Text · page 154 of 322
Read the whole document on one page (all 322 pages, each with its own heading)
Fiduciary Investment and Control—Service credit is determined by the governing board of the sponsor, based on information certified to the governing board by each fire company having members who participate in the program. Each fire company must maintain all required records on forms prescribed by the governing board. The governing board of the sponsor has retained and designated Firefly Admin, Inc. to assist in the administration of the program. Authority to invest program assets is vested in the Investment Committee. Subject to restrictions in the program document, program assets are invested in accordance with a statutory “prudent person” rule. The sponsor is required to retain an actuary to determine the amount of the sponsor’s contributions to the plan. The actuary retained by the sponsor for this purpose was Firefly Admin, Inc. Portions of the following information regarding the plan assets are derived from the most recent report prepared by the actuary, dated January 1, 2025. Statement of Net Program Assets Actuarial present value of benefits at January 1, 2025 $ 5,751,269 Less: Assets available for benefits Investments at fair value: Equities 37.1% 975,630 International stock 14.5% 381,953 Bonds 33.2% 871,792 Balanced 10.6% 277,673 Specialty 3.6% 94,890 Liabilities: January payments made in December 1.2% 32,368 Benefits payable -0.3% (7,300) Net program assets available for benefits 2,627,007 Current total unfunded benefits $ 3,124,262 - 101 -