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Benefits—A participant’s benefit under the defined benefits plan is the life annuity, with ten years certain, equal to $20 multiplied by the person’s total number of years of firefighting service. The number of years of firefighting service used to compute the benefit cannot exceed forty (including any Prior Service Credit). Except in the case of disability or death, benefits are payable when a participant reaches entitlement age. Participants Covered by the Benefit Terms—At the December 31, 2023, measurement date, the participants covered by the benefit terms were as follows: Inactive participants currently receiving benefit payments 93 Inactive participants entitled to but not yet receiving benefit payments 37 Active participants 58 Total 188 Contributions—New York State General Municipal Law §219(d) requires the Town to contribute an actuarially determined contribution on an annual basis. The actuarially determined contribution shall be appropriated annually by the Town. Trust Assets—although assets have been accumulated in an irrevocable trust such that the assets provide pensions to plan members in accordance with benefit terms, the trust assets are not legally protected from creditors of the Town. As such, the trust assets do not meet the criteria in paragraph 4 of GASB Statement No. 73. Measurement of Total Pension Liability The total pension liability at the December 31, 2023 measurement date was determined using an actuarial valuation as of that date. Actuarial Assumptions—The total pension liability in the December 31, 2023 measurement date was determined using the following actuarial assumptions, applied to all periods included in the measurement: Actuarial Cost Method: Entry Age Normal Inflation: 0.00% Salary Scale: None assumed Mortality rates were based on the RP 2014 Male/Female Mortality Table without projection for mortality improvement. Discount Rate—The discount rate used to measure the total pension liability was 4.00%. This was the yield to maturity of the S&P Municipal Bond 20 Year High Grade Rate Index as of the December 31, 2023 measurement date. In describing this index, S&P Dow Jones Indices notes that the index consists of bonds in the S&P Municipal Bond Index with a maturity of 20 years and with a rating of at least Aa2 by Moody’s Investors Service’s, AA by Fitch, or AA by Standard & Poor’s Rating Services. Changes in the Total Pension Liability—The table presented on the following page shows the changes to the total pension liability during the previous fiscal year, by source. - 33 -