HomeMy WebLinkAbout2024 08 22 Board of Trustee Regular Meeting AgendaBOARD OF TRUSTEES
REGULAR MEETING AGENDA
THURSDAY, AUGUST 22, 2024 - 5:30 PM
CITY HALL - COMMISSION CHAMBERS
1126 EAST STATE ROAD 434, WINTER SPRINGS, FLORIDA
1
CALL TO ORDER
Roll Call
Invocation
Pledge of Allegiance
Agenda Changes
AWARDS AND PRESENTATIONS
INFORMATIONAL AGENDA
PUBLIC INPUT
Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a
“Public Input” form. Individuals will limit their comments to three (3) minutes, and representatives of groups or
homeowners' associations shall limit their comments to five (5) minutes, unless otherwise determined by the City
Commission.
CONSENT AGENDA
300. Approval of the Thursday, May 9, 2024 Board of Trustees Regular Meeting Minutes
2024 05 09 BOT Regular Meeting Minutes.pdf
PUBLIC HEARINGS AGENDA
REGULAR AGENDA
500. Quarterly Investment Return Report from Mariner
2024-06-30 Winter Springs General (Quarterly Report).pdf
501. GRS Actuarial Valuation Report of the Defined Benefit Plan - October 1, 2023
October 1, 2023 Actuarial Valuation
502. Section 2.01 of City of Winter Springs Retirement Plan
REPORTS
PUBLIC INPUT
Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a
“Public Input” form. Individuals will limit their comments to three (3) minutes, and representatives of groups or
homeowners' associations shall limit their comments to five (5) minutes, unless otherwise determined by the City
Commission.
ADJOURNMENT
2
PUBLIC NOTICE
This is a Public Meeting, and the public is invited to attend and this Agenda is subject to change. Please be
advised that one (1) or more Members of any of the City's Advisory Boards and Committees may be in
attendance at this Meeting, and may participate in discussions.
Persons with disabilities needing assistance to participate in any of these proceedings should contact the
City of Winter Springs at (407) 327-1800 "at least 48 hours prior to meeting, a written request by a
physically handicapped person to attend the meeting, directed to the chairperson or director of such
board, commission, agency, or authority" - per Section 286.26 Florida Statutes.
"If a person decides to appeal any decision made by the board, agency, or commission with respect to
any matter considered at such meeting or hearing, he or she will need a record of the proceedings, and
that, for such purpose, he or she may need to ensure that a verbatim record of the proceedings is made,
which record includes the testimony and evidence upon which the appeal is to be based" - per Section
286.0105 Florida Statutes.
3
CONSENT AGENDA ITEM 300
BOARD OF TRUSTEES AGENDA | AUGUST 22, 2024 REGULAR MEETING
TITLE
Approval of the Thursday, May 9, 2024 Board of Trustees Regular Meeting Minutes
SUMMARY
FUNDING SOURCE
RECOMMENDATION
Staff recommends the Board approve the May 9, 2024 Minutes as presented.
4
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING
MAY 9, 2024
CALL TO ORDER
Vice-Chairperson Arif Fareed called the Regular Meeting of Thursday, May 9, 2024, of the Board of
Trustees to order at 5:30 pm in the Commission Chambers (City Hall, 1126 East State Road 434,
Winter Springs, Florida 32708).
Roll Call:
Chairperson Marco Santoro, absent
Vice-Chairperson Arif Fareed, present
Board Member Michael Blake, present
Board Member Brandon Fair, present
Board Member David Withee, present
Assistant City Clerk Tristin Tarrant, present
Also present:
Mr. Dave West, Senior Consultant, Mariner, 531 West Morse Blvd., Suite 200, Winter Park, Florida
Ms. Holly Queen, Director, Finance Department
Mr. Brian Dunigan, Director, Operations Department
Vice-Chairperson Fareed led the Pledge of Allegiance.
AWARDS AND PRESENTATIONS
100. Not Used
INFORMATIONAL AGENDA
200. Not Used
PUBLIC INPUT
Vice-Chairperson Fareed opened Public Input.
No one addressed the Board.
Vice-Chairperson Fareed closed Public Input.
CONSENT AGENDA
300) Approval of the Thursday, March 21, 2024 Board of Trustees Regular Meeting Minutes
"MOTION TO APPROVE." MOTION BY BOARD MEMBER FAIR. SECONDED BY BOARD MEMBER
BLAKE. DISCUSSION.
VOTE: FAREED (AYE); BLAKE (AYE); WITHEE (AYE); FAIR (AYE)
MOTION CARRIED 4-0.
PUBLIC HEARINGS AGENDA
400. Not Used
5
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – MAY 09, 2024
PAGE 2 OF 2
P L A N N I N G A N D Z O N I N G B O A R D / L O C A L P L A N N I N G A G E N C Y
R E G U L A R M E E T I N G | W E D N E S D A Y ,
REGULAR AGENDA
500) Quarterly Investment Return Report from Mariner
Mr. West briefly reviewed the “Asset Allocation Flash Report,” highlight ing equity market, rate
expectations, and interest rates. Quickly moved into the 1st Quarter 2024 Market Environment report
reviewing the Yield Curve, the Adjusted Bond market and the asset allocation. Mr. West continued
by giving an overview of the “Comparative Performance Trailing Returns” and investment.
The discussion moved onto the Direct Real Estate managers and the underperformance that can be
seen with the funds. The Board expressed disappointment and asked Mr. West for options to help
the funds. Further inquiries regarding liquidating the real estate managers and the procedure in
which to do so ensued.
"I MAKE A MOTION THAT WE DIRECT MR. WEST TO ENTER US INTO THE QUEUE FOR FULL
LIQUIDATION OF THE AMERICAN CORE REALTY FUND AND THE INTERCONTINENTAL WITH THE
DIRECTION THAT WE WOULD BE GIVEN NOTICE DURING THE LIQUIDATION WINDOW AND
HAVE THE OPPORTUNITY, UPON THE GATE OPENING, TO CANCEL OUR REDEMPTION
REQUEST." MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER WITHEE.
DISCUSSION.
VOTE: FAREED (AYE); BLAKE (AYE); WITHEE (AYE); FAIR (AYE)
MOTION CARRIED 4-0.
Mr. West continued by answering a few additional questions the board had about real estate funds
and the moved into reviewing the remainer of the Quarterly Market Report. Discussion ensued on
percentage returns and end-of-the year cuts.
REPORTS
Board Member Blake asked questions to staff about the surrounding cities pension information
item from the last Commission meeting. Board Member Blake requested the Board be included in
the continued discussion.
PUBLIC INPUT
Vice-Chairperson Fareed opened Public Input.
No one addressed the Board.
Vice-Chairperson Fareed closed Public Input.
ADJOURNMENT
Vice-Chairperson Fareed adjourned the Regular Meeting at 6:21 p.m.
RESPECTFULLY SUBMITTED:
_____________________________________
TRISTIN TARRANT
ASSISTANT CITY CLERK
NOTE: These Minutes were approved at the August 8, 2024 Board of Trustees Regular Meeting.
6
<CBDoc TenantId="2" EntityTypeId="3100" EntityId=”190" DocumentTypeId="1" EffectiveDate="06/30/2024" Interval="3"
Description="Quarterly Report" />
Investment Performance Review
Period Ending June 30, 2024
Winter Springs General Employees General Plan
and Trust
7
2nd Quarter 2024 Market Environment
Page 1 8
The Market Environment
Executive Summary
As of June 30, 2024
The Economy
The US Federal Reserve (the Fed)continued on its stable trajectory,holding rates
steady during the second quarter.Capital markets have struggled to accurately
predict the pace and timing of future Fed actions,resulting in an up and down
quarter.In its press release for the June meeting,the Fed continued to assert that
“In considering any adjustments to the target range for the federal funds rate,the
Committee will carefully assess incoming data,the evolving outlook,and the
balance of risks.”
The Fed’s prolonged pause in its rate-hiking cycle and the insertion of the word
“any”in its December press release provided capital markets hope that the Fed
may pivot in its stance and begin reducing rates to a less restrictive level in 2024.
The Fed’s published June “Dot Plot”revised expectations from three quarter-point
rate cuts during the year to just one quarter-point rate cut.If this projection were to
materialize,it would result in the first rate cut since the COVID pandemic in 2020.
Growth in the US labor market continued in June,as nonfarm payrolls increased
by 206,000 while unemployment rose slightly from 3.8%at the end of the first
quarter to 4.1%at the end of the second quarter.Federal Reserve Chair Jerome
Powell has maintained that “an unexpected weakening in the labor market could
also warrant a policy response,”later defining unexpected weakening as
something that would occur outside of their general forecasts.
Equity (Domestic and International)
US equity results were mixed for the quarter,with large-capitalization (cap)stocks
strongly outpacing small-cap stocks.As market participants continue to revise
projections of future Fed actions,they sought safety among large-cap stocks due
to these companies lessened dependence on external financing.The S&P 500
Index rose a solid 4.3%for the quarter,but ended a two-quarter streak of double-
digit gains.
Large-cap equity benchmarks continue to experience top-heavy concentration
among a limited number of stocks.The top 10 stocks in the S&P 500 Index make
up nearly 36%of the index’s weight as of June 2024.Year-to-date,these 10
stocks have contributed to more than 60%of the benchmark's total return.
International stocks also continued to experience growth during the second
quarter,but results were muted by a strengthening US Dollar (USD).USD
performance of international stocks lagged local currency (LCL)returns in most
regions for the quarter,albeit to varying degrees.
Fixed Income
Fixed-income markets remained largely steady during the quarter.While sticky
inflation numbers and a robust job market prompted the Fed to keep the fed funds
rate unchanged during the quarter,this lack of action also tempered expectations
for the number of potential rate cuts in 2024.
High-yield bonds outperformed investment-grade issues for the quarter,largely
due to higher coupons.The high-yield index edged out the Bloomberg US
Aggregate Bond Index,the bellwether bond benchmark,due to relative stability in
both the yield curve and economic conditions.
Global bonds continue to lag the domestic bond market,with the Bloomberg US
Aggregate Bond Index outpacing the Global Aggregate ex-US Index by 2.2%for
the quarter.The return gap between the two benchmarks continues to widen as
the domestic index has outperformed the global index by 3.3%year-to-date.
Market Themes
Domestic and international equity markets posted strong results in the second
quarter.Continuing their robust 2023 run,large-cap growth sectors continued to
outpace their value counterparts in 2024,and by a wider margin than the prior
year.The brief increased breadth markets experienced during of the first quarter
did not continue during the second quarter,and so once again,large-cap growth
stocks were the best-performing US asset category.
Central banks remained vigilant in their stances to bring inflation under control.
While inflation readings remain stubbornly elevated,signs of stable-to-cooling
price pressures have shown up in most regions around the world.Domestically,
job growth has slowed from a pace of 300,000+month-over-month growth to just
over 200,000 net new jobs.
Policy rates were stable across most developed markets as central banks
continued their tight monetary stances.Expectations of looser monetary policy
have been frustrated by mixed economic data and central banks’inaction so far
this year.
Ongoing military conflicts coupled with global economic uncertainty continue to act
as headwinds to international market results.While global disruptions from the
Russia-Ukraine conflict seemed to subside during the quarter,the proxy war in the
Middle East has spread to other countries in the region and unsettled shipping
channels globally.
Page 2 9
The Market Environment
Major Market Index Performance
As of June 30, 2024
Performance in the domestic equity markets was disparate during the second
quarter.After a more encouraging showing last quarter,where markets
broadened out in terms of strength,large-cap stocks once again surged ahead
while smaller-cap stocks weakened slightly.For the period,the large-cap S&P
500 and Russell 1000 indexes posted returns of 4.3%and 3.6%,respectively.
The broad-cap Russell 3000 index lagged slightly,returning a more modest
3.2%.Outside of large-cap issues,the Russell Mid Cap and Russell 2000
indexes both experienced equivalent pullbacks during the quarter,with each
benchmark returning -3.3%.
International developed market equities were muted during the quarter.The
MSCI ACWI ex US Index posted a modest 1.0%gain for the quarter,while the
MSCI EAFE Index fell slightly,posting a return of -0.4%in USD terms.
International emerging market (EM)equities posting a 5.0%return for the
quarter,outpacing the performance of their developed market counterparts.
Much of the solid performance in the EM region was attributed to a bounce
back in China,Taiwan,and Singapore,each posting strong USD results during
the quarter.
Most broad fixed-income indexes rose slightly during the second quarter of
2024.The Bloomberg US Aggregate Index returned 0.1%for the quarter,while
investment-grade corporate bonds slid -0.1%.The TIPS market was the best-
performing sector during the quarter,outpacing the rest of the domestic fixed-
income categories with a return of 0.8%.
Large-cap US equity indexes have been a performance juggernaut over the
trailing 12 months.The S&P 500 Index has gained 24.6%while the Russell
1000 Index was nearly as strong with a return of 23.9%.The weakest
performing class of domestic equities for the year was the small-cap Russell
2000 Index,which still posted a double-digit return of 10.1%over the last 12
months.
International markets also showcased healthy performance for the one-year
trailing period.The MSCI EM Index was the best international performer,
returning 12.5%,while the MSCI EAFE and MSCI ACWI ex US indexes posted
returns of 11.5%and 11.6%,respectively.
Bond markets posted positive but muted results for the trailing one-year period
which substantially lagged equity benchmark results.Investment-grade
corporate bonds led the way,up by 4.6%for the year.Meanwhile,Treasuries
lagged,returning just 1.6%over the period.The bellwether fixed-income
benchmark,the Bloomberg US Aggregate Bond Index,returned a mild 2.6%
for the year.
Source: Investment Metrics
1.3%
-0.1%
0.1%
0.8%
0.1%
0.1%
5.0%
-0.4%
1.0%
-3.3%
-3.3%
3.6%
3.2%
4.3%
-4.0%-2.0%0.0%2.0%4.0%6.0%
3-Month T-Bill
Bloomberg Corp IG
Bloomberg MBS
Bloomberg US TIPS
Bloomberg US Govt
Bloomberg US Agg
MSCI Emerg Mkts
MSCI EAFE
MSCI ACWxUS
Russell 2000
Russell MidCap
Russell 1000
Russell 3000
S&P 500
Quarter Performance
5.5%
4.6%
2.1%
2.7%
1.6%
2.6%
12.5%
11.5%
11.6%
10.1%
12.9%
23.9%
23.1%
24.6%
-1.0%4.0%9.0%14.0%19.0%24.0%
3-Month T-Bill
Bloomberg Corp IG
Bloomberg MBS
Bloomberg US TIPS
Bloomberg US Govt
Bloomberg US Agg
MSCI Emerg Mkts
MSCI EAFE
MSCI ACWxUS
Russell 2000
Russell MidCap
Russell 1000
Russell 3000
S&P 500
1-Year Performance
Page 3 10
Source: Investment Metrics
The Market Environment
Domestic Equity Style Index Performance
As of June 30, 2024
Domestic equity benchmarks posted mixed absolute results for the second
quarter,but growth stocks outpaced their value counterparts at each
capitalization level.The best-performing area of the equity market continues to
be large-cap growth with the Russell 1000 Growth Index returning 8.3%for the
quarter.The worst-performing segment of the domestic equity market for the
second consecutive quarter was small-cap value with the Russell 2000 Value
index falling -3.6%for the quarter.From a capitalization perspective,large-cap
stocks once again led their small-cap counterparts,with the Russell 1000
Index returning 3.2%and the Russell 2000 Index falling by -3.3%.
The market’s growth-led rally continued during the quarter,and this disparity
was most visible in large-cap style performance,with the Russell 1000 Growth
Index outpacing the Russell 1000 Value Index by double digits (10.1%).While
mid-cap and small-cap growth fell in absolute terms for the quarter,the mid-
and small-cap growth indexes held up slightly better than their value
counterparts.This quarter’s results followed the theme of large-cap growth
stocks being the best-performing segment of the domestic equity market over
the past several years.
For the year the Russell 1000 Growth Index returned an impressive 33.5%,
leading the way among style and market capitalization classifications.Much of
this strong performance has been attributable to the emergence of the
“Magnificent 7”stocks,which have dominated the large-cap indexes over the
past several years.The seven biggest stocks in the Russell 1000 Index
contributed more than 70%of the index’s total performance in the trailing 12-
month period.
The weakest performing index for the year was the Russell 2000 Growth,
which still posted a solid return of 9.1%.
The dominance of growth sectors is evident in the chart with the broad-cap,
large-cap,and mid-cap benchmarks handily outperforming the core and value
indexes for the trailing one-year period.The performance gap between the
Russell 1000 Growth Index and the Russell 1000 Value Index was a
staggering 20.4%for the year while the mid-cap growth index edged past the
mid-cap value index by just 3.1%.Small-cap stocks bucked the growth-
dominance trend with the Russell 2000 Value Index posting a return of 10.9%
versus a return of 9.1%for the Russell 2000 Growth Index.
-2.9%
-3.3%
-3.6%
-3.2%
-3.3%
-3.4%
8.3%
3.6%
-2.2%
7.8%
3.2%
-2.3%
-4.6%-2.6%-0.6%1.4%3.4%5.4%7.4%
2000 Growth
2000 Index
2000 Value
MidCap Growth
MidCap Index
MidCap Value
1000 Growth
1000 Index
1000 Value
3000 Growth
3000 Index
3000 Value
Quarter Performance -Russell Style Series
9.1%
10.1%
10.9%
15.1%
12.9%
12.0%
33.5%
23.9%
13.1%
32.2%
23.1%
12.9%
-1.0%4.0%9.0%14.0%19.0%24.0%29.0%34.0%
2000 Growth
2000 Index
2000 Value
MidCap Growth
MidCap Index
MidCap Value
1000 Growth
1000 Index
1000 Value
3000 Growth
3000 Index
3000 Value
1-Year Performance -Russell Style Series
Page 4 11
The Market Environment
GICS Sector Performance & (Sector Weight)
As of June 30, 2024
Source: Morningstar Direct
As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking
performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.
Economic sector performance was choppy during the second quarter.
This quarter broke the preceding trend of broader participation in the
equity market’s rally.Only five of the 11 economic sectors posted positive
absolute returns for the quarter,with information technology (11.9%),
communication services (9.0%),and utilities (5.1%)leading the way.
In contrast,full-year results were more consistent as all 11 economic
sectors finished the year in positive territory.Of the 11 sectors,three
(communication services,up 43.0%;information technology,up 39.7%;
and financials,up 25.8%)were up by more than 25.0%for the past year.
With their more than 40%combined weight in the benchmark,these three
sectors were also the only ones to outpace the Russell 1000 Index’s
return of 23.9%.Despite solid positive performance,utilities (up 9.1%),
consumer staples (8.4%),materials (8.1%),consumer staples (8.4%),and
real estate (4.9%)were all relative detractors for the year with their single-
digit returns.
Nine of the 11 small-cap economic sectors lost value during the quarter.
Consumer staples (up 1.7%),and utilities (0.2%)were the only two
sectors to post gains for the quarter.Materials was the worst-performing
sector posting a loss of -8.1%for the quarter.While not always the case,
small-cap stocks generally have greater dependence on liquidity and
access to capital which can lead to lagging performance relative to large-
cap stocks during periods of restrictive monetary policy.
Similar to large-cap sector performance,eight of the 11 small-cap sectors
were positive over the trailing one-year period.Energy posted the
strongest sector performance with a return of 21.4%,followed closely by
the financials sector return of 19.1%.Consumer staples (up 17.1%),
information technology (13.6%),and industrials (11.9%)each produced
double-digit results for the period.Three sectors (communication services,
health care,and utilities)posted negative results during the period.
9.1%
4.9%
8.1%
39.7%
16.7%
11.2%
25.8%
16.5%
8.4%
13.6%
43.0%
5.1%
-1.6%
-5.6%
11.9%
-3.3%
-1.2%
-1.7%
-2.1%
1.3%
0.0%
9.0%
-10.0%0.0%10.0%20.0%30.0%40.0%
Utilities (2.3%)
Real Estate (2.5%)
Materials (2.3%)
Info Technology (29.7%)
Industrials (9.1%)
Health Care (12.1%)
Financials (13.1%)
Energy (4.0%)
Consumer Staples (5.8%)
Consumer Disc (10.4%)
Comm Services (8.9%)
Russell 1000 Quarter 1-Year
-8.2%
5.0%
6.9%
13.6%
11.9%
-0.9%
19.1%
21.4%
17.1%
9.7%
-3.5%
0.2%
-3.1%
-8.1%
-4.3%
-1.8%
-4.3%
-1.0%
-2.6%
1.7%
-6.1%
-4.9%
-10.0%0.0%10.0%20.0%
Utilities (2.6%)
Real Estate (6.6%)
Materials (4.9%)
Info Technology (17.1%)
Industrials (16.0%)
Health Care (15.1%)
Financials (14.1%)
Energy (7.2%)
Consumer Staples (4.1%)
Consumer Disc (10.2%)
Comm Services (1.8%)
Russell 2000 Quarter 1-Year
Page 5 12
The Market Environment
Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000
As of June 30, 2024
Source: Morningstar Direct
Top 10 Weighted StocksTop 10 Weighted Stocks
Sector1-Year
Return
1-Qtr
ReturnWeightRussell 2000Sector1-Year
Return
1-Qtr
ReturnWeightRussell 1000
Information Technology228.7%-18.9%1.6% Super Micro Computer IncInformation Technology32.3%6.4%6.7%Microsoft Corp
Information Technology302.3%-19.2%0.8%MicroStrategy Inc Class AInformation Technology9.2%23.0%6.2%Apple Inc
Consumer Discretionary396.6%46.4%0.5% Carvana Co Class AInformation Technology192.1%36.7%5.9%NVIDIA Corp
Consumer Staples84.5%7.5%0.4%e.l.f. Beauty IncConsumer Discretionary48.2%7.1%3.5%Amazon.com Inc
Industrials86.0%-4.2%0.4% Comfort Systems USA IncCommunication Services76.1%3.9%2.2%Meta Platforms Inc Class A
Information Technology88.5%21.3%0.4%Onto Innovation IncCommunication Services52.3%20.8%2.2%Alphabet Inc Class A
Industrials234.2%54.0%0.4% FTAI Aviation LtdCommunication Services51.8%20.6%1.9%Alphabet Inc Class C
Consumer Discretionary52.5%2.7%0.4%Light & Wonder Inc Ordinary SharesHealth Care94.5%16.6%1.5%Eli Lilly and Co
Health Care217.5%147.0%0.4% Insmed IncFinancials88.4%21.5%1.5%Berkshire Hathaway Inc Class B
Information Technology88.5%29.5%0.4%FabrinetInformation Technology19.3%-3.3%1.4%Broadcom Inc
Top 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)
Sector1-Year
Return
1-Qtr
ReturnWeightRussell 2000Sector1-Year
Return
1-Qtr
ReturnWeightRussell 1000
Communication Services147.0%300.3%0.1% AST SpaceMobile Inc Ordinary SharesConsumer Discretionary1.8%97.2%0.0%GameStop Corp Class A
Health Care-7.2%169.6%0.0%Emergent BioSolutions IncConsumer Discretionary-57.5%65.8%0.0%Petco Health and Wellness Co
Health Care70.4%164.9%0.1% Novavax IncHealth Care27.9%62.6%0.1%Alnylam Pharmaceuticals Inc
Consumer Discretionary-55.6%154.3%0.0%Rent the Runway Inc Class AHealth Care44.3%38.7%0.0%United Therapeutics Corp
Health Care217.5%147.0%0.4% Insmed IncInformation Technology57.6%37.9%0.0%Cirrus Logic Inc
Industrials30.9%124.7%0.0%Innodata IncFinancialsN/A36.8%0.0%NCR Atleos Corp
Industrials71.9%120.2%0.0% NuScale Power Corp Class AInformation Technology192.1%36.7%5.9%NVIDIA Corp
Health Care79.4%103.7%0.2%TransMedics Group IncCommunication Services-87.2%33.9%0.0%AMC Entertainment
Consumer Staples290.1%101.2%0.1% Vital Farms Inc Ordinary SharesInformation Technology18.6%33.6%0.0%First Solar Inc
Information Technology41.9%97.8%0.0%Matterport Inc Ordinary SharesConsumer Discretionary126.5%32.4%0.0%Cava Group Inc
Bottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter)
Sector1-Year
Return
1-Qtr
ReturnWeightRussell 2000Sector1-Year
Return
1-Qtr
ReturnWeightRussell 1000
Health Care-90.3%-94.4%0.0%Aerovate Therapeutics IncMaterials-82.0%-71.2%0.0%Ginkgo Bioworks Holdings Inc
Health Care-89.2%-87.1%0.0%Marinus Pharmaceuticals IncIndustrials-80.8%-54.9%0.0%Hertz Global Holdings Inc
Information Technology-90.3%-82.0%0.0%Cerence Inc Ordinary SharesHealth Care-65.2%-48.2%0.0%10x Genomics Inc
Industrials-95.6%-79.2%0.0%Velo3D IncInformation Technology-50.0%-44.6%0.0%DoubleVerify Holdings Inc
Information Technology-95.9%-77.7%0.0%Akoustis Technologies IncInformation Technology-23.5%-44.1%0.0%UiPath Inc Class A
Health Care-68.3%-76.0%0.0%Gritstone Bio IncConsumer Staples-54.6%-43.5%0.0%Walgreens Boots Alliance Inc
Health Care-76.5%-74.8%0.0%Ovid Therapeutics IncHealth Care-31.4%-41.9%0.0%Fortrea Holdings Inc
Information Technology-97.0%-74.4%0.0%Maxeon Solar Technologies LtdConsumer Discretionary-44.6%-39.9%0.0%Five Below Inc
Health Care-85.5%-74.0%0.0%Zentalis Pharmaceuticals IncConsumer Discretionary-58.8%-39.9%0.0%Leggett & Platt Inc
Industrials-80.2%-73.8%0.0%Nikola CorpInformation Technology-62.6%-39.1%0.0%Unity Software Inc Ordinary Shares
Page 6 13
Source: MSCI Global Index Monitor (Returns are Net)
The Market Environment
International and Regional Market Index Performance (Country Count)
As of June 30, 2024
Results among the broad international equity indexes were mixed during the
quarter,echoing the performance of major domestic indexes.The
strengthening USD relative to many major currencies during the quarter was
a detractor to the USD performance of regional benchmark returns across
most regions.The developed-market MSCI EAFE Index returned a muted
1.0%in LCL terms but fell -0.4%in USD terms.The MSCI Emerging Markets
Index was the best-performing broad index and rose by 5.0%in USD and
6.2%in LCL terms for the quarter.
Latin America continued to struggle during the quarter in both USD and LCL
terms.The cyclical demand for commodity exports in the region has resulted
in greater volatility due to ongoing uncertainty over central bank policies and
future global demand.
The heaviest-weighted country in the emerging market index (China)
rebounded 7.1%during the quarter.The Chinese economy grew at a rate of
5.2%in 2023,lower than its pre-pandemic rate of 6.0%and has been a
headwind for performance.Troubles in the commercial property and banking
sectors have also created challenges for growth in the region.Despite the
additive performance in the region,the Chinese banking sector underwent
heavy consolidation during the second quarter amid regional bank failures
across the country.
Much like domestic markets,trailing one-year results for international
developed and emerging markets benchmarks were strong.Higher LCL
versus USD returns for most international benchmarks demonstrate the
USD’s strength over the trailing one-year period.
Most broad and regional indexes were positive for the trailing 12 months in
both USD and LCL terms.The sole exception was EM Latin America,where
USD strength turned the region’s positive LCL performance negative in USD
terms.In LCL terms,the MSCI Pacific Index led the way with a return of
19.3%for the trailing year.USD returns for the region were still strong but
returned a more muted 11.0%.The EM Asia regional index posted the
strongest relative USD performance,returning 15.1%over the trailing 12
months.
-4.1%
8.2%
0.9%
6.2%
1.4%
0.8%
1.0%
0.8%
2.3%
-12.2%
7.4%
1.6%
5.0%
-2.2%
0.5%
-0.4%
-0.6%
1.0%
-15.0%-10.0%-5.0%0.0%5.0%10.0%
EM Latin Amer (6)
EM Asia (9)
EM EMEA (11)
Emerging Mkt (26)
Pacific (5)
Europe & ME (16)
EAFE (21)
WORLD x US (22)
AC World x US (48)
Quarter Performance USD LOCAL
5.4%
17.5%
10.2%
15.5%
19.3%
13.0%
15.1%
14.8%
15.0%
-5.6%
15.1%
9.3%
12.5%
11.0%
11.8%
11.5%
11.2%
11.6%
-10.0%0.0%10.0%20.0%
EM Latin Amer (6)
EM Asia (9)
EM EMEA (11)
Emerging Mkt (26)
Pacific (5)
Europe & ME (16)
EAFE (21)
WORLD x US (22)
AC World x US (48)
1-Year Performance USD Local Currency
Page 7 14
The Market Environment
US Dollar International Index Attribution & Country Detail
As of June 30, 2024
Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)
As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents
backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.
1-Year ReturnQuarter ReturnSector WeightMSCI -EAFE
10.1%0.5%4.1%Communication Services
0.1%-9.0%11.5%Consumer Discretionary
-6.8%-1.6%8.5%Consumer Staples
15.9%1.3%4.1%Energy
24.2%3.3%20.0%Financials
11.5%4.7%13.5%Health Care
15.0%-0.8%16.9%Industrials
24.1%0.2%9.5%Information Technology
8.5%-3.2%6.7%Materials
7.6%-6.7%2.0%Real Estate
-0.6%0.8%3.1%Utilities
11.5%-0.4%100.0%Total
1-Year ReturnQuarter ReturnSector WeightMSCI -ACWIxUS
5.7%4.0%5.3%Communication Services
1.9%-4.8%11.1%Consumer Discretionary
-5.9%-1.7%7.2%Consumer Staples
18.9%1.3%5.5%Energy
18.7%2.6%21.7%Financials
10.0%3.8%9.5%Health Care
13.1%-0.5%13.7%Industrials
28.3%5.2%14.0%Information Technology
5.1%-1.9%7.1%Materials
4.5%-4.7%1.8%Real Estate
3.7%2.2%3.1%Utilities
11.6%1.0%100.0%Total
1-Year ReturnQuarter ReturnSector WeightMSCI -Emerging Mkt
2.7%8.2%8.9%Communication Services
6.3%5.1%12.3%Consumer Discretionary
-5.7%-3.0%5.2%Consumer Staples
25.2%3.3%5.2%Energy
12.6%3.5%21.9%Financials
-2.8%-4.3%3.2%Health Care
6.9%4.0%6.9%Industrials
34.2%11.3%25.1%Information Technology
-3.1%-1.8%6.9%Materials
-4.1%2.8%1.5%Real Estate
20.3%6.2%3.0%Utilities
12.5%5.0%100.0%Total
1-YearQuarterMSCI-ACWIxUSMSCI-EAFE
ReturnReturnWeightWeightCountry
13.2%-4.3%14.4%22.7%Japan
12.5%3.7%9.5%14.9%United Kingdom
0.5%-7.5%7.1%11.2%France
6.1%3.1%6.2%9.7%Switzerland
10.1%-1.4%5.5%8.7%Germany
14.1%1.6%4.8%7.5%Australia
25.6%5.0%3.4%5.4%Netherlands
42.1%7.5%2.5%4.0%Denmark
18.2%2.2%2.1%3.2%Sweden
21.3%-3.4%1.7%2.7%Italy
15.0%-1.6%1.7%2.7%Spain
-18.0%1.0%1.1%1.8%Hong Kong
13.5%8.9%0.9%1.4%Singapore
1.7%3.0%0.6%1.0%Finland
9.0%0.9%0.6%1.0%Belgium
23.6%-4.2%0.5%0.7%Israel
14.2%6.6%0.4%0.6%Norway
12.5%-0.8%0.2%0.3%Ireland
-6.4%8.5%0.1%0.2%Portugal
17.9%7.1%0.1%0.2%Austria
3.7%3.2%0.1%0.2%New Zealand
11.5%-0.4%63.6%100.0%Total EAFE Countries
8.6%-2.1%7.4%Canada
11.2%-0.6%71.0%Total Developed Countries
-1.6%7.1%7.3%China
40.7%15.1%5.6%Taiwan
34.4%10.2%5.6%India
8.1%-1.2%3.5%Korea
-7.7%-12.2%1.2%Brazil
0.9%-7.4%1.1%Saudi Arabia
12.3%12.3%0.9%South Africa
-6.5%-16.1%0.6%Mexico
-11.8%-12.4%0.5%Indonesia
17.5%4.4%0.4%Malaysia
-13.3%-4.8%0.4%Thailand
0.8%-2.3%0.3%United Arab Emirates
32.4%6.1%0.3%Poland
62.1%21.4%0.2%Turkey
0.7%-0.3%0.2%Qatar
2.2%-2.8%0.2%Kuwait
-3.1%-10.7%0.1%Philippines
9.6%-1.2%0.1%Greece
-9.3%-1.3%0.1%Chile
40.0%2.0%0.1%Peru
29.0%9.2%0.1%Hungary
3.5%6.3%0.0%Czech Republic
26.7%-4.6%0.0%Colombia
-4.8%-4.2%0.0%Egypt
12.5%5.0%29.0%Total Emerging Countries
11.6%1.0%100.0%Total ACWIxUS Countries
Page 8 15
Source: Bloomberg
The Market Environment
Domestic Bond Sector & Broad/Global Bond Market Performance (Duration)
As of June 30, 2024
Fixed-income markets fell in a relativity tight range for the quarter with many
domestic sectors returning less than 0.5%.Yields remained at elevated levels
as the Federal Reserve maintained its restrictive policy stance.If market
expectations hold and the Fed begins to cut rates in 2024,to the extent any
cuts lower yields across the curve,it will provide a jolt to bondholder
performance since bond prices move in the opposite direction of yields.
The Bloomberg US Aggregate Bond Index had a mixed quarter of
performance made up of a large drawdown in April follow by smaller
recoveries in May and June that combined for an index return of 0.1%.
Performance across the investment-grade index’s segments for the quarter
was similarly muted with the Bloomberg US Corporate Investment Grade
Index returning -0.1%and the US Mortgage Index gaining 0.1%.
Outside of the Aggregate index's sub-components,high-yield bonds
continued to rise,posting a return of 1.1%,boosted by the higher coupon
income,and US TIPS climbed 0.8%for the quarter.The Bloomberg Global
Aggregate ex-US Index returned -2.1%for the quarter with USD strength
exerting downward pressure on performance.This global performance
lagged domestic fixed-income indexes as well as the multiverse benchmark’s
return of -1.0%.
Over the trailing one-year period,the Bloomberg US Aggregate Bond Index
managed a 2.6%return.The benchmark's sub-components also posted
positive performance over the trailing 12 months with the Bloomberg US
Corporate Investment Grade Index rising 4.6%and the US Mortgage Index
posting a more modest 2.1%return.US TIPS and high-yield corporate
bonds,which are excluded from the aggregate index,each posted gains in
the trailing year with returns of 2.7%and 10.4%,respectively.In addition to
their higher coupons,high-yield bonds benefited from generally shorter
duration than investment-grade corporate debt.This lower duration acted as
a tailwind for high-yield bonds as interest rates rose during the trailing year.
Among credit qualities,lower-quality bonds (both investment grade and non-
investment grade)have outperformed higher-quality bonds due to both their
higher yields,which contribute to higher interest payments,and narrowing
credit spreads over the last year.
Performance for non-US bonds was negative for the trailing year with the
Bloomberg Global Aggregate ex-US Index falling -0.7%.With foreign central
banks largely tracking the Fed’s tight monetary stance,the negative
performance of global bonds is largely attributable to USD strength over the
last year.
-1.0%
-2.1%
0.5%
0.1%
0.0%
-0.1%
0.1%
0.5%
0.8%
1.1%
-0.1%
0.1%
0.1%
-2.5%-1.5%-0.5%0.5%1.5%
Multiverse (6.4)
Global Agg x US (7.0)
Intermediate Agg (4.5)
Aggregate (6.1)
Baa (6.8)
A (6.9)
AA (6.0)
AAA (4.3)
U.S. TIPS (4.9)
U.S. High Yield (3.1)
U.S. Corporate IG (6.9)
U.S. Mortgage (6.1)
U.S. Treasury (5.9)
Quarter Performance
1.3%
-0.7%
3.5%
2.6%
5.5%
4.0%
2.1%
3.2%
2.7%
10.4%
4.6%
2.1%
1.5%
-1.8%0.2%2.2%4.2%6.2%8.2%10.2%
Multiverse (6.4)
Global Agg x US (7.0)
Intermediate Agg (4.5)
Aggregate (6.1)
Baa (6.8)
A (6.9)
AA (6.0)
AAA (4.3)
U.S. TIPS (4.9)
U.S. High Yield (3.1)
U.S. Corporate IG (6.9)
U.S. Mortgage (6.1)
U.S. Treasury (5.9)
1-Year Performance
Page 9 16
Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)
The Market Environment
Market Rate & Yield Curve Comparison
As of June 30, 2024
The gray band across the graph illustrates the current fed funds target rate
range over the last 12 months.During the second quarter,the Federal Open
Market Committee (FOMC)continued to hold fed funds rates steady in the
5.25%-5.50%target range.The last rate increase in the current cycle
occurred at the FOMC’s July 2023 meeting.While the FOMC’s press releases
have continued to push economic data-dependent outcomes,the language
used to describe economic conditions in these releases has also softened,
resulting in market expectations that the next rate action by the FOMC will
likely be a cut.The CME FedWatch tool,which forecasts rates based on Fed
Fund futures pricing,currently shows a greater than 90%probability of a
0.25%rate decrease at the FOMC September meeting.Fed officials and
market participants continue to express concern that leaving rates at their
current levels for an extended period could tip the US economy into a
recession.However,inflation remains above the FOMC’s long-term 2.0%
target level.Additionally,the FOMC continues to remove liquidity from the
market by allowing bonds held on its balance sheet to mature without
reinvesting principal payments.
The yield on the US 10-year Treasury (blue line of the top chart)remained
stable,opening the quarter at 4.33%and finishing June at a yield of 4.36%.
The stability of the benchmark rate reflects the stability of the Federal
Reserve’s policy stance and the persistently high level of inflation throughout
the economy.The 10-year Treasury benchmark's rate peaked in October
2023,cresting at a yield of just under 5.00%before pulling back in the
remainder of the year.
The red line in the top chart shows the Option Adjusted Spread (OAS)for
BAA-rated corporate bonds.This measure quantifies the additional yield
premium that investors require to purchase and hold non-US Treasury issues
with the lowest investment grade rating.During the quarter,the yield spread
was relatively unchanged,beginning the quarter at 1.18%and finishing June
at 1.17%.The spread measure narrowed over the trailing 12-month period
after concerns about the regional banking sector during March 2023 caused
credit spreads to spike.High-yield OAS spreads (represented by the orange
line in the top chart)have also remained relatively unchanged,rising by just
0.07%.The spread measures’stability results from steady economic growth,
stable monetary policy,and falling inflation readings.
The lower graph provides a snapshot of the US Treasury yield curve at the
end of each of the last four quarters.The yield curve has been inverted for
each of the last four quarter-end readings on the graph and for most of last
two years.Historically,a persistent yield curve inversion has been a precursor
of an economic recession within six to 24 months.
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
1-Year Trailing Market Rates
Fed Funds Rate BAA OAS
10yr Treasury High Yield OAS
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
Treasury Yield Curve
9/30/2023 12/31/2023 3/31/2024 6/30/2024
Page 10 17
The Market Environment
References
As of June 30, 2024
CME FedWatch Tool -CME Group
Effective Federal Funds Rate -FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org)
ICE BofA US High Yield Index Option-Adjusted Spread (BAMLH0A0HYM2) | FRED | St. Louis Fed (stlouisfed.org)
When will the Federal Reserve start cutting interest rates? | J.P. Morgan Asset Management (jpmorgan.com)
Resource Center | U.S. Department of the Treasury
China’s Economy Limps Into 2024 –WSJ
Support Site -Global Index Lens: Index Returns –MSCI
Federal Reserve issues FOMC statement
Transcript of Chair Powell's Press Conference --June 12, 2024 (federalreserve.gov)
U.S. Treasurys: investors look to inflation data due in week ahead (cnbc.com)
Yen drops to 38-year low, U.S. dollar slumps after weak data (cnbc.com)
Jobs report June 2024: (cnbc.com)
The Fed -June 12, 2024: FOMC Projections materials, accessible version (federalreserve.gov)
The Federal Reserve’s latest dot plot, explained –and what it says about interest rates | Bankrate
Top 25 Stocks in the S&P 500 By Index Weight for July 2024 (investopedia.com)
Will Small-Cap Stocks Ever Catch Up? | Morningstar
Why Chinese banks are now vanishing (economist.com)
Page 11 18
Executive Summary
Policy Target In Policy Outside Policy
0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0%
Receipt & Disbursement
$2,036,822.3 (2.7%)
Direct Real Estate
$4,867,430.3 (6.5%)
Non-Core Fixed Income
$4,465,646.4 (5.9%)
Broad Mkt Fixed Income
$11,859,222.6 (15.7%)
Foreign Equity Securities
$11,187,280.6 (14.8%)
Domestic Equity Securities
$40,941,264.3 (54.3%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Minimum
Allocation (%)
Maximum
Allocation (%)
Target
Allocation (%)
Total Fund Portfolio 75,357,666 100.0 N/A N/A 100.0
Domestic Equity Securities 40,941,264 54.3 45.0 55.0 50.0
Foreign Equity Securities 11,187,281 14.8 10.0 20.0 15.0
Broad Mkt Fixed Income 11,859,223 15.7 10.0 30.0 15.0
Non-Core Fixed Income 4,465,646 5.9 0.0 20.0 10.0
Direct Real Estate 4,867,430 6.5 0.0 15.0 10.0
Receipt & Disbursement 2,036,822 2.7 0.0 5.0 0.0
Asset Allocation Compliance
Total Fund Portfolio
As of June 30, 2024
Page 12 19
Asset Allocation By Segment as of
March 31, 2024 : $74,672,978
Asset Allocation By Segment as of
June 30, 2024 : $75,357,666
Allocation
Segments Market Value Allocation
Domestic Equity 39,794,142 53.3¢
Foreign Equity 11,133,005 14.9¢
Broad Mkt Fixed Income 9,659,745 12.9¢
Non-Core Fixed Income 4,532,546 6.1¢
Real Estate 4,882,285 6.5¢
Cash Equivalent 4,671,256 6.3¢
Allocation
Segments Market Value Allocation
Domestic Equity 40,941,264 54.3¢
Foreign Equity 11,187,281 14.8¢
Broad Mkt Fixed Income 11,859,223 15.7¢
Non-Core Fixed Income 4,465,646 5.9¢
Real Estate 4,809,001 6.4¢
Cash Equivalent 2,095,252 2.8¢
Asset Allocation Summary
Total Fund
As of June 30, 2024
NONE
Page 13 20
Asset Allocation By Manager as of
Mar-2024 : $74,672,978
Asset Allocation By Manager as of
Jun-2024 : $75,357,666
Allocation
Market Value Allocation
Vanguard Total Stock Market (VITSX)39,794,142 53.3¢
RBC Global (Voyageur)11,733,005 15.7¢
Galliard Core Fixed Income 9,659,745 12.9¢
Receipt & Disbursement 4,063,546 5.4¢
Intercontinental 3,861,767 5.2¢
PIMCO Diversified Income Fund Instl (PDIIX)1,899,696 2.5¢
Vanguard Inflation-Protected Secs (VAIPX)1,351,416 1.8¢
ARA Core Property Fund 1,028,227 1.4¢
Crescent Direct Lending II Fund 821,092 1.1¢
Vanguard Short Term Bond Index (VSCSX)336,687 0.5¢
Crescent Direct Lending Fund 123,655 0.2¢
Allocation
Market Value Allocation
Vanguard Total Stock Market (VITSX)40,941,264 54.3¢
Galliard Core Fixed Income 11,859,223 15.7¢
RBC Global (Voyageur)11,187,281 14.8¢
Intercontinental 3,851,566 5.1¢
Receipt & Disbursement 2,036,822 2.7¢
PIMCO Diversified Income Fund Instl (PDIIX)1,910,491 2.5¢
Vanguard Inflation-Protected Secs (VAIPX)1,348,660 1.8¢
ARA Core Property Fund 1,015,864 1.3¢
Crescent Direct Lending II Fund 824,897 1.1¢
Vanguard Short Term Bond Index (VSCSX)339,987 0.5¢
Crescent Direct Lending Fund 41,611 0.1¢
Asset Allocation Summary
Total Fund
As of June 30, 2024
NONE
Page 14 21
Historical Asset Allocation by Segment
Domestic Equity Foreign Equity Broad Mkt Fixed Income Global Fixed Income
Non-Core Fixed Income Real Estate Cash Equivalent
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Allocation (%)9/07 6/08 3/09 12/09 9/10 6/11 3/12 12/12 9/13 6/14 3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 12/21 9/22 6/23 6/24
Historical Asset Allocation by Segment
Total Fund
October 1, 2007 To June 30, 2024
Page 15 22
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
44.0
52.0
60.0
68.0
76.0
Allocation (%)US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents
Total Fund Portfolio 54.33 (15)14.85 (46)2.54 (76)17.98 (78)1.15 (96)6.46 (57)2.70 (30)z
5th Percentile 59.39 23.91 31.65 63.67 39.36 12.42 11.17
1st Quartile 50.13 17.41 7.89 32.82 19.86 9.30 3.08
Median 41.80 14.46 4.52 23.85 9.95 7.09 1.42
3rd Quartile 30.57 11.03 2.54 18.51 4.79 4.63 0.71
95th Percentile 13.96 6.13 0.79 10.68 1.36 2.15 0.13
Plan Sponsor TF Asset Allocation
Total Fund Portfolio Vs. All Public Plans-Total Fund
As of June 30, 2024
Page 16 23
Historical Asset Allocation by Portfolio
Jun-2024 Mar-2024 Dec-2023 Sep-2023 Jun-2023
($)%($)%($)%($)%($)%
Total Equity 52,128,545 69.17 51,527,147 69.00 50,180,055 70.20 44,746,051 67.95 46,124,932 67.59
Domestic Equity Securities 40,941,264 54.33 39,794,142 53.29 38,902,253 54.43 34,681,685 52.67 35,861,380 52.55
Vanguard Total Stock Market (VITSX)40,941,264 54.33 39,794,142 53.29 38,902,253 54.43 34,681,685 52.67 35,861,380 52.55
Foreign Equity Securities 11,187,281 14.85 11,733,005 15.71 11,277,803 15.78 10,064,366 15.28 10,263,553 15.04
RBC Global (Voyageur)11,187,281 14.85 11,733,005 15.71 11,277,803 15.78 10,064,366 15.28 10,263,553 15.04
Total Fixed Income 16,324,869 21.66 14,192,290 19.01 15,636,590 21.88 14,923,771 22.66 15,529,814 22.76
Galliard Core Fixed Income 11,859,223 15.74 9,659,745 12.94 9,627,095 13.47 9,180,473 13.94 9,268,068 13.58
Vanguard Short Term Bond Index (VSCSX)339,987 0.45 336,687 0.45 1,834,546 2.57 1,757,321 2.67 2,253,092 3.30
Vanguard Inflation-Protected Secs (VAIPX)1,348,660 1.79 1,351,416 1.81 1,355,536 1.90 1,282,112 1.95 1,317,009 1.93
PIMCO Diversified Income Fund Instl (PDIIX)1,910,491 2.54 1,899,696 2.54 1,874,665 2.62 1,738,815 2.64 1,757,665 2.58
Crescent Direct Lending Fund 41,611 0.06 123,655 0.17 123,655 0.17 148,157 0.22 142,435 0.21
Crescent Direct Lending II Fund 824,897 1.09 821,092 1.10 821,092 1.15 816,893 1.24 791,544 1.16
Direct Real Estate 4,867,430 6.46 4,889,994 6.55 5,080,917 7.11 5,405,574 8.21 5,484,625 8.04
ARA Core Property Fund 1,015,864 1.35 1,028,227 1.38 1,062,920 1.49 1,142,280 1.73 1,180,238 1.73
Intercontinental 3,851,566 5.11 3,861,767 5.17 4,017,997 5.62 4,263,294 6.47 4,304,387 6.31
Receipt & Disbursement 2,036,822 2.70 4,063,546 5.44 579,866 0.81 774,609 1.18 1,104,087 1.62
Total Fund Portfolio 75,357,666 100.00 74,672,978 100.00 71,477,428 100.00 65,850,005 100.00 68,243,459 100.00
Asset Allocation
Asset Allocation History By Portfolio
As of June 30, 2024
Page 17 24
Historical Asset Allocation by Portfolio
Domestic Equity Foreign Equity Broad Mkt Fixed
Income
Non-Core Fixed
Income Real Estate Cash Equivalent Total Fund
($)%($)%($)%($)%($)%($)%($)%
Total Equity 40,941,264 78.54 11,187,281 21.46 --------52,128,545 69.17
Domestic Equity Securities 40,941,264 100.00 ----------40,941,264 54.33
Vanguard Total Stock Market (VITSX)40,941,264 100.00 ----------40,941,264 54.33
Foreign Equity Securities --11,187,281 100.00 --------11,187,281 14.85
RBC Global (Voyageur)--11,187,281 100.00 --------11,187,281 14.85
Total Fixed Income ----11,859,223 72.65 4,465,646 27.35 ----16,324,869 21.66
Galliard Core Fixed Income ----11,859,223 100.00 ------11,859,223 15.74
Vanguard Short Term Bond Index (VSCSX)------339,987 100.00 ----339,987 0.45
Vanguard Inflation-Protected Secs (VAIPX)------1,348,660 100.00 ----1,348,660 1.79
PIMCO Diversified Income Fund Instl (PDIIX)------1,910,491 100.00 ----1,910,491 2.54
Crescent Direct Lending Fund ------41,611 100.00 ----41,611 0.06
Crescent Direct Lending II Fund ------824,897 100.00 ----824,897 1.09
Direct Real Estate --------4,809,001 98.80 58,430 1.20 4,867,430 6.46
ARA Core Property Fund --------957,435 94.25 58,430 5.75 1,015,864 1.35
Intercontinental --------3,851,566 100.00 --3,851,566 5.11
Receipt & Disbursement ----------2,036,822 100.00 2,036,822 2.70
Total Fund Portfolio 40,941,264 54.33 11,187,281 14.85 11,859,223 15.74 4,465,646 5.93 4,809,001 6.38 2,095,252 2.78 75,357,666 100.00
Asset Allocation
Asset Allocation History By Portfolio
As of June 30, 2024
Page 18 25
Schedule of Investable Assets
Total Fund Portfolio Net Cash Flow
$0.0
$8,000,000.0
$16,000,000.0
$24,000,000.0
$32,000,000.0
$40,000,000.0
$48,000,000.0
$56,000,000.0
$64,000,000.0
$72,000,000.0
$80,000,000.0
$88,000,000.0
$96,000,000.0
-$8,000,000.0Market Value7/07 4/08 1/09 10/09 7/10 4/11 1/12 10/12 7/13 4/14 1/15 10/15 7/16 4/17 1/18 10/18 7/19 4/20 1/21 10/21 7/22 4/23 6/24
$1 5 ,5 7 4 ,1 8 7 .7
$75,357,666.4
Schedule of Investable Assets
Periods Ending
Beginning
Market Value
$
Net
Cash Flow
$
Gain/Loss
$
Ending
Market Value
$
Aug-2007 To Jun-2024 16,259,673 -685,485 59,783,479 75,357,666
Schedule of Investable Assets
Total Fund Portfolio
August 1, 2007 To June 30, 2024
Page 19 26
Comparative Performance Trailling Returns
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Fund (Net)1.86 (7)17.54 (8)14.82 (3)4.60 (12)9.37 (6)9.15 (5)8.40 (3)6.80 (21)11/01/2000
Total Fund Policy 1.92 (7)16.35 (18)13.40 (14)4.56 (13)8.96 (9)8.79 (7)8.10 (7)6.47 (43)
Difference -0.06 1.19 1.42 0.04 0.41 0.36 0.30 0.33
All Public Plans-Total Fund Median 1.15 14.03 10.84 3.10 7.45 7.40 6.77 6.34
Total Fund (Gross)1.88 17.73 15.03 4.88 9.66 9.46 8.71 7.34 11/01/2000
Total Fund Policy 1.92 16.35 13.40 4.56 8.96 8.79 8.10 6.47
Difference -0.04 1.38 1.63 0.32 0.70 0.67 0.61 0.87
Total Equity 2.37 24.77 21.05 6.90 13.07 12.25 10.91 8.26 01/01/2001
Total Equity Policy 2.71 24.62 20.43 6.34 12.12 11.55 10.29 7.16
Difference -0.34 0.15 0.62 0.56 0.95 0.70 0.62 1.10
Domestic Equity Securities 2.88 (57)26.97 (60)22.79 (62)8.01 (67)15.02 (36)14.15 (41)12.62 (49)8.79 (40)11/01/2000
Domestic Equity Securities Policy 3.22 (53)27.27 (58)23.12 (59)8.05 (66)14.14 (58)13.48 (54)12.15 (62)7.64 (93)
Difference -0.34 -0.30 -0.33 -0.04 0.88 0.67 0.47 1.15
IM U.S. Large Cap Core Equity (SA+CF) Median 3.32 28.69 24.59 9.39 14.45 13.72 12.55 8.60
Foreign Equity Securities 0.52 (46)17.23 (14)14.98 (21)3.05 (58)6.51 (61)6.09 (50)5.46 (28)6.41 (63)11/01/2000
Foreign Equity Securities Policy 0.96 (39)16.00 (25)11.62 (42)0.46 (85)5.31 (86)5.06 (75)4.02 (80)4.65 (100)
Difference -0.44 1.23 3.36 2.59 1.20 1.03 1.44 1.76
IM International Large Cap Value Equity (SA+CF) Median 0.39 13.59 10.66 3.89 7.25 6.07 4.88 6.66
Total Fixed Income 1.03 6.71 5.98 0.18 2.04 2.98 2.92 4.41 11/01/2000
Total Fixed Policy 0.71 6.15 5.01 -0.47 1.43 1.91 1.94 3.89
Difference 0.32 0.56 0.97 0.65 0.61 1.07 0.98 0.52
Broad Mkt Fixed Income 0.86 (13)6.26 (22)5.32 (15)-0.84 (31)1.15 (26)1.80 (20)1.86 (23)3.88 (33)11/01/2000
Broad Mkt Fixed Income Policy 0.46 (82)5.54 (47)3.55 (83)-1.77 (89)0.22 (90)1.05 (88)1.33 (85)3.62 (58)
Difference 0.40 0.72 1.77 0.93 0.93 0.75 0.53 0.26
IM U.S. Intermediate Duration (SA+CF) Median 0.65 5.48 4.39 -1.09 0.85 1.47 1.61 3.74
Non-Core Fixed Income 1.42 7.66 7.22 1.43 2.62 5.60 N/A 7.17 10/01/2014
Non-Core Fixed Policy 1.08 7.05 7.21 1.48 3.03 3.43 N/A 3.46
Difference 0.34 0.61 0.01 -0.05 -0.41 2.17 N/A 3.71
Direct Real Estate -0.11 (24)-9.80 (86)-10.80 (66)0.84 (60)3.09 (57)4.77 (44)7.00 (46)5.32 (25)10/01/2007
NCREIF Fund Index-OEDC (EW)-0.64 (38)-7.88 (55)-9.66 (57)1.95 (34)3.41 (39)4.64 (63)6.67 (57)4.72 (53)
Difference 0.53 -1.92 -1.14 -1.11 -0.32 0.13 0.33 0.60
IM U.S. Open End Private Real Estate (SA+CF) Median -0.72 -5.10 -9.03 0.99 3.21 4.70 6.94 4.75
Comparative Performance Trailing Returns
Total Fund
As of June 30, 2024
Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details.
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst.
Page 20 27
Comparative Performance Trailing Returns
Total Fund
As of June 30, 2024
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Domestic Equity Securities 2.88 26.97 22.79 8.01 15.02 14.15 12.62 8.79 11/01/2000
Domestic Equity Securities Policy 3.22 27.27 23.12 8.05 14.14 13.48 12.15 7.64
Difference -0.34 -0.30 -0.33 -0.04 0.88 0.67 0.47 1.15
Vanguard Total Stock Market (VITSX)2.88 (36)26.95 (39)22.77 (39)7.79 (39)13.99 (30)13.38 (21)12.07 (16)13.46 (18)02/01/2013
Vanguard Total Stock Market Index Hybrid 3.25 (27)27.37 (34)23.17 (35)7.91 (36)14.07 (27)13.44 (19)12.11 (14)13.51 (15)
Difference -0.37 -0.42 -0.40 -0.12 -0.08 -0.06 -0.04 -0.05
IM U.S. Multi-Cap Core Equity (MF) Median 1.69 25.12 20.68 6.79 12.72 11.91 10.34 11.90
Foreign Equity Securities 0.52 17.23 14.98 3.05 6.51 6.09 5.46 6.41 11/01/2000
Foreign Equity Securities Policy 0.96 16.00 11.62 0.46 5.31 5.06 4.02 4.65
Difference -0.44 1.23 3.36 2.59 1.20 1.03 1.44 1.76
RBC Global (Voyageur)0.52 (46)17.23 (14)14.98 (21)3.05 (58)6.51 (61)6.09 (50)5.46 (28)4.92 (25)11/01/2007
MSCI EAFE (Net) Index -0.42 (68)16.32 (23)11.54 (42)2.89 (65)6.46 (62)5.73 (58)4.33 (76)2.63 (83)
Difference 0.94 0.91 3.44 0.16 0.05 0.36 1.13 2.29
MSCI EAFE Value Index (Net)0.01 (60)13.08 (60)13.75 (28)5.55 (25)6.07 (67)4.60 (83)3.02 (95)1.63 (98)
Difference 0.51 4.15 1.23 -2.50 0.44 1.49 2.44 3.29
IM International Large Cap Value Equity (SA+CF) Median 0.39 13.59 10.66 3.89 7.25 6.07 4.88 3.73
Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details.
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst.
Page 21 28
Comparative Performance Trailing Returns
Total Fund
As of June 30, 2024
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Fixed Income 1.03 6.71 5.98 0.18 2.04 2.98 2.92 4.41 11/01/2000
Total Fixed Policy 0.71 6.15 5.01 -0.47 1.43 1.91 1.94 3.89
Difference 0.32 0.56 0.97 0.65 0.61 1.07 0.98 0.52
Galliard Core Fixed Income 0.79 (32)6.19 (30)5.25 (25)-0.83 (47)1.12 (52)1.82 (42)1.98 (39)3.07 (64)10/01/2007
Bloomberg Intermed Aggregate Index 0.46 (89)5.54 (60)3.55 (95)-1.77 (97)0.22 (98)1.05 (99)1.33 (100)2.67 (94)
Difference 0.33 0.65 1.70 0.94 0.90 0.77 0.65 0.40
IM U.S. Intermediate Duration (SA+CF) Median 0.74 5.73 4.69 -0.85 1.12 1.74 1.87 3.19
Vanguard Inflation-Protected Secs (VAIPX)-0.20 (97)5.19 (51)2.40 (69)-1.50 (54)1.72 (67)2.16 (61)N/A 2.14 (59)01/01/2017
Bloomberg U.S. TIPS Index 0.79 (62)5.45 (33)2.71 (55)-1.33 (47)2.07 (44)2.47 (36)1.91 (18)2.42 (33)
Difference -0.99 -0.26 -0.31 -0.17 -0.35 -0.31 N/A -0.28
IM U.S. TIPS (MF) Median 0.88 5.20 3.00 -1.39 2.00 2.29 1.60 2.21
Vanguard Short Term Bond Index (VSCSX)0.98 (41)5.65 (31)5.80 (41)0.26 (35)1.63 (29)2.01 (23)N/A 2.06 (22)01/01/2015
Blmbg. U.S. Corporate 1-5 Year Index 0.96 (45)5.74 (25)6.01 (31)0.40 (27)1.75 (22)2.16 (14)2.14 (6)2.22 (10)
Difference 0.02 -0.09 -0.21 -0.14 -0.12 -0.15 N/A -0.16
IM U.S. Intermediate Investment Grade (MF) Median 0.92 5.18 5.43 -0.14 1.16 1.50 1.45 1.53
PIMCO Diversified Income Fund Instl (PDIIX)0.57 (11)9.87 (3)8.69 (3)-0.94 (20)1.32 (13)N/A N/A 2.52 (6)04/01/2018
Blmbg. Global Credit (Hedged)0.32 (24)8.09 (9)6.66 (15)-1.68 (28)1.00 (19)2.13 (12)2.66 (9)2.18 (10)
Difference 0.25 1.78 2.03 0.74 0.32 N/A N/A 0.34
IM Global Fixed Income (MF) Median -0.30 5.96 4.07 -2.79 -0.32 0.74 0.68 0.48
Direct Real Estate -0.11 -9.80 -10.80 0.84 3.09 4.77 7.00 5.32 10/01/2007
NCREIF Fund Index-Open End Diversified Core (EW)-0.64 -7.88 -9.66 1.95 3.41 4.64 6.67 4.72
Difference 0.53 -1.92 -1.14 -1.11 -0.32 0.13 0.33 0.60
American Core Realty Fund -0.18 (28)-8.24 (57)-10.28 (62)2.16 (32)3.39 (40)4.65 (54)6.42 (65)4.66 (56)10/01/2007
American Core Realty Policy -0.64 (38)-7.88 (55)-9.66 (57)1.95 (34)3.41 (39)4.64 (63)6.67 (57)6.04 (15)
Difference 0.46 -0.36 -0.62 0.21 -0.02 0.01 -0.25 -1.38
IM U.S. Open End Private Real Estate (SA+CF) Median -0.72 -5.10 -9.03 0.99 3.21 4.70 6.94 4.75
Intercontinental -0.09 (23)-10.21 (89)-10.93 (67)0.49 (80)3.15 (53)5.03 (32)7.50 (22)9.57 (29)10/01/2010
NCREIF Fund Index-OEDC (EW)-0.64 (38)-7.88 (55)-9.66 (57)1.95 (34)3.41 (39)4.64 (63)6.67 (57)8.51 (70)
Difference 0.55 -2.33 -1.27 -1.46 -0.26 0.39 0.83 1.06
IM U.S. Open End Private Real Estate (SA+CF) Median -0.72 -5.10 -9.03 0.99 3.21 4.70 6.94 9.08
Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details.
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst.
Page 22 29
Comparative Performance - IRR
QTR 1 YR 3 YR 5 YR 7 YR Inception Inception
Date
Crescent Direct Lending Fund 9.85 15.97 4.91 4.62 6.36 6.98 10/14/2014
Crescent Direct Lending II Fund 5.47 12.95 11.03 8.78 N/A 9.21 03/13/2018
Comparative Performance - IRR
As of June 30, 2024
Page 23 30
Financial Reconciliation Quarter to Date
Market Value
04/01/2024
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
06/30/2024
Total Equity 51,527,147 -600,000 ----2,116 146,505 1,057,009 52,128,545
Domestic Equity Securities 39,794,142 ------1,147,122 40,941,264
Vanguard Total Stock Market (VITSX)39,794,142 ------1,147,122 40,941,264
Foreign Equity Securities 11,733,005 -600,000 ----2,116 146,505 -90,113 11,187,281
RBC Global (Voyageur)11,733,005 -600,000 ----2,116 146,505 -90,113 11,187,281
Total Fixed Income 14,192,290 1,969,507 ---6,037 -29,851 139,258 16,324,869
Galliard Core Fixed Income 9,659,745 2,100,000 ---6,037 --105,515 11,859,223
Vanguard Short Term Bond Index (VSCSX)336,687 -----3,288 12 339,987
Vanguard Inflation-Protected Secs (VAIPX)1,351,416 -----1,960 -4,716 1,348,660
PIMCO Diversified Income Fund Instl (PDIIX)1,899,696 -----24,604 -13,808 1,910,491
Crescent Direct Lending Fund 123,655 -90,786 -----8,742 41,611
Crescent Direct Lending II Fund 821,092 -39,707 -----43,512 824,897
Direct Real Estate 4,889,994 -7,710 ---9,392 -32,815 -38,277 4,867,430
ARA Core Property Fund 1,028,227 -7,710 ---2,801 -10,205 -12,057 1,015,864
Intercontinental 3,861,767 ----6,591 -22,610 -26,220 3,851,566
Receipt & Disbursement 4,063,546 -1,361,797 505,912 -1,190,266 --8,282 27,709 -2,036,822
Total Fund Portfolio 74,672,978 -505,912 -1,190,266 -15,430 -10,398 236,880 1,157,989 75,357,666
Financial Reconciliation Quarter to Date
Total Fund
1 Quarter Ending June 30, 2024
Page 24 31
Financial Reconciliation Fiscal Year to Date
Market Value
10/01/2023
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
06/30/2024
Total Equity 44,746,051 -3,481,212 ---118,788 -6,567 599,629 10,389,432 52,128,545
Domestic Equity Securities 34,681,685 -3,000,000 ----312,847 8,946,733 40,941,264
Vanguard Total Stock Market (VITSX)34,681,685 -3,000,000 ----312,847 8,946,733 40,941,264
Foreign Equity Securities 10,064,366 -481,212 ---118,788 -6,567 286,782 1,442,699 11,187,281
RBC Global (Voyageur)10,064,366 -481,212 ---118,788 -6,567 286,782 1,442,699 11,187,281
Total Fixed Income 14,923,771 413,604 ---17,792 -137,152 868,134 16,324,869
Galliard Core Fixed Income 9,180,473 2,100,000 ---17,792 --596,542 11,859,223
Vanguard Short Term Bond Index (VSCSX)1,757,321 -1,500,000 ----26,076 56,590 339,987
Vanguard Inflation-Protected Secs (VAIPX)1,282,112 -----41,344 25,204 1,348,660
PIMCO Diversified Income Fund Instl (PDIIX)1,738,815 -----69,733 101,944 1,910,491
Crescent Direct Lending Fund 148,157 -119,860 -----13,314 41,611
Crescent Direct Lending II Fund 816,893 -66,536 -----74,540 824,897
Direct Real Estate 5,405,574 -24,680 --16,312 -106,547 -636,324 4,867,430
ARA Core Property Fund 1,142,280 -24,680 ---8,568 -32,087 -125,256 1,015,864
Intercontinental 4,263,294 ---24,880 -74,460 -511,068 3,851,566
Receipt & Disbursement 774,609 3,092,288 1,857,377 -3,652,337 --78,493 43,374 5 2,036,822
Total Fund Portfolio 65,850,005 -1,857,377 -3,652,337 -120,268 -85,061 886,703 10,621,247 75,357,666
Financial Reconciliation Fiscal Year to Date
Total Fund
October 1, 2023 To June 30, 2024
Page 25 32
Comparative Performance Fiscal Year Returns
Oct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
Oct-2013
To
Sep-2014
Total Fund (Net)12.98 (15)-14.02 (55)26.26 (5)7.92 (42)2.78 (85)11.28 (3)14.16 (11)11.15 (12)0.33 (23)11.85 (10)
Total Fund Policy 12.76 (18)-13.16 (46)21.33 (41)10.06 (15)4.31 (51)9.85 (11)12.90 (31)10.79 (19)0.59 (18)11.39 (15)
Difference 0.22 -0.86 4.93 -2.14 -1.53 1.43 1.26 0.36 -0.26 0.46
All Public Plans-Total Fund Median 10.60 -13.52 20.70 7.38 4.31 7.53 12.14 9.80 -0.79 9.92
Total Fund (Gross)13.22 -13.66 26.48 8.16 3.16 11.63 14.52 11.51 0.63 12.21
Total Fund Policy 12.76 -13.16 21.33 10.06 4.31 9.85 12.90 10.79 0.59 11.39
Difference 0.46 -0.50 5.15 -1.90 -1.15 1.78 1.62 0.72 0.04 0.82
Total Equity 21.83 -19.30 37.06 9.65 0.85 15.01 19.50 14.20 -1.52 15.46
Total Equity Policy 20.58 -19.37 30.05 11.69 2.09 14.18 19.00 13.13 -2.28 14.65
Difference 1.25 0.07 7.01 -2.04 -1.24 0.83 0.50 1.07 0.76 0.81
Domestic Equity Securities 20.41 (55)-17.47 (77)36.79 (15)15.35 (37)2.89 (53)17.88 (44)18.64 (57)15.21 (25)-0.59 (65)17.58 (72)
Domestic Equity Securities Policy 20.46 (55)-17.63 (80)31.88 (40)15.00 (41)2.92 (52)17.58 (49)18.71 (56)14.96 (30)-0.49 (62)17.76 (70)
Difference -0.05 0.16 4.91 0.35 -0.03 0.30 -0.07 0.25 -0.10 -0.18
IM U.S. Large Cap Core Equity (SA+CF) Median 20.80 -14.92 30.77 13.39 3.15 17.46 19.04 13.19 0.11 19.36
Foreign Equity Securities 27.57 (57)-25.79 (74)39.45 (15)-9.19 (87)-5.36 (72)6.76 (4)22.69 (36)10.74 (28)-4.36 (20)10.08 (7)
Foreign Equity Securities Policy 20.39 (87)-25.17 (72)23.92 (78)1.03 (27)-0.82 (29)3.25 (24)19.65 (56)7.06 (63)-8.27 (41)4.70 (62)
Difference 7.18 -0.62 15.53 -10.22 -4.54 3.51 3.04 3.68 3.91 5.38
IM International Large Cap Value Equity (SA+CF) Median 28.82 -22.72 31.08 -5.34 -3.22 1.33 20.95 8.41 -9.22 5.84
Total Fixed Income 3.71 -9.92 3.66 5.44 8.69 2.41 3.59 4.93 1.40 3.23
Total Fixed Policy 3.58 -10.72 2.04 5.71 8.08 -0.93 0.25 3.57 2.95 2.74
Difference 0.13 0.80 1.62 -0.27 0.61 3.34 3.34 1.36 -1.55 0.49
Broad Mkt Fixed Income 2.50 (35)-10.50 (61)-0.30 (71)7.53 (8)7.81 (45)-0.21 (27)0.61 (43)4.21 (24)2.31 (51)2.61 (49)
Broad Mkt Fixed Income Policy 1.42 (79)-11.49 (83)-0.38 (73)5.66 (68)8.08 (26)-0.93 (79)0.25 (65)3.57 (53)2.95 (14)2.74 (43)
Difference 1.08 0.99 0.08 1.87 -0.27 0.72 0.36 0.64 -0.64 -0.13
IM U.S. Intermediate Duration (SA+CF) Median 2.22 -10.38 0.04 6.13 7.74 -0.62 0.45 3.62 2.32 2.59
Non-Core Fixed Income 5.17 -9.42 7.18 0.92 10.83 14.15 13.06 13.88 8.65 N/A
Non-Core Fixed Policy 6.89 -9.59 5.75 4.45 6.91 2.69 4.05 5.34 1.34 N/A
Difference -1.72 0.17 1.43 -3.53 3.92 11.46 9.01 8.54 7.31 N/A
Direct Real Estate -14.98 (78)26.35 (15)13.82 (72)3.40 (16)7.75 (28)10.25 (24)10.01 (16)11.44 (45)14.27 (57)13.47 (40)
NCREIF Fund Index-OEDC (EW)-12.40 (43)22.76 (40)15.75 (54)1.74 (43)6.17 (70)8.82 (56)7.81 (50)10.62 (66)14.71 (55)12.39 (70)
Difference -2.58 3.59 -1.93 1.66 1.58 1.43 2.20 0.82 -0.44 1.08
IM U.S. Open End Private Real Estate (SA+CF) Median -12.68 20.33 16.09 1.58 6.80 8.93 7.78 11.16 15.08 12.94
Comparative Performance Fiscal Year Returns
Total Fund
As of June 30, 2024
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details.
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst.
Page 26 33
Comparative Performance Fiscal Year Returns
Total Fund
As of June 30, 2024
Oct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
Oct-2013
To
Sep-2014
Domestic Equity Securities 20.41 -17.47 36.79 15.35 2.89 17.88 18.64 15.21 -0.59 17.58
Lateef Asset Mgmt.Equity N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Russell 1000 Growth Index 27.72 (40)-22.59 (40)27.32 (50)37.53 (31)3.71 (52)26.30 (39)21.94 (39)13.76 (21)3.17 (58)19.15 (39)
Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
IM U.S. Large Cap Growth Equity (SA+CF) Median 25.72 -24.90 27.25 33.78 3.81 24.83 21.06 11.84 3.88 18.13
Vanguard Total Stock Market (VITSX)20.38 (33)-18.01 (60)32.10 (35)15.01 (24)2.89 (37)17.62 (21)18.64 (43)15.00 (11)-0.59 (39)17.77 (30)
Vanguard Total Stock Market Index Hybrid 20.37 (34)-17.98 (59)32.11 (35)14.99 (25)2.92 (36)17.62 (22)18.64 (42)14.99 (11)-0.55 (37)17.77 (30)
Difference 0.01 -0.03 -0.01 0.02 -0.03 0.00 0.00 0.01 -0.04 0.00
IM U.S. Multi-Cap Core Equity (MF) Median 18.77 -17.28 30.69 11.14 1.48 15.61 18.24 11.19 -1.56 16.32
Brandywine GLBL Dynamic (LMBGX)N/A N/A 41.75 (15)N/A N/A N/A N/A N/A N/A N/A
Russell 1000 Value Index 14.44 (57)-11.36 (67)35.01 (41)-5.03 (72)4.00 (41)9.45 (70)15.12 (80)16.19 (20)-4.42 (48)18.89 (15)
Difference N/A N/A 6.74 N/A N/A N/A N/A N/A N/A N/A
IM U.S. Large Cap Value Equity (MF) Median 15.11 -9.58 33.01 -2.87 3.14 11.93 17.34 13.33 -4.54 17.04
Vanguard Value Index Fund (VIVIX)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
CRSP U.S. Large Cap Value TR Index 14.85 (53)-6.59 (15)32.53 (55)-3.34 (55)3.57 (46)13.59 (26)17.76 (43)16.33 (18)-2.94 (24)19.19 (12)
Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
IM U.S. Large Cap Value Equity (MF) Median 15.11 -9.58 33.01 -2.87 3.14 11.93 17.34 13.33 -4.54 17.04
Foreign Equity Securities 27.57 -25.79 39.45 -9.19 -5.36 6.76 22.69 10.74 -4.36 10.08
RBC Global (Voyageur)27.57 (57)-25.79 (74)39.45 (15)-9.19 (87)-5.36 (72)6.76 (4)22.69 (36)10.74 (28)-4.36 (20)10.08 (7)
MSCI EAFE (Net) Index 25.65 (69)-25.13 (72)25.73 (74)0.49 (28)-1.34 (31)2.74 (30)19.10 (58)6.52 (70)-8.66 (45)4.25 (70)
Difference 1.92 -0.66 13.72 -9.68 -4.02 4.02 3.59 4.22 4.30 5.83
MSCI EAFE Value Index (Net)31.51 (34)-20.16 (24)30.66 (52)-11.93 (94)-4.92 (67)-0.36 (77)22.55 (37)3.52 (89)-12.60 (80)5.65 (52)
Difference -3.94 -5.63 8.79 2.74 -0.44 7.12 0.14 7.22 8.24 4.43
IM International Large Cap Value Equity (SA+CF) Median 28.82 -22.72 31.08 -5.34 -3.22 1.33 20.95 8.41 -9.22 5.84
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details.
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst.
Page 27 34
Comparative Performance Fiscal Year Returns
Total Fund
As of June 30, 2024
Oct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Oct-2016
To
Sep-2017
Oct-2015
To
Sep-2016
Oct-2014
To
Sep-2015
Oct-2013
To
Sep-2014
Total Fixed Income 3.71 -9.92 3.66 5.44 8.69 2.41 3.59 4.93 1.40 3.23
Galliard Core Fixed Income 2.62 (45)-10.50 (71)-0.02 (70)6.85 (29)8.50 (17)-0.43 (59)0.44 (71)4.36 (26)3.04 (25)3.15 (38)
Bloomberg Intermed Aggregate Index 1.42 (89)-11.49 (89)-0.38 (88)5.66 (78)8.08 (47)-0.93 (95)0.25 (86)3.57 (72)2.95 (30)2.74 (58)
Difference 1.20 0.99 0.36 1.19 0.42 0.50 0.19 0.79 0.09 0.41
IM U.S. Intermediate Duration (SA+CF) Median 2.53 -10.04 0.28 6.44 8.04 -0.36 0.71 3.90 2.66 2.89
Galliard TIPS N/A N/A N/A 7.46 5.76 0.39 -0.23 4.75 -0.38 0.59
Blmbg. U.S. TIPS 1-10 Year 2.11 -7.44 5.75 7.75 5.75 0.33 -0.14 4.83 -0.82 0.61
Difference N/A N/A N/A -0.29 0.01 0.06 -0.09 -0.08 0.44 -0.02
Templeton Global Bond Fund (FBNRX)N/A N/A N/A N/A N/A N/A N/A 0.83 -7.63 6.33
FTSE World Government Bond Index 1.04 -22.14 -3.33 6.77 8.13 -1.54 -2.69 9.71 -3.83 -0.07
Difference N/A N/A N/A N/A N/A N/A N/A -8.88 -3.80 6.40
PIMCO Diversified Income Fund Instl (PDIIX)7.23 (7)-17.61 (50)4.87 (6)3.63 (73)9.52 (20)N/A N/A N/A N/A N/A
Blmbg. Global Credit (Hedged)5.27 (13)-16.53 (49)2.72 (22)5.26 (53)10.83 (12)0.39 (16)3.04 (29)9.19 (25)0.86 (19)6.83 (10)
Difference 1.96 -1.08 2.15 -1.63 -1.31 N/A N/A N/A N/A N/A
IM Global Fixed Income (MF) Median 2.65 -17.63 0.90 5.39 7.65 -1.33 1.10 7.40 -3.88 3.35
Vanguard Inflation-Protected Secs (VAIPX)1.81 (42)-13.12 (92)5.09 (58)9.84 (27)7.03 (13)0.23 (54)N/A N/A N/A N/A
Bloomberg U.S. TIPS Index 1.25 (54)-11.57 (46)5.19 (55)10.08 (20)7.13 (9)0.41 (39)-0.73 (61)6.58 (26)-0.83 (6)1.59 (19)
Difference 0.56 -1.55 -0.10 -0.24 -0.10 -0.18 N/A N/A N/A N/A
IM U.S. TIPS (MF) Median 1.40 -11.72 5.33 8.50 5.70 0.29 -0.43 5.77 -1.91 0.95
Vanguard Short Term Bond Index (VSCSX)3.78 (34)-8.13 (49)1.37 (22)4.91 (49)6.71 (14)-0.14 (39)1.55 (27)3.40 (20)N/A N/A
Blmbg. U.S. Corporate 1-5 Year Index 4.00 (24)-8.06 (44)1.35 (23)5.21 (39)6.78 (12)0.11 (27)1.82 (19)3.33 (22)1.98 (10)2.46 (26)
Difference -0.22 -0.07 0.02 -0.30 -0.07 -0.25 -0.27 0.07 N/A N/A
IM U.S. Intermediate Investment Grade (MF) Median 3.14 -8.15 0.54 4.86 5.46 -0.39 0.82 2.54 1.22 1.64
Direct Real Estate -14.98 26.35 13.82 3.40 7.75 10.25 10.01 11.44 14.27 13.47
ARA Core Property Fund -12.54 (49)25.79 (18)13.51 (75)1.62 (49)6.81 (50)8.50 (61)7.52 (53)9.04 (90)13.98 (58)12.49 (68)
American Core Realty Policy -12.40 (43)22.76 (40)15.75 (54)1.74 (43)6.17 (70)8.82 (56)7.81 (50)10.62 (66)14.71 (55)12.39 (70)
Difference -0.14 3.03 -2.24 -0.12 0.64 -0.32 -0.29 -1.58 -0.73 0.10
IM U.S. Open End Private Real Estate (SA+CF) Median -12.68 20.33 16.09 1.58 6.80 8.93 7.78 11.16 15.08 12.94
Intercontinental -15.63 (84)26.50 (13)13.87 (70)4.41 (11)8.32 (19)11.40 (9)11.82 (6)13.30 (19)13.96 (58)14.10 (30)
NCREIF Fund Index-OEDC (EW)-12.40 (43)22.76 (40)15.75 (54)1.74 (43)6.17 (70)8.82 (56)7.81 (50)10.62 (66)14.71 (55)12.39 (70)
Difference -3.23 3.74 -1.88 2.67 2.15 2.58 4.01 2.68 -0.75 1.71
IM U.S. Open End Private Real Estate (SA+CF) Median -12.68 20.33 16.09 1.58 6.80 8.93 7.78 11.16 15.08 12.94
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details.
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst.
Page 28 35
Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund
Comparative Performance
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
20.00
23.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Total Fund Portfolio 1.86 (9)17.54 (12)14.82 (8)12.58 (12)4.60 (6)11.16 (3)9.37 (4)z
Total Fund Policy 1.92 (7)16.35 (23)13.40 (17)12.07 (16)4.56 (6)9.95 (10)8.96 (7)z
Median 1.04 14.93 11.40 10.35 2.85 8.43 7.30
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Total Fund Portfolio 12.98 (13)-14.02 (42)26.26 (4)7.92 (52)2.78 (81)11.28 (5)z
Total Fund Policy 12.76 (15)-13.16 (33)21.33 (32)10.06 (29)4.31 (39)9.85 (15)z
Median 10.77 -14.90 20.02 8.09 3.99 7.84
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
Total Fund Portfolio 5.82 (18)9.04 (33)-2.31 (27)4.01 (15)5.17 (13)5.72 (53)
Total Fund Policy 5.51 (26)8.20 (50)-2.54 (34)4.25 (10)4.93 (20)5.77 (51)
All Public Plans-Total Fund Median 4.88 8.20 -2.98 3.29 4.37 5.80
As of June 30, 2024
Performance Review (Net)
Total Fund Portfolio
NONE
Page 29 36
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
-10.0
0.0
10.0
20.0
30.0
Total Fund Portfolio (%)-10.0 0.0 10.0 20.0 30.0
Total Fund Policy (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 6/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Total Fund Portfolio 20 16 (80%)4 (20%)0 (0%)0 (0%)z
Total Fund Policy 20 20 (100%)0 (0%)0 (0%)0 (0%)z
2.32
2.90
3.48
4.06
4.64
5.22
Return (%)11.40 11.60 11.80 12.00 12.20 12.40
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund Portfolio 4.60 12.17z
Total Fund Policy 4.56 11.93z
Median 2.85 11.67¾
6.80
7.48
8.16
8.84
9.52
10.20
Return (%)11.7 12.0 12.3 12.6 12.9 13.2 13.5
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund Portfolio 9.37 13.05z
Total Fund Policy 8.96 12.12z
Median 7.30 11.94¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund Portfolio 1.03 101.40 101.46 -0.02 0.06 0.19 1.02 8.04
Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.19 1.00 7.90
90 Day U.S. Treasury Bill 11.83 9.15 -7.23 2.98 -0.19 N/A 0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund Portfolio 1.83 105.96 106.38 -0.14 0.27 0.59 1.07 8.43
Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.59 1.00 7.74
90 Day U.S. Treasury Bill 12.17 5.87 -6.39 2.19 -0.59 N/A 0.00 0.00
As of June 30, 2024
Performance Review (Net)
Total Fund Portfolio
NONE
Page 30 37
Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF)
Comparative Performance
-16.00
-10.00
-4.00
2.00
8.00
14.00
20.00
26.00
32.00
38.00
44.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
VG Total Stk Mkt (VITSX)2.88 (36)26.95 (39)22.77 (39)20.84 (35)7.79 (39)15.95 (34)13.99 (30)z
VG Total Stk Mkt IDX 3.25 (27)27.37 (34)23.17 (35)21.04 (32)7.91 (36)16.05 (32)14.07 (27)z
Median 1.69 25.12 20.68 18.83 6.79 14.81 12.72
-55.00
-40.00
-25.00
-10.00
5.00
20.00
35.00
50.00
65.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
VG Total Stk Mkt (VITSX)20.38 (33)-18.01 (60)32.10 (35)15.01 (24)2.89 (37)17.62 (21)z
VG Total Stk Mkt IDX 20.37 (34)-17.98 (59)32.11 (35)14.99 (25)2.92 (36)17.62 (22)z
Median 18.77 -17.28 30.69 11.14 1.48 15.61
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
VG Total Stk Mkt (VITSX)10.00 (50)12.17 (34)-3.29 (46)8.41 (23)7.15 (29)7.16 (63)
Vanguard Total Stock Market Index Hybrid 10.01 (50)12.14 (36)-3.30 (46)8.41 (23)7.15 (29)7.15 (64)
IM U.S. Multi-Cap Core Equity (MF) Median 10.00 11.80 -3.40 7.16 6.16 8.04
Performance Review
As of June 30, 2024
VG Total Stk Mkt (VITSX)
NONE
Page 31 38
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
-10.0
0.0
10.0
20.0
30.0
VG Total Stk Mkt (VITSX) (%)-10.0 0.0 10.0 20.0 30.0
Vanguard Total Stock Market Index Hybrid (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 6/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
VG Total Stk Mkt (VITSX)20 11 (55%)9 (45%)0 (0%)0 (0%)z
VG Total Stk Mkt IDX 20 11 (55%)9 (45%)0 (0%)0 (0%)z
6.29
6.66
7.03
7.40
7.77
8.14
Return (%)17.64 17.68 17.72 17.76 17.80 17.84 17.88 17.92
Risk (Standard Deviation %)
Return Standard
Deviation
VG Total Stk Mkt (VITSX)7.79 17.84z
VG Total Stk Mkt IDX 7.91 17.85z
Median 6.79 17.68¾
12.15
12.60
13.05
13.50
13.95
14.40
Return (%)18.36 18.39 18.42 18.45 18.48 18.51 18.54
Risk (Standard Deviation %)
Return Standard
Deviation
VG Total Stk Mkt (VITSX)13.99 18.50z
VG Total Stk Mkt IDX 14.07 18.50z
Median 12.72 18.38¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG Total Stk Mkt (VITSX)0.21 99.62 100.00 -0.11 -0.58 0.35 1.00 11.68
VG Total Stk Mkt IDX 0.00 100.00 100.00 0.00 N/A 0.35 1.00 11.68
90 Day U.S. Treasury Bill 17.73 6.29 -4.48 2.96 -0.35 N/A 0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG Total Stk Mkt (VITSX)0.16 99.78 99.99 -0.07 -0.45 0.69 1.00 11.72
VG Total Stk Mkt IDX 0.00 100.00 100.00 0.00 N/A 0.69 1.00 11.73
90 Day U.S. Treasury Bill 18.54 3.99 -3.93 2.18 -0.69 N/A 0.00 0.00
Performance Review
As of June 30, 2024
VG Total Stk Mkt (VITSX)
NONE
Page 32 39
Peer Group Analysis - IM International Large Cap Value Equity (SA+CF)
Comparative Performance
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
28.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
RBC Global 0.52 (46)17.23 (15)14.98 (21)15.31 (42)3.05 (58)12.48 (37)6.51 (61)z
MSCI EAFE (Net)-0.42 (68)16.32 (24)11.54 (42)15.10 (45)2.89 (65)9.58 (76)6.46 (62)z
Median 0.39 13.59 10.66 14.20 3.74 11.51 7.25
-55.00
-40.00
-25.00
-10.00
5.00
20.00
35.00
50.00
65.00
80.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
RBC Global 27.57 (57)-25.79 (74)39.45 (15)-9.19 (87)-5.36 (72)6.76 (4)z
MSCI EAFE (Net)25.65 (69)-25.13 (72)25.73 (74)0.49 (28)-1.34 (31)2.74 (30)z
Median 28.82 -22.72 31.08 -5.34 -3.22 1.33
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
RBC Global 4.06 (46)12.08 (5)-1.92 (44)1.96 (86)9.31 (39)16.72 (63)
MSCI EAFE (Net) Index 5.78 (24)10.42 (19)-4.11 (75)2.95 (58)8.47 (52)17.34 (58)
IM International Large Cap Value Equity (SA+CF) Median 3.90 8.85 -2.25 3.16 8.70 18.07
Performance Review
As of June 30, 2024
RBC Global
NONE
Page 33 40
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
-16.0
-8.0
0.0
8.0
16.0
24.0
RBC Global (%)-16.0 -8.0 0.0 8.0 16.0 24.0
MSCI EAFE (Net) Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 6/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
RBC Global 20 2 (10%)6 (30%)10 (50%)2 (10%)z
MSCI EAFE (Net)20 2 (10%)9 (45%)6 (30%)3 (15%)z
2.52
2.80
3.08
3.36
3.64
3.92
Return (%)16.60 16.80 17.00 17.20 17.40
Risk (Standard Deviation %)
Return Standard
Deviation
RBC Global 3.05 17.22z
MSCI EAFE (Net)2.89 16.70z
Median 3.74 16.72¾
6.24
6.50
6.76
7.02
7.28
7.54
Return (%)16.20 17.10 18.00 18.90 19.80 20.70 21.60 22.50
Risk (Standard Deviation %)
Return Standard
Deviation
RBC Global 6.51 21.49z
MSCI EAFE (Net)6.46 17.56z
Median 7.25 18.57¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC Global 4.23 93.31 90.90 0.25 0.06 0.09 1.00 11.36
MSCI EAFE (Net)0.00 100.00 100.00 0.00 N/A 0.08 1.00 11.09
90 Day U.S. Treasury Bill 16.55 7.13 -5.14 2.99 -0.08 N/A 0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC Global 6.71 110.41 110.30 -0.54 0.13 0.30 1.18 14.36
MSCI EAFE (Net)0.00 100.00 100.00 0.00 N/A 0.32 1.00 11.54
90 Day U.S. Treasury Bill 17.57 4.45 -4.24 2.16 -0.32 N/A 0.00 0.00
Performance Review
As of June 30, 2024
RBC Global
NONE
Page 34 41
Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)
Comparative Performance
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Galliard Core FX Inc 0.79 (32)6.19 (30)5.25 (25)2.75 (37)-0.83 (47)-0.36 (53)1.12 (52)z
Barclays Int Agg 0.46 (89)5.54 (60)3.55 (95)1.45 (96)-1.77 (97)-1.32 (98)0.22 (98)z
Median 0.74 5.73 4.69 2.55 -0.85 -0.34 1.12
-20.00
-16.00
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Galliard Core FX Inc 2.62 (45)-10.50 (71)-0.02 (70)6.85 (29)8.50 (17)-0.43 (59)z
Barclays Int Agg 1.42 (89)-11.49 (89)-0.38 (88)5.66 (78)8.08 (47)-0.93 (95)z
Median 2.53 -10.04 0.28 6.44 8.04 -0.36
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
Galliard Core FX Inc 0.40 (24)4.93 (39)-0.88 (56)-0.46 (45)2.41 (47)1.56 (52)
Barclays Int Agg Index -0.42 (95)5.50 (25)-1.89 (87)-0.75 (81)2.39 (51)1.72 (36)
IM U.S. Intermediate Duration (SA+CF) Median 0.13 4.72 -0.83 -0.49 2.39 1.58
Performance Review
As of June 30, 2024
Galliard Core FX Inc
NONE
Page 35 42
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
-6.0
-3.0
0.0
3.0
6.0
9.0
Galliard Core FX Inc (%)-6.0 -3.0 0.0 3.0 6.0 9.0
Barclays Int Agg Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 6/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Galliard Core FX Inc 20 2 (10%)10 (50%)8 (40%)0 (0%)z
Barclays Int Agg 20 0 (0%)1 (5%)1 (5%)18 (90%)z
-2.00
-1.60
-1.20
-0.80
-0.40
0.00
Return (%)4.75 4.94 5.13 5.32 5.51 5.70 5.89
Risk (Standard Deviation %)
Return Standard
Deviation
Galliard Core FX Inc -0.83 4.97z
Barclays Int Agg -1.77 5.74z
Median -0.85 4.78¾
0.00
0.50
1.00
1.50
Return (%)4.10 4.20 4.30 4.40 4.50 4.60 4.70 4.80
Risk (Standard Deviation %)
Return Standard
Deviation
Galliard Core FX Inc 1.12 4.35z
Barclays Int Agg 0.22 4.67z
Median 1.12 4.18¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Galliard Core FX Inc 1.01 91.71 82.82 0.69 0.90 -0.77 0.86 3.48
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A -0.82 1.00 4.11
90 Day U.S. Treasury Bill 5.60 21.43 -16.71 3.09 0.82 N/A 0.03 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Galliard Core FX Inc 1.29 106.54 91.50 0.92 0.68 -0.22 0.90 2.88
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A -0.39 1.00 3.22
90 Day U.S. Treasury Bill 4.61 18.77 -17.68 2.15 0.39 N/A 0.02 0.00
Performance Review
As of June 30, 2024
Galliard Core FX Inc
NONE
Page 36 43
Peer Group Analysis - IM U.S. Intermediate Investment Grade (MF)
Comparative Performance
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
VG ST Bond Index (VSCSX)0.98 (41)5.65 (31)5.80 (41)3.67 (40)0.26 (35)0.75 (39)1.63 (29)z
Barclays US Corp 1-5 Yr 0.96 (45)5.74 (25)6.01 (31)3.84 (32)0.40 (27)0.84 (34)1.75 (22)z
Median 0.92 5.18 5.43 3.39 -0.14 0.45 1.16
-16.00
-13.00
-10.00
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
VG ST Bond Index (VSCSX)3.78 (34)-8.13 (49)1.37 (22)4.91 (49)6.71 (14)-0.14 (39)z
Barclays US Corp 1-5 Yr 4.00 (24)-8.06 (44)1.35 (23)5.21 (39)6.78 (12)0.11 (27)z
Median 3.14 -8.15 0.54 4.86 5.46 -0.39
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
VG ST Bond Index (VSCSX)0.22 (70)4.39 (21)0.15 (61)0.06 (30)1.47 (81)2.06 (5)
Barclays US Corp 1-5 Yr Index 0.60 (49)4.12 (32)0.25 (49)0.07 (29)1.68 (70)1.95 (7)
IM U.S. Intermediate Investment Grade (MF) Median 0.58 3.56 0.23 -0.16 1.85 1.32
Performance Review
As of June 30, 2024
VG ST Bond Index (VSCSX)
NONE
Page 37 44
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
-4.0
-2.0
0.0
2.0
4.0
6.0
VG ST Bond Index (VSCSX) (%)-4.0 -2.0 0.0 2.0 4.0 6.0
Barclays US Corp 1-5 Yr Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 6/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
VG ST Bond Index (VSCSX)20 7 (35%)13 (65%)0 (0%)0 (0%)z
Barclays US Corp 1-5 Yr 20 12 (60%)8 (40%)0 (0%)0 (0%)z
-0.40
-0.20
0.00
0.20
0.40
0.60
Return (%)3.45 3.50 3.55 3.60 3.65 3.70 3.75 3.80
Risk (Standard Deviation %)
Return Standard
Deviation
VG ST Bond Index (VSCSX)0.26 3.76z
Barclays US Corp 1-5 Yr 0.40 3.74z
Median -0.14 3.53¾
1.00
1.20
1.40
1.60
1.80
2.00
Return (%)3.74 3.76 3.78 3.80 3.82 3.84 3.86 3.88
Risk (Standard Deviation %)
Return Standard
Deviation
VG ST Bond Index (VSCSX)1.63 3.85z
Barclays US Corp 1-5 Yr 1.75 3.79z
Median 1.16 3.76¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG ST Bond Index (VSCSX)0.24 97.94 100.54 -0.14 -0.59 -0.75 1.00 2.49
Barclays US Corp 1-5 Yr 0.00 100.00 100.00 0.00 N/A -0.71 1.00 2.48
90 Day U.S. Treasury Bill 3.54 33.24 -24.10 3.00 0.71 N/A 0.07 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG ST Bond Index (VSCSX)0.25 98.87 101.48 -0.15 -0.48 -0.12 1.02 2.65
Barclays US Corp 1-5 Yr 0.00 100.00 100.00 0.00 N/A -0.09 1.00 2.56
90 Day U.S. Treasury Bill 3.77 23.83 -20.06 2.13 0.09 N/A 0.02 0.00
Performance Review
As of June 30, 2024
VG ST Bond Index (VSCSX)
NONE
Page 38 45
Peer Group Analysis - IM U.S. TIPS (MF)
Comparative Performance
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Vanguard Infl-Prot Secs -0.20 (97)5.19 (51)2.40 (69)1.04 (45)-1.50 (54)0.18 (67)1.72 (67)z
Bloomberg U.S. TIPS Index 0.79 (62)5.45 (33)2.71 (55)0.63 (55)-1.33 (47)0.58 (52)2.07 (44)z
Median 0.88 5.20 3.00 0.84 -1.39 0.62 2.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Vanguard Infl-Prot Secs 1.81 (42)-13.12 (92)5.09 (58)9.84 (27)7.03 (13)0.23 (54)z
Bloomberg U.S. TIPS Index 1.25 (54)-11.57 (46)5.19 (55)10.08 (20)7.13 (9)0.41 (39)z
Median 1.40 -11.72 5.33 8.50 5.70 0.29
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
Vanguard Infl-Prot Secs -0.30 (82)5.73 (5)-2.65 (71)-2.24 (83)3.20 (40)3.67 (5)
Bloomberg U.S. TIPS Index -0.08 (64)4.71 (25)-2.60 (68)-1.42 (43)3.34 (33)2.04 (39)
IM U.S. TIPS (MF) Median 0.03 4.21 -2.21 -1.47 3.05 1.96
Performance Review
As of June 30, 2024
Vanguard Infl-Prot Secs
NONE
Page 39 46
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Under Performance Earliest Date Latest Date
-8.0
-4.0
0.0
4.0
8.0
12.0
Vanguard Infl-Prot Secs (%)-8.0 -4.0 0.0 4.0 8.0 12.0
Bloomberg U.S. TIPS Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 6/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Vanguard Infl-Prot Secs 19 7 (37%)4 (21%)6 (32%)2 (11%)z
Bloomberg U.S. TIPS Index 20 11 (55%)8 (40%)1 (5%)0 (0%)z
-1.54
-1.47
-1.40
-1.33
-1.26
-1.19
Return (%)6.46 6.84 7.22 7.60 7.98 8.36 8.74 9.12 9.50
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard Infl-Prot Secs -1.50 8.97z
Bloomberg U.S. TIPS Index -1.33 7.11z
Median -1.39 7.06¾
1.60
1.80
2.00
2.20
Return (%)6.00 6.24 6.48 6.72 6.96 7.20 7.44 7.68
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard Infl-Prot Secs 1.72 7.45z
Bloomberg U.S. TIPS Index 2.07 6.20z
Median 2.00 6.22¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Infl-Prot Secs 2.94 116.75 115.16 0.21 -0.01 -0.46 1.21 6.78
Bloomberg U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A -0.58 1.00 5.40
90 Day U.S. Treasury Bill 7.07 17.29 -14.10 3.04 0.58 N/A 0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Infl-Prot Secs 2.34 105.48 110.67 -0.59 -0.11 -0.02 1.15 5.37
Bloomberg U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A 0.02 1.00 4.37
90 Day U.S. Treasury Bill 6.26 12.41 -13.18 2.17 -0.02 N/A -0.01 0.00
Performance Review
As of June 30, 2024
Vanguard Infl-Prot Secs
NONE
Page 40 47
Peer Group Analysis - IM Global Fixed Income (MF)
Comparative Performance
-13.00
-10.00
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
PIMCO Div Inc Fd Instl 0.57 (11)9.87 (3)8.69 (3)7.15 (4)-0.94 (20)1.13 (10)1.32 (13)z
Blmbg. Global Credit Hed 0.32 (24)8.09 (9)6.66 (15)4.61 (13)-1.68 (28)-0.13 (28)1.00 (19)z
Median -0.30 5.96 4.07 2.48 -2.79 -1.58 -0.32
-34.00
-28.00
-22.00
-16.00
-10.00
-4.00
2.00
8.00
14.00
20.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
PIMCO Div Inc Fd Instl 7.23 (7)-17.61 (50)4.87 (6)3.63 (73)9.52 (20)N/Az
Blmbg. Global Credit Hed 5.27 (13)-16.53 (49)2.72 (22)5.26 (53)10.83 (12)0.39 (16)z
Median 2.65 -17.63 0.90 5.39 7.65 -1.33
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
PIMCO Div Inc Fd Instl 1.34 (7)7.81 (41)-1.07 (23)0.88 (8)2.61 (62)4.71 (32)
Blmbg. Global Credit (Hedged)0.40 (25)7.32 (51)-1.32 (29)0.28 (16)2.97 (35)3.31 (53)
IM Global Fixed Income (MF) Median -0.35 7.37 -2.42 -0.58 2.76 3.53
Performance Review
As of June 30, 2024
PIMCO Div Inc Fd Instl
NONE
Page 41 48
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
-8.0
-4.0
0.0
4.0
8.0
12.0
PIMCO Div Inc Fd Instl (%)-8.0 -4.0 0.0 4.0 8.0 12.0
Blmbg. Global Credit (Hedged) (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 6/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
PIMCO Div Inc Fd Instl 14 10 (71%)3 (21%)1 (7%)0 (0%)z
Blmbg. Global Credit Hed 20 11 (55%)9 (45%)0 (0%)0 (0%)z
-3.20
-2.40
-1.60
-0.80
0.00
0.80
Return (%)7.20 7.40 7.60 7.80 8.00 8.20 8.40 8.60
Risk (Standard Deviation %)
Return Standard
Deviation
PIMCO Div Inc Fd Instl -0.94 8.42z
Blmbg. Global Credit Hed -1.68 7.39z
Median -2.79 7.65¾
-0.60
0.00
0.60
1.20
1.80
Return (%)6.93 7.14 7.35 7.56 7.77 7.98 8.19 8.40
Risk (Standard Deviation %)
Return Standard
Deviation
PIMCO Div Inc Fd Instl 1.32 8.22z
Blmbg. Global Credit Hed 1.00 7.22z
Median -0.32 7.12¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
PIMCO Div Inc Fd Instl 2.00 116.19 106.11 0.99 0.41 -0.44 1.11 5.94
Blmbg. Global Credit Hed 0.00 100.00 100.00 0.00 N/A -0.61 1.00 5.22
90 Day U.S. Treasury Bill 7.19 17.02 -13.88 3.08 0.61 N/A 0.03 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
PIMCO Div Inc Fd Instl 2.14 109.97 106.81 0.26 0.18 -0.06 1.10 6.09
Blmbg. Global Credit Hed 0.00 100.00 100.00 0.00 N/A -0.12 1.00 5.20
90 Day U.S. Treasury Bill 7.20 12.02 -11.56 2.15 0.12 N/A 0.01 0.00
Performance Review
As of June 30, 2024
PIMCO Div Inc Fd Instl
NONE
Page 42 49
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
American Core RE -0.18 (28)-8.24 (57)-10.28 (62)-9.67 (56)2.16 (32)3.43 (47)3.39 (40)z
American Core RE Policy -0.64 (38)-7.88 (55)-9.66 (57)-9.74 (58)1.95 (34)3.63 (44)3.41 (39)z
Median -0.72 -5.10 -9.03 -9.25 0.99 3.34 3.21
-36.00
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
American Core RE -12.54 (49)25.79 (18)13.51 (75)1.62 (49)6.81 (50)8.50 (61)z
American Core RE Policy -12.40 (43)22.76 (40)15.75 (54)1.74 (43)6.17 (70)8.82 (56)z
Median -12.68 20.33 16.09 1.58 6.80 8.93
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
American Core RE -2.22 (60)-5.99 (81)-2.22 (42)-2.22 (65)-3.28 (65)-5.42 (64)
American Core RE Policy -2.19 (55)-5.22 (69)-1.93 (37)-2.86 (70)-3.31 (65)-4.90 (48)
IM U.S. Open End Private Real Estate (SA+CF) Median -2.10 -4.10 -2.66 -1.98 -2.91 -4.97
Performance Review
As of June 30, 2024
American Core RE
NONE
Page 43 50
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
0.0
4.0
8.0
12.0
16.0
American Core RE (%)0.0 4.0 8.0 12.0 16.0
American Core RE Policy (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 6/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
American Core RE 20 1 (5%)9 (45%)10 (50%)0 (0%)z
American Core RE Policy 20 0 (0%)12 (60%)8 (40%)0 (0%)z
0.80
1.20
1.60
2.00
2.40
Return (%)9.45 9.54 9.63 9.72 9.81 9.90 9.99
Risk (Standard Deviation %)
Return Standard
Deviation
American Core RE 2.16 9.88z
American Core RE Policy 1.95 9.46z
Median 0.99 9.82¾
3.15
3.22
3.29
3.36
3.43
3.50
Return (%)7.52 7.60 7.68 7.76 7.84 7.92 8.00 8.08
Risk (Standard Deviation %)
Return Standard
Deviation
American Core RE 3.39 7.89z
American Core RE Policy 3.41 7.60z
Median 3.21 7.97¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American Core RE 1.34 104.38 102.31 0.16 0.19 -0.04 1.04 5.50
American Core RE Policy 0.00 100.00 100.00 0.00 N/A -0.06 1.00 5.14
90 Day U.S. Treasury Bill 9.88 21.12 -14.40 3.13 0.06 N/A -0.04 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American Core RE 1.15 101.03 101.97 -0.10 0.00 0.18 1.03 4.30
American Core RE Policy 0.00 100.00 100.00 0.00 N/A 0.19 1.00 4.02
90 Day U.S. Treasury Bill 8.05 18.83 -13.64 2.29 -0.19 N/A -0.04 0.00
Performance Review
As of June 30, 2024
American Core RE
NONE
Page 44 51
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Intercontinental -0.09 (23)-10.21 (89)-10.93 (67)-12.26 (89)0.49 (80)2.44 (86)3.15 (53)z
NCREIF Fund-OEDC-EW -0.64 (38)-7.88 (55)-9.66 (57)-9.74 (58)1.95 (34)3.63 (44)3.41 (39)z
Median -0.72 -5.10 -9.03 -9.25 0.99 3.34 3.21
-36.00
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
ReturnOct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Oct-2019
To
Sep-2020
Oct-2018
To
Sep-2019
Oct-2017
To
Sep-2018
Intercontinental -15.63 (84)26.50 (13)13.87 (70)4.41 (11)8.32 (19)11.40 (9)z
NCREIF Fund-OEDC-EW -12.40 (43)22.76 (40)15.75 (54)1.74 (43)6.17 (70)8.82 (56)z
Median -12.68 20.33 16.09 1.58 6.80 8.93
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
1 Qtr
Ending
Mar-2023
1 Qtr
Ending
Dec-2022
Intercontinental -3.73 (89)-6.65 (84)-0.81 (13)-6.11 (97)-3.61 (71)-6.01 (78)
NCREIF Fund Index-OEDC (EW)-2.19 (55)-5.22 (69)-1.93 (37)-2.86 (70)-3.31 (65)-4.90 (48)
IM U.S. Open End Private Real Estate (SA+CF) Median -2.10 -4.10 -2.66 -1.98 -2.91 -4.97
Performance Review
As of June 30, 2024
Intercontinental
NONE
Page 45 52
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Under Performance
Earliest Date Latest Date
-5.0
0.0
5.0
10.0
15.0
20.0
Intercontinental (%)-5.0 0.0 5.0 10.0 15.0 20.0
NCREIF Fund Index-OEDC (EW) (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 6/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Intercontinental 20 14 (70%)1 (5%)4 (20%)1 (5%)z
NCREIF Fund-OEDC-EW 20 0 (0%)12 (60%)8 (40%)0 (0%)z
0.00
0.60
1.20
1.80
2.40
Return (%)9.28 9.60 9.92 10.24 10.56 10.88 11.20 11.52
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental 0.49 10.99z
NCREIF Fund-OEDC-EW 1.95 9.46z
Median 0.99 9.82¾
3.10
3.20
3.30
3.40
3.50
Return (%)7.25 7.50 7.75 8.00 8.25 8.50 8.75 9.00 9.25
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental 3.15 8.85z
NCREIF Fund-OEDC-EW 3.41 7.60z
Median 3.21 7.97¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 3.40 107.44 128.32 -1.54 -0.38 -0.16 1.11 6.96
NCREIF Fund-OEDC-EW 0.00 100.00 100.00 0.00 N/A -0.06 1.00 5.14
90 Day U.S. Treasury Bill 10.46 2.24 -39.83 3.29 0.06 N/A -0.11 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 2.93 109.73 121.08 -0.53 -0.05 0.14 1.10 5.39
NCREIF Fund-OEDC-EW 0.00 100.00 100.00 0.00 N/A 0.18 1.00 4.02
90 Day U.S. Treasury Bill 8.44 5.72 -37.66 2.56 -0.18 N/A -0.11 0.00
Performance Review
As of June 30, 2024
Intercontinental
NONE
Page 46 53
Private Equity Summary of Partnership
Partnerships Valuation
Date
Vintage
Year
Investment
Strategy
Capital
Commitment
$
Drawn
Down
$
Market
Value
$
Distributed
$
IRR
(%)
TVPI
Multiple ICM/PME
Crescent Direct Lending Fund 06/30/2024 2014 Other 2,000,000 3,055,050 41,611 3,613,488 7.0 1.2 1.9
Crescent Direct Lending II Fund 06/30/2024 2017 Other 2,000,000 2,110,851 824,897 1,850,954 9.2 1.3 1.9
Private Equity Summary of Partnership
Crescent Direct Lending Fund
As of June 30, 2024
Page 47 54
Comparative Performance - IRR
1
Quarter
Ending
Mar-2024
1
Year
Ending
Mar-2024
2
Years
Ending
Mar-2024
3
Years
Ending
Mar-2024
4
Years
Ending
Mar-2024
5
Years
Ending
Mar-2024
Since
Inception
Ending
Mar-2024
Inception
Date
Crescent Direct Lending Fund 0.00 11.53 2.74 4.07 5.95 4.70 6.92 10/14/2014
ICM/PME (Bloomberg Intermed Aggregate Index)-0.42 2.75 -2.62 -3.50 -1.11 1.64 1.95
Crescent Direct Lending II Fund 0.00 9.54 8.72 10.52 10.47 8.46 8.87 03/13/2018
ICM/PME (Bloomberg Intermed Aggregate Index)-0.42 2.19 -0.81 -2.01 -0.32 1.42 1.92
Winter Springs General Employees General Plan and Trust
Comparative Performance - IRR
As of June 30, 2024
Page 48 55
Fund Information
Type of Fund:Direct Vintage Year:2014
Strategy Type:Other Management Fee:1.35% of invested equity capital
Size of Fund:-Preferred Return:7.00%
Inception:09/05/2014 General Partner:CDL Levered General Partner, Ltd.
Final Close:9/5/2015 expected Number of Funds:
Investment Strategy:High Current income while focusing on preservation of capital through investment primarily in senior secured loans of private U.S. lower-middle-market companies. The Fund will seek to
enhance returns on its investments through the use of leverage. Fund size is $250 million/ $500 million with leverage.
Cash Flow Summary
Capital Committed:$2,000,000
Capital Invested:$3,055,050
Management Fees:$70,322
Expenses:$203,423
Interest:-
Total Contributions:$3,055,050
Remaining Capital Commitment:$182,930
Total Distributions:$3,613,488
Market Value:$41,611
Inception Date:10/14/2014
Inception IRR:7.0
TVPI:1.2
Cash Flow Analysis
Net Asset Value Distribution Contributions
$0.0
$1,000,000.0
$2,000,000.0
$3,000,000.0
$4,000,000.0
$5,000,000.0
-$1,000,000.0
10/14 7/15 4/16 1/17 10/17 7/18 4/19 1/20 10/20 7/21 4/22 1/23 10/23 6/24
Private Equity Fund Overview
Crescent Direct Lending Fund
As of June 30, 2024
Page 49 56
Fund Information
Type of Fund:Direct Vintage Year:2017
Strategy Type:Other Management Fee:.75%
Size of Fund:1,500,000,000 Preferred Return:7.00%
Inception:09/27/2017 General Partner:Crescent Direct Lending II GP, LLC
Final Close:Number of Funds:
Investment Strategy:Crescent Direct Lending Levered Fund II intends to invest in directly originated senior secured loans (including primarily first lien and unitranche loans and to a lesser extent second lien
loans) of private U.S. lower-middle-market companies, primarily in conjunction with private equity investment firms.
Cash Flow Summary
Capital Committed:$2,000,000
Capital Invested:$2,110,851
Management Fees:$16,605
Expenses:$19,342
Interest:-
Total Contributions:$2,110,851
Remaining Capital Commitment:$1,160,843
Total Distributions:$1,850,954
Market Value:$824,897
Inception Date:03/13/2018
Inception IRR:9.2
TVPI:1.3
Cash Flow Analysis
Net Asset Value Distribution Contributions
$0.0
$600,000.0
$1,200,000.0
$1,800,000.0
$2,400,000.0
$3,000,000.0
-$600,000.0
3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 6/24
Private Equity Fund Overview
Crescent Direct Lending II Fund
As of June 30, 2024
Page 50 57
Total Fund Policy
Allocation Mandate Weight (%)
Jan-1976
S&P 500 Index 65.00
Blmbg. U.S. Aggregate Index 30.00
MSCI EAFE Index 5.00
Oct-2003
S&P 500 Index 60.00
Blmbg. U.S. Aggregate Index 30.00
MSCI EAFE Index 10.00
Sep-2006
S&P 500 Index 60.00
Bloomberg Intermed Aggregate Index 40.00
Oct-2009
Russell 3000 Index 50.00
Bloomberg Intermed Aggregate Index 25.00
MSCI EAFE Index 15.00
Bloomberg U.S. TIPS Index 5.00
NCREIF Property Index 5.00
Oct-2010
Russell 3000 Index 50.00
Bloomberg Intermed Aggregate Index 20.00
MSCI EAFE Index 15.00
Bloomberg U.S. TIPS Index 5.00
NCREIF Fund Index-Open End Diversified Core (EW)10.00
Sep-2020
Russell 3000 Index 50.00
MSCI AC World ex USA (Net)15.00
Bloomberg Intermed Aggregate Index 15.00
Credit Suisse Leveraged Loan Index 4.00
Blmbg. U.S. TIPS 1-5 Year 3.00
Blmbg. Global Credit (Hedged)3.00
NCREIF Fund Index-Open End Diversified Core (EW)10.00
American Core Realty Policy
Allocation Mandate Weight (%)
Oct-2007
NCREIF Property Index 100.00
Oct-2010
NCREIF Fund Index-Open End Diversified Core (EW)100.00
Vanguard Total Stock Market Policy
Allocation Mandate Weight (%)
Jun-2003
MSCI US Broad Market Index 100.00
Feb-2013
CRSP U.S. Total Market TR Index 100.00
Benchmark History
Investment Policy Benchmarks
As of June 30, 2024
Page 51 58
Total Equity Policy
Allocation Mandate Weight (%)
Jan-1970
S&P 500 Index 90.00
MSCI EAFE Index 10.00
Oct-2003
S&P 500 Index 85.00
MSCI EAFE Index 15.00
Sep-2006
S&P 500 Index 100.00
Oct-2009
Russell 3000 Index 77.00
MSCI EAFE Index 23.00
Sep-2020
Russell 3000 Index 77.00
MSCI AC World ex USA (Net)23.00
Domestic Equity Securities Policy
Allocation Mandate Weight (%)
Jan-1926
S&P 500 Index 100.00
Oct-2009
Russell 3000 Index 100.00
Foreign Equity Policy
Allocation Mandate Weight (%)
Nov-2000
MSCI EAFE Index 100.00
Sep-2020
MSCI AC World ex USA (Net)100.00
Benchmark History
Investment Policy Benchmarks
As of June 30, 2024
Page 52 59
Total Fixed Policy
Allocation Mandate Weight (%)
Nov-2000
Blmbg. U.S. Aggregate Index 100.00
Sep-2006
Bloomberg Intermed Aggregate Index 100.00
Sep-2020
Bloomberg Intermed Aggregate Index 60.00
Credit Suisse Leveraged Loan Index 16.00
Bloomberg U.S. TIPS Index 12.00
Blmbg. Global Credit (Hedged)12.00
Broad Mkt Fixed Income
Allocation Mandate Weight (%)
Nov-2000
Blmbg. U.S. Aggregate Index 100.00
Sep-2006
Bloomberg Intermed Aggregate Index 100.00
Non-Core Fixed Policy
Allocation Mandate Weight (%)
Oct-2014
Credit Suisse Leveraged Loan Index 100.00
Dec-2016
Credit Suisse Leveraged Loan Index 50.00
Bloomberg U.S. TIPS Index 50.00
Mar-2018
Credit Suisse Leveraged Loan Index 41.00
Bloomberg U.S. TIPS Index 20.00
Blmbg. Global Credit (Hedged)39.00
Sep-2020
Credit Suisse Leveraged Loan Index 40.00
Bloomberg U.S. TIPS Index 30.00
Blmbg. Global Credit (Hedged)30.00
Benchmark History
Investment Policy Benchmarks
As of June 30, 2024
Page 53 60
Compliance Checklist
Total Fund
As of June 30, 2024Winter Springs GE
Total Fund Compliance:Yes No N/A
1. The Total Plan return equaled or exceeded the 7% actuarial earnings assumption over the trailing three and five year periods. **
2. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three and five year periods.
3. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three and five year periods.
** ROR reduced to 7% from 7.5%.
Equity Compliance:Yes No N/A
1. Total domestic equity returns meet or exceed the benchmark over the trailing three and five year periods.
2. Total foreign equity returns meet or exceed the benchmark over the trailing three and five year periods.
3. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three year period.
4. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period.
5. The total equity allocation was less than 75% of the total plan assets at market.
6. Total foreign equity was less than 25% of the total plan assets at market.
Fixed Income Compliance:Yes No N/A
1. Total fixed income returns meet or exceed the benchmark over the trailing three and five year periods.
2. Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods.
3. All separately managed fixed income investments have a minimum rating of investment grade or higher.
Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A
1. Manager outperformed the index over the trailing three year period.
2. Manager outperformed the index over the trailing five year period.
3. Manager ranked within the top 40th percentile over the trailing three year period.
4. Manager ranked within the top 40th percentile over the trailing five year period.
5. Less than four consecutive quarters of under performance relative to the benchmark.
6. Three and five year down-market capture ratio less than the index.
Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A
1. Manager outperformed the index over the trailing three year period.
2. Manager outperformed the index over the trailing five year period.
3. Manager ranked within the top 40th percentile over the trailing three year period.
4. Manager ranked within the top 40th percentile over the trailing five year period.
5. Less than four consecutive quarters of under performance relative to the benchmark.
6. Three and five year down-market capture ratio less than the index.
Manager Compliance:Vanguard Total Galliard VG S-T Bond Vanguard TIPsRBC Global
Cresecent IIAmerican RE IntercontinentalManager Compliance:Crescent PIMCO
Page 54 61
Estimated
Annual Fee
(%)
Market Value
($)
Estimated
Annual Fee
($)
Fee Schedule
Vanguard Total Stock Market (VITSX)0.03 40,941,264 12,282 0.03 % of Assets
Domestic Equity Securities 0.03 40,941,264 12,282
RBC Global (Voyageur)0.95 11,187,281 106,279 0.95 % of Assets
Foreign Equity Securities 0.95 11,187,281 106,279
Galliard Core Fixed Income 0.25 11,859,223 29,648 0.25 % of Assets
Vanguard Inflation-Protected Secs (VAIPX)0.10 1,348,660 1,349 0.10 % of Assets
Vanguard Short Term Bond Index (VSCSX)0.07 339,987 238 0.07 % of Assets
PIMCO Diversified Income Fund Instl (PDIIX)0.79 1,910,491 15,093 0.79 % of Assets
Crescent Direct Lending Fund 1.35 41,611 562 1.35 % of Assets
Crescent Direct Lending II Fund 0.75 824,897 6,187 0.75 % of Assets
Total Fixed Income 0.33 16,324,869 53,076
Intercontinental 1.10 3,851,566 42,367 1.10 % of Assets
ARA Core Property Fund 1.10 1,015,864 11,175 1.10 % of Assets
Direct Real Estate 1.10 4,867,430 53,542
Receipt & Disbursement 2,036,822 -
Total Fund 0.30 75,357,666 225,179
Winter Springs General Employees General Plan and Trust
Fee Analysis
As of June 30, 2024
Fee information on this page is an illustrative estimate of management fees based on current reported portfolio values. Fee estimates do not reflect actual calculation methodologies or applicable carried interest.
Page 55 62
Disclosures
Neither Mariner Institutional (formerly AndCo), nor any covered associates have made political contributions to any official associated with the Winter Springs General
Employees General Plan and Trust, in excess of the permitted amount.
Disclosures
Total Fund
As of June 30, 2024
Page 56 63
Report Statistics
Definitions and Descriptions
Active Return - Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period.
Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's
non-systemic return, or its historical performance not explained by movements of the market.
Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk.
Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the
product’s performance.
Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple
shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against.
Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance
Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative
quarterly set of returns. A higher factor is indicative of a riskier product.
Excess Return - Arithmetic difference between the manager’s performance and the risk-free return over a specified time period.
Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return.
Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the
Information Ratio, the more the manager has added value to the portfolio.
Public Market Equivalent (PME) - Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index.
R-Squared - The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has
historically moved in the same direction as the appropriate benchmark.
Return - Compounded rate of return for the period.
Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A
higher value demonstrates better historical risk-adjusted performance.
Standard Deviation - A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period.
Total Value to Paid In (TVPI) - The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund
to date. It is a good measure of performance before the end of a fund’s life
Tracking Error - This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark.
Treynor Ratio - Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free
rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk-adjusted performance.
Up Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance.
Page 57 64
Disclosures
Mariner Institutional compiled this report for the sole use of the client for which it was prepared. Mariner Institutional is responsible for evaluating the performance results of the Total Fund along with the investment
advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. Mariner Institutional uses the results from this evaluation to make observations and
recommendations to the client.
Mariner Institutional uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from
custodians. Mariner Institutional analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides Mariner Institutional with a
reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides Mariner Institutional with a practical foundation
for our observations and recommendations. Nothing came to our attention that would cause Mariner Institutional to believe that the information presented is significantly misstated.
This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data
providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various
asset positions.
The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future
performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management
services.
Additional information included in this document may contain data provided by index databases, public economic sources, and the managers themselves.
This document may contain data provided by Bloomberg.
This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where
S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance
provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results.
This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or
disseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk
of any use it may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any express
or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties
(including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting
any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special,
incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages.
This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related
thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment
Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof.
This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is
proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not
guarantee of future results.
*IMPORTANT DISCLOSURE INFORMATION RE GREENWICH QUALITY LEADER AWARD
These ratings are not indicative of Mariner Institutional’s future performance. These awards or any other rankings and/or recognition by unaffiliated rating services and/or publications should not be construed as a
guarantee that a client will experience a certain level of results or satisfaction if they invest with Mariner Institutional, nor should it be construed as a current or past endorsement by any of our clients. Mariner
Institutional did not pay a fee to participate in this award survey.
Methodology for this Award: For the 2022 Greenwich Quality Award for Overall U.S. Investment Consulting – Midsize Consultants – Between February and November 2022, Coalition Greenwich conducted
interviews with 727 individuals from 590 of the largest tax-exempt funds in the United States. These U.S.-based institutional investors are corporate and union funds, public funds, and endowment and foundation
funds, with either pension or investment pool assets greater than $150 million. Study participants were asked to provide quantitative and qualitative evaluations of their asset management and investment consulting
providers, including qualitative assessments of those firms soliciting their business and detailed information on important market trends.
Page 58 65
Access to a wealth of knowledge and solutions.
66
May 16, 2024
Ms. Kimberly Aviles
Senior HR Generalist
City of Winter Springs
1126 East State Road 434
Winter Springs, Florida 32708
Re: City of Winter Springs Defined Benefit Plan
October 1, 2023 Actuarial Valuation
Dear Kim:
As requested, we are pleased to enclose eleven (11) copies of the October 1, 2023 Actuarial
Valuation Report for the City of Winter Springs Defined Benefit Plan.
We appreciate the opportunity to partner with you on this important project and look
forward to presenting the key financial results of our Report at an upcoming Board Meeting.
Please let us know the date and time.
Upon Board approval of the Actuarial Valuation Report, we will upload an electronic copy of
the Actuarial Valuation Report along with the required disclosure information to the State
portal as required by the State.
If you should have any questions concerning the above, please do not hesitate to contact us.
Sincerest regards,
Gabriel, Roeder, Smith & Company
Shelly L. Jones, A.S.A.
Consultant and Actuary
Enclosures
67
City Of Winter Springs
Defined Benefit Plan
ACTUARIAL VALUATION AS OF OCTOBER 1, 2023
This Valuation Determines the Annual Contribution for the Plan Year October 1, 2024 through
September 30, 2025 to be Paid in Plan Year October 1, 2024 to September 30, 2025
May 16, 2024
68
69
City of Winter Springs
Defined Benefit Plan
TABLE OF CONTENTS
Page
Transmittal Letter 1
Executive Summary 4
Risks Associated with Measuring the Accrued Liability and Actuarially
Determined Contribution 7
Low-Default-Risk Obligation Measure 10
I. Summary of Retirement Plan Costs ......................................................................... 11
II. Comparison of Cost Data of Current and Prior Valuations ..................................... 13
III. Characteristics of Participants in Actuarial Valuation ............................................. 14
IV. Statement of Assets ................................................................................................. 15
V. Reconciliation of Plan Assets ................................................................................... 16
VI. Actuarial Gain / (Loss) .............................................................................................. 18
VII. Amortization of Unfunded Actuarial Accrued Liability ............................................ 19
VIII. Accounting Disclosure Exhibit ................................................................................. 20
IX. Outline of Principal Provisions of the Retirement Plan ........................................... 29
X. Actuarial Assumptions and Actuarial Cost Methods Used ...................................... 32
XI. Distribution of Plan Participants by Attained Age Groups and Service Groups ...... 38
XII. Statistics for Participants Entitled to Deferred Benefits and Participants
Receiving Benefits ................................................................................................... 42
XIII. Reconciliation of Employee Data ............................................................................. 43
XIV. Projected Retirement Benefits ................................................................................ 44
XV. Recent Plan Experience ........................................................................................... 45
XVI. Schedule of Funded Progress .................................................................................. 47
XVII. State Required Exhibit ............................................................................................. 51
XVIII. Glossary ................................................................................................................... 55
70
May 16, 2024
City Council
City of Winter Springs Defined Benefit Plan
c/o Ms. Kimberly Aviles
Senior HR Generalist
1126 East State Road 434
Winter Springs, Florida 32708
Dear Council Members:
We are pleased to present our October 1, 2023 Actuarial Valuation for the City of Winter Springs
Defined Benefit Plan (Plan). The purpose of this report is to indicate appropriate contribution levels,
comment on the actuarial stability of the Plan and to satisfy State requirements. The City has retained
Gabriel, Roeder, Smith and Company (GRS) to prepare an annual actuarial valuation under Section
3.02 of the Plan.
This report consists of this cover letter, executive summary, risk assessment and Low-Default-Risk
Obligation Measure followed by detailed Tables I through XVI, the State Required Exhibit on Table XVII
and Glossary on Table XVIII. The Tables contain basic Plan cost figures plus significant details on the
benefits, liabilities and experience of the Plan. We suggest you thoroughly review the report at your
convenience and contact us with any questions that may arise.
The findings in this report are based on data or asset information through September 30, 2023. The
valuation was based upon information furnished by the City concerning Plan benefit, plan provision
and active members, terminated members, retirees and beneficiaries. We received financial
information concerning Plan assets as of September 30, 2023 from the City.
We do not audit the Member census data and asset information that is provided to us; however, we
perform certain reasonableness checks. The City is responsible for the accuracy of the data.
In our opinion the benefits provided for under the current Plan will be sufficiently funded through the
payment of the amount as indicated in this and future Actuarial Valuation reports. This valuation
assumed the continuing ability of the plan sponsor to make the contributions necessary to fund this
plan. A determination regarding whether or not the plan sponsor is actually able to do so is outside
our scope of expertise and was not performed. We will continue to update you on the future
payment requirements for the Plan through our actuarial reports. These reports will also continue to
monitor the future experience of the Plan.
The actuarial assumptions used in this Actuarial Valuation are as adopted by the Plan. The economic
and demographic actuarial assumptions are based upon the results of an Experience Study for the
71
Council Members
May 16, 2024
Page Two
period October 1, 2016 – September 30, 2022. The mortality assumptions are as prescribed by
statute. Each assumption represents an estimate of future Plan experience. All actuarial assumptions
used in this report are reasonable for the purposes of this valuation. The combined effect of the
assumptions is expected to have no significant bias (i.e. not significantly optimistic or pessimistic). All
actuarial assumptions and methods used in the valuation follow the guidance in the applicable
Actuarial Standards of Practice.
If all actuarial assumptions are met and if all future minimum required contributions are paid,
Plan assets will be sufficient to pay all Plan benefits, future contributions are expected to remain
relatively stable or decrease as a percent of payroll and the funded status is expected to improve.
Plan minimum required contributions are determined in compliance with the requirements of the
Florida Protection of Public Employee Retirement Benefits Act with normal cost determined as a level
percent of covered payroll and a level dollar amortization payment using an initial closed amortization
period of 25 years for newly created bases effective October 1, 2023.
The Unfunded Actuarial Accrued Liability (UAAL) may not be appropriate for assessing the sufficiency
of Plan assets to meet the estimated cost of settling benefit obligations but may be appropriate for
assessing the need for or the amount of future contributions. The UAAL would be different if it
reflected the market value of assets rather than the smoothed value of assets.
The GASB Net Pension Liability and Plan Fiduciary Net Position as a Percentage of Total Pension
Liability may not be appropriate for assessing the sufficiency of Plan assets to meet the estimated cost
of settling benefit obligations but may be appropriate for assessing the need for or the amount of
future contributions.
The Funded Ratio shown in Table II and Table XVI is for informational purposes and may not be
appropriate for assessing the sufficiency of Plan assets to meet the estimated cost of settling benefit
obligations but may be appropriate for assessing the need for or the amount of future contributions.
This report should not be relied on for any purpose other than the purpose described in the primary
communication. Determinations of the financial results associated with the benefits described in this
report in a manner other than the intended purpose may produce significantly different results.
This report was prepared using ProVal’s valuation model, a software product of Winklevoss
Technologies. We are relying on the ProVal model. We performed tests of the ProVal model with this
assignment and made a reasonable attempt to understand the developer’s intended purpose of,
general operation of, major sensitivities and dependencies within, and key strengths and limitations of
the ProVal model. In our professional judgment, the ProVal valuation model has the capability to
provide results that are consistent with the purposes of the valuation and has no material limitations
or known weaknesses.
72
Council Members
May 16, 2024
Page Three
This report has been prepared by actuaries who have substantial experience valuing public employee
retirement plans. To the best of our knowledge the information contained in this report is accurate
and fairly presents the actuarial position of the Plan as of the valuation date. All calculations have
been made in conformity with generally accepted actuarial principles and practices, with the Actuarial
Standards of Practice issued by the Actuarial Standards Board and with applicable statutes.
This report was prepared at the request of the City and is intended for use by the City and those
designated or approved by the City. This report may be provided to parties other than the City only in
its entirety and only with the permission of the City. GRS is not responsible for unauthorized use of
this report.
The signing actuaries are independent of the Plan sponsor.
The undersigned are Members of the American Academy of Actuaries and meet the qualification
standards of the American Academy of Actuaries to render the actuarial opinions contained in this
report. We are available to respond to any questions with regards to matters covered in this report.
Sincerely,
Gabriel, Roeder, Smith & Company
Shelly L. Jones, A.S.A., E.A.
Consultant and Actuary
Jennifer M. Borregard, E.A.
Consultant and Actuary
73
City of Winter Springs Defined Benefit Plan 4
EXECUTIVE SUMMARY
Retirement Plan Costs
Our Actuarial Valuation develops the required minimum Plan payment for the Plan Year October 1,
2024 – September 30, 2025 under the Florida Protection of Public Employee Retirement Benefits Act.
The minimum payment consists of payment of annual normal costs including amortization of the
components of the unfunded actuarial accrued liability over various periods as prescribed by law. The
minimum payment is $1,295,041 (31.7%). The figure in parentheses is the Plan cost expressed as a
percentage of projected covered annual payroll for fiscal year October 1, 2024 – September 30, 2025
($4,085,303).
This total cost is to be met by member and City contributions. We anticipate member contributions
will be $204,265 (5.0% of projected covered payroll for fiscal year ending September 30, 2025). The
resulting minimum required City contribution is $1,090,776 (26.7%).
We recommend the City continue to contribute not less than the dollar amount of minimum required
contribution due to the closing of the Plan to future general employees.
Changes in Actuarial Assumptions, Methods and Plan Provisions
The Plan provisions remain unchanged from our October 1, 2022 Actuarial Valuation. The Plan
provisions are outlined on Table IX.
The investment return assumption has been updated to 6.75% from 7.00%. The salary increase
factors, retirement rates, withdrawal rates and amortization period have been updated based upon
the recent Experience Study for the six-year period ended September 30, 2022. The remaining
actuarial assumptions and methods are unchanged from our October 1, 2022 Actuarial Valuation. The
actuarial assumptions and methods are outlined on Table X.
Comparison of October 1, 2022 and October 1, 2023 Valuation Results
Table II of our report provides information of a comparative nature. The left columns of the Table
indicate the costs as calculated for October 1, 2022. The center columns indicate the costs as
calculated for October 1, 2023 prior to the update in actuarial assumptions. The right columns
indicate the costs as calculated for October 1, 2023 after the update in actuarial assumptions.
Comparing the left and center columns of Table II shows the effect of Plan experience during the year.
The number of active participants decreased by approximately 5% while covered payroll decreased by
approximately 3%. Total Plan membership remained level. Total normal cost decreased both as a
dollar amount and as a percentage of covered payroll. The unfunded actuarial accrued liability
increased both as a dollar amount and as a percentage of covered payroll. The net City minimum
funding requirement decreased both as a dollar amount and as a percentage of covered payroll.
74
City of Winter Springs Defined Benefit Plan 5
Comparing the center and right columns of Table II shows the effect of the update of the actuarial
assumptions. Total normal cost, the unfunded actuarial accrued liability and the net City minimum
funding requirement all increased both as a dollar amount and as a percentage of covered payroll.
The value of vested accrued benefits exceed Plan assets this year, resulting in a Vested Benefit
Security Ratio (VBSR) of 90.0% (92.8% prior to update in actuarial assumptions) which is an increase
from 88.0% as of the October 1, 2022 Actuarial Valuation. The VBSR is measured on a market value of
assets basis.
Plan Experience
The Plan experienced an actuarial loss in the amount of $1,888,131 this year. This indicates actual
overall Plan experience was less favorable than expected.
Table XV (salary, turnover and investment yield) provides figures on recent Plan experience. Salary
experience indicates actual salary increases averaged approximately 7.4% for General and Forensic
Employees and 6.6% for Police Officers for Plan Year ended September 30, 2023 when compared to
the assumed salary increase of 3.2% and 3.6% (prior assumptions), respectively. Salary increases were
generally a source of actuarial loss for General and Forensic Employees and for Police Officers. The
three, five and ten-year average annual salary increases are 8.0%, 8.1% and 5.7% for General and
Forensic Employees, respectively – 7.9%, 6.5% and 5.3% for Firefighters and Police Officers,
respectively.
Employee turnover this year was approximately 250% of the assumed turnover for General and
Forensic Employees and 160% of the assumed turnover for Police Officers (prior assumption).
Employee turnover was an offsetting source of actuarial gain for General and Forensic Employees and
for Police Officers. The three, five and ten-year average annual turnover is 200%, 240% and 210%,
respectively for General and Forensic Employees - 140%, 130% and 200%, respectively for Firefighters
and Police Officers.
The smoothed value investment return of 5.19% was below the investment return assumption of
7.00% (prior assumption). Smoothed value investment return was an additional source of actuarial
loss during the year. The three, five and ten-year average annual smoothed value investment returns
are 7.77%, 7.92% and 8.9%, respectively. The one, three, five and ten-year average annual market
value returns are 10.95%, 6.73%, 6.12% and 7.7%, respectively.
Funded Ratio
The smoothed value funded ratio is 88.3% (91.4% prior assumptions) as of October 1, 2023 compared
to 91.3% as of October 1, 2022. The smoothed value funded ratio is equal to the actuarial value of
assets divided by the actuarial accrued liability.
If the market value of assets had been used instead, the funded ratio would have been 85.1% (88.1%
prior assumptions) as of October 1, 2023 and 83.7% as of October 1, 2022.
75
City of Winter Springs Defined Benefit Plan 6
Conclusion and Recommendations
The Market Value of Assets is less than the Actuarial Value of Assets by $2,480,665 as of the valuation
date. This difference will be gradually recognized in the absence of future offsetting gains. In turn,
the actuarially determined contribution rate will increase.
The remainder of this Report includes detailed actuarial valuation results, information relating to the
pension fund, financial accounting information, miscellaneous employee data and a summary of plan
provisions and actuarial assumptions and methods.
76
City of Winter Springs Defined Benefit Plan 7
RISKS ASSOCIATED WITH MEASURING THE ACCRUED LIABILITY
AND ACTUARIALLY DETERMINED CONTRIBUTION
The determination of the accrued liability and the actuarially determined contribution requires the
use of assumptions regarding future economic and demographic experience. Risk measures, as
illustrated in this report, are intended to aid in the understanding of the effects of future experience
differing from the assumptions used in the course of the actuarial valuation. Risk measures may also
help with illustrating the potential volatility in the accrued liability and the actuarially determined
contribution that result from the differences between actual experience and the actuarial
assumptions.
Future actuarial measurements may differ significantly from the current measurements presented in
this report due to such factors as the following: Plan experience differing from that anticipated by the
economic or demographic assumptions; changes in economic or demographic assumptions due to
changing conditions; 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. The scope of an actuarial valuation does not include an analysis of the potential
range of such future measurements.
Examples of risk that may reasonably be anticipated to significantly affect the Plan’s future financial
condition include:
1. Investment risk – actual investment returns may differ from expected returns;
2. Asset / Liability mismatch – changes in asset values may not match changes in liabilities,
thereby altering the gap between the accrued liability and assets and consequently altering
the funded status and the actuarially determined contribution requirements;
3. Contribution risk – actual contributions may differ from expected future contributions. For
example, actual contributions may not be made in accordance with the Plan’s funding policy
or material changes may occur in the anticipated number of covered employees, covered
payroll or other relevant contribution base;
4. Salary and Payroll risk – actual salaries and total payroll may differ from expected, resulting in
actual future accrued liability and the actuarially determined contributions differing from
expected;
5. Longevity risk – members may live longer or shorter than expected and receive pensions for a
period of time other than assumed;
6. Other demographic risks – members may terminate, retire or become disabled at times or
with benefits other than assumed resulting in actual future accrued liability and the actuarially
determined contributions differing from expected.
The effects of certain trends in experience can generally be anticipated. For example if the
investment return since the most recent actuarial valuation is less (or more) than the assumed rate,
the actuarially determined contribution can be expected to increase (or decrease). Likewise if
77
City of Winter Springs Defined Benefit Plan 8
longevity is improving (or worsening), increases (or decreases) in the actuarially determined
contribution can be anticipated.
The actuarially determined contribution rate shown on page four of the report may be considered as a
minimum contribution rate that complies with the Plan’s funding policy. The timely receipt of the
actuarially determined contributions is critical to support the financial health of the Plan. Users of this
report should be aware that contributions made at the actuarially determined rate do not necessarily
guarantee benefit security.
Plan Maturity Measures
Risks facing a pension plan evolve over time. A young plan with virtually no investments and paying
few benefits may experience little investment risk. An older plan with a large number of members in
pay status and a significant trust fund may be much more exposed to investment risk. Generally
accepted plan maturity measures include the following:
2022 2023
Ratio of market value of assets to payroll 15.07 16.65
Ratio of actuarial accrued liability to payroll 18.01 19.56
Ratio of actives to retirees and beneficiaries 0.42 0.39
Ratio of net cash flow to market value of assets -2.1% -3.4%
Duration of the actuarial accrued liability 11.44 11.47
Ratio of Market Value of Assets to Payroll
The relationship between assets and payroll is a useful indicator of the potential volatility of the
actuarially determined contribution. For example, if the market value of assets is 2.0 times the
payroll, a return on assets 5% different than assumed would equal 10% of payroll. A higher (lower) or
increasing (decreasing) level of this maturity measure generally indicates higher (lower) or increasing
(decreasing) volatility in the actuarially determined contribution as a percentage of payroll.
Ratio of Actuarial Accrued Liability to Payroll
The relationship between actuarial accrued liability and payroll is a useful indicator of the potential
volatility of the actuarially determined contributions for a fully funded plan. A funding policy targeting
a funded ratio of 100% is expected to result in the ratio of assets to payroll and the ratio of liability to
payroll converging over time.
The ratio of actuarial accrued liability to payroll may also be used as a measure of sensitivity of the
liability itself. For example, if the actuarial accrued liability is 2.5 times payroll, a change in actuarial
accrued liability 2% other than assumed would equal 5% of payroll. A higher (lower) or increasing
(decreasing) level of this maturity measure generally indicates a higher (lower) or increasing
(decreasing) volatility in actuarial accrued liability (and also the actuarially determined contribution)
as a percentage of payroll.
78
City of Winter Springs Defined Benefit Plan 9
Ratio of Actives to Retirees and Beneficiaries
A young plan with many active members and few retirees will have a high ratio of active to retirees. A
mature open plan may have close to the same number of actives to retirees resulting in a ratio near
1.0. A super-mature or closed plan may have significantly more retirees than actives resulting in a
ratio below 1.0.
Ratio of Net Cash Flow to Market Value of Assets
A positive net cash flow means contributions exceed benefits and expenses. A negative cash flow
means existing funds are being used to make payments. A certain amount of negative net cash flow is
generally expected to occur when benefits are prefunded through a qualified trust. Large negative
net cash flows as a percent of assets may indicate a super-mature plan or a need for additional
contributions.
Duration of Actuarial Accrued Liability
The duration of the actuarial accrued liability may be used to approximate the sensitivity to a 1%
change in the assumed rate of return. For example, a duration of 10 indicates the actuarial accrued
liability would increase approximately 10% if the assumed rate of return were lowered 1%.
Additional Risk Assessment
Additional risk assessment is outside the scope of the annual actuarial valuation. Additional
assessment may include scenario tests, sensitivity tests, stochastic modeling, stress tests and a
comparison of the present value of accrued benefits at low-risk discount rates with the actuarial
accrued liability.
79
City of Winter Springs Defined Benefit Plan 10
LOW-DEFAULT-RISK OBLIGATION MEASURE
Actuarial Standards of Practice No. 4 (ASOP No. 4) was revised and reissued in December 2021 by the
Actuarial Standards Board (ASB). It includes a new calculation called a low-default-risk obligation
measure (LDROM) to be prepared and issued annually for defined benefit pension plans. The
transmittal memorandum for ASOP No. 4 includes the following explanation:
“The ASB believes that the calculation and disclosure of this measure provides appropriate, useful
information for the intended user regarding the funded status of a pension plan. The calculation and
disclosure of this additional measure is not intended to suggest that this is the “right” liability measure
for a pension plan. However, the ASB does believe that this additional disclosure provides a more
complete assessment of a plan’s funded status and provides additional information regarding the
security of benefits that members have earned as of the measurement date.”
The following information has been prepared in compliance with this new requirement. Unless
otherwise noted, the measurement date, actuarial cost methods, and assumptions used are the same
as for the funding valuation covered in this actuarial valuation report.
A. Low-default-risk Obligation Measure of benefits earned as of the measurement date: $99,122,947
B. Discount rate used to calculate the LDROM: 4.63% based on Fidelity’s “20-Year Municipal GO AA
Index” as of September 29, 2023
C. Other significant assumptions that differ from those used for the funding valuation: None
D. Actuarial cost method used to calculate the LDROM: Entry Age Normal
E. Valuation procedures to value any significant plan provisions that are difficult to measure using
traditional valuation procedures, and that differ from the procedures used in the funding
valuation: None
F. Commentary to help the intended user understand the significance of the LDROM with respect to
the funded status of the plan, plan contributions, and the security of participant benefits: The
LDROM is a market-based measurement of the pension obligation. It estimates the amount the
plan would need to invest in low default risk securities. This measure may not be appropriate
for assessing the need for or amount of future contributions. This measure may not be
appropriate for assessing the sufficiency of plan assets to cover the estimated cost of settling
the plan’s benefit obligation.
The difference between the two measures (Valuation and LDROM) is one illustration of the savings
the sponsor anticipates by taking on the risk in a diversified portfolio.
80
Table I
Cost % of Cost % of
Data Payroll Data Payroll
A. Participant Data Summary (Table III)
1. Active Employees 61 N/A 61 N/A
2. Terminated Vested 158 N/A 158 N/A
3. Receiving Benefits 158 N/A 158 N/A
4. Total Annual Payroll of Active Employees 3,986,205$ 100.0% 3,986,205$ 100.0%
‐ Police Officers and Forensic Professionals 3,303,255$ 82.9% 3,303,255$ 82.9%
‐ General Employees 682,950$ 17.1% 682,950$ 17.1%
B. Total Normal Costs
1. Age Retirement Benefits 265,386$ 6.7% 267,554$ 6.7%
2. Termination Benefits 120,212 3.0% 171,436 4.3%
3. Death Benefits 6,266 0.2% 5,353 0.1%
4. Disability Benefits 3,368 0.1% 2,884 0.1%
5. Estimated Expenses 34,871 0.9% 34,871 0.9%
6. Total Annual Normal Costs 430,103$ 10.8% 482,098$ 12.1%
C. Total Actuarial Accrued Liability
1.Age Retirement and Termination Benefits Active Employees 11,204,699$ 281.1% 12,373,195$ 310.4%
2. Death Benefits Active Employees 180,481 4.5% 152,680 3.8%
3. Disability Benefits Active Employees 91,323 2.3% 80,310 2.0%
4. Retired or Terminated Vested Participants
Receiving Benefits 51,080,429 1281.4% 52,198,197 1309.5%
5. Terminated Vested Participants Entitled to
Future Benefits 9,947,534 249.5% 10,317,649 258.8%
6. Deceased Participants Whose Beneficiaries
are Receiving Benefits (includes DROs) 2,572,054 64.5% 2,623,379 65.8%
7. Disabled Participants Receiving Benefits 0 0.0% 0 0.0%
8. Miscellaneous Liability (Refunds in Process) 214,726 5.4% 214,726 5.4%
9. Total Actuarial Accrued Liability 75,291,246$ 1888.8% 77,960,136$ 1955.7%
D. Assets (Table V)
1. Smoothed Value of Assets 68,848,494$ 1727.2% 68,848,494$ 1727.2%
2. Market Value of Assets 66,367,829$ 1664.9% 66,367,829$ 1664.9%
E. Unfunded Actuarial Accrued Liability
(C.9. ‐ D.1.) 6,442,752$ 161.6% 9,111,642$ 228.6%
Current Assumptions
Summary of Retirement Plan Costs as of October 1, 2023
Prior Assumptions
City of Winter Springs Defined Benefit Plan 1181
Table I
(Cont'd)
Cost % of Cost % of
Data Payroll Data Payroll
F. Minimum Required Contribution
1. Total Normal Cost (including expenses) 430,103$ 10.8% 482,098$ 12.1%
2. Amortization of Unfunded Liability 534,181 13.4% 733,567 18.4%
3. Interest Adjustment 39,367 1.0% 48,338 1.2%
4. Total Payment 1,003,651$ 25.2% 1,264,003$ 31.7%
G. Expected Payroll of Active Employees for FYE 2025
($3,303,255 x 1.030 + $682,950 x 1.000) 4,085,303$ 102.5% 4,085,303$ 102.5%
H. Contribution Sources (percent of expected 2025 payroll)
1. City 825,231$ 20.2% 1,090,776$ 26.7%
2. Member 204,265 5.0% 204,265 5.0%
3. Total Required Contribution 1,029,496$ 25.2% 1,295,041$ 31.7%
I. Actuarial Gain / (Loss) (1,888,131)$ (47.4%) (1,888,131)$ (47.4%)
J. Actuarial Present Value of Vested Accrued Benefits
1. Retired, Terminated Vested, Beneficiaries
and Disabled Receiving Benefits 53,652,483$ 1346.0% 54,821,576$ 1375.3%
2. Terminated Vested Participants Entitled to
Future Benefits and Miscellaneous 10,162,260 254.9% 10,532,375 264.2%
3. Active Participants Entitled to Future Benefits 7,711,782 193.5% 8,386,407 210.4%
4. Total Actuarial Present Value of Vested
Accrued Benefits 71,526,525$ 1794.4% 73,740,358$ 1849.9%
K. Unfunded Actuarial Present Value of Vested
Accrued Benefits (J.4. ‐ D.2., not less than zero) 5,158,696$ 129.4% 7,372,529$ 185.0%
L. Vested Benefit Security Ratio (D.2. ÷ J.4.) 92.8% N/A 90.0% N/A
Summary of Retirement Plan Costs as of October 1, 2023
Current AssumptionsPrior Assumptions
City of Winter Springs Defined Benefit Plan 1282
Table IICost % of Cost % of Cost % of Data Compensation Data Compensation Data CompensationA. Participants1. Active Employees 64 N/A 61 N/A 61 N/A 2. Terminated Vested 162 N/A 158 N/A 158 N/A 3. Receiving Benefits 151 N/A 158 N/A 158 N/A 4. Total Annual Payroll of Active Employees 4,102,020$ 100.0% 3,986,205$ 100.0% 3,986,205$ 100.0%B. Total Normal Costs 477,295$ 11.6% 430,103$ 10.8% 482,098$ 12.1%C. Actuarial Accrued Liability 73,890,227$ 1801.3% 75,291,246$ 1888.8% 77,960,136$ 1955.7%D. Present Value of Future Benefits 76,930,560$ 1875.4% 78,304,660$ 1964.4% 80,867,784$ 2028.7%E. Smoothed Value of Assets 67,494,398$ 1645.4% 68,848,494$ 1727.2% 68,848,494$ 1727.2%F. Market Value of Assets 61,810,677$ 1506.8% 66,367,829$ 1664.9% 66,367,829$ 1664.9%G. Unfunded Actuarial Accrued Liability(C. ‐ E.) 6,395,829$ 155.9% 6,442,752$ 161.6% 9,111,642$ 228.6%H. City Minimum Funding Payment 846,797$ 20.6%1825,231$ 20.2%21,090,776$ 26.7%2I. Ratios1. Vested Benefit Security Ratio 88.0% N/A 92.8% N/A 90.0% N/A2. Funded Ratio (Market Basis) (F. / C.) 83.7% N/A 88.1% N/A 85.1% N/A3. Funded Ratio (Smoothed Basis) (E. / C.) 91.3% N/A 91.4% N/A 88.3% N/A1Percent of projected 2023 ‐ 2024 covered payroll ($4,102,020)2Percent of projected 2024 ‐ 2025 covered payroll ($4,085,303)October 1, 2023Prior AssumptionsComparison of Cost Data of October 1, 2022 and October 1, 2023 ValuationsCurrent AssumptionsOctober 1, 2022 October 1, 2023City of Winter Springs Defined Benefit Plan 1383
Table III
A. Active Plan Participants Summary
1. Active participants fully vested 30
2. Active participants partially vested 0
3. Active participants non‐vested 31
4. Total active participants 61
5. Annual rate of pay of active participants 3,986,205$
B. Retired and Terminated Vested Participant Summary
1. Retired or terminated vested participants receiving
benefits 141
2. Terminated vested participants entitled to
future benefits 158
3. Deceased participants whose beneficiaries are
receiving benefits (includes DROs) 17
4. Disabled participants receiving benefits 0
C. Projected Annual Retirement Benefits
1. Retired or terminated vested receiving benefits 4,627,552$
2. Terminated vested entitled to future benefits 1,465,472$
3. Beneficiaries of deceased participants (includes DROs) 270,188$
4. Disabled participants 0$
Actuarial Valuation as of October 1, 2023
Characteristics of Participants in
City of Winter Springs Defined Benefit Plan 1484
Table IV
Assets Market Value
A. Cash and Cash Equivalents 771,627$
B. General Investments
1. Common Stock 44,746,050$
2. Bonds 13,958,721
3. Real Estate 5,396,946
4. Other 1,000,650
C. Receivables
1. Accrued Interest 0$
2. Employee Contribution Receivable 7,389
3. City Contributions Receivable 486,446
4. Accounts Receivable 0
D. Payables
1. Accounts Payable 0$
2. Due to Broker 0
E. Plan Assets
(A + B + C ‐ D) 66,367,829$
Statement of Assets as of October 1, 2023
City of Winter Springs Defined Benefit Plan 1585
Table V
A. Market Value of Assets as of October 1, 2022 61,810,677$
Adjustment to Market Value of Assets as of October 1, 2022 (11,598)
Total Market Value of Assets as of October 1, 2022 61,799,079$
B. Receipts During Period
1. Contributions
a. Member 206,423$
b. City 2,492,912
c. Total 2,699,335$
2. Investment Income
a. Interest and dividends 835,315$
b. Realized / unrealized gains (losses) 6,083,198
c. Investment expenses (253,734)
d. Net investment income 6,664,779$
3. Total receipts during period 9,364,114$
C. Disbursements During Period
1. Pension payments and contribution refunds 4,760,493$
2. Administrative expenses 34,871
3. Total disbursements during period 4,795,364$
D. Market Value of Assets as of September 30, 2023 66,367,829$
Reconciliation of Plan Assets
City of Winter Springs Defined Benefit Plan 1686
Table V(Cont'd)202220232024202520262027A. Preliminary total smoothed value from prior year 64,718,452$ 67,494,398$ 68,848,494$ B. Market value beginning of year 72,453,381 61,810,677 66,367,829 C. Market value end of year 61,810,677 66,367,829 D. Non‐investment net cash flow (1,547,594) (2,096,029) E. Investment return1. Total market value return: C. ‐ B. ‐ D. (9,095,110) 6,653,181 2. Amount for immediate recognition (7.40% / 7.00%) 5,304,289 4,253,386 3. Amount for phased‐in recognition: E.1. ‐ E.2. (14,399,399) 2,399,795 F. Phased‐in recognition of investment return:1. Current year (2,879,880) 479,959 2. First prior year 2,102,937 (2,879,880) 479,959 3. Second prior year 33,265 2,102,937 (2,879,880) 479,959 4. Third prior year (539,542) 33,265 2,102,937 (2,879,880) 479,959 5. Fourth prior year 302,471 (539,542) 33,264 2,102,937 (2,879,879) 479,959 6. Total phased‐in recognition of investment return (980,749) (803,261) (263,720) (296,984) (2,399,920) 479,959 G. Total smoothed value end of year1. Preliminary total smoothed value end of year 67,494,398 68,848,494 A. + D. + E.2. + F.6.2. Upper corridor limit: 120% of C. 74,172,812 79,641,395 3. Lower corridor limit: 80% of C. 49,448,542 53,094,263 4. Total smoothed value end of year: G.1., not more than G.2., nor less than G.3. 67,494,398 68,848,494 H. Difference between total market value and total smoothed value (5,683,721) (2,480,665) I. Smoothed value rate of return 6.76% 5.19%J. Market value rate of return (12.69%) 10.95%Development of Smoothed Value of Assets as of September 30City of Winter Springs Defined Benefit Plan 1787
Table VI
A. Derivation of Actuarial Gain / (Loss)
1. City net normal cost previous valuation 272,194$
2. Unfunded actuarial accrued liability previous valuation 6,395,829
3. City contributions previous year 2,492,912
4. Interest on:
(a) City net normal cost 19,054$
(b) Unfunded actuarial accrued liability 447,708
(c) City contributions 87,252
(d) Net total: (a) + (b) ‐ (c) 379,510$
5. Increase / (decrease) in unfunded actuarial accrued liability due to
assumption changes 2,668,890$
6. Expected unfunded actuarial accrued liability current year:
(1. + 2. ‐ 3. + 4. + 5.) 7,223,511$
7. Actual unfunded actuarial accrued liability current year 9,111,642
8. Actuarial gain / (loss): (6. ‐ 7.) (1,888,131)$
B. Approximate Portion of Gain / (Loss)
due to Investments
1. Smoothed value of assets previous year 67,494,398$
2. Contributions during period 2,699,335
3. Benefits and administrative expenses during period 4,795,364
4. Expected appreciation for period 4,651,247
5. Expected smoothed value of assets current year:
(1. + 2. ‐ 3. + 4.) 70,049,616$
6. Actual smoothed value of assets current year 68,848,494$
7. Approximate investment gain / (loss) due to investments: (6. ‐ 5.) (1,201,122)$
C. Approximate Portion of Gain / (Loss)
due to Liabilities: A.8. ‐ B.7.(687,009)$
Actuarial Gain / (Loss) for
Plan Year Ended September 30, 2023
City of Winter Springs Defined Benefit Plan 1888
Table VII
A. Unfunded Actuarial Accrued Liability
Unfunded Amortization
Date Liability Payment
October 1, 2023 9,111,642$ 733,567$
October 1, 2024 8,943,595$ 733,567$
October 1, 2025 8,764,205$ 733,567$
October 1, 2026 8,572,706$ 733,567$
October 1, 2027 8,368,281$ 733,567$
…
…
October 1, 2052 0$ 0$
B. Covered Payroll History
Covered Annual
Date Payroll Increase
October 1, 2023 3,986,205$ (2.8%)
October 1, 2022 4,102,020$ 0.5%
October 1, 2021 4,081,949$ (3.6%)
October 1, 2020 4,236,443$ (2.1%)
October 1, 2019 4,325,321$ (14.2%)
October 1, 2018 5,042,067$ (8.9%)
October 1, 2017 5,537,207$ (6.4%)
October 1, 2016 5,916,189$ (13.9%)
October 1, 2015 6,868,214$ (3.2%)
October 1, 2014 7,093,513$ (4.5%)
October 1, 2013 7,431,031$ N/A
Ten‐Year Average Annual Increase (6.0%)
Amortization of Unfunded Actuarial Accrued Liability
City of Winter Springs Defined Benefit Plan 1989
Table VIII
Prior Current
Assumptions Assumptions
10/01/2022 10/01/2023 10/01/2023
I. Number of Plan Members
a. Retirees and beneficiaries receiving benefits 151 158 158
b. Terminated plan members entitled to but not yet receiving benefits 162 158 158
c. Active plan members 64 61 61
d. Total 377 377 377
II.Financial Accounting Standards Board Allocation as of October 1, 2023
A. Statement of Accumulated Plan Benefits
1. Actuarial present value of accumulated vested plan benefits
a. Participants currently receiving benefits 51,484,891$ 53,652,483$ 54,821,576$
b. Other participants 18,752,799 17,874,042 18,918,782
c. Total 70,237,690$ 71,526,525$ 73,740,358$
2. Actuarial present value of accumulated
non‐vested plan benefits 181,228$ 267,054$ 265,942$
3. Total actuarial present value of accumulated plan benefits 70,418,918$ 71,793,579$ 74,006,300$
B. Statement of Change in Accumulated Plan Benefits
1. Actuarial present value of accumulated plan benefits
as of October 1, 2022 70,418,918$
2. Increase (decrease) during year attributable to:
a. Plan amendment 0$
b. Change in actuarial assumptions 2,212,721
c. Benefits paid including refunds (4,760,493)
d. Other, including benefits accumulated, increase
for interest due to decrease in the discount period 6,135,154
e. Net increase 3,587,382$
3. Actuarial present value of accumulated plan benefits
as of October 1, 2023 74,006,300$
C. Significant Matters Affecting Calculations
1. Assumed rate of return used in determining actuarial present values 6.75%
2. Change in Plan provisions None.
3. Change in actuarial assumptions See Table X, Item N.
Accounting Disclosure Exhibit
City of Winter Springs Defined Benefit Plan 2090
Table VIII(Cont'd)III. Net Pension Liability and Related Ratios (GASB No. 67 & No. 68)ProjectedMeasurement date 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 *A. Total Pension Liability (TPL)Service Cost 886,819$ 834,402$ 808,281$ 697,459$ 502,667$ 472,736$ 401,950$ 390,407$ 370,884$ 405,604$ 447,227$ Interest 3,666,120 3,851,130 4,059,813 4,229,901 4,452,760 4,693,091 4,736,276 4,858,742 4,948,720 5,034,091 5,120,537 Benefit Changes 0 0 0 0 0 0 0 0 0 0 0 Difference Between Actual and Expected Experience (581,481) (107,513) 275,994 (592,087) 124,345 1,281,355 569,125 661,000 258,774 1,300,852 721,817 Assumption Changes 0 8,107 0 526,115 2,531,601 0 479,182 691,291 0 2,978,730 2,668,890 Benefit Payments, including Refunds of Member Contributions (1,974,208) (2,202,769) (2,450,972) (2,679,408) (2,935,206) (3,276,412) (3,821,626) (4,119,650) (4,425,331) (4,760,493) (5,095,104) Net Change in Total Pension Liability 1,997,250$ 2,383,357$ 2,693,116$ 2,181,980$ 4,676,167$ 3,170,770$ 2,364,907$ 2,481,790$ 1,153,047$ 4,958,784$ 3,863,367$ Total Pension Liability (TPL) ‐ (beginning of year) 46,508,261 48,505,511 50,888,868 53,581,984 55,763,964 60,440,131 63,610,901 65,975,808 68,457,598 69,610,645 74,569,429 Total Pension Liability (TPL) ‐ (end of year) 48,505,511$ 50,888,868$ 53,581,984$ 55,763,964$ 60,440,131$ 63,610,901$ 65,975,808$ 68,457,598$ 69,610,645$ 74,569,429$ 78,432,796$ B. Plan Fiduciary Net PositionContributions ‐ City 2,527,508$ 2,392,948$ 2,586,936$ 2,605,753$ 2,635,968$ 2,924,706$ 3,213,927$ 3,052,914$ 2,734,292$ 2,492,912$ 846,797$ Contributions ‐ Member 369,500 358,106 479,257 342,209 460,745 265,688 217,975 208,098 215,136 206,423 199,310 Net Investment Income 3,885,344 5,160 4,077,452 5,851,493 5,243,193 1,437,224 4,254,000 14,813,524 (9,095,110) 6,664,779 4,341,998 Benefit Payments, including Refunds of Member Contributions (1,974,208) (2,202,769) (2,450,972) (2,679,408) (2,935,206) (3,276,412) (3,821,626) (4,119,650) (4,425,331) (4,760,493) (5,095,104) Administrative Expenses (159,424) (11,937) (28,208) (55,697) (64,770) (69,023) (32,984) (46,494) (71,691) (34,871) (34,871) Other 0 0 0 0 0 0 0 0 0 (11,598) 0 Net Change in Plan Fiduciary Net Position 4,648,720$ 541,508$ 4,664,465$ 6,064,350$ 5,339,930$ 1,282,183$ 3,831,292$ 13,908,392$ (10,642,704)$ 4,557,152$ 258,130 Plan Fiduciary Net Position ‐ (beginning of year) 32,172,541 36,821,261 37,362,769 42,027,234 48,091,584 53,431,514 54,713,697 58,544,989 72,453,381 61,810,677 66,367,829 Plan Fiduciary Net Position ‐ (end of year) 36,821,261$ 37,362,769$ 42,027,234$ 48,091,584$ 53,431,514$ 54,713,697$ 58,544,989$ 72,453,381$ 61,810,677$ 66,367,829$ 66,625,959$ C. Net Pension Liability (NPL) ‐ (end of year): (A) ‐ (B) 11,684,250$ 13,526,099$ 11,554,750$ 7,672,380$ 7,008,617$ 8,897,204$ 7,430,819$ (3,995,783)$ 7,799,968$ 8,201,600$ 11,806,837$ D. Plan Fiduciary Net Position as a Percentage of TPL: (B) / (A)75.91 % 73.42 % 78.44 % 86.24 % 88.40 % 86.01 % 88.74 % 105.84 % 88.79 % 89.00 % 84.95 %E. Covered Employee Payroll **7,369,943$ 7,070,355$ 6,671,503$ 5,846,435$ 5,342,971$ 4,800,755$ 4,334,163$ 4,335,802$ 4,346,257$ 4,279,689$ 3,986,205$ F. NPL as a Percentage of Covered Employee Payroll: (C) / (E) 158.54 % 191.31 % 173.20 % 131.23 % 131.17 % 185.33 % 171.45 % (92.16)% 179.46 % 191.64 % 296.19 %G. Notes to Schedule:Valuation Date 10/1/2013 10/1/2014 10/1/2015 10/1/2016 10/1/2017 10/1/2018 10/1/2019 10/1/2020 10/1/2021 10/1/2022 10/1/2023Reporting Date (GASB No. 68) 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024Update procedures were used to roll forward the TPL to the measurement date.See Table VIII, Item V. for a history of benefit changes and assumption changes. For measurement date September 30, 2024 ‐ investment return, salary increase factors, retirement rates and withdrawal rates updated.* Projected ‐ actual amounts will be available after fiscal year end.** Reported payroll on which contributions to the Plan are based as provided under GASB No. 82.Accounting Disclosure ExhibitCity of Winter Springs Defined Benefit Plan 2191
Table VIII
(Cont'd)
IV. Schedule of Employer Contributions (GASB No. 67 & No. 68)
Actuarially Contribution Actual Contribution
Fiscal Year Determined Actual Deficiency / Covered as a % of
End 9/30 Contribution Contribution (Excess)Payroll 1 Covered Payroll
2014 2,474,578$ 2,527,508$ (52,930)$ 7,369,943$ 34.29%
2015 2,230,908 2,392,948 (162,040) 7,070,355 33.84%
2016 2,067,445 2,586,936 (519,491) 6,671,503 38.78%
2017 1,831,495 2,605,753 (774,258) 5,846,435 44.57%
2018 1,613,548 2,635,968 (1,022,420) 5,342,971 49.34%
2019 1,484,498 2,924,706 (1,440,208) 4,800,755 60.92%
2020 1,389,125 3,213,927 (1,824,802) 4,334,163 74.15%
2021 1,251,632 3,052,914 (1,801,282) 4,335,802 70.41%
2022 1,055,047 2,734,292 (1,679,245) 4,346,257 62.91%
2023 669,772 2,492,912 (1,823,140) 4,279,689 58.25%
2024 2 846,797 846,797 0 3,986,205 21.24%
1
2 Projected ‐ actual amounts will be available after fiscal year end
Accounting Disclosure Exhibit
Reported payroll on which contributions to the Plan are based as provided under GASB No. 82
City of Winter Springs Defined Benefit Plan 2292
Table VIII
(Cont'd)
V. Notes to Schedule of Contributions (GASB No. 67 & No. 68)
Valuation Date:
Methods and Assumptions Used to Determine Contribution Rates for Fiscal Year Ending September 30, 2024:
Actuarial Cost Method
Amortization Method
Amortization Period
Asset Valuation Method
Inflation
Salary Increases
Investment Rate of Return 7.00%
Retirement Age
Mortality
Accounting Disclosure Exhibit
Actuarially determined contributions are calculated as of October 1st ‐two years prior the
fiscal year end in which contributions are reported.
Entry Age Normal
Level dollar, closed
For disabled General Employee participants, PUB‐2010 Headcount Weighted General
Disabled Retiree Mortality Table, separate rates for males and females, both set forward 3
years, without projected mortality improvements.
5‐year smoothed market
2.75%
3.0% ‐ 4.5%
Experience‐based table of rates that are specific to the type of eligibility condition
For healthy General Employee participants during employment, PUB‐2010 Headcount
Weighted General Below Median Employee Mortality Table, separate rates for males and
females, set back 1 year for male, with fully generational mortality improvements
projected to each future decrement date with Scale MP‐2018.
For healthy Firefighter, Police Officer and Forensic Professional participants during
employment, PUB‐2010 Headcount Weighted Safety Employee Female Mortality Table and
Safety Below Median Employee Male Mortality Table, both set forward 1 year, with fully
generational mortality improvements projected to each future decrement date with Scale
MP‐2018.
For healthy General Employee participants post employment, PUB‐2010 Headcount
Weighted General Below Median Healthy Retiree Mortality Table, separate rates for males
and females, set back 1 year for male, with fully generational mortality improvements
projected to each future decrement date with Scale MP‐2018.
For healthy Firefighter, Police Officer and Forensic Professional participants post
employment, PUB‐2010 Headcount Weighted Safety Healthy Retiree Female Mortality
Table and Safety Below Median Healthy Retiree Male Mortality Table, both set forward 1
year, with fully generational mortality improvements projected to each future decrement
date with Scale MP‐2018.
For disabled Firefighter, Police Officer and Forensic Professional participants, 80% PUB‐
2010 Headcount Weighted General Disabled Retiree Mortality Table / 20% PUB‐2010
Headcount Weighted Safety Disabled Retiree Mortality Table, separate rates for males and
females, without projected mortality improvements.
30 years
City of Winter Springs Defined Benefit Plan 2393
Table VIII
(Cont'd)
V. Notes to Schedule of Contributions (GASB No. 67 & No. 68) (cont'd)
Other Information:
Benefit Changes
Assumption Changes
VI. Discount Rate (GASB No. 67 & No. 68)
VII. Sensitivity of the NPL to the Discount Rate Assumption (GASB No. 67 & No. 68)
Current
1% Decrease Discount Rate 1% Increase
Discount Rate 6.00% 7.00% 8.00%
NPL 16,578,130$ 8,201,600$ 1,179,981$
Current
1% Decrease Discount Rate 1% Increase
Discount Rate 5.75% 6.75% 7.75%
NPL 20,653,045$ 11,806,837$ 4,395,731$
* Projected ‐ actual amounts will be available after fiscal year end
Accounting Disclosure Exhibit
Discount rates of 7.00% and 6.75% were used to measure the September 30, 2023 and September 30, 2024 TPL,
respectively. These discount rates were based on the expected rates of return on Plan investments of 7.00% and
6.75%, respectively. The projection of cash flows used to determine these discount rates assumed member
contributions will be made at the current member contribution rate and City contributions will be made at rates
equal to the difference between actuarially determined contribution rates and the member contribution rate.
Based upon these assumptions, the Plan's fiduciary net position was projected to be available to make all
projected future expected benefit payments of current Plan members. Therefore, the long‐term expected rate
of return on Plan investments was applied to all periods of projected benefit payments to determine the TPL.
Measurement date: September 30, 2024 *
Measurement date: September 30, 2023
2022: Investment return updated. 2020: Investment return and mortality rates for disableds updated. 2019:
Investment return, mortality rates and disability rates updated. 2017: Investment return, salary increase,
withdrawal and retirement rates updated. 2016: Mortality rates updated. 2014: Disability rates updated.
None.
City of Winter Springs Defined Benefit Plan 2494
Table VIII
(Cont'd)
VIII.
Pension Expense for Fiscal Year Ending September 30, 2023 4,599,724$
Deferred Outflows
of Resources
Deferred Inflows
of Resources
487,819$ 0$
Changes of assumptions or other inputs 1,117,024 0
2,470,738 0
Total 4,075,581$ 0$
Year Ending
30‐Sep Amount
2024 1,866,081$
2025 294,502
2026 2,397,438
2027 (482,440)
2028 0
Thereafter 0
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
Pensions ‐ Reporting Date (GASB No. 68)
Summary of Outstanding Deferred Inflows and Outflows of Resources as of September 30, 2023
Differences between actual and expected experience on
liabilities
Net difference between projected and actual earnings on
pension Plan investments
Summary of Deferred Outflows and Inflows of Resources that to Be Recognized in Pension Expense in
Future Years.
Accounting Disclosure Exhibit
City of Winter Springs Defined Benefit Plan 2595
Table VIII(Cont'd)The following information is not required to be disclosed but is provided for informational purposes.IX.Components of Pension Expense (GASB No. 68)ProjectedMeasurement Date 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 *Service Cost 886,819$ 834,402$ 808,281$ 697,459$ 502,667$ 472,736$ 401,950$ 390,407$ 370,884$ 405,604$ 447,227$ Interest on Total Pension Liability 3,666,120 3,851,130 4,059,813 4,229,901 4,452,760 4,693,091 4,736,276 4,858,742 4,948,720 5,034,091 5,120,537 Current‐Period Benefit Changes 0 0 0 0 0 0 0 0 0 0 0 (369,500) (358,106) (479,257) (342,209) (460,745) (265,688) (217,975) (208,098) (215,136) (206,423) (199,310) Projected Earnings on Plan Investments (2,604,338) (2,967,155) (3,012,502) (3,370,693) (3,730,846) (4,134,934) (4,087,676) (4,298,839) (5,304,289) (4,252,575) (4,341,998) Administrative Expenses 159,424 11,937 28,208 55,697 64,770 69,023 32,984 46,494 71,691 34,871 34,871 Other Changes in Plan Fiduciary Net Position 0 0 0 0 0 0 0 0 0 11,598 0 (126,409) (149,527) (78,759) (99,375) 1,158,437 1,917,785 1,460,935 1,182,929 762,752 2,771,779 4,687,304 (256,201) 336,198 123,208 (372,952) (675,422) 120,322 (505,342) (2,395,289) 980,749 800,779 261,238 Total Pension Expense 1,355,915$ 1,558,879$ 1,448,992$ 797,828$ 1,311,621$ 2,872,335$ 1,821,152$ (423,654)$ 1,615,371$ 4,599,724$ 6,009,869$ * Projected ‐ actual amounts will be available after measurement dateContributions ‐ MemberRecognition of Beginning Deferred Outflows / (Inflows) due to LiabilitiesRecognition of Beginning Deferred Outflows / (Inflows) due to AssetsAccounting Disclosure ExhibitCity of Winter Springs Defined Benefit Plan 2696
Table VIII
(Cont'd)
The following information is not required to be disclosed but is provided for informational purposes.
X.Recognition of Deferred Outflows and (Inflows) due to Liabilities ‐ Measurement Date (GASB No. 68)
Recognition of Deferred Outflows due to Differences Between Actual and Expected Experience on Liabilities
Established Initial Balance
Initial
Recognition
Period
Remaining
Recognition
Period as of
9/30/2023
Recognition
Amount for
2022 / 2023
Balance as of
9/30/2023
2021 / 2022 258,774$ 1.6 0.0 97,040$ 0$
2022 / 2023 1,300,852$ 1.6 0.6 813,033$ 487,819$
TOTAL 910,073$ 487,819$
Recognition of Deferred (Inflows) due to Differences Between Actual and Expected Experience on Liabilities
Established Initial Balance
Initial
Recognition
Period
Remaining
Recognition
Period as of
9/30/2023
Recognition
Amount for
2022 / 2023
Balance as of
9/30/2023
2021 / 2022 0$ 1.6 0.0 0$ 0$
2022 / 2023 0$ 1.6 0.6 0$ 0$
TOTAL 0$ 0$
Recognition of Deferred Outflows due to Changes of Assumptions or Other Inputs
Established Initial Balance
Initial
Recognition
Period
Remaining
Recognition
Period as of
9/30/2023
Recognition
Amount for
2022 / 2023
Balance as of
9/30/2023
2021 / 2022 0$ 1.6 0.0 0$ 0$
2022 / 2023 2,978,730$ 1.6 0.6 1,861,706$ 1,117,024$
TOTAL 1,861,706$ 1,117,024$
Accounting Disclosure Exhibit
City of Winter Springs Defined Benefit Plan 2797
Table VIII
(Cont'd)
The following information is not required to be disclosed but is provided for informational purposes.
X.Recognition of Deferred Outflows and (Inflows) due to Liabilities ‐ Measurement Date (GASB No. 68) (cont'd)
Recognition of Deferred (Inflows) due to Changes of Assumptions or Other Inputs
Established Initial Balance
Initial
Recognition
Period
Remaining
Recognition
Period as of
9/30/2023
Recognition
Amount for
2022 / 2023
Balance as of
9/30/2023
2021 / 2022 0$ 1.6 0.0 0$ 0$
2022 / 2023 0$ 1.6 0.6 0$ 0$
TOTAL 0$ 0$
XI.Recognition of Deferred Outflows and (Inflows) due to Assets ‐ Measurement Date (GASB No. 68)
Established Initial Balance
Initial
Recognition
Period
Remaining
Recognition
Period as of
9/30/2023
Recognition
Amount for
2022 / 2023
Balance as of
9/30/2023
2018 / 2019 2,697,710$ 5 0 539,542$ 0$
2019 / 2020 (166,324)$ 5 1 (33,265)$ (33,264)$
2020 / 2021 (10,514,685)$ 5 2 (2,102,937)$ (4,205,874)$
2021 / 2022 14,399,399$ 5 3 2,879,880$ 8,639,639$
2022 / 2023 (2,412,204)$ 5 4 (482,441)$ (1,929,763)$
TOTAL 800,779$ 2,470,738$
Recognition of Deferred Outflows / (Inflows) due to Difference Between Projected and Actual Earnings on
Pension Plan Investments
Accounting Disclosure Exhibit
City of Winter Springs Defined Benefit Plan 2898
Table IX
A. Effective Date
B. Eligibility Requirements
C. Accrual Service
D. Compensation
E. Final Average Compensation
F. Normal Retirement
1. Eligibility:
(a) Attainment of age 65; or
(b) Completion of 30 years of service and determined to be disabled under the City's long term
disability insurance policy.
Years of Accrual Service are any Plan Years during which an Employee completes at least 1,000 hours of
service, including years of service completed prior to participation in the Plan.
Average earnings during the best five (5) consecutive Plan Years out of the last ten (10) Plan Years
preceding termination or retirement, but not less than the three (3) highest consecutive compensation
periods during employment with the City as of September 30, 2011.
Outline of Principal Provisions of the Retirement Plan
Plan adopted as a Money Purchase Floor Offset plan on October 1, 1997. Plan amended and restated as a
Defined Benefit Plan effective October 1, 2000. Plan most recently amended by Resolution 2017‐10
adopted November 13, 2017.
General Employees hired prior to October 1, 2011, Police Officers and Forensic Professionals working 30 or
more hours per week are eligible to join the Plan on the first day of the month following completion of six
(6) months of service. Electing transferring Firefighters as of October 2, 2008 under the Agreement with
the County.
Wages, salaries and other amounts received (whether or not paid in cash) for personal services actually
rendered in the course of employment. Effective October 10, 2011 Compensation shall exclude
commissions, bonuses, overtime pay in excess of one hundred fifty (150) hours per Plan year and
payments for accrued leave in excess of the dollar amount of an Employee's accrued leave balance on July
1, 2011.
City of Winter Springs Defined Benefit Plan 2999
Table IX
(Cont'd)
2. Benefit:
G. Early Retirement
1. Eligibility:
(a) Attainment of age 55 and completion of 15 years of service; or
(b)
2. Benefit:
H. Late Retirement
1. Eligibility:
Continued employment beyond Normal Retirement Date.
2. Benefit:
(a)
(b)
I. Disability Retirement
1. Eligibility:
2. Benefit:
Accrued benefit calculated as for Normal Retirement based upon service and pay at Disability
Retirement Date.
Greater of (a) and (b):
Accrued benefit calculated as for Normal Retirement based upon service and pay at Late
Retirement Date.
Actuarially increased benefit as of Late Retirement Date.
Completion of 30 years of service and determined to be disabled under the City's long term disability
insurance policy.
Completion of 25 years of service.
Benefit accrued to date of early retirement, actuarially reduced for each year early retirement benefit
commencement precedes age 55. A participant as of September 30, 2011 who attains age 55 and
completes 10 or more years of service but less than 15 years of service may receive the accrued
benefit as of September 30, 2011 payable without actuarial reduction plus the accrued benefit earned
after September 30, 2011 payable with actuarial reduction from normal retirement date.
Outline of Principal Provisions of the Retirement Plan
For Firefighters, Police Officers and Forensic Professionals, 3.00% times Final Average Compensation
multiplied by Accrual Service, up to a maximum of 30 years.
For General Employees, 3.00% times Accrual Service earned through September 30, 2011 times Final
Average Compensation plus 2.50% times Accrual Service earned after September 30, 2011 times Final
Average Compensation, up to a maximum of 30 years of Accrual Service.
City of Winter Springs Defined Benefit Plan 30100
Table IX
(Cont'd)
J. Death Benefit
K. Participant Contributions
L. Vested Benefit Upon Termination
Years of Service Vested Percentage
Less Than 70%
7 or More 100%
M. Normal Form of Payment of Retirement Income
Other Options
N. Changes Since Previous Valuation
Outline of Principal Provisions of the Retirement Plan
100% vested in required participant contributions. Participant contributions made after October 1, 2000
are included in the deferred vested benefit payable at normal or early retirement date.
Upon termination of service prior to normal or early retirement date a participant shall be entitled to a
benefit payable at normal or early retirement date calculated as for normal retirement. Based upon pay
and service at date of termination multiplied by a percentage from the following table.
None.
Five percent (5%) of compensation.
Monthly benefit payable for life.
Actuarially equivalent joint and survivor at 50%, 75%, 100%; or ten (10) years certain and life.
Beneficiary entitled to a monthly benefit supported by the present value of the non‐forfeitable accrued
benefit at the time of the participant's death. If death occurs after actual retirement, the beneficiary
receives whatever is payable under the form of benefit option elected.
City of Winter Springs Defined Benefit Plan 31101
Table X
A. Mortality
Firefighter, Police Officer and Forensic Professional participants:
Sample
Ages
(2023) Men Women Men Women
55 30.70 34.54 27.87 31.44
60 25.74 29.47 23.27 26.64
62 23.80 27.46 21.53 24.79
Sample
Ages
(2043) Men Women Men Women
55 32.33 36.03 29.77 33.27
60 27.31 30.92 25.06 28.39
62 25.35 28.88 23.27 26.50
General Employee participants:
Pre‐retirement
Expectancy (Years)
Future Life
Pre‐retirement
Expectancy (Years) Expectancy (Years)
Future Life
For healthy participants post employment, PUB‐2010 Headcount Weighted General Below Median
Healthy Retiree Mortality Table, separate rates for males and females, set back 1 year for male, with fully
generational mortality improvements projected to each future decrement date with Scale MP‐2018.
For healthy participants during employment, PUB‐2010 Headcount Weighted General Below Median
Employee Mortality Table, separate rates for males and females, set back 1 year for male, with fully
generational mortality improvements projected to each future decrement date with Scale MP‐2018.
For healthy participants post employment, PUB‐2010 Headcount Weighted Safety Healthy Retiree Female
Mortality Table and Safety Below Median Healthy Retiree Male Mortality Table, both set forward 1 year,
with fully generational mortality improvements projected to each future decrement date with Scale MP‐
2018.
For healthy participants during employment, PUB‐2010 Headcount Weighted Safety Employee Female
Mortality Table and Safety Below Median Employee Male Mortality Table, both set forward 1 year, with
fully generational mortality improvements projected to each future decrement date with Scale MP‐2018.
Used in the Valuation
Actuarial Assumptions and Actuarial Cost Methods
Post‐retirement
Expectancy (Years)
Future Life
Post‐retirement
For disabled participants, 80% PUB‐2010 Headcount Weighted General Disabled Retiree Mortality Table /
20% PUB‐2010 Headcount Weighted Safety Disabled Retiree Mortality Table, separate rates for males
and females, without projected mortality improvements.
Future Life
City of Winter Springs Defined Benefit Plan 32102
Table X
(Cont'd)
A. Mortality (cont'd)
Sample
Ages
(2023) Male Female Male Female
55 32.83 35.24 28.93 32.64
60 27.97 30.21 24.82 28.08
62 26.07 28.23 23.19 26.25
Sample
Ages
(2043) Male Female Male Female
55 34.46 36.72 30.95 34.41
60 29.53 31.65 26.68 29.76
62 27.60 29.64 24.99 27.88
B. Investment Return
C. Allowances for Expenses or Contingencies
D. Salary Increase Factors
General
Age Employees
Under 30 7.00%
30 ‐ 39 7.00%
40 ‐ 49 4.75%
50 ‐ 54 4.75%
55 & older 4.00%
3.75%
3.75%
Police Officers
Forensic
6.25%
4.75%
4.75%
Professionals and
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
Expectancy (Years)
Future Life
Post‐retirement
Expectancy (Years)
Future Life
Pre‐retirement
Prior year's actual administrative expenses are included in normal cost.
Current salary is assumed to increase at a rate based on the table below per year until retirement ‐includes
assumed wage inflation of 3.0%.
For disabled participants, PUB‐2010 Headcount Weighted General Disabled Retiree Mortality Table, separate
rates for males and females, both set forward 3 years, without projected mortality improvements.
Expectancy (Years)
Future Life
Pre‐retirement
Expectancy (Years)
Future Life
Post‐retirement
6.75%, compounded annually, net of investment expenses ‐ includes assumed inflation of 2.75%.
City of Winter Springs Defined Benefit Plan 33103
Table X
(Cont'd)
E. Employee Withdrawal Rates
Service Male Female Male Female
Less than 5 years 15.0% 10.0%20.0% 15.0%
5 ‐ 9 years 15.0% 10.0%10.0% 15.0%
10 ‐ 14 years 15.0% 10.0%5.0% 4.0%
15+ years 7.5% 10.0% 5.0%4.0%
F. Disability Rates
1.
General All Other
Age Employees Employees
< 40 0.001%0.005%
45 0.001% 0.050%
50 0.002% 0.050%
55 0.005% 0.090%
60 0.006% 0.090%
65 0.001% 0.090%
2.
General All Other
Age Employees Employees
20 0.00% 0.02%
25 0.01% 0.02%
30 0.01% 0.04%
35 0.01% 0.04%
40 0.02% 0.04%
45 0.04% 0.04%
50 0.08% 0.07%
55 0.16% 0.07%
60 0.21% 0.07%
65 0.04% 0.07%
Non‐duty disability rates for General Employees, Forensic Professionals and Police Officers were used in
accordance with the following illustrative example.
The disability assumptions are the disability assumptions used in the July 1, 2021 FRS Actuarial Valuation.
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
Line‐of‐duty disability rates for General Employees, Forensic Professionals and Police Officers were used
in accordance with the following illustrative example.
General
Employees
Forensic Professionals
and Police Officers
Withdrawal rates were used in accordance with the following illustrative example.
City of Winter Springs Defined Benefit Plan 34104
Table X
(Cont'd)
G. Assumed Retirement Age
Retirement rates were used in accordance with the following tables.
1.For Forensic Professionals and Police Officers:
Age 0 ‐ 9 10 ‐ 14 15 ‐ 19 20 ‐ 24 25 ‐ 29 30 or more
Under 55 0.0% 0.0% 0.0% 0.0% 6.0% 35.0%
55 0.0% 5.0% 12.5% 12.5% 70.0% 90.0%
56 ‐ 64 0.0% 2.5% 12.5% 40.0% 7.5% 10.0%
65 and above 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
2.For General Employees:
Age 0 ‐ 14 15 ‐ 24 25 or more
Under 55 0% 0% 10%
55 ‐ 64 4% 20% 25%
65 ‐ 66 65% 80% 100%
67 and above 100% 100% 100%
H. Assumed Rate of Increase in Covered Payroll to Contribution Year
I. Marital Assumptions
1.
2.
J. Interest on Future Participant Contributions
3.75%, compounded annually.
K. Asset Valuation Method
The method used for determining the smoothed value of assets phases in the deviation between the expected and
actual return on assets at the rate of 20% per year. The smoothed value of assets will be further adjusted to the
extent necessary to fall within the corridor whose lower limit is 80% of the fair market value of Plan assets and
whose upper limit is 120% of the fair market value of Plan assets ‐adjusted for equation of balance October 1,
2010.
100% of active members are assumed to be married.
Females are assumed to be three (3) years younger than their male spouses.
Years of Service
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
Years of Service
3.0% per annum for Forensic Professionals and Police Officers and 0.0% for General Employees.
City of Winter Springs Defined Benefit Plan 35105
Table X
(Cont'd)
L. Cost Method
M. Disclosure of Assumptions
N. Changes Since Previous Valuation
1. Investment Return was:
7.00%, compounded annually, net of investment expenses ‐ includes assumed inflation of 2.75%.
2. Salary Increase Factors were:
General
Service Employees Police Officers
Less than 5 years 4.50% 4.50%
5 ‐ 14 years 3.25% 3.25%
15 ‐ 20 years 3.00% 3.25%
20+ years 3.00% 3.00%
Normal Retirement, Termination, Disability, and Death Benefits: Entry Age Normal Cost
Vested Normal Retirement, Termination, Disability, and Death Benefits: Unit Credit Cost
Under this method the normal cost for each active employee is the amount which is calculated to be a level
percentage of pay that would be required annually from his entry age to his assumed retirement age to fund his
estimated benefits, assuming the Plan had always been in effect. The normal cost for the Plan is the sum of
such amounts for all employees. The actuarial accrued liability as of any valuation date for each active
employee or inactive employee who is eligible to receive benefits under the Plan is the excess of the actuarial
present value of estimated future benefits over the actuarial present value of current and future normal costs.
The unfunded actuarial accrued liability as of any valuation date is the excess of the actuarial accrued liability
over the assets of the Plan.
Under this method, the actuarial present value of vested accrued benefits is an amount calculated to be the
sum of the present values of each individual's vested accrued or earned benefit under the Plan as of the
valuation date. Each individual's calculation is based on pay and service as of the valuation date.
The investment return, salary increases, withdrawal and retirement rates were updated based on the most
recent experience study performed for the six years ending September 30, 2022. The mortality rates are based
upon the July 1, 2023 FRS Actuarial Valuation, as required under F.S., Chapter 2015‐157.
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
Forensic
Professionals and
City of Winter Springs Defined Benefit Plan 36106
Table X
(Cont'd)
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
N. Changes Since Previous Valuation (cont'd)
3. Employee withdrawal rates were:
Service Male Female Male Female
Less than 5 years 20.5% 15.5%13.5% 4.0%
5 ‐ 9 years 8.0% 12.0%9.0% 4.0%
10+ years 4.5% 5.0% 4.5%4.0%
4. Retirement rates were:
For Forensic Professionals and Police Officers:
Age 0 ‐ 9 10 ‐ 14 15 ‐ 24 25 ‐ 29 30 or more
Under 55 0.0% 0.0% 0.0% 3.5% 40.0%
55 0.0% 5.0% 25.0% 70.0% 80.0%
56 ‐ 64 0.0% 5.0% 7.5% 7.5% 10.0%
65 and above 100.0% 100.0% 100.0% 100.0% 100.0%
For General Employees:
Age
0 ‐ 14 15 ‐ 24 25 or
more
Under 55 0% 0% 0%
55 ‐ 64 4% 18% 12%
65 and above 100% 100% 100%
5. Amortization period was 30 years for newly created bases.
Years of Service
Forensic Professionals
and Police Officers
Years of Service
General
Employees
City of Winter Springs Defined Benefit Plan 37107
Table XI(Cont'd)AttainedAge Group0 ‐ 45 ‐ 910 ‐ 1415 ‐ 1920 ‐ 2425 ‐ 29 30 & OverTotalUnder 25‐‐‐‐‐‐‐025 ‐ 29‐‐‐‐‐‐‐030 ‐ 34‐‐‐‐‐‐‐035 ‐ 39‐‐1‐‐‐‐140 ‐ 44‐‐‐‐1‐‐145 ‐ 49‐‐‐122‐550 ‐ 54‐‐‐‐‐‐‐055 ‐ 59‐‐‐‐‐‐‐060 ‐ 64‐‐111‐1465 & Over‐‐‐‐‐‐‐0TOTAL 0 0 2 2 4 2 1 1110/01/2022 10/01/2023Average Attained Age 50.92 years 51.28 yearsAverage Hire Age 30.85 years 29.55 yearsAverage Pay 69,794$ 62,086$ Percent Female 21.4% 18.2%‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐COMPLETED YEARS OF SERVICE‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐Distribution by Attained Age Groupsand Service Groups as of October 1, 2023General EmployeesCity of Winter Springs Defined Benefit Plan 38108
Table XI(Cont'd)AttainedAge Group0 ‐ 45 ‐ 910 ‐ 1415 ‐ 1920 ‐ 2425 ‐ 29 30 & OverTotalUnder 25 3‐‐ ‐‐‐‐325 ‐ 29 9 1‐‐‐‐‐1030 ‐ 34 7 2‐‐‐‐‐935 ‐ 39 5‐31‐‐‐940 ‐ 44 1 1‐21‐‐545 ‐ 49‐‐1131‐650 ‐ 54 1‐‐ ‐‐21455 ‐ 59‐‐‐‐1‐‐160 ‐ 64‐‐1‐‐‐‐165 & Over‐‐‐‐‐‐‐0TOTAL 26 4 5 4 5 3 1 4810/01/2022 10/01/2023Average Attained Age 37.48 years 37.25 yearsAverage Hire Age 28.17 years 28.27 yearsAverage Pay 63,287$ 66,870$ Percent Female 20.8% 16.7%and Service Groups as of October 1, 2023‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐COMPLETED YEARS OF SERVICE‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐Distribution by Attained Age GroupsPolice OfficersCity of Winter Springs Defined Benefit Plan 39109
Table XI(Cont'd)AttainedAge Group0 ‐ 45 ‐ 910 ‐ 1415 ‐ 1920 ‐ 2425 ‐ 29 30 & OverTotalUnder 25‐‐‐‐‐‐‐025 ‐ 29‐‐‐‐‐‐‐030 ‐ 34‐‐‐‐‐‐‐035 ‐ 39 1‐‐ ‐‐‐‐140 ‐ 44‐‐‐‐‐‐‐045 ‐ 49‐‐‐‐‐‐‐050 ‐ 54‐‐‐‐‐‐‐055 ‐ 59‐‐‐‐‐‐‐060 ‐ 64 1‐‐ ‐‐‐‐165 & Over‐‐‐‐‐‐‐0TOTAL 2 0 0 0 0 0 0 210/01/2022 10/01/2023Average Attained Age 48.02 years 49.02 yearsAverage Hire Age 47.02 years 47.02 yearsAverage Pay 43,756$ 46,756$ Percent Female 100.0% 100.0%‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐COMPLETED YEARS OF SERVICE‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐Distribution by Attained Age Groupsand Service Groups as of October 1, 2023Forensic ProfessionalsCity of Winter Springs Defined Benefit Plan 40110
Table XI(Cont'd)AttainedAge Group0 ‐ 45 ‐ 910 ‐ 1415 ‐ 1920 ‐ 2425 ‐ 29 30 & OverTotalUnder 25 3‐‐ ‐‐‐‐325 ‐ 29 9 1‐‐‐‐‐1030 ‐ 34 7 2‐‐‐‐‐935 ‐ 39 6‐41‐‐‐1140 ‐ 44 1 1‐22‐‐645 ‐ 49‐‐1253‐1150 ‐ 54 1‐‐ ‐‐21455 ‐ 59‐‐‐‐1‐‐160 ‐ 64 1‐211‐1665 & Over‐‐‐‐‐‐‐0TOTAL 28 4 7 6 9 5 2 6110/01/2022 10/01/2023Average Attained Age 40.75 years 40.17 yearsAverage Hire Age 29.35 years 29.12 yearsAverage Pay 64,094$ 65,348$ Percent Female 23.4% 19.7%and Service Groups as of October 1, 2023‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐COMPLETED YEARS OF SERVICE‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐Distribution by Attained Age GroupsAll MembersCity of Winter Springs Defined Benefit Plan 41111
Table XII
A. Entitled to Deferred Benefits
Current Age Total Average
Group Count Annual Benefit Annual Benefit
Less than 40 13 119,312$ 9,178$
40 ‐ 44 23 172,305 7,492
45 ‐ 49 29 338,914 11,687
50 ‐ 54 43 577,114 13,421
55 ‐ 59 17 84,709 4,983
60 ‐ 64 22 135,195 6,145
65 ‐ 69 5 21,342 4,268
70 ‐ 74 2 11,116 5,558
75 & Over 4 5,465 1,366
TOTAL 158 1,465,472$ 9,275$
B. Receiving Benefits
Current Age Total Average
Group Count Annual Benefit Annual Benefit
Less than 50 1 16,380$ 16,380$
50 ‐ 54 7 170,704 24,386
55 ‐ 59 26 1,136,593 43,715
60 ‐ 64 33 1,174,463 35,590
65 ‐ 69 36 1,301,266 36,146
70 ‐ 74 28 578,313 20,654
75 ‐ 79 13 221,802 17,062
80 ‐ 84 12 284,701 23,725
85 & Over 2 13,518 6,759
TOTAL 158 4,897,740$ 30,998$
Statistics for Participants Entitled to Deferred Benefits
and Participants Receiving Benefits
City of Winter Springs Defined Benefit Plan 42112
Table XIII
A. Active Participants
1. Active participants previous year 64
2. Retired during year (4)
3. Died during year 0
4. Disabled during year 0
5. Terminated non‐vested during year (6)
6. Terminated vested during year (1)
7. New active participants 7
8. Out on military leave 0
9. Rehired during year 1
10. Transferred to DC Plan 0
11. Active participants current year 61
B. Participants Receiving Benefits
1. Participants receiving benefits previous year 151
2. New retired participants 4
3. New DRO recipient 0
4. New terminated vested receiving benefits 4
5. New beneficiaries receiving benefits 2
6. Died or ceased payment during year (3)
7. Retired or terminated vested receiving benefits current year 158
C. Terminated Vested Participants Entitled to Future Benefits
1. Terminated vested entitled previous year 162
2. Died during year (1)
3. Commenced receiving benefits during year (4)
4. New terminated vested 1
5. Terminated vested refunded employee contributions 0
6. Rehired 0
7. Terminated vested entitled current year 158
Reconciliation of Employee Data
City of Winter Springs Defined Benefit Plan 43113
Table XIV
Projected Total
Fiscal Year Ending Annual Payout
2024 5,095,104$
2025 5,233,220$
2026 5,398,039$
2027 5,595,421$
2028 5,716,830$
2029 5,868,645$
2030 5,887,813$
2031 5,936,581$
2032 6,018,882$
2033 6,140,635$
Projected Retirement Benefits
The above projected payout of Plan benefits during the next ten years is based on assumptions involving all
decrements. Actual payouts may differ from the above estimates depending upon the death, salary and
retirement experience of the Plan. However, since the projected payment is recomputed each valuation date,
there is an automatic correction to the extent that actual experience varies from expected experience.
City of Winter Springs Defined Benefit Plan 44114
Table XVYear Benefits Administrative Employee City / County SmoothedEndingPaid 2Expenses ContributionsContributions 3Value09/30/2023 4,760,493$ 34,871$ 206,423$ 2,492,912$ 68,848,494$ 09/30/2022 4,425,331 71,691 215,136 2,734,292 67,494,398 09/30/2021 4,119,650 46,494 208,098 3,052,914 64,718,452 09/30/2020 3,821,626 32,984 217,975 3,213,927 58,929,456 09/30/2019 3,276,412 69,023 265,688 2,924,706 54,759,146 09/30/2018 2,935,206 64,770 460,745 2,635,968 50,899,575 09/30/2017 2,679,408 55,697 342,209 2,605,753 46,396,570 09/30/2016 2,450,972 28,208 479,257 2,586,936 42,001,072 09/30/2015 2,202,769 11,937 358,106 2,392,948 37,570,287 09/30/2014 1,974,208 159,424 369,500 2,527,508 33,841,977 09/30/2013 1,732,845 177,541 396,374 2,258,798 29,908,683 09/30/2012 1,606,752 309,874 418,635 1,824,431 26,852,721 09/30/2011 1,165,350 196,423 287,090 2,616,924 25,932,292 09/30/2010 886,521 178,530 284,866 2,311,058 23,887,446 09/30/2009 617,274 116,982 306,420 1,781,197 20,788,655 09/30/2008 384,482 70,423 365,288 1,663,951 18,746,975 09/30/2007 233,953 123,197 N/A 1,843,147 15,526,572 09/30/2006 171,697 84,340 N/A 1,505,020 11,951,383 09/30/2005 N/A N/A N/A 1,260,627 9,716,089 09/30/2004 140,509 62,225 N/A 1,013,379 8,134,588 1 Information prior to September 30, 2008 as reported by prior actuary.2 Includes refunds.3 Values prior to September 30, 2008 include Employee Contributions.Summary of Transaction Information 1City of Winter Springs Defined Benefit Plan 45115
Table XV(Cont'd)General & Forensic Police & FireValuationNet Market Net Smoothed Assumed RateDate Actual Assumed Actual Assumed Value Yield Value Yield of Return10/01/2023 7.4% 3.2% 6.6% 3.6% 2.5 1.6 10.95% 5.19% 7.00%10/01/2022 11.9% 3.0% 14.1% 3.7% 0.0 2.0 (12.69%) 6.76% 7.40%10/01/2021 4.9% 3.1% 3.4% 3.5% 6.9 0.8 25.50% 11.45% 7.40%10/01/2020 7.8% 3.1% 4.1% 3.4% 2.6 1.2 7.81% 8.42% 7.50%10/01/2019 8.5% 3.2% 4.5% 3.3% 3.9 0.9 2.69% 7.90% 7.75%10/01/2018 4.7% 3.1% 5.9% 3.2% 2.6 2.0 10.89% 9.49% 7.75%10/01/2017 3.9% 4.0% 4.0% 4.6% 1.7 6.6 13.9% 9.9% 8.0%10/01/2016 2.4% 4.2% 5.6% 4.8% 1.8 5.5 10.8% 10.2% 8.0%10/01/2015 3.2% 4.4% 3.8% 4.8% 1.9 1.4 0.0% 9.4% 8.0%10/01/2014 2.5% 4.7% 1.8% 4.9% 1.2 2.3 11.9% 10.5% 8.0%Last 3 Years 8.0% 3.1% 7.9% 3.6% 2.0 1.4 6.73% 7.77% 7.27%Last 5 Years 8.1% 3.1% 6.5% 3.5% 2.4 1.3 6.12% 7.92% 7.41%Last 10 Years 5.7% 3.6% 5.3% 4.0% 2.1 2.0 7.7% 8.9% 7.7%% Increase / (Decrease)Police & Fireto ExpectedRatio of ActualTerminationGeneral & ForensicRecent Compensation, Termination and Investment Return ExperienceInvestment ReturnCompensationCity of Winter Springs Defined Benefit Plan 46116
Table XVI
Actuarial Actuarial Accrued Unfunded
Actuarial Value of Assets Liability (EAN) AAL Funded Assumed
Valuation (AVA) (AAL) (UAAL) Ratio Rate of
Date (a)(b)(a) ‐ (b)(a/b)Return
10/01/2011 25,932$ 41,567$ (15,635)$ 62.4% 8.00%
10/01/2012 26,853$ 43,759$ (16,907)$ 61.4% 8.00%
10/01/2013 29,909$ 45,927$ (16,018)$ 65.1% 8.00%
10/01/2014 1 33,842$ 48,398$ (14,556)$ 69.9% 8.00%
10/01/2014 2 33,842$ 48,406$ (14,564)$ 69.9% 8.00%
10/01/2015 37,570$ 51,165$ (13,595)$ 73.4% 8.00%
10/01/2016 1 42,001$ 52,990$ (10,989)$ 79.3% 8.00%
10/01/2016 2 42,001$ 53,516$ (11,515)$ 78.5% 8.00%
10/01/2017 1 46,397$ 55,888$ (9,492)$ 83.0% 8.00%
10/01/2017 2 46,397$ 58,420$ (12,023)$ 79.4% 7.75%
10/01/2018 50,900$ 61,721$ (10,822)$ 82.5% 7.75%
10/01/2019 1 54,759$ 64,180$ (9,421)$ 85.3% 7.75%
10/01/2019 2 54,759$ 64,659$ (9,900)$ 84.7% 7.50%
10/01/2020 1 58,929$ 66,637$ (7,707)$ 88.4% 7.50%
10/01/2020 2 58,929$ 67,328$ (8,399)$ 87.5% 7.40%
10/01/2021 64,718$ 68,716$ (3,998)$ 94.2% 7.40%
10/01/2022 1 67,494$ 70,911$ (3,417)$ 95.2% 7.40%
10/01/2022 2 67,494$ 73,890$ (6,396)$ 91.3% 7.00%
10/01/2023 1 68,848$ 75,291$ (6,443)$ 91.4% 7.00%
10/01/2023 2 68,848$ 77,960$ (9,112)$ 88.3% 6.75%
1 Prior to assumption or benefit changes
2 Reflecting assumption updates
Schedule of Funded Progress
Actuarial Value of Assets Basis (Dollar Amount in Thousands)
City of Winter Springs Defined Benefit Plan 47117
Table XVI(Cont'd)10/1/2014 – remained at 69.9% despite change in disability rates10/1/2016 – decreased from 79.3% to 78.5% primarily due to change in mortality assumption10/1/2017 – decreased from 83.0% to 79.4% primarily due to reduction in investment return assumption from 8.00% to 7.75% and experience study results10/1/2019 – decreased from 85.3% to 84.7% primarily due to reduction in investment return assumption from 7.75% to 7.50% and change in mortality and disability rates 10/1/2020 – decreased from 88.4% to 87.5% primarily due to reduction in investment return assumption from 7.50% to 7.40% and change in mortality10/1/2022 – decreased from 95.2% to 91.3% primarily due to reduction in investment return assumption from 7.40% to 7.00%10/1/2023 – decreased from 91.4% to 88.3% primarily due to reduction in investment return assumption from 7.00% to 6.75% and experience study results62.4%61.4%65.1%69.9%69.9%73.4%79.3%78.5%83.0%79.4%82.5%85.3%84.7%88.4%87.5%94.2%95.2%91.3%91.4%88.3%60.0%64.0%68.0%72.0%76.0%80.0%84.0%88.0%92.0%96.0%100.0%Funded RatioValuation DateHistory of Funded Ratio(Actuarial Value of Assets / Actuarial Accrued Liability)X‐preliminary ratio O‐final ratioCity of Winter Springs Defined Benefit Plan 48118
Table XVI
(Cont'd)
Market Actuarial Accrued Unfunded
Actuarial Value of Assets Liability (EAN) AAL Funded Assumed
Valuation (MVA) (AAL) (UAAL) Ratio Rate of
Date (a)(b)(a) ‐ (b)(a/b)Return
10/01/2011 22,336$ 41,567$ (19,231)$ 53.7% 8.00%
10/01/2012 27,040$ 43,759$ (16,720)$ 61.8% 8.00%
10/01/2013 32,173$ 45,927$ (13,754)$ 70.1% 8.00%
10/01/2014 1 36,821$ 48,398$ (11,577)$ 76.1% 8.00%
10/01/2014 2 36,821$ 48,406$ (11,585)$ 76.1% 8.00%
10/01/2015 37,363$ 51,165$ (13,802)$ 73.0% 8.00%
10/01/2016 1 42,027$ 52,990$ (10,963)$ 79.3% 8.00%
10/01/2016 2 42,027$ 53,516$ (11,489)$ 78.5% 8.00%
10/01/2017 1 48,092$ 55,888$ (7,797)$ 86.0% 8.00%
10/01/2017 2 48,092$ 58,420$ (10,328)$ 82.3% 7.75%
10/01/2018 53,432$ 61,721$ (8,290)$ 86.6% 7.75%
10/01/2019 1 54,714$ 64,180$ (9,466)$ 85.3% 7.75%
10/01/2019 2 54,714$ 64,659$ (9,946)$ 84.6% 7.50%
10/01/2020 1 58,545$ 66,637$ (8,092)$ 87.9% 7.50%
10/01/2020 2 58,545$ 67,328$ (8,783)$ 87.0% 7.40%
10/01/2021 72,453$ 68,716$ 3,737$ 105.4% 7.40%
10/01/2022 1 61,811$ 70,911$ (9,101)$ 87.2% 7.40%
10/01/2022 2 61,811$ 73,890$ (12,080)$ 83.7% 7.00%
10/01/2023 1 66,368$ 75,291$ (8,923)$ 88.1% 7.00%
10/01/2023 2 66,368$ 77,960$ (11,592)$ 85.1% 6.75%
1 Prior to assumption or benefit changes
2 Reflecting assumption updates
Schedule of Funded Progress
Market Value of Assets Basis (Dollar Amount in Thousands)
City of Winter Springs Defined Benefit Plan 49119
Table XVI(Cont'd)10/1/2014 – remained at 76.1% despite change in disability rates10/1/2016 – decreased from 79.3% to 78.5% primarily due to change in mortality assumption10/1/2017 – decreased from 86.0% to 82.3% primarily due to reduction in investment return assumption from 8.00% to 7.75% and experience study results10/1/2019 – decreased from 85.3% to 84.6% primarily due to reduction in investment return assumption from 7.75% to 7.50% and change in mortality and disability rates10/1/2020 – decreased from 87.9% to 87.0% primarily due to reduction in investment return assumption from 7.50% to 7.40% and change in mortality10/1/2022 – decreased from 87.2% to 83.7% primarily due to reduction in investment return assumption from 7.40% to 7.00%10/1/2023 – decreased from 88.1% to 85.1% primarily due to reduction in investment return assumption from 7.00% to 6.75% and experience study results53.7%61.8%70.1%76.1%76.1%73.0%79.3%78.5%86.0%82.3%86.6%85.3%84.6%87.9%87.0%105.4%87.2%83.7%88.1%85.1%50.0%54.0%58.0%62.0%66.0%70.0%74.0%78.0%82.0%86.0%90.0%94.0%98.0%102.0%106.0%110.0%Funded RatioValuation DateHistory of Funded Ratio(Market Value of Assets / Actuarial Accrued Liability)X‐preliminary ratio O‐final ratioCity of Winter Springs Defined Benefit Plan 50120
Table XVII
Prior Current
Assumptions Assumptions
10/01/2022 10/01/2023 10/01/2023
A. Participant Data
1. Active participants 64 61 61
2. Retired participants and beneficiaries
receiving benefits 151 158 158
3. Disabled participants receiving benefits 0 0 0
4. Terminated vested participants 162 158 158
5. Annual payroll of active participants 4,102,020$ 3,986,205$ 3,986,205$
6. Annual benefits payable to those currently
receiving benefits 4,681,236$ 4,897,740$ 4,897,740$
B. Value of Assets
1. Smoothed Value 67,494,398$ 68,848,494$ 68,848,494$
2. Market Value 61,810,677$ 66,367,829$ 66,367,829$
C. Liabilities
1. Actuarial present value of future expected
benefit payments for active members
a. Retirement benefits 13,462,171$ 12,661,286$ 13,516,158$
b. Vesting benefits 1,486,752 1,481,939 1,710,069
c. Death benefits 243,058 228,279 187,485
d. Disability benefits 124,237 118,413 100,121
e. Total 15,316,218$ 14,489,917$ 15,513,833$
2. Actuarial present value of future expected benefit
payments for terminated vested members 9,954,941$ 9,947,534$ 10,317,649$
3. Actuarial present value of future expected benefit
payments for members currently receiving benefits
a. Service retired 49,530,130$ 51,080,429$ 52,198,197$
b. Disability retired 0 0 0
c. Beneficiaries 1,954,761 2,572,054 2,623,379
d. Miscellaneous (Refunds in Process) 174,510 214,726 214,726
e. Total 51,659,401$ 53,867,209$ 55,036,302$
State Required Exhibit
Actuarial Valuation as of October 1, 2023
City of Winter Springs Defined Benefit Plan 51121
Table XVII
(Cont'd)
Prior Current
Assumptions Assumptions
10/01/2022 10/01/2023 10/01/2023
4. Total actuarial present value of future
expected benefit payments 76,930,560$ 78,304,660$ 80,867,784$
5. Actuarial accrued liabilities 73,890,227$ 75,291,246$ 77,960,136$
6. Unfunded actuarial accrued liabilities 6,395,829$ 6,442,752$ 9,111,642$
D. Statement of Accumulated Plan Benefits
1. Actuarial present value of accumulated vested
benefits
a. Participants currently receiving benefits 51,484,891$ 53,652,483$ 54,821,576$
b. Other participants 18,752,799 17,874,042 18,918,782
c. Total 70,237,690$ 71,526,525$ 73,740,358$
2. Actuarial present value of accumulated non‐
vested plan benefits 181,228 267,054 265,942
3. Total actuarial present value of accumulated
plan benefits 70,418,918$ 71,793,579$ 74,006,300$
E. Pension Cost
1. Total normal cost 477,295$ 430,103$ 482,098$
2. Payment required to amortize unfunded liability 533,270 534,181 733,567
3. Interest adjustment 41,333 39,367 48,338
4. Total required contribution 1,051,898$ 1,003,651$ 1,264,003$
5. Item 4 as a percentage of payroll 25.6% 25.2% 31.7%
6. Estimated employee contributions 205,101$ 204,265$ 204,265$
7. Item 6 as a percentage of projected payroll 5.0%
1 5.0%2 5.0%2
8. Net amount payable by City 846,797$ 825,231$ 1,090,776$
9. Item 8 as a percentage of projected payroll 20.6%
1 20.2%2 26.7%2
1 Percent of projected 2023 ‐ 2024 covered payroll ($4,102,020)
2 Percent of projected 2024 ‐ 2025 covered payroll ($4,085,303)
Actuarial Valuation as of October 1, 2023
State Required Exhibit
City of Winter Springs Defined Benefit Plan 52122
Table XVII
(Cont'd)
Prior Current
Assumptions Assumptions
10/01/2022 10/01/2023 10/01/2023
F. Past Contributions
1. Total contribution required (previous valuation) 876,195$ 1,051,898$ 1,051,898$
2. Actual contributions made:
a. Members 206,423$ N/A N/A
b. City 2,492,912 N/A N/A
c. Total 2,699,335$ N/A N/A
G. Disclosure of Following Items:
1. Actuarial present value of future salaries
‐ attained age 31,352,271$ 30,592,696$ 27,048,064$
2. Actuarial present value of future employee
contributions ‐ attained age 1,567,614$ 1,529,635$ 1,352,404$
3. Actuarial present value of future contributions
from other sources N/A N/A N/A
4. Amount of active members' accumulated
contributions 1,665,103$ 1,596,012$ 1,596,012$
5. Actuarial present value of future salaries and
future benefits at entry age N/A N/A N/A
6. Actuarial present value of future employee
contributions at entry age N/A N/A N/A
State Required Exhibit
Actuarial Valuation as of October 1, 2023
City of Winter Springs Defined Benefit Plan 53123
Table XVII
(Cont'd)
Prior Current
Current Assumptions Assumptions Remaining
Unfunded Amortization Amortization Funding
Unfunded Actuarial Accrued Liabilities Liabilities Payment Payment Period
10/01/2000 Initial 22,441$ 3,892$ 3,867$ 7 years
10/01/2002 Assumption Change (791) (113) (113) 9 years
10/01/2003 Plan Amendment 6,788 903 895 10 years
10/01/2004 Plan Amendment 13,113 1,634 1,618 11 years
10/01/2005 Plan Amendment 33,042 3,888 3,845 12 years
10/01/2006 Plan Amendment 44,674 4,996 4,937 13 years
10/01/2007 Plan Amendment 52,363 5,596 5,525 14 years
10/01/2008 Plan Amendment and Assumption Change 263,835 27,073 26,709 15 years
10/01/2008 Method Change 589,714 60,512 59,699 15 years
10/01/2009 Actuarial Loss / (Gain) 278,490 27,552 27,160 16 years
10/01/2010 Actuarial Loss / (Gain) (56,124) (5,372) (5,292) 17 years
10/01/2010 Plan Amendment (325,385) (31,147) (30,682) 17 years
10/01/2011 Actuarial Loss / (Gain) 383,782 35,657 35,098 18 years
10/01/2012 Actuarial Loss / (Gain) 138,478 12,522 12,317 19 years
10/01/2013 Actuarial Loss / (Gain) (114,454) (10,097) (9,925) 20 years
10/01/2014 Actuarial Loss / (Gain) (128,439) (11,078) (10,882) 21 years
10/01/2014 Assumption Change 1,203 104 102 21 years
10/01/2015 Actuarial Loss / (Gain) (54,048) (4,567) (4,483) 22 years
10/01/2016 Actuarial Loss / (Gain) (270,370) (22,416) (21,991) 23 years
10/01/2016 Assumption Change 93,715 7,770 7,623 23 years
10/01/2017 Actuarial Loss / (Gain) (141,092) (11,497) (11,272) 24 years
10/01/2017 Assumption Change 511,247 41,659 40,844 24 years
10/01/2018 Actuarial Loss / (Gain) 69,332 5,560 5,448 25 years
10/01/2019 Actuarial Loss / (Gain) 133,611 10,559 10,341 26 years
10/01/2019 Assumption Change 130,452 10,309 10,096 26 years
10/01/2020 Actuarial Loss / (Gain) 42,561 3,318 3,248 27 years
10/01/2020 Assumption Change 234,582 18,290 17,902 27 years
10/01/2021 Actuarial Loss / (Gain) (914,062) (70,384) (68,855) 28 years
10/01/2022 Actuarial Loss / (Gain) 1,291,645 98,320 96,135 29 years
10/01/2022 Assumption Change 2,224,318 169,316 165,551 29 years
10/01/2023 Actuarial Loss / (Gain) 1,888,131 151,422 148,374 25 years
10/01/2023 Assumption Change 2,668,890 N/A 209,728 25 years
TOTAL 9,111,642$ 534,181$ 733,567$
Shelly L. Jones, A.S.A., E.A. Jennifer M. Borregard, E.A.
Enrollment Number: 23‐08646 Enrollment Number: 23‐07624
Dated: May 16, 2024
State Required Exhibit
This Actuarial Valuation and/or cost determination was prepared and completed by us or under our direct supervision, and we acknowledge
responsibility for the results. To the best of our knowledge, the results are complete and accurate, and in our opinion, the techniques and
assumptions used are reasonable and meet the requirements and intent of Part VII, Chapter 112, Florida Statutes. There is no benefit or
expense to be provided by the Plan and/or paid from the Plan's assets for which liabilities or current costs have not been established or
other wise provided for in the valuation. All known events or trends which may require material increase in Plan costs or required
contribution rates have been taken into account in the valuation.
Amortization balances are written down in proportion to amortization payments.
City of Winter Springs Defined Benefit Plan 54124
Table XVIII
Glossary
Actuarial Accrued Liability. The difference between the Actuarial Present Value of Future Benefits, and the
Actuarial Present Value of Future Normal Costs.
Actuarial Assumptions.Assumptions about future plan experience that affect costs or liabilities, such as:
mortality, withdrawal, disablement, and retirement; future increases in salary; future rates of investment
earnings; future investment and administrative expenses; characteristics of members not specified in the
data, such as marital status; characteristics of future members; future elections made by members and
other items.
Actuarial Cost Method. A procedure for allocating the Actuarial Present Value of Future Benefits between
the Actuarial Present Value of Future Normal Costs and the Actuarial Accrued Liability.
Actuarial Equivalent. Of equal Actuarial Present Value, determined as of a given date and based on a given
set of Actuarial Assumptions.
Actuarial Present Value of Future Benefits. The Actuarial Present Value of amounts which are expected to
be paid at various future times to active members, retired members, beneficiaries receiving benefits and
inactive, non‐retired members entitled to either a refund or a future retirement benefit. Expressed another
way, it is the value that would have to be invested on the valuation date so that the amount invested plus
investment earnings would provide sufficient assets to pay all projected benefits and expenses when due.
Actuarial Valuation. The determination, as of a valuation date, of the Normal Cost, Actuarial Accrued
Liability, Actuarial Value of Assets, and related Actuarial Present Values for a plan. An Actuarial Valuation
for a governmental retirement system typically also includes calculations of items needed for compliance
with GASB No. 67.
Actuarial Value of Assets. The value of the assets as of a given date, used by the actuary for valuation
purposes. This may be the market or fair value of plan assets or a smoothed value in order to reduce the
year‐to‐year volatility of calculated results, such as the funded ratio and the actuarially required
contribution.
Amortization Method. A method for determining the Amortization Payment. The most common methods
used are level dollar and level percentage of payroll. Under the Level Dollar method, the Amortization
Payment is one of a stream of payments, all equal, whose Actuarial Present Value is equal to the UAAL.
Under the Level Percentage of Pay method, the Amortization Payment is one of a stream of increasing
payments, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method,
the stream of payments increases at the rate at which total covered payroll of all active members is
assumed to increase.
City of Winter Springs Defined Benefit Plan 55125
Table XVIII
(Cont'd)
Glossary
Amortization Payment. That portion of the plan contribution which is designed to pay interest on
and to amortize the Unfunded Actuarial Accrued Liability.
Amortization Period. The period used in calculating the Amortization Payment.
Annual Required Contribution . The employer’s periodic required contributions, expressed as a dollar
amount or a percentage of covered plan compensation. The annual required contribution consists of
the Employer Normal Cost and Amortization Payment plus interest adjustment.
Closed Amortization Period.A specific number of years that is reduced by one each year, and
declines to zero with the passage of time. For example if the amortization period is initially set at 25
years, it is 24 years at the end of one year, 23 years at the end of two years, etc.
Employer Normal Cost.The portion of the Normal Cost to be paid by the employer. This is equal to
the Normal Cost less expected member contributions.
Equivalent Single Amortization Period.For plans that do not establish separate amortization bases
(separate components of the UAAL), this is the same as the Amortization Period. For plans that do
establish separate amortization bases, this is the period over which the UAAL would be amortized if
all amortization bases were combined upon the current UAAL payment.
Experience Gain/Loss.A measure of the difference between actual experience and that expected
based upon a set of Actuarial Assumptions, during the period between two actuarial valuations. To
the extent that actual experience differs from that assumed, Unfunded Actuarial Accrued Liabilities
emerge which may be larger or smaller than projected. Gains are due to favorable experience, e.g.,
the assets earn more than projected, salaries do not increase as fast as assumed, members retire later
than assumed, etc. Favorable experience means actual results produce actuarial liabilities not as large
as projected by the actuarial assumptions. Losses are the result of unfavorable experience, i.e., actual
results that produce Unfunded Actuarial Accrued Liabilities which are larger than projected.
Funded Ratio. The ratio of the Actuarial Value of Assets to the Actuarial Accrued Liability.
GASB. Governmental Accounting Standards Board.
City of Winter Springs Defined Benefit Plan 56126
Table XVIII
(Cont'd)
Glossary
GASB No. 67 and GASB No. 68. These are the governmental accounting standards that set the
accounting rules for public retirement plans and the employers that sponsor or contribute to them.
Statement No. 67 sets the accounting rules for the plans themselves, while Statement No. 68 sets the
accounting rules for the employers that sponsor or contribute to public retirement plans.
Normal Cost. The annual cost assigned, under the Actuarial Cost Method, to the current plan year.
Open Amortization Period.An open amortization period is one which is used to determine the
Amortization Payment but which does not change over time. In other words, if the initial period is set
as 25 years, the same 25‐year period is used in determining the Amortization Period each year. In
theory, if an Open Amortization Period is used to amortize the Unfunded Actuarial Accrued Liability,
the UAAL will never completely disappear, but will become smaller each year, either as a dollar
amount or in relation to covered payroll.
Unfunded Actuarial Accrued Liability. The difference between the Actuarial Accrued Liability and
Actuarial Value of Assets.
Valuation Date.The date as of which the Actuarial Present Value of Future Benefits are determined.
The benefits expected to be paid in the future are discounted to this date.
Vested Benefit Security Ratio.The ratio of the Market Value of Assets to the Actuarial Present Value
of Vested Accrued Benefits.
City of Winter Springs Defined Benefit Plan 57127
REGULAR AGENDA ITEM 502
BOARD OF TRUSTEES AGENDA | AUGUST 22, 2024 REGULAR MEETING
TITLE
Section 2.01 of City of Winter Springs Retirement Plan
SUMMARY
Recently City staff became aware of a discrepancy regarding the date in which an
employee becomes a member of the plan for employees hired after 12/1/2017.
The City's actuary, GRS, had a plan document which stated:
2.01 Eligibility. Each Employee (other than an Excluded Employee) becomes a Member
of the Plan on the first day of the month (if employed on that date) immediately
following the date 6 months after his Employment Commencement Date.
"Employment Commencement Date" means the date on which the Employee first
performs Service for the City. Notwithstanding any other provision of this Plan any
Employee other than a sworn police officer or forensic professional hired or rehired
on or after October 1, 2011 shall not be eligible to participate in this Plan. Any
Employee other than a sworn police officer or forensic professional hired or rehired
on or after October 1, 2011 shall participate in the defined contribution plan
established pursuant to Resolution 2011-59 if eligible to participate in the defined
contribution plan. Except as provided under Section 2.04, Employees hired or rehired
as sworn police officers or forensic professionals on or after October 1, 2011 shall
participate in this Plan
The City's Pension Attorney Glenn Thomas provided the following update to City Staff:
The following is based on my review of emails, notes and documents: In 2017, the City
requested that I draft a plan amendment changing the definition of “service” to align service
time with contributions, because there was a “6 month disparity between calculating service
earned and contributions.”
I made the following change in the Plan:
1.23 “Service” means any period of time, after the employee becomes an eligible
Participant in the Plan in accordance with Section 2.01 the Employee is in the employ of the
Employer including any period the Employee is on an unpaid leave of absence authorized
by the Employer under a uniform, nondiscriminatory policy applicable to all Employees.
Effective [DATE], “Service” means any period of time the Employee is in the employ of the
Employer after the employee becomes an eligible Participant in the Plan in accordance with
Section 2.01. “Separation from Service” means a separation from Service with the Employer
maintaining the Plan.
128
I was asked to draft a plan restatement, making numerous changes to the Plan, including
the change above to the definition of service. Also, section 2.01 in the final version of the
2017 restatement was amended to read as follows:
2.01 Eligibility. Each Employee (other than an Excluded Employee) becomes a Member of
the Plan on the first day of the month (if employed on that date) immediately following the
date 6 months after Employment Commencement Date. Effective 12/1/2017, each
Employee (other than an Excluded Employee) becomes a Member of the Plan the first of the
month following 30 days from Employment Commencement Date, unless they have opted
out of this pension plan. "Employment Commencement Date" means the date on which the
Employee first performs Service for the City….
In 2018 I was asked to revise the summary plan description to reflect the 2017 plan
restatement. My update included the following change:
(7) Eligibility to Participate. You do not have to complete any form for entry into the
Plan. Unless you are excluded, you will become a Participant on the first day of the month
immediately following 30 days from the date 6 months after your first day of employment.
Employees hired after October 1, 2011 who are not employed as a police officer or forensic
professional are excluded from participation in the Plan. Those employees will participate
in the City’s defined contribution plan.
Based on my records, beginning on 12/1/17 eligible employees would become members of
the plan 30 days after their date of employment.
Agenda Item 301 from the November 13th, 2017 City Commission Meeting that was
approved on Consent by the City Commission contained an attachment of the plan
restatement however section 2.01 did not contain any of the changes that Mr. Thomas
was asked to draft that would allow for enrollment on the 1st of the month following
30 days of employment.
City staff can find no record from either a Board of Trustee meeting or City
Commission Meeting after November 13th, 2017 formally approving a plan
restatement to allow for the enrollment on the 1st of the month following 30 days of
employment.
City records indicate that eligible employees hired after 12/1/2017 have been enrolled
on the 1st of the month following 30 days of employment. This practice is consistent
with all other benefits (Health, Dental, Defined Contribution plan, etc.) offered to
eligible employees.
FUNDING SOURCE
RECOMMENDATION
City Staff is requesting the Board of Trustees recommend staff prepare a resolution
for approval by the City Commission to restate the plan with changes to section 2.01 to
129
read as follows:
2.01 Eligibility. Each Employee (other than an Excluded Employee) becomes a
Member of the Plan on the first day of the month (if employed on that date)
immediately following the date 6 months after Employment Commencement Date.
Effective 12/1/2017, each Employee (other than an Excluded Employee) becomes a
Member of the Plan the first of the month following 30 days from Employment
Commencement Date, unless they have opted out of this pension plan. "Employment
Commencement Date" means the date on which the Employee first performs Service
for the City.
130