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Statement of Changes in Net Program Assets Plan net assets, January 1, 2024 $2,422,623 Changes during the year: Add: Plan contributions $ 434,624 Net investment income 169,536 Less: Plan benefit withdrawals (392,976) Changes in benefits payable (6,800) Net change 204,384 Plan net assets, December 31, 2024 $ 2,627,007 Funding Methodology Town contributions and fees amounted to $325,000 and $30,310, respectively, during the year ended December 31, 2025. The Town accounts for service award program assets within its Fire Protection Fund. The fair value of these program assets as of December 31, 2025 is $2,824,524. 8. PENSION OBLIGATIONS—EMS LOSAP Plan Description—The Town established a defined contribution Length of Service Awards Program (the “LOSAP”) for the active ambulance volunteers of the Boston Emergency Squad. The Program was established pursuant to Article 11-A of the General Municipal Law. The Program provides municipally-funded pension-like benefits to facilitate the recruitment and retention of active volunteer ambulance workers. The Town is the sponsor of the program. Program Description— Participation, vesting and service credit—Active volunteers are eligible to participate in the program and become fully vested upon earning five (5) years of service credits or upon being awarded a total and permanent disability. The program’s entitlement age is age sixty (60) and the maximum service credit allowable is forty (40) years. Benefits—A participant’s benefit under the program is equal to $700 per year of service. The program provides statutorily mandated death and disability benefits. Fiduciary Investment and Control—Service credit is determined by the governing board of the sponsor, based on information certified to the governing board by the Emergency Squad. The governing board of the sponsor has retained and designated Penflex, Inc. to assist in the administration of the program. - 102 -