 11.2 6.9 6.8 5.6 01/2008
  Policy Benchmark 0.6 4.8 0.7 9.6 7.0 9.4 7.3 7.2 6.6 01/2008




Calendar Year Performance Summary
 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Total Invested Assets 11.2 15.0 -15.4 14.6 12.7 19.1 -5.2 17.0 8.7 -2.2
  Policy Benchmark 10.7 14.9 -14.7 14.3 14.5 20.6 -5.2 16.9 9.0 -0.2




Plan Reconciliation
 1 Fiscal 1 3 5 10 Since Inception
 YTD
 Month YTD Year Years Years Years Inception Date
Total Invested Assets 01/2008
  Beginning Market Value 254,395,256 244,261,835 254,317,255 238,839,078 228,325,184 184,295,689 162,238,159 126,047,968
  Net Contributions - 57,506 38 -5,436,104 -19,195,288 -27,401,945 -41,799,291 -51,426,750
  Gain/Loss 1,850,591 11,926,505 1,928,553 22,842,872 47,115,950 99,352,103 135,806,979 181,624,629
  Ending Market Value 256,245,846 256,245,846 256,245,846 256,245,846 256,245,846 256,245,846 256,245,846 256,245,846


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 83 of 93
 12
Manager Performance
 As of April 30, 2025
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % YTD
 Month YTD Year Years Years Years Inception Date
 ($)


Total Invested Assets 256,245,846 100.0 0.7 4.9 0.8 9.7 6.9 11.2 6.8 5.6 01/2008
  Policy Benchmark 0.6 4.8 0.7 9.6 7.0 9.4 7.2 6.6
  Secondary Benchmark 0.6 4.8 0.7 9.6 6.8 9.2 7.0 6.5

Short Term Liquidity 192,196 0.1 0.0 1.2 0.2 1.7 1.9 - - 1.3 01/2021
  90 Day U.S. Treasury Bill 0.3 4.0 1.4 4.9 4.3 2.6 1.9 3.0

Key Bank Cash Portfolio 133,969 0.1

First American Govt Oblig Fund Z 58,227 0.0 0.3 3.9 1.4 4.8 4.3 2.6 1.8 4.0 02/2022
  90 Day U.S. Treasury Bill 0.3 4.0 1.4 4.9 4.3 2.6 1.9 4.0

Fixed Income 67,760,254 26.4 0.5 5.7 3.3 8.6 2.6 - - -0.9 01/2021
  Blmbg. U.S. Aggregate 0.4 5.2 3.2 8.0 2.0 -0.7 1.5 -1.3

JIC Core Bond Fund I 50,219,899 19.6 0.5 5.6 3.6 8.6 2.0 -0.8 1.8 -0.4 03/2020
  Blmbg. U.S. Aggregate 0.4 5.2 3.2 8.0 2.0 -0.7 1.5 -0.4
  IM U.S. Broad Market Core Fixed Income (MF) Median 0.3 5.0 3.0 7.9 1.9 -0.2 1.6 -0.2
  JIC Core Bond Fund I Rank 16 14 6 15 42 88 29 59

BlackRock Strategic Income Opportunities K 17,540,355 6.8 0.6 6.1 2.4 8.4 4.2 4.2 3.1 3.1 02/2022
  Blmbg. U.S. Aggregate 0.4 5.2 3.2 8.0 2.0 -0.7 1.5 -0.6
  IM Alternative Credit Focus (MF) Median 0.1 5.3 1.5 7.2 4.3 4.5 2.4 2.9
  BlackRock Strategic Income Opportunities K Rank 12 21 26 18 52 60 25 45




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
Lipper. 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 84 of 93
 13
Manager Performance
 As of April 30, 2025
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % YTD
 Month YTD Year Years Years Years Inception Date
 ($)


Equity 177,545,842 69.3 0.8 4.7 -0.3 10.6 9.6 - - 7.5 01/2021
  MSCI AC World Index (Net) 0.9 5.1 -0.4 11.8 10.3 13.1 8.6 7.8

Domestic Equity 106,859,134 41.7 -1.0 2.2 -5.9 9.8 10.5 - - 9.4 01/2021
  Domestic Equity Benchmark -1.0 2.3 -5.9 9.8 10.4 15.2 11.1 9.4

Mellon Large Cap Core 84,130,643 32.8 -0.7 3.1 -4.9 12.1 12.2 15.6 - 13.5 04/2016
  S&P 500 -0.7 3.1 -4.9 12.1 12.2 15.6 12.3 13.5
  IM U.S. Large Cap Core Equity (MF) Median -0.8 1.8 -4.9 9.7 11.1 14.5 11.2 12.5
  Mellon Large Cap Core Rank 48 32 50 18 28 21 - 18

Mellon Smid Cap Core 22,728,491 8.9 -2.1 -0.8 -9.4 1.7 4.2 11.5 - 9.0 04/2016
  Russell 2500 Index -2.1 -0.9 -9.4 1.7 4.1 11.4 7.4 8.9
  IM U.S. SMID Cap Equity (MF) Median -2.1 -2.0 -9.3 0.9 4.3 11.0 7.3 8.7
  Mellon Smid Cap Core Rank 49 39 52 40 52 45 - 41

International Equity 70,139,877 27.4 3.7 8.7 9.8 11.9 8.7 - - 4.1 01/2021
  International Equity Benchmark 3.6 8.5 9.6 11.6 8.6 10.4 5.1 4.3

Mellon EAFE Fund 51,475,875 20.1 4.6 10.3 11.9 12.9 10.4 11.7 - 7.9 04/2016
  MSCI EAFE (Net) 4.6 10.1 11.8 12.6 10.1 11.4 5.4 7.5
  IM International Large Cap Core Equity (MF) Median 3.3 9.2 10.4 12.1 9.0 11.4 4.9 7.0
  Mellon EAFE Fund Rank 14 32 32 40 21 40 - 16

Mellon Emerging Markets 18,664,001 7.3 1.2 4.4 4.3 9.0 3.7 6.1 - 5.6 04/2016
  MSCI Emerging Markets (Net) 1.3 4.3 4.3 9.0 3.8 6.3 3.1 5.7
  IM Emerging Markets Equity (MF) Median 0.9 2.5 3.3 7.1 4.1 6.4 2.9 5.3
  Mellon Emerging Markets Rank 41 30 36 31 58 55 - 45




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
Lipper. 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 85 of 93
 14
Manager Performance
 As of April 30, 2025
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % YTD
 Month YTD Year Years Years Years Inception Date
 ($)


Private Equity 546,831 0.2 0.0 -2.4 0.0 -3.9 -7.2 - - -1.4 01/2021

Hamilton Lane II 624 0.0 0.0 -7.2 0.0 -7.8 -23.1 -19.7 -0.4 6.6 03/2009

Hamilton Lane VII A 391,261 0.2 0.0 -1.9 0.0 -4.1 -7.6 2.7 7.2 8.7 07/2011

Hamilton Lane VII B 154,946 0.1 0.0 -3.4 0.0 -3.0 -5.2 -1.7 4.7 6.8 07/2011

Real Assets 10,747,554 4.2 0.0 1.8 1.3 0.6 -7.5 - - -0.7 01/2021



UBS Trumbull Property Fund 7,660,226 3.0 0.0 1.8 1.3 0.6 -6.6 -1.0 - 0.8 07/2016
  NCREIF Fund Index - ODCE (net) 0.0 1.8 0.8 1.2 -5.1 2.0 4.7 3.7

DWS RREEF Real Assets R6 3,087,328 1.2 0.4 9.7 5.5 12.5 0.7 8.8 5.1 - 05/2025
  DWS Real Assets Benchmark 0.1 9.1 5.4 11.2 0.7 8.6 3.9 -



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

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

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




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
Lipper. 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 86 of 93
 15
Benchmark History
Total Invested Assets As of April 30, 2025
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 04/2025 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 04/2024 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 01/2023 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 09/2022 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 05/2021 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 12/2019 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 06/2017 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 01/2016 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 04/2025 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 04/2024 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 01/2023 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 09/2022 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 05/2021 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 12/2019 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 06/2017 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 07/2016 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 01/2016 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 87 of 93
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Benchmark History
Total Invested Assets As of April 30, 2025
Account Name From Date To Date Benchmark
 01/2008 03/2009 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 88 of 93
 17
 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.




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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 Lipper. 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.




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BURLINGTON RETIREMENT BOARD
 BUSHOR CONFERENCE ROOM, 149 CHURCH STREET, 1ST FLOOR
 MINUTES OF MEETING
 May 19, 2025




1. Agenda
1. Agenda
Board Chair Hooper convened the meeting at 9:34 am.

Members present: Munir Kasti, Bob Hooper, Katherine Schad, David Mount, Paul Olsen and Kyle Blake
(arrived at 9:38 am) (all in person); Tom Chenette, Matt Dow and Brad Kukenberger (arrived at 10:12 am)
(all online)
Others present: Eric Dalla Mura, Lori Olberg, Rob Lessard (all in person); Chris Rowlins (online)

Subject 1.1. Motion to adopt agenda
Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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
Without objection, Board Chair Hooper adopted the agenda as presented.


2. Public Forum
2. Public Forum

Subject 2.1. Verbal Comments
Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 2. Public Forum

Department Retirement Administration


Type Action
 Procedural
Recommended Action open Public Forum
 close Public Forum
2.1. Verbal Comments
No one spoke.


3. Minutes
3. Minutes

Subject 3.1. April 21, 2025 Retirement Board Meeting Minutes - C/T
Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
Category 3. Minutes
Department Clerk/Treasurer's Office


Type Action
 Information
 Minutes


3.1. April 21, 2025 Retirement Board Meeting Minutes - C/T
Motion made by Board Member Olsen, seconded by Board Member Kasti, to approve the minutes. Motion
passed unanimously.


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

Subject 4.1. John Ledoux, Class B $2,797.95; Effective Date of Benefit: 06/01/25
Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 John Ledoux
4.1. John Ledoux, Class B $2,797.95; Effective Date of Benefit: 06/01/25


Subject 4.2. Christine Gall, Class B $6,436.07; Effective Date of Benefit: 05/01/25
Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Christine Gall
4.2. Christine Gall, Class B $6,436.07; Effective Date of Benefit: 05/01/25


Subject 4.3. Olivia Morgan Darisse, Class B $21,462.06; Effective Date of Benefit:
 06/01/25
Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Olivia Morgan Darisse
4.3. Olivia Morgan Darisse, Class B $21,462.06; Effective Date of Benefit: 06/01/25


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

Subject 5.1. Edwin W. Webster, Jr., Class A $10,561.37; Effective Date of Benefit:
 06/01/25; Payment Date: 06/15/25
Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Edwin W. Webster, Jr.
5.1. Edwin W. Webster, Jr., Class A $10,561.37; Effective Date of Benefit: 06/01/25; Payment Date:
06/15/25


Subject 5.2. John Hennessey, Class B $42.34; Effective Date of Benefit: 05/01/25;
 Payment Date: 05/15/25
Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 John Hennessey
5.2. John Hennessey, Class B $42.34; Effective Date of Benefit: 05/01/25; Payment Date: 05/15/25


Subject 5.3. Lisa Jones, Class B $3,116.07; Effective Date of Benefit: 05/01/25;
 Payment Date: 05/15/25
Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Lisa Jones
5.3. Lisa Jones, Class B $3,116.07; Effective Date of Benefit: 05/01/25; Payment Date: 05/15/25


Subject 5.4. Kathryn Kantorski, Class B $1,043.85; Effective Date of Benefit:
 05/01/25; Payment Date: 05/15/25
Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Kathryn Kantorski
5.4. Kathryn Kantorski, Class B $1,043.85; Effective Date of Benefit: 05/01/25; Payment Date: 05/15/25


Subject 5.5. Barbara Collins, Class B $81.83; Effective Date of Benefit: 04/01/25;
 Payment Date: 04/15/25
Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 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 Barbara Collins
5.5. Barbara Collins, Class B $81.83; Effective Date of Benefit: 04/01/25; Payment Date: 04/15/25
6. Administrative Update
6. Administrative Update
Rob Lessard spoke to this agenda item.

Subject 6.1. 2024 Valuation Report - USI
Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 6. Administrative Update

Department Clerk/Treasurer's Office


Type Discussion
 Information
 Action


Recommended Action to approve and accept the valuation report as prepared by USI, the City’s
 designated actuary; to direct that such report may be relied upon for the purposes
 of setting the ADEC, and contribution and funding rates for the BERS for the FY ’26
 budget; and, to forward the valuation and the Board’s approval to the City Council
 as a communication
6.1. 2024 Valuation Report - USI
Motion made by Board Member Mount, seconded by Board Member Kasti, to approve the motion as
presented. Motion passed unanimously.


7. Fiducient
7. Fiducient
Chris Rowlins spoke to this agenda item.

Subject 7.1. BERS Flash Report - April 2025
Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
Category 7. Fiducient
Department Clerk/Treasurer's Office


Type Information
 Discussion


7.1. BERS Flash Report - April 2025


8. Adjournment
8. Adjournment

Subject 8.1. Motion to adjourn
Meeting May 19, 2025 - Retirement Board Meeting - Monday, May 19, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
Category 8. Adjournment

Department Retirement Administration


Type Action
 Procedural


Recommended Action Motion to adjourn
8.1. Motion to adjourn
Motion made by Board Member Mount, seconded by Board Member Blake, to adjourn the meeting at 10:45
am. Motion passed unanimously.

Note: Board Member Chenette's last meeting was today since he will be working for DLL as an investigator.
Eric Dalla Mura will be considered as the Police Representative. Board Member Dow is not seeking re-
election due to an overload of work tasks.