Agenda

Retirement Plan Sub-Committee - Agenda - May 5, 2026

May 5, 2026

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Retirement Plan Sub-Committee
Tuesday, May 5, 2026 at 8:00 A.M.
REGULAR MEETING AGENDA
I. Call to Order
II. Review of Minutes
a) February 2, 2026
III. Pensions Plans & OPEB Trust First Quarter 2026 Performance Reviews and Fiduciary
Governance Update
IV. Defined Contribution Plans First Quarter 2026 Performance Reviews and Fiduciary
Governance Update
V. Review OPEB Investment Structure
VI. Adjourn
Page 1 of 3
Retirement Plan Sub-Committee
Special Meeting
February 3, 2026 – 8:00 A.M.
Virtual on Zoom
Minutes
I. CALL TO ORDER- Board of Finance Chair Heavner called the meeting to order at
8:00 A.M.
Present: Committee Members: Selectman Curtis Looney, Board of Finance Chair Lisa
Heavner, Lalitha Shivaswamy, and Art Wallace; Deputy Finance Director, Kelsey
Chamberlain; and Fiducient Advisors: Chris Kachmar, Dan Duffy, and Tyler Polk.
II. HOUSEKEEPING ITEMS
Appointment of Chair for 2026
MOTION: Selectman Looney made a motion, seconded by Board of Finance
Chairwoman Heavner, for Art Wallace to be appointed as Chair of the Retirement Plan
Sub-Committee for 2026. The motion carried unanimously. (4-0-0)
III. PENSIONS PLANS & OPEB TRUST FOURTH QUARTER 2025 &
PERFROMANCE REVIEWS AND FIDUCIARY GOVERNANCE UPDATE
Mr. Kachmar stated that pension plans currently target a 6.5% return actuarial. The
actuary recommended that they do an additional experience study next year.
There is a little bit of moderation in terms of capital market return expectations,
particularly in fixed income and domestic equity, when comparing last year and this
year. They are down about 20 basis points. There is a bit of reduction in U.S. equities.
International markets have made a slight increase but are still catching up in terms of
valuation.
The assumption is 6.5% but they are forecasted for 7.1% because a bit of excess return
is good for a margin of safety.
Retirement Plan Sub-Committee
Special Meeting Minutes
February 3, 2026
Page 2 of 3
The Town has a good size OPED trust, and they have adopted a balanced total return
perspective. There are 65% return seeking assets and 35% of fixed income. They have
allocated some capital away from the large cap names. The U.S. equity markets are a
bit expensive, and it is elevated from a valuation perspective. Yields and spreads are
tight in fixed income. There were good returns for global equities.
At the end of the calendar year the Town’s Pension Plan was almost $34,000,000 of
invested assets.
Board of Finance Chairwoman Heavner asked if the fees are below benchmark, to
which Kachmar responded that where they are using active management, which is
about 2/3 of the allocations, the fees are below benchmark.
The Town, Board of Education, and Police Department had over $11,000,000 in
aggregate investment gains last year, with an aggregate asset value of almost
$93,000,000.
The OPED trust is due for some rebalancing and recommends transitioning out of ETFs
to traditional indexed funds.
IV. DEFIND CONTRIBUTION PLANS FOURTH QUARTER 2025
PERFORMANCE REVIEWS AND FIDUCIARY GOVERNANCE UPDATE
Mr. Polk stated that it is likely that legislation will allow collective trusts in 43bs, with
an opportunity that could be offered to plan participants. The Senate introduced a bill
that would allow for auto re-enroll into plans every 1 to 3 years. President Trump signed
an executive order democratizing access to alternative investments in 401Ks, 401As,
and 457 plans.
There has been legislation for forfeiture claims where money should just be given back
to everyone as opposed to offsetting the employer’s cost, but there have been lawsuits
around this and how forfeiture dollars are used.
Board of Finance Chairwoman Heavner asked if Town of Simsbury returns it to the
employees, to which Deputy Finance Director Chamberlain responded that those funds
go towards the employer contributions.
Board of Finance Chairwoman Heavner asked who wrote their plan documents, to
which Mr. Polk responded that the recordkeeper writes it. Deputy Finance Director
Chamberlain will email it to the Committee members, and they will discuss which
policy board is responsible for it at the next meeting.
Retirement Plan Sub-Committee
Special Meeting Minutes
February 3, 2026
Page 3 of 3
Mr. Duffy stated that the 457 plan balance was $20.8 million in assets as of quarter
end, up from the end of March, which was $18.4 million. Around 20% of the assets
reside in target date funds, 30% in S&P 500 and Fidelity 500 funds, 11% TROLL price
growth stock, and 18% in the MissionSquare PLUS funds. In all three retirement plans.
Participants of the target day funds have been getting long-term sustained results as
there is a bias for the domestic side. The expenses are at 34 basis points compared to
peer groups sending 66. They are getting a very strong performance for a more efficient
price. Core investment options are seeing good returns. For fixed income they have a
low-cost Fidelity US bond index at 2.5 basis points. Dodge & Cox has added some
excess returns over a longer period. Bloomberg is down by around 40 basis points and
has returned 1.1% annually over a five-year period. The manager’s performance has
overall been underperforming.
Chairman Wallace stated that the MFS are not performing well, and it should be noted
that they are performing as they should and are not being replaced because there is no
definitive median and direct comparison.
V. ADJOURNMENT
MOTION: Chairman Wallace made a motion, seconded by Commissioner Heavner,
to adjourn the meeting. The motion carried unanimously. (2-0-0)
Chairman Wallace adjourned the meeting at 9:11 A.M.
Respectfully submitted,
Amanda Blaze
Commission Clerk
Town of Simsbury Retirement Plans
Performance Summary- First Quarter 2026
This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors, A Wealthspire Company, and the information contained herein is confidential and
the dissemination or distribution to any other person without the prior approval of Fiducient Advisors, A Wealthspire Company, is strictly prohibited. Information has been obtained from sources
believed to be reliable, though not independently verified. Any forecasts are hypothetical and represent future expectations and not actual return volatilities and correlations will differ from forecasts.
This report does not represent a specific investment recommendation. The opinions and analysis expressed herein are based on Fiducient Advisor, A Wealthspire Company, research and
professional experience and are expressed as of the date of this report. Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice. Past performance
does not indicate future performance and there is risk of loss.
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Fiducient Advisors Update
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Table of Contents
Section 1 Capital Markets Overview
Section 2 DB Plan Reviews
Section 3 OPEB Trust Review
Section 4 DC Plan Reviews
Section 1 Quarterly Capital Markets Overview
Market Themes
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Historical Events and S&P 500 Total Return
Operation Epic Fury commenced at the end of February as the U.S.
and Israel launched coordinated military strikes on Iran. Volatility
spiked, particularly in commodity markets, and risk-off sentiment
ensued. Historically, geopolitical events have resulted in initial volatility,
while longer term, markets have generally fared well.
Expected Change in Fed Funds Rate
Market expectations for Fed rate cuts shifted significantly in March from
the start of the year, moving from pricing in roughly two cuts to zero cuts
for 2026. Spiking commodity prices gave rise to concerns of inflation
reigniting, conflicting with concerns of slowing growth and weakening labor
market data, which typically put downward pressure on interest rates.
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
-3
-2
-1
0
1
1-Jan 22-Jan 12-Feb 5-Mar 26-Mar
# 25bp Increments
December 2026 FOMC Meeting
June 2027 FOMC Meeting
Source: Bloomberg Finance, L.P. As of April 2, 2026
-35%
-25%
-15%
-5%
5%
15%
25%
35%
45%
Day 0 Day 100 Day 200 Day 300 Day 400
11-Sep Brexit Vote
COVID-19 Pandemic Crimea Annexation
Gulf War Hamas Attacks Israel
Iraq War Russia Invades Ukraine
US-China Trade War Iran Conflict
Source: Bloomberg Finance, L.P. As of March 31, 20265
Market Themes
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Software Under Pressure
Concerns of AI disruption within the software industry sent prices
plummeting. The software industry’s previous ~50% premium over the
broader market has eroded over the past 5 months. This concern has
also had negative impact within the private credit space, which has
relatively large allocations to software. Many private credit funds are
seeing large redemption requests from investors.
U.S. Large Cap Lags Other Equity Segments
U.S. large cap equities came under pressure in the first quarter. Weakness
in software and other Mag-7 names detracted from large cap. Diversification
away from these high valuation areas of the market proved to be favorable
for the quarter as investors favored smaller cap U.S. and non-U.S.
investments which were more attractively valued.
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
10
15
20
25
30
35
40
45
2-Apr-21 2-Apr-22 2-Apr-23 2-Apr-24 2-Apr-25
Forward P/E Ratio
S&P 500 / Software - IND - PE - NTM
S&P 500 - PE - NTM
Source: FactSet. As of March 31, 2026.
-4.3%
0.9% 0.7%
-1.2%
-0.2%
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
S&P 500 Russell 2000 S&P 500
Equal Weight
MSCI EAFE MSCI EM
YTD Return
Source: Morningstar. As of March 31, 20266
Asset Class Returns
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Fixed Income (1Q 2026)
+/- Fixed income markets had a mixed quarter to start
the year. Positive results were reversed in March
following the onset of the conflict with Iran. Interest
rates spiked as inflation expectations rose.
- The high yield sector was not immune to the general
risk-off sentiment and posted a modest decline in the
quarter as credit spreads widened.
- Longer duration assets struggled in March as interest
rates rose, offsetting positive momentum earlier in the
year.
Equity (1Q 2026)
+/- It was a mixed quarter for U.S. equities as U.S. large
cap underperformed small cap. Concerns that AI would
disrupt the software industry was a drag on large cap
names early on, and the conflict with Iran further sparked
investors into a risk-off mentality.
+/- Developed international markets had a strong start to
the year, but markets reversed course following the onset
of the U.S./Iran conflict. Despite the pullback in March,
non-U.S. markets outpaced U.S. large cap. Emerging
markets outpaced developed, driven by strength in AI
related hardware companies.
Real Asset / Alternatives (1Q 2026)
+ Equity REITs had a favorable quarter, outpacing the
broader U.S. equity market. Data centers were a
notable area of strength for the quarter.
+ Commodities rose over 20% during the quarter, driven
from rising energy prices as the conflict in Iran disrupted
global energy and commodity markets.
+ Real assets performed well during the quarter, driven
by underlying commodity exposure, as well as global
infrastructure related assets.
0.3 0.0
0.0
0.7
-0.5 -0.8 -1.0
-4.2
0.9
-1.2
-0.2
3.8
6.7
24.4
3.0
-6
-3
0
3
6
9
12
15
18
21
24
27
TIPS Municipals 5-
Year
U.S. Core Bond High Yield
Municipals
High Yield U.S. Long
Duration
Foreign Bond U.S Large Cap U.S. Small Cap International
Developed
Emerging
Markets
U.S. Equity
REITs
Real Assets Commodities Hedge Funds*
Total Returns (%)
YTD
Source: Morningstar Direct. As of March 31, 2026. *Hedge fund returns as of February 28, 2026.
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.7
0
250
500
750
1,000
1,250
0
100
200
300
400
500
6/17
12/17
6/18
12/18
6/19
12/19
6/20
12/20
6/21
12/21
6/22
12/22
6/23
12/23
6/24
12/24
6/25
12/25
Spreads (bps)
Bloomberg U.S. Inv. Grade Corp Index (LHS)
Bloomberg U.S. Corp High Yield Index (RHS)
Source: FactSet. As of March 31, 2026.
Fixed Income Market Update
www.FiducientAdvisors.com
U.S. Treasury Yield Curve
The Federal Reserve held its target rate steady during the quarter, but
interest rates moved higher across the curve. Concerns of rising
inflation stemming from spiking commodity prices were a primary driver
and investor expectations for rate cuts in 2026 dissipated.
Corporate Credit Spreads – Trailing 5 Years
Risk-off sentiment spilled into the corporate credit market as both
investment grade and high yield spreads moved higher during the
quarter. Growing concerns of weaker growth helped fuel the move.
Despite the increase, spread levels remain below longer-term averages.
3.79
4.30
3.47
4.18
3.89
4.23
3.0
3.2
3.4
3.6
3.8
4.0
4.2
4.4
4.6
4.8
5.0
0 5 10 15 20 25 30
Yield (%)
U.S. Treasury Maturity (yrs)
3/31/26
12/31/25
3/31/25
Source: FactSet. As of March 31, 2026.
3/31/2026 10Yr Avg
IG 89 bps 113 bps
HY 317 bps 385 bps
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.8
19.1%
-18.1%
1.1%
-1.4%-0.7%-0.5%
3.3%
-8.5%
2.0%
-4.7%
-1.3%-1.9%
2.2%
-9.5%
0.9%
-4.2%
Brazil
India
Value
Growth
Small
Large
Aust.
Germany
Value
Growth
Small
Large
Value
Growth
Small
Large
Source: Morningstar Direct. As of March 31, 2026.
Equity Market Update
www.FiducientAdvisors.com
Market Capitalization, Style, and Select Country Performance (1Q 2026)
Regional equity markets saw mixed results during the first quarter. U.S. small cap produced a modest positive return while U.S. large cap and non-
U.S. markets declined. Abroad, markets started the year strong, but reversed course as the U.S./Iran conflict escalated. Despite the re-rating in March,
non-U.S. equities generally outperformed U.S. equities. A rotation out of more expensive growth-oriented segments of the market helped value stocks
lead the way for the quarter.
U.S. Equities – Returns by Sector (1Q 2026)
U.S. large cap equities experienced a negative first quarter, but underlying sector performance was mixed. Growing concerns about the impact of AI,
particularly within the software sector, was a key detractor. Shares of Oracle and Salesforce were down over 20% each during the period, while “asset
heavy” sectors such as utilities, materials and industrials performed well. Energy was the standout in the quarter as commodity prices spiked and oil
moved to over $100 per barrel following the close of the Strait of Hormuz.
U.S. Emerging MarketsInt’l Developed
-6.9%-9.2%
7.7%
38.2%
-9.3%
-4.9%
4.6%
-9.1%
9.7%
2.8%
8.3%
-4.3%
Comm.
Services
Cons. Disc.Cons.
Staples
EnergyFinancialsHealth CareIndustrialsITMaterialsReal EstateUtilitiesS&P 500
YTD
Source: Morningstar Direct. As of March 31, 2026.
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.9
Real Assets Market Update
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REIT Sector Performance (1Q 2026)
REITs rose during the first quarter and outperformed broader equities amid
heightened macro and geopolitical volatility, with most sub-sectors producing a
positive return. Data centers led the way in the period supported by robust
hyperscaler demand tied to AI and cloud expansion.
Commodity Performance (1Q 2026)
Commodities advanced during the quarter, with all major sub-sectors posting
gains. Energy prices rose sharply amid the conflict involving Iran and the closure
of the Strait of Hormuz, a critical chokepoint through which roughly 20% of global
oil and liquefied natural gas supply flows.
60.0
4.6
8.6 8.0
0
10
20
30
40
50
60
70
Energy Industrial
Metals
Precious
Metals
Agriculture
Total Return (%)
YTD
Source: Morningstar Direct. As of March 31, 2026.
6.3
12.1
23.8
5.3
6.5
-6.3
4.7
4.8
2.6
-4.5
1.9
-16.5
-20 -10 0 10 20 30
Diversified
Specialty
Data Centers
Health Care
Retail
Residential
Self Storage
Lodging/Resorts
Industrial
Infrastructure
Timber
Office
Total Return (%)
YTD
Source: Morningstar Direct. As of March 31, 2026.
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.10
Marketable Alternatives
Benchmark Return Indices cannot be invested in directly. HFRI benchmarks are net of fees. Past performance does not indicate future performance and
there is a possibility of a loss. See disclosures for list of indices representing each asset class.
Fund of Funds / Asset Weighted (1Q)
+ The HFRI Fund of Funds Composite returned 4.2
percent over the trailing 3-month period and 3.0 percent
year-to-date.
+ The HFRI Asset Weighted Composite returned 4.1
percent over the trailing 3-month period and 3.0 percent
year-to-date.
+/- Marketable alternatives outpaced fixed income and
U.S. large cap equities but trailed small cap equities
and non-U.S. equities.
Equity Hedge / Event Driven (1Q)
+ Equity Hedge strategies returned 4.5 percent over the
period, supported by strong global equity markets and a
positive long/short spread.
+ Within the Equity Hedge peer group, strategies
focused on energy and materials performed particularly
well.
+ Event Driven strategies returned 3.2 percent over the
period, with Activist strategies leading the peer group.
Macro / Relative Value (1Q)
+ Macro strategies returned 5.1 percent over the period,
outpacing all other strategy groups.
+ Within Macro, both discretionary and systematic
strategies performed well, with the respective peer
groups returning high single digit returns.
+ Relative Value strategies returned 2.5 percent over
the period, with Yield Alternatives strategies standing
out as notable performers.
Source: Morningstar Direct. As of February 28, 2026.
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4.2% 4.1%
4.5%
3.2%
5.1%
2.5%
3.0% 3.0% 3.1%
2.0%
3.9%
2.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
HFRI Fund of Funds
Composite
HFRI Asset Weighted
Composite
HFRI Equity Hedge HFRI Event Driven HFRI Macro HFRI Relative Value
Total Return
Trailing 3-Month YTD11
$469.2
$592.0
$658.7
$691.4
$631.7
$1,272.5
$954.0
$733.3
$878.5
$1,186.9
$260.2
4,827 5,401
6,288 6,573 6,649
10,360
9,497
8,209 8,603
9,189
2,415
0
2,000
4,000
6,000
8,000
10,000
12,000
$0.0
$200.0
$400.0
$600.0
$800.0
$1,000.0
$1,200.0
$1,400.0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Deal value ($B) Deal count Estimated deal count
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly.
Source: Cambridge Associates. As of September 30, 2025. Returns presented as horizon
pooled return, net of fees. S&P 500 Index as of September 30, 2025. Indices cannot be
invested in directly.
Private Equity Market Update
Private Equity Performance (As of September 30, 2025)
U.S. Private Equity Deal Activity
U.S. Private Equity Fundraising Activity
Public market performance has been strong as of late; however, longer term periods
continue to favor private markets. Growth equity and venture capital returns are
continuing to recover but still lag in the medium term.
Source: Pitchbook. As of March 31, 2026.
Source: Pitchbook. As of March 31, 2026.
U.S. private equity activity has begun the year at a slower pace in terms of aggregate deal value relative to 2025, despite a higher transaction count. This divergence
suggests a shift toward smaller transactions, contrasting with last year’s concentration of activity among larger, upper-market deals.
www.FiducientAdvisors.com
Fundraising in Q1 was lighter as investors continue to focus on distribution activity.
$184
$255
$194
$361
$253
$384
$384
$408
$379
$288
$54
435 517 464
553
549
829
1,089 1,058
733
412
85
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Capital raised ($B) Fund count
Benchmark 1-YR 3-YR 5-YR 10-Y 15-Y
US Private Equity Index 8.3% 8.2% 14.1% 15.0% 15.8%
US Buyout Index 7.6% 8.7% 14.3% 14.6% 15.5%
US Growth Equity Index 10.3% 6.9% 13.6% 16.3% 16.4%
US Venture Capital Index 16.2% 3.0% 13.4% 13.7% 15.4%
S&P 500 Index 17.6% 24.9% 16.5% 15.3% 14.6%12
The Case for Diversification
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See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 10 Years (Ann)
U.S. Small Cap
21.3
Emerging Markets
Equity
37.3
High Yield Municipals
4.8
U.S. Large Cap
31.4
U.S. Large Cap
21.0
U.S. Equity REITs
41.3
Commodities
16.1
U.S. Large Cap
26.5
U.S. Large Cap
24.5
Emerging Markets
Equity
33.6
Commodities
24.4
U.S. Large Cap
14.0
High Yield
17.1
International
Developed Equity
25.0
Cash
1.8
U.S. Mid Cap
30.5
U.S. Small Cap
20.0
Commodities
27.1
Cash
1.5
International
Developed Equity
18.2
U.S. Mid Cap
15.3
International
Developed Equity
31.2
U.S. Equity REITs
3.8
U.S. Mid Cap
10.9
U.S. Mid Cap
13.8
U.S. Large Cap
21.7
Municipals 5-Year
1.7
U.S. Equity REITs
28.7
Emerging Markets
Equity
18.3
U.S. Large Cap
26.5
Hedge Funds
-5.3
U.S. Mid Cap
17.2
U.S. Small Cap
11.5
U.S. Large Cap
17.4
Hedge Funds
3.0
U.S. Small Cap
9.9
U.S. Large Cap
12.1
U.S. Mid Cap
18.5
U.S. Core Bond
0.0
U.S. Small Cap
25.5
U.S. Mid Cap
17.1
U.S. Mid Cap
22.6
Municipals 5-Year
-5.3
U.S. Small Cap
16.9
Balanced
10.8
Balanced
16.2
U.S. Mid Cap
1.3
International
Developed Equity
8.4
Commodities
11.8
Balanced
15.4
TIPS
-1.3
International
Developed Equity
22.0
Balanced
13.5
U.S. Small Cap
14.8
High Yield
-11.2
Balanced
15.4
Hedge Funds
9.1
Commodities
15.8
U.S. Small Cap
0.9
Commodities
8.0
Emerging Markets
Equity
11.2
U.S. Small Cap
14.6
High Yield
-2.1
Balanced
19.4
TIPS
11.0
International
Developed Equity
11.3
TIPS
-11.8
High Yield
13.4
High Yield
8.2
U.S. Small Cap
12.8
Cash
0.9
Emerging Markets
Equity
7.8
U.S. Equity REITs
8.6
High Yield Municipals
9.7
U.S. Equity REITs
-4.0
Emerging Markets
Equity
18.4
Hedge Funds
10.9
Balanced
10.2
U.S. Core Bond
-13.0
U.S. Equity REITs
11.4
Emerging Markets
Equity
7.5
U.S. Mid Cap
10.6
High Yield Municipals
0.7
Balanced
7.6
Balanced
5.9
U.S. Equity REITs
8.7
Hedge Funds
-4.0
High Yield
14.3
International
Developed Equity
7.8
High Yield Municipals
7.8
High Yield Municipals
-13.1
Emerging Markets
Equity
9.8
High Yield Municipals
6.3
Hedge Funds
9.2
TIPS
0.3
High Yield
6.1
TIPS
4.7
Hedge Funds
7.8
U.S. Large Cap
-4.8
High Yield Municipals
10.7
U.S. Core Bond
7.5
Hedge Funds
6.2
International
Developed Equity
-14.5
High Yield Municipals
9.2
Commodities
5.4
High Yield
8.6
U.S. Core Bond
0.0
U.S. Equity REITs
5.6
High Yield Municipals
3.0
High Yield
7.5
Balanced
-5.5
U.S. Core Bond
8.7
High Yield
7.1
TIPS
6.0
Balanced
-16.0
Hedge Funds
6.1
Cash
5.3
U.S. Core Bond
7.3
Municipals 5-Year
0.0
Hedge Funds
5.6
U.S. Core Bond
2.6
U.S. Core Bond
3.5
U.S. Mid Cap
-9.1
TIPS
8.4
High Yield Municipals
4.9
High Yield
5.3
U.S. Mid Cap
-17.3
U.S. Core Bond
5.5
U.S. Equity REITs
4.9
TIPS
7.0
Emerging Markets
Equity
-0.2
High Yield Municipals
4.1
International
Developed Equity
1.0
Municipals 5-Year
3.1
U.S. Small Cap
-11.0
Hedge Funds
8.4
Municipals 5-Year
4.3
Municipals 5-Year
0.3
U.S. Large Cap
-19.1
Cash
5.1
International
Developed Equity
3.8
Municipals 5-Year
5.0
High Yield
-0.5
TIPS
2.7
Hedge Funds
0.5
TIPS
3.0
Commodities
-11.2
Commodities
7.7
Cash
0.5
Cash
0.0
Emerging Markets
Equity
-20.1
Municipals 5-Year
4.3
TIPS
1.8
Cash
4.3
International
Developed Equity
-1.2
Cash
2.3
Cash
0.3
Commodities
1.7
International
Developed Equity
-13.8
Municipals 5-Year
5.4
Commodities
-3.1
U.S. Core Bond
-1.5
U.S. Small Cap
-20.4
TIPS
3.9
U.S. Core Bond
1.3
High Yield Municipals
2.5
Balanced
-1.9
Municipals 5-Year
1.8
Municipals 5-Year
-0.4
Cash
0.8
Emerging Markets
Equity
-14.6
Cash
2.2
U.S. Equity REITs
-5.1
Emerging Markets
Equity
-2.5
U.S. Equity REITs
-24.9
Commodities
-7.9
Municipals 5-Year
1.2
U.S. Equity REITs
2.3
U.S. Large Cap
-4.2
U.S. Core Bond
1.7
Sources: Morningstar, FactSet. As of March 31, 2026. *Periods greater than one year are annualized. Total returns in U.S. dollars. Hedge Funds as of February 28, 2026.13
Financial Markets Performance
www.FiducientAdvisors.com
Global Fixed Income Markets QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
Bloomberg 1-3-Month T-Bill 0.9% 0.9% 4.1% 4.8% 3.4% 2.7% 2.3% 1.5%
Bloomberg U.S. TIPS 0.3% 0.3% 3.0% 3.2% 1.5% 3.1% 2.7% 2.8%
Bloomberg Municipal Bond (5 Year) 0.0% 0.0% 4.1% 2.8% 1.1% 1.8% 1.8% 2.3%
Bloomberg High Yield Municipal Bond 0.7% 0.7% 2.4% 5.3% 1.9% 3.3% 4.1% 5.3%
Bloomberg U.S. Aggregate 0.0% 0.0% 4.3% 3.6% 0.3% 1.6% 1.7% 2.4%
Bloomberg U.S. Corporate High Yield -0.5% -0.5% 7.0% 8.6% 4.2% 5.1% 6.1% 5.7%
Bloomberg Global Aggregate ex-U.S. Hedged -0.2% -0.2% 2.8% 4.3% 1.1% 1.7% 2.2% 3.2%
Bloomberg Global Aggregate ex-U.S. Unhedged -1.9% -1.9% 4.2% 1.6% -2.9% -1.0% -0.4% -0.1%
Bloomberg U.S. Long Gov / Credit -0.8% -0.8% 2.2% 0.9% -2.9% 0.1% 1.2% 3.6%
Global Equity Markets QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
S&P 500 -4.3% -4.3% 17.8% 18.3% 12.1% 14.4% 14.2% 13.3%
Dow Jones Industrial Average -3.2% -3.2% 12.2% 13.8% 9.1% 10.9% 12.5% 11.7%
NASDAQ Composite -7.0% -7.0% 25.6% 21.7% 11.1% 16.7% 17.1% 15.8%
Russell 3000 -4.0% -4.0% 18.1% 17.9% 10.9% 13.8% 13.7% 12.8%
Russell 1000 -4.2% -4.2% 17.7% 18.1% 11.3% 14.2% 14.0% 13.1%
Russell 1000 Growth -9.8% -9.8% 18.8% 21.2% 12.8% 17.0% 16.8% 15.3%
Russell 1000 Value 2.1% 2.1% 15.9% 14.3% 9.4% 10.6% 10.6% 10.5%
Russell Mid Cap 1.3% 1.3% 16.0% 13.3% 7.3% 10.5% 10.9% 10.7%
Russell Mid Cap Growth -6.3% -6.3% 9.6% 12.7% 5.4% 10.3% 11.7% 11.1%
Russell Mid Cap Value 3.7% 3.7% 17.6% 13.1% 7.9% 9.9% 9.8% 10.0%
Russell 2000 0.9% 0.9% 25.7% 13.0% 3.8% 8.6% 9.9% 9.0%
Russell 2000 Growth -2.8% -2.8% 23.6% 12.3% 1.6% 7.7% 9.8% 9.1%
Russell 2000 Value 5.0% 5.0% 28.1% 13.8% 5.8% 9.1% 9.6% 8.6%
MSCI ACWI -3.2% -3.2% 20.0% 16.6% 9.5% 11.6% 11.3% 9.3%
MSCI ACWI ex. U.S. -0.7% -0.7% 24.9% 14.5% 7.0% 8.5% 8.4% 5.6%
MSCI EAFE -1.2% -1.2% 21.3% 13.6% 7.9% 8.9% 8.4% 6.3%
MSCI EAFE Growth -4.7% -4.7% 12.7% 7.5% 3.5% 6.9% 7.1% 6.0%
MSCI EAFE Value 2.0% 2.0% 30.1% 19.9% 12.2% 10.4% 9.3% 6.4%
MSCI EAFE Small Cap -1.3% -1.3% 25.6% 12.6% 4.4% 7.4% 7.4% 6.8%
MSCI Emerging Markets -0.2% -0.2% 29.6% 14.8% 3.7% 6.6% 7.8% 3.7%
Alternatives QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
FTSE NAREIT All Equity REITs 3.8% 3.8% 3.3% 6.8% 4.0% 4.6% 5.6% 7.5%
S&P Real Assets 6.7% 6.7% 15.7% 9.8% 6.3% 6.1% 6.3% 5.2%
FTSE EPRA NAREIT Developed 1.3% 1.3% 10.1% 7.9% 2.8% 2.6% 3.8% 5.3%
FTSE EPRA NAREIT Developed ex U.S. -4.4% -4.4% 16.5% 6.5% -0.7% -0.2% 2.2% 3.2%
Bloomberg Commodity Total Return 24.4% 24.4% 32.3% 13.9% 14.0% 10.6% 8.0% 0.1%
HFRI Fund of Funds Composite* 3.0% 3.0% 12.8% 9.1% 5.3% 6.3% 5.6% 4.1%
HFRI Asset Weighted Composite* 3.0% 3.0% 11.5% 8.1% 6.2% 5.8% 5.5% 4.5%
Sources: Morningstar, FactSet. As of March 31, 2026. *Consumer Price Index and HFRI indexes as of February 28, 2026.
Total Return as of March 31, 2026
Periods greater than one year are annualized
All returns are in U.S. dollar terms
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.14
Section 2 DB Plan Reviews
Table of Contents
Section 1 Fiduciary Governance Calendar
Section 2 Combined Pensions Summary
Fiduciary Governance Calendar
www.FiducientAdvisors.com
Fiduciary Trail®
• Investment Review
• Investment Policy Review
• Fiduciary Training
• Investment Review
• Municipal Landscape Update
• Annual Actuarial Review
Q1 Q2
Q3Q4 Municipal
Landscape
Asset Allocation
Focus
Fiduciary Lockbox®
Governance Fee Focus
• Investment Review
• Portfolio Expense and
Liquidity Review*
• Investment Review
• Capital Markets
Assumptions
• Asset Allocation Review
*Liquidity analysis is provided only for portfolios with marketable alternatives and/or private equity.
The fiduciary governance calendar is designed to create a disciplined framework around governance, which
helps ensure that over the course of a calendar year key fiduciary obligations and responsibilities are being met.17
Investment Policy Statement
A well-written Investment Policy Statement serves as the blueprint for the management of the
investment program. As such, there are certain criteria that are required in an IPS, and other criteria
that may or may not be included based on the organization’s circumstances:
www.FiducientAdvisors.com
In the appendix, you will find the most
recent IPS on file for the Town of
Simsbury Pension Plans.
• The body of the IPS is as of
September 2018, and the asset
allocation table in Appendix A is as of
May 2024.
• The IPS was most recently
reviewed/approved by the Investment
Committee in May 2024.
• There are no recommendations for
change at this point in time.
Important elements of an IPS to consider:
Investment objective(s) 
Assignment of responsibilities 
Asset allocation framework 
Rebalancing guidelines 
Selection and monitoring criteria for
investment strategies 
Termination guidelines for investment
strategies 18
Effective Governance & Oversight
• Public pension committees play a critical role in safeguarding the retirement benefits of public
employees and effective governance and oversight are essential for ensuring the long-term
sustainability of these funds.
• Maintaining transparency and accountability is fundamental to building trust with stakeholders.
Committees should ensure that decisions are well-documented and communicated to all relevant
parties (e.g., Board of Finance; Board of Selectman; Freedom of Information (FoI) inquiries).
• A comprehensive governance policy should outline the committee’s mission, values, and
principles. This policy should be revisited and updated regularly to reflect changing circumstances
and best practices across public plans.
• Regular public disclosures of financial performance, investment strategies, and governance
practices are recommended to keep stakeholders informed.
• Continuous education is crucial for committee members to stay informed about industry trends,
regulatory changes, and best practices. Regular training sessions, workshops, and conferences
can help members enhance their skills and knowledge.
• Effective succession planning ensures the continuity and stability of the committee. This includes
identifying and mentoring potential new members, as well as establishing a process for the orderly
transition of roles and responsibilities.
www.FiducientAdvisors.com19
Governance & Oversight
• While governmental plans are not subject to Title I of
ERISA, which deals with fiduciary duties, they are
however subject to applicable provisions in the
Internal Revenue Code (“Code”) and state laws.
• Legislative history suggests that the satisfaction of ERISA
rules would be sufficient to satisfy the Code requirements
… “Spirit of ERISA”
• The “exclusive benefit rule” under IRC Section 401(a)(2)
has been interpreted to mean exercise of prudence in
the investment of plan assets is a requirement.
• Many states have adopted “prudent investor” language,
which includes many of the basic ERISA fiduciary
principles (including duty of loyalty, duty of prudence, duty
to diversify).
• The Uniform Prudent Investor Act (UPIA) is a law that
establishes standards for how trustees should manage
trust assets. It requires trustees to act in the best
interests of the beneficiaries, exercise reasonable care,
skill, and caution, and consider the prudence of an
individual investment in the context of the total
portfolio. Most states have adopted UPIA.
Public fund fiduciaries shoulder a significant responsibility in managing and
overseeing the assets entrusted to them by the public
Duty of Loyalty:
Act exclusively in the interest of plan participants and beneficiaries
Duty of Prudence:
Act in accordance with the “prudent expert rule”
Duty to Diversify Investments:
Diversify the portfolio options to balance risk
Duty to Follow Plan Documents:
Follow the plan provisions and policies governing the plan
Duty to Avoid Prohibited Transactions:
Ensure legal and appropriate transactions and be free from conflict
“Five Key Duties”
www.FiducientAdvisors.com
Sources: www.irs.gov/retirement-plans/governmental-plans-under-internal-revenue-code-section-401a. www.uniformlaws.org.20
Pension Board Educational Support
Pension
Liabilities &
Other
Topics
Fiduciary
Governance Investments
Fiduciary Governance
A thorough discussion regarding their
role and responsibilities, and
embracing Committee Best Practices,
as fiduciaries to public fund assets.
Investments
In-depth reviews of global capital
markets and specific asset classes,
the concept of diversification and
asset allocation, and the various
types of strategies that may be used
by investment managers.
Pension Liabilities & Other Topics
Understanding key concepts and
assumptions that drive pension
liability valuations and contribution
volatility, and other topics of interest
to a governing body
Training & Education to Assist Board Members in Making Informed Decisions21
Historical Performance
Portfolio (08/1994) Portfolio Benchmark (08/1994)
0.0
6.0
12.0
18.0
-6.0
Return (%)
QTD 1
Year
3
Years
5
Years
10
Years
FA Incep
Dec-2012
Since
Inception
-0.9
13.9
10.7
5.6
7.5 7.2 7.6
-0.8
12.3
9.5
4.9
7.2 6.8 7.2
Summary of Cash Flows
QTD 1
Year
Since
Inception
Town Plan
Beginning Market Value 33,937,965 30,107,841 4,896,705
Net Contributions -793,623 -921,402 -9,449,556
Gain/Loss -264,124 3,693,780 37,433,070
Ending Market Value 32,880,218 32,880,218 32,880,218
Current Benchmark Composition
From Date To Date
06/2024 Present 37.50% Blmbg. U.S. Aggregate, 33.00% Russell 3000 Index,
18.50% MSCI AC World ex USA (Net), 2.50% MSCI Emerging
Markets (Net), 5.00% NCREIF Fund Index - ODCE (net), 3.50%
Diversified Real Asset Blended Index
Portfolio Allocation
Short Term Liquidity Fixed Income Domestic Equity
International Equity Real Estate Real Assets
Short Term Liquidity
1.8%
Fixed Income
37.0%
Real Assets
3.6%
Real Estate
4.5%
International Equity
20.2%
Domestic Equity
32.8%
Actual vs. Target Allocations
Target Actual Differences
0.0% 15.0% 30.0% 45.0% 60.0%-15.0 %
Real Assets
$1,193,350
Real Estate
$1,487,012
International Equity
$6,642,842
Domestic Equity
$10,790,632
Fixed Income
$12,180,498
Short Term Liquidity
$585,883
3.5%
5.0%
21.0%
33.0%
37.5%
0.0%
3.6%
4.5%
20.2%
32.8%
37.0%
1.8%
0.1%
-0.5 %
-0.8 %
-0.2 %
-0.5 %
1.8%
Portfolio Dashboard
Town Plan As of March 31, 2026
Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.22
Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Town Plan 32,880,218 100.0 100.0 0.0
Short Term Liquidity 585,883 1.8 0.0 1.8
AllSpring Govt Money Market Fund 585,883 1.8 0.0 1.8
Fixed Income 12,180,498 37.0 37.5 -0.5
Dodge & Cox Income 4,867,350 14.8 15.0 -0.2
Hartford Total Return Bond R6 4,865,125 14.8 15.0 -0.2
BlackRock Strategic Income Opportunities K 2,448,023 7.4 7.5 -0.1
Domestic Equity 10,790,632 32.8 33.0 -0.2
Vanguard Institutional Index I 8,858,159 26.9 26.0 0.9
Neuberger Genesis Fund Class R6 1,932,473 5.9 7.0 -1.1
International Equity 6,642,842 20.2 21.0 -0.8
Hartford International Opportunities R6 5,843,774 17.8 18.5 -0.7
Vanguard Emerging Markets Stock Adm 799,069 2.4 2.5 -0.1
Real Estate 1,487,012 4.5 5.0 -0.5
Barings Core Property Fund LP 1,487,012 4.5 5.0 -0.5
Real Assets 1,193,350 3.6 3.5 0.1
DWS RREEF Real Assets Fund R6 1,193,350 3.6 3.5 0.1
Asset Allocation
Town Plan As of March 31, 202623
Historical Performance
Portfolio (08/1994) Portfolio Benchmark (08/1994)
0.0
6.0
12.0
18.0
-6.0
Return (%)
QTD 1
Year
3
Years
5
Years
10
Years
FA Incep
Dec-2012
Since
Inception
-0.9
13.9
10.7
5.6
7.5 7.2 7.6
-0.9
12.3
9.6
4.9
7.2 6.9 7.2
Summary of Cash Flows
QTD 1
Year
Since
Inception
Board of Education
Beginning Market Value 33,434,563 29,955,745 3,743,350
Net Contributions -681,564 -1,145,208 -4,240,125
Gain/Loss -271,023 3,671,440 32,978,752
Ending Market Value 32,481,977 32,481,977 32,481,977
Current Benchmark Composition
From Date To Date
06/2024 Present 37.50% Blmbg. U.S. Aggregate, 33.00% Russell 3000 Index,
18.50% MSCI AC World ex USA (Net), 2.50% MSCI Emerging
Markets (Net), 5.00% NCREIF Fund Index - ODCE (net), 3.50%
Diversified Real Asset Blended Index
Portfolio Allocation
Short Term Liquidity Fixed Income Domestic Equity
International Equity Real Estate Real Assets
Short Term Liquidity
2.0%
Fixed Income
37.2%
Real Assets
3.7%
Real Estate
3.8%
International Equity
20.5%
Domestic Equity
32.9%
Actual vs. Target Allocations
Target Actual Differences
0.0% 15.0% 30.0% 45.0% 60.0%-15.0 %
Real Assets
$1,188,713
Real Estate
$1,239,177
International Equity
$6,644,618
Domestic Equity
$10,694,758
Fixed Income
$12,073,805
Short Term Liquidity
$640,906
3.5%
5.0%
21.0%
33.0%
37.5%
0.0%
3.7%
3.8%
20.5%
32.9%
37.2%
2.0%
0.2%
-1.2 %
-0.5 %
-0.1 %
-0.3 %
2.0%
Portfolio Dashboard
Board of Education As of March 31, 2026
Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.24
Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Board of Education 32,481,977 100.0 100.0 0.0
Short Term Liquidity 640,906 2.0 0.0 2.0
AllSpring Govt Money Market Fund 640,906 2.0 0.0 2.0
Fixed Income 12,073,805 37.2 37.5 -0.3
Dodge & Cox Income 4,817,662 14.8 15.0 -0.2
Hartford Total Return Bond R6 4,796,040 14.8 15.0 -0.2
BlackRock Strategic Income Opportunities K 2,460,104 7.6 7.5 0.1
Domestic Equity 10,694,758 32.9 33.0 -0.1
Vanguard Institutional Index I 8,739,108 26.9 26.0 0.9
Neuberger Genesis Fund Class R6 1,955,650 6.0 7.0 -1.0
International Equity 6,644,618 20.5 21.0 -0.5
Hartford International Opportunities R6 5,858,919 18.0 18.5 -0.5
Vanguard Emerging Markets Stock Adm 785,699 2.4 2.5 -0.1
Real Estate 1,239,177 3.8 5.0 -1.2
Barings Core Property Fund LP 1,239,177 3.8 5.0 -1.2
Real Assets 1,188,713 3.7 3.5 0.2
DWS RREEF Real Assets Fund R6 1,188,713 3.7 3.5 0.2
Asset Allocation
Board of Education As of March 31, 202625
Historical Performance
Portfolio (08/1994) Portfolio Benchmark (08/1994)
0.0
6.0
12.0
18.0
-6.0
Return (%)
QTD 1
Year
3
Years
5
Years
10
Years
FA Incep
Dec-2012
Since
Inception
-0.9
13.9
10.7
5.6
7.5 7.2 7.6
-0.9
12.1
9.4
4.9
7.2 6.8 7.3
Summary of Cash Flows
QTD 1
Year
Since
Inception
Police Plan
Beginning Market Value 25,625,128 22,430,262 3,402,802
Net Contributions -398,589 -157,017 -6,931,574
Gain/Loss -211,757 2,741,536 28,543,554
Ending Market Value 25,014,782 25,014,782 25,014,782
Current Benchmark Composition
From Date To Date
06/2024 Present 37.50% Blmbg. U.S. Aggregate, 33.00% Russell 3000 Index,
18.50% MSCI AC World ex USA (Net), 2.50% MSCI Emerging
Markets (Net), 5.00% NCREIF Fund Index - ODCE (net), 3.50%
Diversified Real Asset Blended Index
Portfolio Allocation
Short Term Liquidity Fixed Income Domestic Equity
International Equity Real Estate Real Assets
Short Term Liquidity
1.0%
Fixed Income
37.1%
Real Assets
4.0%
Real Estate
4.6%
International Equity
20.8%
Domestic Equity
32.4%
Actual vs. Target Allocations
Target Actual Differences
0.0% 15.0% 30.0% 45.0% 60.0%-15.0 %
Real Assets
$1,000,634
Real Estate
$1,156,565
International Equity
$5,215,118
Domestic Equity
$8,109,265
Fixed Income
$9,277,880
Short Term Liquidity
$255,320
3.5%
5.0%
21.0%
33.0%
37.5%
0.0%
4.0%
4.6%
20.8%
32.4%
37.1%
1.0%
0.5%
-0.4 %
-0.2 %
-0.6 %
-0.4 %
1.0%
Portfolio Dashboard
Police Plan As of March 31, 2026
Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.26
Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Police Plan 25,014,782 100.0 100.0 0.0
Short Term Liquidity 255,320 1.0 0.0 1.0
AllSpring Govt Money Market Fund 255,320 1.0 0.0 1.0
Fixed Income 9,277,880 37.1 37.5 -0.4
Dodge & Cox Income 3,712,505 14.8 15.0 -0.2
Hartford Total Return Bond R6 3,700,648 14.8 15.0 -0.2
BlackRock Strategic Income Opportunities K 1,864,726 7.5 7.5 0.0
Domestic Equity 8,109,265 32.4 33.0 -0.6
Vanguard Institutional Index I 6,441,517 25.8 26.0 -0.2
Neuberger Genesis Fund Class R6 1,667,748 6.7 7.0 -0.3
International Equity 5,215,118 20.8 21.0 -0.2
Hartford International Opportunities R6 4,584,571 18.3 18.5 -0.2
Vanguard Emerging Markets Stock Adm 630,548 2.5 2.5 0.0
Real Estate 1,156,565 4.6 5.0 -0.4
Barings Core Property Fund LP 1,156,565 4.6 5.0 -0.4
Real Assets 1,000,634 4.0 3.5 0.5
DWS RREEF Real Assets Fund R6 1,000,634 4.0 3.5 0.5
Asset Allocation
Police Plan As of March 31, 202627
Section 3 OPEB Trust Review
Simsbury OPEB
Proposed Portfolio Changes
www.FiducientAdvisors.com
Manager/Fund Name Mandate/Style Vehicle Symbol Liquidity Investment
Expense* Current Allocation
Proposed
Allocation
Cash
Bank Sweep Cash & Cash Equivalents Sweep N/A Daily 0.0% 0.0%
Total Cash 0.0% 0.0%
Fixed Income
iShares Tips Bond ETF TIPS ETF TIP Daily 0.18% 17.5% 4.5%
iShares Core U.S. Aggregate Bond ETF Core ETF AGG Daily 0.03% 17.5%
Fidelity® US Bond Index Core Mutual Fund FXNAX Daily 0.025% 30.5%
Total Fixed Income 35.0% 35.0%
Domestic Equity
iShares Core S&P 500 ETF Large Cap (Passive) ETF IVV Daily 0.03% 26.0%
iShares Russell Mid-Cap ETF Mid Cap (Passive) ETF IWR Daily 0.19% 6.0%
iShares Russell 2000 ETF Small Cap (Passive) ETF IWM Daily 0.19% 3.0%
Fidelity® 500 Index Large Cap (Passive) Mutual Fund FXAIX Daily 0.015% 25.5%
Fidelity® Mid Cap Index Mid Cap (Passive) Mutual Fund FSMDX Daily 0.025% 7.5%
Fidelity® Small Cap Index Small Cap (Passive) Mutual Fund FSSNX Daily 0.025% 5.0%
Total Domestic Equity 35.0% 38.0%
International Equity
iShares MSCI EAFE ETF International Blend ETF EFA Daily 0.32% 19.0%
iShares MSCI Emerging Markets ETF Emerging Markets Blend ETF EEM Daily 0.72% 6.0%
Fidelity® International Index International Blend Mutual Fund FSPSX Daily 0.035% 15.5%
Fidelity® Emerging Markets Idx Emerging Markets Blend Mutual Fund FPADX Daily 0.075% 7.0%
Total International Equity 25.0% 22.5%
Real Estate
iShares Cohen & Steers REIT ETF Domestic REITs (Passive) ETF ICF Daily 0.33% 5.0%
Fidelity Real Estate Index Domestic REITs (Passive) Mutual Fund FSRNX Daily 0.07% 4.5%
Total Real Estate 5.0% 4.5%
Portfolio Totals 100.0% 100.0%
Weighted Average Investment Expense 0.18% 0.04%
*Investment Expense for Mutual Funds represents the net expense ratio sourced from Morningstar
**Fiducient Advisors has b een engaged as a plan consultant b y retirement plans sponsored b y various investment management companies, including Cohen & Steers Capital. All fees paid to Fiducient Advisors are for
investment consulting services only. Use of this investment manager b y a client is b ased solely on merit; Fiducient Advisors does not receive any additional compensation29
Investment Policy Statement
A well-written Investment Policy Statement serves as the blueprint for the management of the
investment program. As such, there are certain criteria that are required in an IPS, and other criteria
that may or may not be included based on the organization’s circumstances:
www.FiducientAdvisors.com
In the appendix, you will find the most
recent IPS on file for the Simsbury OPEB.
• The body of the IPS is as of May
2017, and the asset allocation table in
Appendix A is as of May 2017.
• The IPS was most recently
reviewed/approved by the Investment
Committee in September 2022.
• There are no recommendations for
change at this point in time.
Important elements of an IPS to consider:
Investment objective(s) 
Assignment of responsibilities 
Asset allocation framework 
Rebalancing guidelines 
Selection and monitoring criteria for
investment strategies 
Termination guidelines for investment
strategies 30
Town of Simsbury OPEB Trust page 7
Appendix A
Target Asset Allocation Table
Asset Class Min
Weight
Target
Weight
Max
Weight
Benchmark
Indices
Fixed Income 25.0% 35.0% 45.0%
Bloomberg Barclays
Aggregate Index,
Bloomberg Barclays
U.S. TIPS Index
Domestic Equities 25.0% 35.0%
38.0% 45.0%
S&P 500 Index,
Russell Midcap
Index, Russell 2000
Index
International Equities 15.0% 25.0%
22.5% 35.0%
MSCI EAFE Index,
MSCI Emerging
Markets Index
Real Estate 0.0% 5.0%
4.5% 10.0%
FTSE EPRA/NAREIT
Developed ex U.S.
Index, Cohen Steers
Realty Majors Index31
Historical Performance
Portfolio (06/2008) Portfolio Benchmark (06/2008)
0.0
6.0
12.0
18.0
24.0
-6.0
Return (%)
QTD Fiscal
YTD
1
Year
3
Years
5
Years
10
Years
Since
Inception
-0.9
6.3
13.6
11.1
6.0
7.7 6.3
-0.1
7.4
14.7
11.2
6.0 7.7 6.3
Summary of Cash Flows
QTD Fiscal
YTD
1
Year
Since
Inception
Simsbury OPEB
Beginning Market Value 28,833,398 26,827,214 25,107,926 1,364,267
Net Contributions - - - 10,385,959
Gain/Loss -25,453 1,980,732 3,700,020 17,057,719
Ending Market Value 28,807,945 28,807,945 28,807,945 28,807,945
Current Benchmark Composition
From Date To Date
09/2024 Present 17.50% Blmbg. U.S. Aggregate, 17.50% Blmbg. U.S. TIPS,
26.00% S&P 500, 6.00% Russell Midcap Index, 3.00% Russell
2000 Index, 19.00% MSCI EAFE (Net), 6.00% MSCI Emerging
Markets (Net), 5.00% Cohen Steers Realty Majors Index
Portfolio Allocation
Total Short Term Liquidity Total Fixed Income Total Domestic Equity
Total International Equity Total Real Estate
Total Short Term Liquidity
0.1%
Total Fixed Income
36.2%
Total Real Estate
5.1%
Total International Equity
24.5%
Total Domestic Equity
34.1%
Actual vs. Target Allocations
Target Actual Differences
0.0% 15.0% 30.0% 45.0%-15.0 %
Total Real Estate
$1,470,638
Total International Equity
$7,051,671
Total Domestic Equity
$9,817,509
Total Fixed Income
$10,429,431
Total Short Term Liquidity
$38,696
5.0%
25.0%
35.0%
35.0%
0.0%
5.1%
24.5%
34.1%
36.2%
0.1%
0.1%
-0.5 %
-0.9 %
1.2%
0.1%
Portfolio Dashboard
Simsbury OPEB As of March 31, 2026
Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.32
Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Simsbury OPEB 28,807,945 100.0 100.0 0.0
Total Short Term Liquidity 38,696 0.1 0.0 0.1
Money Market Fund 38,696 0.1 0.0 0.1
Total Fixed Income 10,429,431 36.2 35.0 1.2
iShares TIPS Bond ETF 5,210,856 18.1 17.5 0.6
iShares Core U.S. Aggregate Bond ETF 5,218,575 18.1 17.5 0.6
Total Domestic Equity 9,817,509 34.1 35.0 -0.9
iShares Core S&P 500 ETF 7,284,082 25.3 26.0 -0.7
iShares Russell Midcap Index Fund 1,702,993 5.9 6.0 -0.1
iShares Russell 2000 ETF 830,434 2.9 3.0 -0.1
Total International Equity 7,051,671 24.5 25.0 -0.5
iShares MSCI EAFE ETF 5,351,683 18.6 19.0 -0.4
iShares MSCI Emerging Markets ETF 1,699,989 5.9 6.0 -0.1
Total Real Estate 1,470,638 5.1 5.0 0.1
iShares Cohen & Steers REIT ETF 1,470,638 5.1 5.0 0.1
Asset Allocation
Simsbury OPEB As of March 31, 202633
Section 4 DC Plan Reviews34
www.FiducientAdvisors.com
Fiduciary Governance Calendar
• Investment Review
• Administrative Fee
Review
• Investment Expense
Analysis
• Benchmarking and
Trends
• Recordkeeper
Negotiations
Fiduciary Trail®
• Investment Review
• Investment Menu
Review
• Asset Class Updates
• Trends and Best
Practices
• Stable Value/Fixed
Account Review
• QDIA Analysis
• Investment Review
• Regulatory and Legislative
Update
• Litigation Trends
• Committee Best Practices
• Investment Policy
Statement Review
• Investment Review
• Recordkeeper Services
Update
• Plan Demographic
Review/Benchmarking
• Education and Advice
Review¹
• Cybersecurity Review
Fiduciary Lockbox®
¹ Plan Sponsors should prudently select and monitor participant advice and managed accounts providers.
Q1 Investment
Focus
Q2
Fee Focus
Q3Q4 Participant
Focus
Practice and
Policy Focus35
Plan Fees
www.FiducientAdvisors.com
ERISA requires fiduciaries to carry out their responsibilities prudently and solely in the interest of the
plan’s participants and beneficiaries. Among other duties, fiduciaries have a responsibility to ensure that
the services provided to their plan are necessary and that the costs of those services are reasonable.1
Composition of Plan Fees
¹ Source: EBSA Publications
Investment Fees:
Related to the
management of investment
options (investment
management fees, 12b-1,
etc.).
Administration Fees:
Day-to-day operation of the
plan (recordkeeping,
communication/education,
etc.).
Individual Service Fees:
Related to optional
“elected” services (loans,
distributions, etc.).
Other Fees:
Miscellaneous fees (legal,
audit, advisory/consulting,
etc.).
Exclusive Purpose Rule
Plan assets must:
Only be used to provide benefits or defray necessary and
reasonable expenses of administering the Plan.36
Annual Fee Review Best Practices
www.FiducientAdvisors.com
 Quantify plan fees
(direct – indirect).
 Recognize all revenue
sharing agreements.
 Review the plan pricing
model.
 Identify the costs on a per-
participant basis.
 Review who pays for plan
fees and how plan fees
are allocated.
 Evaluate investment
vehicles and share
classes used by the plan.
 Review Plan level
accounts (e.g., ERISA
Budget Account, Revenue
Credit Account,
Forfeitures) and utilization.
 Monitor Float income and
how it is allocated.
 Benchmark plan fees
relative to peers to
determine
reasonableness.
 Negotiate with the
recordkeeper, as needed,
to improve the costs of the
plan.
 Periodically conduct a
recordkeeper request for
proposal (RFP).
Understand the Fees Evaluate & Monitor Benchmark Plan Fees37
Pricing Considerations
www.FiducientAdvisors.com
Describes how fees are allocated.
Per capita: Fees are assessed as a fixed amount per
participant.
Pro rata: Fees are assessed as a fixed percentage.
Revenue sharing: A funding mechanism in which
revenue generated by funds in the investment menu are
used to cover plan-level administrative expenses. This
may be applied in conjunction with per capita or pro rata
fee allocations.
Describes how the fees are calculated.
Per participant: Fixed dollar amount for each participant
in the plan.
Asset-based: Based on a percentage of total plan
assets.
Bundled: Recordkeeping and administrative services are
packaged with investment options, with fees typically
embedded in fund expenses rather than charged
separately.
Combination: Uses multiple pricing approaches, such as
a fixed per-participant fee together with an asset-based
fee.
Pricing Model Fee Allocation Method
Overall < $5MM $5MM–$50MM $50MM–$200MM $200MM–$1B $1B+
Both 10% 14% 10% 4% 9% 10%
Employer 25% 29% 29% 25% 16% 14%
Plan (via participants) 66% 57% 61% 71% 75% 77%
0%
25%
50%
75%
100%
Who Pays Recordkeeping Fees1
¹ Source: 2026 PlanSponsor Defined Contribution Survey. Rounding may cause totals to not equal 100%.38
Trends – Per Participant Pricing1
www.FiducientAdvisors.com
17%
42%
58% 68%
42%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2015
(All Plans)
2020
(All Plans)
2025
(All Plans)
2025
401(k)
2025
403(b)
Utilization of Per Participant Pricing Model over
Time
 Per participant pricing has seen
increased popularity over time,
particularly in plans with a larger
amount of assets and participants.
 Plans using a per participant pricing
model increased year over year by
approximately 14%, rising from 51%
in 2024 to 58% in 2025.
 78% of plans with over $100 million
in plan assets utilize a per
participant pricing structure.
 Reduces the linkage between
recordkeeping fees and fluctuations
in plan assets.
¹ Source: Institutional Consultant’s Plan Survey. Actual services and other fees may vary by client. Data as of 12/31/25.
$1 -$20M $20 -
$50M
$50-
$100M
$100 -
$250M
$250 -
$500M
$500M -
$1B $1B -$2B $2B +
All Plans 13% 29% 43% 66% 72% 91% 100% 100%
401(k) 25% 31% 53% 70% 78% 92% 100% 100%
403(b) 0% 21% 23% 57% 67% 82% 100% 100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Per Participant Pricing Model by Plan Type and
Asset Size39
www.FiducientAdvisors.com
Trends – Collective Investment Trusts (CITs)*
 Collective Investment Trusts (CITs) are pooled
investment vehicles designed for qualified
retirement plans and commonly used as
lower-cost alternatives to mutual funds.
 Larger plans continue to lead CIT utilization, with
availability increasingly expanding to plans of all
sizes.
 Regulatory and industry developments, including
broader availability across recordkeepers and
platforms, have supported continued growth in
CIT adoption within defined contribution plans.
 CIT implementation process varies by fiduciary
service model.
 In a 3(21) relationship, documentation is
executed by the plan sponsor with
assistance from the advisor.
 In a 3(38) relationship, the
advisor/investment manager typically
executes the paperwork on the plan’s
behalf.
*As of 3/31/26 CITs can not be accessed in 403(b) Plans.
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Trillions
CITs Have Become the Predominant
Vehicle for Target Date Assets1
Mutual Fund CIT
CIT vs. Mutual Fund Costs2
1Source: Source: Morningstar Direct and surveyed data. Data as of Dec. 31, 2025. Totals do not
include custom target-date strategies.
2Source: Morningstar, 2025 Retirement Plan Landscape Report.
Mutual Fund
Active
CIT CIT
Passive
Mutual Fund
~2.5x
lower
~2.3x
lower40
www.FiducientAdvisors.com
Source: Fiducient Advisors
ERISA 3(21)
Consulting
Fiducient monitors
managers and makes
suggestions for changes,
when necessary. Final
decision rests with Plan
Sponsor.
Plan Sponsor is
responsible for notifying
recordkeeper of
investment menu
changes.
ERISA 3(38) TDF
Only
Fiducient selects and
monitors target date
manager and makes
changes, as necessary.
Fiducient is responsible
for notifying recordkeeper
of changes to the target
date fund manager and
completing related
documents.
The core menu decision
making remains with the
Plan Sponsor.
ERISA 3(38)
Management
Fiducient selects and
monitors managers across
investment menu and
makes changes, as
necessary.
Fiducient is responsible
for notifying recordkeeper
of investment menu
changes and completing
related documents.
May reduce fiduciary
liability for the Plan
Sponsor.
Trends – Types of Fiduciary Oversight41
www.FiducientAdvisors.com
$1 - $20M $20 -
$50M
$50 -
$100M
$100 -
$250M
$250 -
$500M
$500M -
$1B $1B - $2B $2B +
Total 62 88 106 141 109 58 31 27
401(k) 35 42 65 86 72 44 28 25
403(b) 19 33 35 53 33 11 2 2
Other 8 13 6 2 4 3 1 0
0
20
40
60
80
100
120
140
160
Number of Plans by Asset Size
Survey Demographics*
 Average Plan:
 $450.9 million in assets
 3,684 participants
 Median Plan:
 $138.1 million in assets
 1,010 participants
 622 Defined Contribution Plans
 $271.5 billion in aggregate
assets
 2.18 million participants
 22 recordkeepers
Benchmarking Survey Overview1
<100 100-500 500-1,000 1,000-
2,500
2,500-
5,000
5,000-
1,0000
10,000-
20,000 20,000+
Total 46 160 124 147 74 36 20 15
401(k) 31 96 73 82 60 27 18 14
403(b) 11 52 43 58 11 7 2 1
Other 4 12 8 7 3 2 0 0
0
20
40
60
80
100
120
140
160
180 Number of Plans by Participant Count
¹ Source: Institutional Consultant’s Plan Survey. Actual services and other fees may vary by client. Data is inclusive of ERISA/PERA accounts. As of 12/31/25.
*Numbers as of 12/31/25 are approximate.42
Estimated Fee Review1 – 457 Plan
www.FiducientAdvisors.com
As of 12/31/25
¹ Source: MissionSquare as of 12/31/25
2 Loan Balances not included
Plan fiduciaries should always review their Plan document and/or other documents associated with the Plan to ensure the use of revenue sharing to help offset Plan fees and
expenses is permissible. Because Fiducient Advisors does not provide legal or tax advice, Plan Fiduciaries should consult with their legal counsel for additional information.
Fund Name
12/31/2025
Assets2 Fees (%) Fees ($)
Estimated
Revenue
Sharing (%)
Estimated
Recordkeeping
Offset ($)
T. Rowe Price Retirement 2005 I Class $0 0.340% $0 0.000% $0
T. Rowe Price Retirement 2010 I Class $0 0.340% $0 0.000% $0
T. Rowe Price Retirement 2015 I Class $238,265 0.340% $810 0.000% $0
T. Rowe Price Retirement 2020 I Class $252,702 0.360% $910 0.000% $0
T. Rowe Price Retirement 2025 I Class $144 0.370% $1 0.000% $0
T. Rowe Price Retirement 2030 I Class $1,274,434 0.390% $4,970 0.000% $0
T. Rowe Price Retirement 2035 I Class $251,610 0.410% $1,032 0.000% $0
T. Rowe Price Retirement 2040 I Class $854,690 0.420% $3,590 0.000% $0
T. Rowe Price Retirement 2045 I Class $44,385 0.430% $191 0.000% $0
T. Rowe Price Retirement 2050 I Class $1,363,644 0.440% $6,000 0.000% $0
T. Rowe Price Retirement 2055 I Class $23,171 0.450% $104 0.000% $0
T. Rowe Price Retirement 2060 I Class $131,681 0.460% $606 0.000% $0
MissionSquare PLUS Fund R10 $3,709,408 0.540% $20,031 0.000% $0
Fidelity US Bond Index $190,128 0.025% $48 0.000% $0
Dodge & Cox Income X $331,766 0.330% $1,095 0.000% $0
Fidelity Large Cap Value Index $53,068 0.035% $19 0.000% $0
MFS Value R6 $957,049 0.440% $4,211 0.000% $0
Fidelity 500 Index $6,156,628 0.015% $923 0.000% $0
Fidelity Large Cap Growth Index $384,693 0.035% $135 0.000% $0
T. Rowe Price Growth Stock I $2,196,924 0.520% $11,424 0.000% $0
Fidelity Mid Cap Value Index $49,758 0.050% $25 0.000% $0
Vanguard Explorer Value Inv $583,298 0.540% $3,150 0.000% $0
Fidelity Extended Market Index $169,229 0.035% $59 0.000% $0
Fidelity Mid Cap Growth Index $53,127 0.050% $27 0.000% $0
Eaton Vance Atlanta Capital SMID-Cap R6 $692,108 0.810% $5,606 0.000% $0
Fidelity Small Cap Value Index $62,734 0.050% $31 0.000% $0
Fidelity Small Cap Growth Index $14,002 0.050% $7 0.000% $0
Fidelity Total International Index $343,614 0.060% $206 0.000% $0
Hartford International Opportunities R6 $438,950 0.690% $3,029 0.000% $0
Total Assets $20,821,207 0.328% $68,238 0.000% $0
# of participants = 192
Estimated Fee for Recordkeeping & Admin 0.159% $33,106 0.159% $33,106
Weighted Average Plan Cost/Recordkeeping & Admin Rev Rec'd 0.487% $101,343 0.159% $33,106
Average Account Balance / Total Per Participant Costs $108,444 $528 $172
Per MissionSquare, the
current required revenue
is 0.159%.
Balance in Forfeitures as
of 12/31/25: $0
Float not tracked by
recordkeeper43
Estimated Fee Review1 – BOE Plan
www.FiducientAdvisors.com
As of 12/31/25
¹ Source: MissionSquare as of 12/31/25
2 Loan Balances not included
Plan fiduciaries should always review their Plan document and/or other documents associated with the Plan to ensure the use of revenue sharing to help offset Plan fees and
expenses is permissible. Because Fiducient Advisors does not provide legal or tax advice, Plan Fiduciaries should consult with their legal counsel for additional information.
Fund Name
12/31/2025
Assets2 Fees (%) Fees ($)
Estimated
Revenue
Sharing (%)
Estimated
Recordkeeping
Offset ($)
T. Rowe Price Retirement 2005 I Class $0 0.340% $0 0.000% $0
T. Rowe Price Retirement 2010 I Class $5,185 0.340% $18 0.000% $0
T. Rowe Price Retirement 2015 I Class $0 0.340% $0 0.000% $0
T. Rowe Price Retirement 2020 I Class $21,457 0.360% $77 0.000% $0
T. Rowe Price Retirement 2025 I Class $121,405 0.370% $449 0.000% $0
T. Rowe Price Retirement 2030 I Class $161,527 0.390% $630 0.000% $0
T. Rowe Price Retirement 2035 I Class $207,184 0.410% $849 0.000% $0
T. Rowe Price Retirement 2040 I Class $252,455 0.420% $1,060 0.000% $0
T. Rowe Price Retirement 2045 I Class $129,740 0.430% $558 0.000% $0
T. Rowe Price Retirement 2050 I Class $123,050 0.440% $541 0.000% $0
T. Rowe Price Retirement 2055 I Class $26,366 0.450% $119 0.000% $0
T. Rowe Price Retirement 2060 I Class $51,148 0.460% $235 0.000% $0
MissionSquare PLUS Fund R10 $771,061 0.540% $4,164 0.000% $0
Fidelity US Bond Index $18,082 0.025% $5 0.000% $0
Dodge & Cox Income X $0 0.330% $0 0.000% $0
Fidelity Large Cap Value Index $0 0.035% $0 0.000% $0
MFS Value R6 $17,058 0.440% $75 0.000% $0
Fidelity 500 Index $180,437 0.015% $27 0.000% $0
Fidelity Large Cap Growth Index $96,256 0.035% $34 0.000% $0
T. Rowe Price Growth Stock I $123,297 0.520% $641 0.000% $0
Fidelity Mid Cap Value Index $1,558 0.050% $1 0.000% $0
Vanguard Explorer Value Inv $22,345 0.540% $121 0.000% $0
Fidelity Extended Market Index $81,808 0.035% $29 0.000% $0
Fidelity Mid Cap Growth Index $0 0.050% $0 0.000% $0
Eaton Vance Atlanta Capital SMID-Cap R6 $25,966 0.810% $210 0.000% $0
Fidelity Small Cap Value Index $0 0.050% $0 0.000% $0
Fidelity Small Cap Growth Index $0 0.050% $0 0.000% $0
Fidelity Total International Index $5,983 0.060% $4 0.000% $0
Hartford International Opportunities R6 $49,990 0.690% $345 0.000% $0
Total Assets $2,493,356 0.409% $10,191 0.000% $0
# of participants = 172
Estimated Fee for Recordkeeping & Admin 0.159% $3,964 0.159% $3,964
Weighted Average Plan Cost/Recordkeeping & Admin Rev Rec'd 0.568% $14,156 0.159% $3,964
Average Account Balance / Total Per Participant Costs $14,496 $82 $23
Per MissionSquare, the
current required revenue
is 0.159%.
Balance in Forfeitures as
of 12/31/25: $3
Float not tracked by
recordkeeper44
Estimated Fee Review1 – 401(a) Plan
www.FiducientAdvisors.com
As of 12/31/25
¹ Source: MissionSquare as of 12/31/25
2 Loan Balances not included
Plan fiduciaries should always review their Plan document and/or other documents associated with the Plan to ensure the use of revenue sharing to help offset Plan fees and
expenses is permissible. Because Fiducient Advisors does not provide legal or tax advice, Plan Fiduciaries should consult with their legal counsel for additional information.
Fund Name
12/31/2025
Assets2 Fees (%) Fees ($)
Estimated
Revenue
Sharing (%)
Estimated
Recordkeeping
Offset ($)
T. Rowe Price Retirement 2005 I Class $0 0.340% $0 0.000% $0
T. Rowe Price Retirement 2010 I Class $0 0.340% $0 0.000% $0
T. Rowe Price Retirement 2015 I Class $0 0.340% $0 0.000% $0
T. Rowe Price Retirement 2020 I Class $0 0.360% $0 0.000% $0
T. Rowe Price Retirement 2025 I Class $0 0.370% $0 0.000% $0
T. Rowe Price Retirement 2030 I Class $268,060 0.390% $1,045 0.000% $0
T. Rowe Price Retirement 2035 I Class $49,582 0.410% $203 0.000% $0
T. Rowe Price Retirement 2040 I Class $571,143 0.420% $2,399 0.000% $0
T. Rowe Price Retirement 2045 I Class $67,655 0.430% $291 0.000% $0
T. Rowe Price Retirement 2050 I Class $778,586 0.440% $3,426 0.000% $0
T. Rowe Price Retirement 2055 I Class $106,745 0.450% $480 0.000% $0
T. Rowe Price Retirement 2060 I Class $383,876 0.460% $1,766 0.000% $0
MissionSquare PLUS Fund R10 $14,667 0.540% $79 0.000% $0
Fidelity US Bond Index $8,210 0.025% $2 0.000% $0
Dodge & Cox Income X $4,417 0.330% $15 0.000% $0
Fidelity Large Cap Value Index $4,458 0.035% $2 0.000% $0
MFS Value R6 $1,493 0.440% $7 0.000% $0
Fidelity 500 Index $118,490 0.015% $18 0.000% $0
Fidelity Large Cap Growth Index $96,084 0.035% $34 0.000% $0
T. Rowe Price Growth Stock I $1,401 0.520% $7 0.000% $0
Fidelity Mid Cap Value Index $7,927 0.050% $4 0.000% $0
Vanguard Explorer Value Inv $13,941 0.540% $75 0.000% $0
Fidelity Extended Market Index $27,425 0.035% $10 0.000% $0
Fidelity Mid Cap Growth Index $5,704 0.050% $3 0.000% $0
Eaton Vance Atlanta Capital SMID-Cap R6 $10,599 0.810% $86 0.000% $0
Fidelity Small Cap Value Index $5,897 0.050% $3 0.000% $0
Fidelity Small Cap Growth Index $2,822 0.050% $1 0.000% $0
Fidelity Total International Index $41,934 0.060% $25 0.000% $0
Hartford International Opportunities R6 $17,137 0.690% $118 0.000% $0
Total Assets $2,608,256 0.387% $10,098 0.000% $0
# of participants = 79
Estimated Fee for Recordkeeping & Admin 0.159% $4,147 0.159% $4,147
Weighted Average Plan Cost/Recordkeeping & Admin Rev Rec'd 0.546% $14,245 0.159% $4,147
Average Account Balance / Total Per Participant Costs $33,016 $180 $52
Per MissionSquare, the
current required revenue
is 0.159%.
Balance in Forfeitures as
of 12/31/25: $1,333
Float not tracked by
recordkeeper45
www.FiducientAdvisors.com
Lower Cost Vehicle Availability
CIT Fund Name Assets as of
12/31/25
Current Fund
Expense
Ratio
CIT Expense
Ratio
Estimated Potential
Savings (Utilizing
12/31/25 Assets)*
457 Plan
MFS Large Cap Value CIT 6B $957,049 0.4400% 0.4000% $383
WTC-CIF II International Opportunities Series 1 $438,950 0.6900% 0.5390% $663
BOE Plan
MFS Large Cap Value CIT 6B $180,437 0.4400% 0.4000% $72
WTC-CIF II International Opportunities Series 1 $49,990 0.6900% 0.5390% $75
401(a) Plan
MFS Large Cap Value CIT 6B $1,493 0.4400% 0.4000% $1
WTC-CIF II International Opportunities Series 1 $17,137 0.6900% 0.5390% $26
Total $1,645,056 $1,220
The Plan is eligible for the lower cost investment vehicles below:¹
¹ CIT implementations/share class changes will require additional paperwork.
* Estimated potential savings are based on point in time asset values in the fund. These do not represent the actual savings for the plan or any
participant and are being shown as an estimated value.46
www.FiducientAdvisors.com
Additional Considerations for Target Date Funds – 3(38) Pricing
Fund Name Fund Assets
As of 12/31/25
Current Trust/
Share Class
Current
Expense
Ratio
New Trust/
Share Class
New Expense
Ratio
Estimated Potential
Savings (Utilizing
12/31/25 Plan Assets)*
457 Plan
T. Rowe Price Retirement Trust $4,434,725 I 0.411% G 0.290% $5,366
BOE Plan
T. Rowe Price Retirement Trust $1,099,517 I 0.413% G 0.290% $1,352
401(a) Plan
T. Rowe Price Retirement Trust $2,225,648 I 0.432% G 0.290% $3,160
Total $7,759,890 $9,879
Fiducient Advisors has negotiated pricing for the following target date fund investments, currently available in the
plan. The negotiated pricing is available only under a 3(38) consulting agreement.¹
¹ Contract addendum required, fees subject to change.
* Estimated potential savings are based on point in time asset values in the fund. These do not represent the actual savings for the
plan or any participant and are being shown as an estimated value.47
Benchmarking Summary1
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Weighted Average
Plan Cost
Recordkeeping &
Admin Revenue
Estimated
Revenue
Received for
Recordkeeping
Town of Simsbury 457 Plan 0.487% $33,106
Town of Simsbury BOE Plan 0.568% $3,964
Town of Simsbury 401(a) Plan 0.546% $4,147
$1-$20 Million Average (Active QDIA/Default)2 0.434% 0.234% $18,681
$1-$20 Million Average 0.444% 0.234% $18,681
$20-$50 Million Average (Active QDIA/Default)2 0.447% 0.168% $50,024
$20-$50 Million Average 0.405% 0.168% $50,024
< 100 Participants 0.408% 0.172% $14,563
100 - 500 Participants 0.360% 0.160% $43,206
Total Plans Average 0.307% 0.139% $148,231
Total Plans Median 0.275% 0.110% $84,231
Benchmarking
0.159%
1 Source: Institutional Consultant’s Plan Survey. Actual services and other fees may vary by client. Data is inclusive of ERISA/PERA accounts. Data as of 12/31/25.
2 Weighted Average Plan Cost is the only statistic calculated using the Active or Passive version of the QDIA or Default fund.
457 BOE 401(a)
$20 - $50
Million Peer
Group
Plan Assets $20,821,207 $2,493,356 $2,608,256 $35,004,219
Plan Participants 192 172 79 374
Average Account Balance $108,444 $14,496 $33,016 $150,300
Proprietary Target Date Funds 37.3%
Proprietary Stable Value 51.3%
Managed Accounts 36.4%
No
Yes
Yes
Other Potential Pricing Factors
 Net Cash Flows
 Number of Payrolls/Payroll Frequency
 Participant Education
 Transaction Fees
 Float Income Distribution
 Merger and Acquisition Activity
 Plan Projects
 Fund Changes/Communications
 Additional Compliance Testing
 Other
Potential Pricing Factors48
Plan Benchmarking1
www.FiducientAdvisors.com
0.47%
0.17%
0.29% 0.21%
0.12%
0.56%
3rd Party Averages2
¹ Source: Institutional Consultant’s Plan Survey. Actual services and other fees may vary by client. Data is inclusive of ERISA/PERA accounts. Data as of 12/31/25.
2 Source: RPAG / PlanFees PrismT. Data includes only Investment and Recordkeeping fees. Data as of 12/31/25.
All Plans $1-$20M $20-$50M
Min 0.012% 0.012% 0.050%
25th Percentile 0.070% 0.110% 0.119%
50th Percentile 0.110% 0.200% 0.150%
Average 0.139% 0.234% 0.168%
75th Percentile 0.175% 0.270% 0.180%
Max 1.250% 1.250% 0.780%
Your Plan 0.159%
1 - 25 Percentile =
26 - 50 Percentile =
51 - 75 Percentile =
76 - 100 Percentile =
Average =
0.012% 0.012% 0.050% 0.030% 0.020% 0.020%
1.250% 1.250%
0.780%
0.350%
0.150% 0.205%
0.139% 0.234%
0.168% 0.115% 0.077% 0.073%
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
0.70%
0.80%
0.90%
1.00%
1.10%
1.20%
1.30%
1.40%
All Plans $1-$20M $20-$50M $50-$100M $100-$250M $250M+
Asset Based Recordkeeping Fee149
0.056% 0.112% 0.080% 0.108% 0.097% 0.081% 0.085% 0.070% 0.062%
1.595% 1.595% 1.500%
0.640% 0.578%
1.168%
0.430% 0.327% 0.362%
0.307%
0.444% 0.405% 0.328% 0.274% 0.274% 0.229% 0.197% 0.161%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
All Plans $1-$20M $20-$50M $50-$100M $100-$250M $250-$500M $500M - $1B $1-2B $2B+
Total Plan Fee
Plan Benchmarking1
www.FiducientAdvisors.com
1.12%
1.06%
0.72%
0.88%
0.58%
0.61%
0.48%
3rd Party Averages2
¹ Source: Institutional Consultant’s Plan Survey. Actual services and other fees may vary by client. Data is inclusive of ERISA/PERA accounts. Data as of 12/31/25.
2 Source: RPAG / PlanFees PrismT. Data includes only Investment and Recordkeeping fees. Due to small sample size, $1B+ is not included. Data as of 12/31/25.
All Plans $1-$20M $20-$50M
Min 0.056% 0.112% 0.080%
25th Percentile 0.200% 0.290% 0.287%
50th Percentile 0.275% 0.407% 0.407%
Average 0.307% 0.444% 0.405%
75th Percentile 0.390% 0.560% 0.502%
Max 1.595% 1.595% 1.500%
457 0.487%
BOE 0.568%
401(a) 0.546%
1 - 25 Percentile =
26 - 50 Percentile =
51 - 75 Percentile =
76 - 100 Percentile =
Average =50
Transaction Fees1
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Some recordkeepers assess transaction-based fees (e.g., loans, distributions, QDROs) in addition
to base plan-level administrative costs.
Transaction fees may be paid by individual participants or the plan sponsor, depending on plan
design and recordkeeper practices.
While not always reflected in stated recordkeeping or investment fees, transaction fees can
contribute meaningfully to a plan’s overall cost structure.
Fee Type Fee2 Range of Transaction Fees3
Distribution Fee $0 $0 - $100
Loan Origination Fee $75 $0 - $175
Loan Maintenance Fee $50 $0 - $50
DRO Qualification Fee $500 $0 - $1,800
DRO Processing Fee $0 $0 - $500
Managed Accounts
First $100,000 – 0.50%
Next $200,000 – 0.40%
Next $200,000 – 0.30%
Over $500,000 – 0.20%
0.10% - 0.90%
1 The data may not encompass all the transaction fees paid by participants or the plan sponsor.
2 Source: MissionSquare as of 12/31/25
3 Source: Institutional Consultant’s Plan Survey. Actual services and other fees may vary by client.51
Mar-2026 Dec-2025 Sep-2025 Jun-2025
($) % ($) % ($) % ($) %
T. Rowe Price Retirement 2005 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2010 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2015 I Class 237,099 1.2 238,265 1.1 234,312 1.1 225,103 1.1
T. Rowe Price Retirement 2020 I Class 250,494 1.2 252,702 1.2 321,155 1.5 310,395 1.6
T. Rowe Price Retirement 2025 I Class 143 0.0 144 0.0 19,665 0.1 17,924 0.1
T. Rowe Price Retirement 2030 I Class 1,261,993 6.2 1,274,434 6.1 1,227,413 5.9 1,148,831 5.8
T. Rowe Price Retirement 2035 I Class 262,484 1.3 251,610 1.2 119,552 0.6 105,201 0.5
T. Rowe Price Retirement 2040 I Class 872,725 4.3 854,690 4.1 868,794 4.2 805,736 4.1
T. Rowe Price Retirement 2045 I Class 205,058 1.0 44,385 0.2 42,575 0.2 37,809 0.2
T. Rowe Price Retirement 2050 I Class 1,360,706 6.7 1,363,644 6.5 1,308,529 6.3 1,200,203 6.1
T. Rowe Price Retirement 2055 I Class 25,521 0.1 23,171 0.1 22,014 0.1 35,662 0.2
T. Rowe Price Retirement 2060 I Class 146,065 0.7 131,681 0.6 115,183 0.6 99,137 0.5
Target Date Funds 4,622,288 22.7 4,434,725 21.3 4,279,192 20.5 3,986,002 20.2
MissionSquare PLUS Fund R10 3,803,626 18.7 3,709,408 17.8 3,746,818 18.0 3,637,049 18.4
Stable Value / Money Market Funds 3,803,626 18.7 3,709,408 17.8 3,746,818 18.0 3,637,049 18.4
Fidelity US Bond Index 194,465 1.0 190,128 0.9 183,367 0.9 186,663 0.9
Dodge & Cox Income X 347,454 1.7 331,766 1.6 320,057 1.5 308,232 1.6
Fixed Income Funds 541,919 2.7 521,893 2.5 503,424 2.4 494,895 2.5
Fidelity Large Cap Value Index 74,104 0.4 53,068 0.3 54,465 0.3 29,732 0.2
MFS Value Fund R6 977,631 4.8 957,049 4.6 1,099,045 5.3 1,056,099 5.4
Fidelity 500 Index 5,768,722 28.4 6,156,628 29.6 6,161,681 29.5 5,729,306 29.1
Fidelity Large Cap Growth Index 360,038 1.8 384,693 1.8 327,143 1.6 296,266 1.5
T. Rowe Price Growth Stock I 1,888,671 9.3 2,196,924 10.6 2,189,515 10.5 2,037,450 10.3
Fidelity Mid Cap Value Index 29,102 0.1 49,758 0.2 45,878 0.2 52,353 0.3
Vanguard Explorer Value Inv 605,215 3.0 583,298 2.8 558,953 2.7 513,476 2.6
Fidelity Extended Market Index 169,414 0.8 169,229 0.8 218,898 1.0 207,103 1.1
Fidelity Mid Cap Growth Index 48,694 0.2 53,127 0.3 109,036 0.5 54,602 0.3
Eaton Vance Atlanta Capital SMID-Cap R6 606,823 3.0 692,108 3.3 759,937 3.6 815,079 4.1
Fidelity Small Cap Value Index 75,610 0.4 62,734 0.3 58,407 0.3 42,781 0.2
Fidelity Small Cap Growth Index 13,851 0.1 14,002 0.1 10,989 0.1 14,920 0.1
Domestic Equity Funds 10,617,875 52.2 11,372,617 54.6 11,593,947 55.6 10,849,168 55.0
Fidelity Total International Index 319,007 1.6 343,614 1.7 340,209 1.6 310,396 1.6
Hartford International Opportunities R6 423,591 2.1 438,950 2.1 400,976 1.9 439,326 2.2
International Equity Funds 742,598 3.7 782,563 3.8 741,185 3.6 749,722 3.8
Town of Simsbury 457 Plan 20,328,306 100.0 20,821,207 100.0 20,864,567 100.0 19,716,835 100.0
Asset Allocation
Simsbury DC As of March 31, 2026
Source: MissionSquare52
Mar-2026 Dec-2025 Sep-2025 Jun-2025
($) % ($) % ($) % ($) %
T. Rowe Price Retirement 2005 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2010 I Class 5,337 0.2 5,185 0.2 4,898 0.2 4,655 0.2
T. Rowe Price Retirement 2015 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2020 I Class 24,903 1.0 21,457 0.9 16,929 0.7 13,776 0.6
T. Rowe Price Retirement 2025 I Class 126,412 5.0 121,405 4.9 115,840 4.9 107,089 4.8
T. Rowe Price Retirement 2030 I Class 169,966 6.7 161,527 6.5 146,688 6.2 150,057 6.8
T. Rowe Price Retirement 2035 I Class 222,576 8.8 207,184 8.3 185,281 7.9 167,135 7.5
T. Rowe Price Retirement 2040 I Class 247,400 9.7 252,455 10.1 243,446 10.3 209,574 9.5
T. Rowe Price Retirement 2045 I Class 139,500 5.5 129,740 5.2 114,087 4.9 103,544 4.7
T. Rowe Price Retirement 2050 I Class 124,265 4.9 123,050 4.9 118,278 5.0 106,369 4.8
T. Rowe Price Retirement 2055 I Class 30,413 1.2 26,366 1.1 28,468 1.2 24,839 1.1
T. Rowe Price Retirement 2060 I Class 51,938 2.0 51,148 2.1 47,192 2.0 42,162 1.9
Target Date Funds 1,142,710 45.0 1,099,517 44.1 1,021,105 43.4 929,200 42.0
MissionSquare PLUS Fund R10 800,098 31.5 771,061 30.9 737,283 31.3 714,533 32.3
Stable Value / Money Market Funds 800,098 31.5 771,061 30.9 737,283 31.3 714,533 32.3
Fidelity US Bond Index 18,537 0.7 18,082 0.7 17,382 0.7 12,659 0.6
Dodge & Cox Income X - 0.0 - 0.0 - 0.0 - 0.0
Fixed Income Funds 18,537 0.7 18,082 0.7 17,382 0.7 12,659 0.6
Fidelity Large Cap Value Index - 0.0 - 0.0 - 0.0 - 0.0
MFS Value Fund R6 17,556 0.7 17,058 0.7 16,324 0.7 15,468 0.7
Fidelity 500 Index 174,634 6.9 180,437 7.2 165,601 7.0 188,618 8.5
Fidelity Large Cap Growth Index 87,600 3.4 96,256 3.9 94,276 4.0 84,566 3.8
T. Rowe Price Growth Stock I 111,401 4.4 123,297 4.9 119,823 5.1 108,364 4.9
Fidelity Mid Cap Value Index 1,614 0.1 1,558 0.1 1,536 0.1 - 0.0
Vanguard Explorer Value Inv 23,409 0.9 22,345 0.9 21,466 0.9 19,241 0.9
Fidelity Extended Market Index 82,282 3.2 81,808 3.3 79,863 3.4 71,161 3.2
Fidelity Mid Cap Growth Index - 0.0 - 0.0 - 0.0 - 0.0
Eaton Vance Atlanta Capital SMID-Cap R6 25,324 1.0 25,966 1.0 25,379 1.1 25,746 1.2
Fidelity Small Cap Value Index - 0.0 - 0.0 - 0.0 - 0.0
Fidelity Small Cap Growth Index - 0.0 - 0.0 - 0.0 - 0.0
Domestic Equity Funds 523,821 20.6 548,725 22.0 524,268 22.3 513,163 23.2
Fidelity Total International Index 6,153 0.2 5,983 0.2 5,646 0.2 1,932 0.1
Hartford International Opportunities R6 50,509 2.0 49,990 2.0 46,496 2.0 43,380 2.0
International Equity Funds 56,661 2.2 55,973 2.2 52,142 2.2 45,312 2.0
Simsbury BOE MissionSquare Plan 2,541,827 100.0 2,493,356 100.0 2,352,180 100.0 2,214,867 100.0
Asset Allocation
Simsbury DC As of March 31, 2026
Source: MissionSquare53
Mar-2026 Dec-2025 Sep-2025 Jun-2025
($) % ($) % ($) % ($) %
T. Rowe Price Retirement 2005 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2010 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2015 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2020 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2025 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2030 I Class 248,494 9.7 268,060 10.3 248,909 10.3 224,140 10.4
T. Rowe Price Retirement 2035 I Class 25,515 1.0 49,582 1.9 41,467 1.7 32,718 1.5
T. Rowe Price Retirement 2040 I Class 578,706 22.6 571,143 21.9 543,267 22.4 500,144 23.2
T. Rowe Price Retirement 2045 I Class 73,474 2.9 67,655 2.6 59,245 2.4 49,326 2.3
T. Rowe Price Retirement 2050 I Class 619,985 24.2 778,586 29.9 736,557 30.4 671,547 31.1
T. Rowe Price Retirement 2055 I Class 111,852 4.4 106,745 4.1 88,510 3.7 87,170 4.0
T. Rowe Price Retirement 2060 I Class 482,937 18.9 383,876 14.7 347,591 14.4 290,317 13.4
Target Date Funds 2,140,963 83.6 2,225,648 85.3 2,065,545 85.3 1,855,362 85.9
MissionSquare PLUS Fund R10 61,348 2.4 14,667 0.6 13,570 0.6 2,541 0.1
Stable Value / Money Market Funds 61,348 2.4 14,667 0.6 13,570 0.6 2,541 0.1
Fidelity US Bond Index 8,913 0.3 8,210 0.3 7,488 0.3 6,137 0.3
Dodge & Cox Income X 5,099 0.2 4,417 0.2 2,366 0.1 474 0.0
Fixed Income Funds 14,012 0.5 12,627 0.5 9,855 0.4 6,611 0.3
Fidelity Large Cap Value Index 4,455 0.2 4,458 0.2 6,845 0.3 - 0.0
MFS Value Fund R6 1,490 0.1 1,493 0.1 - 0.0 - 0.0
Fidelity 500 Index 111,148 4.3 118,490 4.5 108,673 4.5 99,274 4.6
Fidelity Large Cap Growth Index 92,225 3.6 96,084 3.7 91,498 3.8 74,259 3.4
T. Rowe Price Growth Stock I 1,379 0.1 1,401 0.1 - 0.0 - 0.0
Fidelity Mid Cap Value Index 5,230 0.2 7,927 0.3 7,165 0.3 7,689 0.4
Vanguard Explorer Value Inv 14,941 0.6 13,941 0.5 11,536 0.5 9,891 0.5
Fidelity Extended Market Index 28,015 1.1 27,425 1.1 27,737 1.1 25,584 1.2
Fidelity Mid Cap Growth Index 5,809 0.2 5,704 0.2 4,081 0.2 2,483 0.1
Eaton Vance Atlanta Capital SMID-Cap R6 10,538 0.4 10,599 0.4 8,746 0.4 9,829 0.5
Fidelity Small Cap Value Index 8,749 0.3 5,897 0.2 5,640 0.2 6,341 0.3
Fidelity Small Cap Growth Index 2,704 0.1 2,822 0.1 2,895 0.1 1,305 0.1
Domestic Equity Funds 286,683 11.2 296,242 11.4 274,815 11.3 236,656 11.0
Fidelity Total International Index 36,245 1.4 41,934 1.6 46,373 1.9 46,183 2.1
Hartford International Opportunities R6 20,333 0.8 17,137 0.7 11,599 0.5 12,904 0.6
International Equity Funds 56,577 2.2 59,071 2.3 57,973 2.4 59,087 2.7
Simsbury 401(a) MissionSquare Plan 2,559,583 100.0 2,608,256 100.0 2,421,758 100.0 2,160,256 100.0
Asset Allocation
Simsbury DC As of March 31, 2026
Source: MissionSquare54
T. Rowe Price Retirement Funds
Strategy Overview:
• Launched in 2002, this strategy is run by lead PM Wyatt Lee, but final decisions are made by the T. Rowe Price Asset Allocation
Committee.
• Utilizing internal T. Rowe Price strategies, the glide path is allocated primarily with active strategies.
• Portfolios are chosen based on desired asset class exposure, not the portfolio manager’s assessment of a strategy’s team and
abilities.
• Tactical allocations can be made up to +/- 5% from the glide path. The team tends to look for allocation changes that are based on
a 12 - 18 month timeframe.
• Terminal equity point is 30 years after retirement.
• The strategy can be accessed through both mutual funds and collective trusts.
• The strategy is available in five-year increments (2005 – 2065).
Updates:
• In June 2023, T. Rowe announced the addition of two underlying building blocks: US Hedged Equity and Dynamic Credit, both with
the intent or dampening volatility of the portfolios where held. These strategies are only added to the glide path for vintages 10
years before retirement and into retirement
• In September 2021, T. Rowe announced the addition of the U.S. Structured Research Equity strategy as a building block.
• In May 2020, T. Rowe Price began to implement a change to the strategic glide path for its Retirement Funds, maintaining higher
equity exposures across certain parts of the glide path.
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Market Risk Asset Classes Implementation
Investment Grade Fixed Income Active Short, Active/Passive Intermediate
Non-U.S. Fixed Income Passive Intermediate
Cash Cash, Govt. Money Market
Inflation Risk Asset Classes Implementation
TIPS Passive Intermediate
Real Estate Active Domestic
Commodities Active
Longevity Risk Asset Classes Implementation
Large Cap Equities Active/Passive Value, Core, Growth
Mid Cap Equities Active Core, Growth
Small Cap Equities Active Core, Growth
Non-U.S. Equities Active Value, Core, Growth
Emerging Markets Equities Active Growth, Value
High Yield Bond Active Domestic, Floating Rate
Emerging Markets Bond Active55
Rank
= 1-50 percentile
= 51-75 percentile
= 76-100 percentile
Fund &
Cat Median
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
T. Rowe Price Retirement 2005 I Class -0.3 9.5 8.9 4.3 6.0 0.340 Maintain
T. Rowe Price Retirement 2005 Index -0.8 10.4 9.3 4.9 6.2 -
Target-Date Retirement Median -0.2 8.8 7.7 3.6 4.8 0.660
T. Rowe Price Retirement 2005 I Class Rank 51 34 9 12 4 -
T. Rowe Price Retirement 2010 I Class -0.4 10.0 9.3 4.5 6.4 0.340 Maintain
T. Rowe Price Retirement 2010 Index -0.9 11.0 9.7 5.1 6.7 -
Target-Date 2000-2010 Median -0.1 9.1 7.9 3.8 5.7 0.530
T. Rowe Price Retirement 2010 I Class Rank 75 10 3 13 1 -
T. Rowe Price Retirement 2015 I Class -0.5 10.3 9.6 4.7 6.9 0.340 Maintain
T. Rowe Price Retirement 2015 Index -1.0 11.4 10.1 5.4 7.2 -
Target-Date 2015 Median -0.2 9.9 8.4 4.0 6.1 0.570
T. Rowe Price Retirement 2015 I Class Rank 73 33 3 10 1 -
T. Rowe Price Retirement 2020 I Class -0.5 10.8 10.0 5.0 7.5 0.360 Maintain
T. Rowe Price Retirement 2020 Index -1.1 11.9 10.4 5.6 7.7 -
Target-Date 2020 Median -0.5 10.9 9.0 4.4 6.7 0.650
T. Rowe Price Retirement 2020 I Class Rank 59 54 4 12 1 -
T. Rowe Price Retirement 2025 I Class -0.6 11.4 10.6 5.3 8.2 0.370 Maintain
T. Rowe Price Retirement 2025 Index -1.2 12.5 11.1 6.0 8.5 -
Target-Date 2025 Median -0.6 11.6 9.6 4.8 7.2 0.600
T. Rowe Price Retirement 2025 I Class Rank 48 57 11 17 1 -
T. Rowe Price Retirement 2030 I Class -0.7 12.8 11.7 5.8 8.9 0.390 Maintain
T. Rowe Price Retirement 2030 Index -1.4 14.2 12.3 6.8 9.4 -
Target-Date 2030 Median -0.8 12.7 10.7 5.3 7.9 0.670
T. Rowe Price Retirement 2030 I Class Rank 40 46 6 20 1 -
Manager Performance
Simsbury DC As of March 31, 2026
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized.56
Manager Performance
Simsbury DC As of March 31, 2026
Fund &
Cat Median
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
T. Rowe Price Retirement 2035 I Class -0.8 14.7 13.1 6.6 9.7 0.410 Maintain
T. Rowe Price Retirement 2035 Index -1.6 16.4 13.7 7.7 10.2 -
Target-Date 2035 Median -1.1 14.5 12.1 6.3 8.8 0.630
T. Rowe Price Retirement 2035 I Class Rank 35 43 9 33 11 -
T. Rowe Price Retirement 2040 I Class -0.9 16.1 14.2 7.2 10.3 0.420 Maintain
T. Rowe Price Retirement 2040 Index -1.8 18.0 15.0 8.5 11.0 -
Target-Date 2040 Median -1.3 16.6 13.5 7.2 9.6 0.690
T. Rowe Price Retirement 2040 I Class Rank 31 63 25 49 17 -
T. Rowe Price Retirement 2045 I Class -0.9 17.3 15.1 7.7 10.8 0.430 Maintain
T. Rowe Price Retirement 2045 Index -1.9 19.3 15.8 9.1 11.4 -
Target-Date 2045 Median -1.4 17.9 14.4 7.7 10.1 0.640
T. Rowe Price Retirement 2045 I Class Rank 24 64 25 54 13 -
T. Rowe Price Retirement 2050 I Class -1.0 17.6 15.3 7.9 10.8 0.440 Maintain
T. Rowe Price Retirement 2050 Index -2.0 19.7 16.1 9.2 11.5 -
Target-Date 2050 Median -1.6 18.8 14.8 7.9 10.3 0.690
T. Rowe Price Retirement 2050 I Class Rank 23 70 33 56 16 -
T. Rowe Price Retirement 2055 I Class -1.0 17.8 15.4 7.9 10.8 0.450 Maintain
T. Rowe Price Retirement 2055 Index -2.0 19.9 16.2 9.3 11.5 -
Target-Date 2055 Median -1.6 19.0 15.0 8.0 10.3 0.640
T. Rowe Price Retirement 2055 I Class Rank 17 71 35 56 17 -
T. Rowe Price Retirement 2060 I Class -1.0 17.8 15.4 7.9 10.8 0.460 Maintain
T. Rowe Price Retirement 2060 Index -2.0 19.9 16.2 9.3 11.5 -
Target-Date 2060 Median -1.6 19.3 15.0 8.1 10.5 0.640
T. Rowe Price Retirement 2060 I Class Rank 20 73 35 58 24 -
Target Date Funds - - - - - 0.412
Historical performance of current share class may differ slightly due to share class exchanges and/or blended performance.
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized.57
Rank
= 1-50 percentile
= 51-75 percentile
= 76-100 percentile
Fund &
Cat Median
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
MissionSquare PLUS Fund R10 0.8 3.2 3.0 2.6 2.4 0.540 Maintain
Morningstar US CIT Stable Value Index 0.8 3.1 3.0 2.6 2.4 -
Stable Value / Money Market Funds - - - - - 0.520
Fidelity US Bond Index 0.1 4.3 3.6 0.3 1.7 0.025 Maintain
Blmbg. U.S. Aggregate 0.0 4.3 3.6 0.3 1.7 -
Intermediate Core Bond Median -0.1 4.3 3.6 0.3 1.7 0.520
Fidelity US Bond Index Rank 17 43 50 47 59 -
Dodge & Cox Income X 0.1 5.4 5.1 1.6 3.1 0.330 Maintain
Blmbg. U.S. Aggregate 0.0 4.3 3.6 0.3 1.7 -
Intermediate Core-Plus Bond Median -0.2 4.5 4.2 0.6 2.2 0.650
Dodge & Cox Income X Rank 13 7 11 7 7 -
Fixed Income Funds - - - - - 0.221
Fidelity Large Cap Value Index 2.1 15.9 14.3 9.4 - 0.035 Maintain
Russell 1000 Value Index 2.1 15.9 14.3 9.4 - -
Large Value Median 1.1 14.7 13.9 9.6 - 0.820
Fidelity Large Cap Value Index Rank 36 40 45 56 - -
MFS Value Fund R6 1.1 10.2 12.1 8.6 10.2 0.440 Maintain
Russell 1000 Value Index 2.1 15.9 14.3 9.4 10.6 -
Large Value Median 1.1 14.7 13.9 9.6 10.7 0.820
MFS Value Fund R6 Rank 50 87 75 75 65 -
Manager Performance
Simsbury DC As of March 31, 2026
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized.58
Manager Performance
Simsbury DC As of March 31, 2026
Fund &
Cat Median
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
Fidelity 500 Index -4.3 17.8 18.3 12.0 14.1 0.015 Maintain
S&P 500 -4.3 17.8 18.3 12.1 14.2 -
Large Blend Median -4.4 16.6 17.0 10.7 13.1 0.750
Fidelity 500 Index Rank 49 30 24 18 11 -
Fidelity Large Cap Growth Index -9.8 18.8 21.2 12.7 - 0.035 Maintain
Russell 1000 Growth Index -9.8 18.8 21.2 12.8 - -
Large Growth Median -9.5 16.2 19.2 9.1 - 0.890
Fidelity Large Cap Growth Index Rank 59 28 26 9 - -
T. Rowe Price Growth Stock I -11.2 13.6 18.6 6.4 13.6 0.520 Watch
Russell 1000 Growth Index -9.8 18.8 21.2 12.8 16.8 -
Large Growth Median -9.5 16.2 19.2 9.1 14.5 0.890
T. Rowe Price Growth Stock I Rank 82 68 56 83 71 -
Fidelity Mid Cap Value Index 3.7 17.6 13.1 7.9 - 0.050 Maintain
Russell Midcap Value Index 3.7 17.6 13.1 7.9 - -
Mid-Cap Value Median 2.6 13.5 11.9 7.7 - 0.910
Fidelity Mid Cap Value Index Rank 32 33 36 43 - -
Vanguard Explorer Value Inv 2.7 20.1 12.5 6.6 9.4 0.540 Maintain
Russell 2500 Value Index 4.8 25.4 14.5 7.6 9.9 -
Small Value Median 3.8 18.9 11.1 6.1 9.1 1.090
Vanguard Explorer Value Inv Rank 63 44 33 40 39 -
Mid-Cap Value Median 2.6 13.5 11.9 7.7 9.2 0.910
Vanguard Explorer Value Inv Rank 49 23 42 71 49 -
Fidelity Extended Market Index -1.3 20.8 15.1 4.4 11.0 0.035 Maintain
Dow Jones U.S. Completion Total Stock Market Indx -1.3 20.7 14.9 4.2 10.8 -
Small Blend Median 1.3 19.7 11.2 4.7 9.6 1.000
Fidelity Extended Market Index Rank 89 41 14 58 13 -
Mid-Cap Blend Median 0.9 15.7 11.6 6.7 10.0 0.860
Fidelity Extended Market Index Rank 75 19 14 84 17 -
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized.59
Manager Performance
Simsbury DC As of March 31, 2026
Fund &
Cat Median
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
Fidelity Mid Cap Growth Index -6.4 9.5 12.7 5.3 - 0.050 Maintain
Russell Midcap Growth Index -6.3 9.6 12.7 5.4 - -
Mid-Cap Growth Median -5.4 10.7 10.1 2.2 - 1.020
Fidelity Mid Cap Growth Index Rank 64 57 28 16 - -
Eaton Vance Atlanta Capital SMID-Cap R6 -4.8 -5.8 4.9 3.7 9.5 0.810 Maintain
Russell 2500 Growth Index -3.5 19.3 10.6 1.7 10.5 -
Small Growth Median -1.7 18.8 9.8 1.3 10.4 1.130
Eaton Vance Atlanta Capital SMID-Cap R6 Rank 78 97 84 24 63 -
Mid-Cap Growth Median -5.4 10.7 10.1 2.2 10.5 1.020
Eaton Vance Atlanta Capital SMID-Cap R6 Rank 44 92 85 31 70 -
Fidelity Small Cap Value Index 4.9 28.2 13.9 5.8 - 0.050 Maintain
Russell 2000 Value Index 5.0 28.1 13.8 5.8 - -
Small Value Median 3.8 18.9 11.1 6.1 - 1.090
Fidelity Small Cap Value Index Rank 33 14 20 55 - -
Fidelity Small Cap Growth Index -2.8 23.7 12.4 1.7 - 0.050 Maintain
Russell 2000 Growth Index -2.8 23.6 12.3 1.6 - -
Small Growth Median -1.7 18.8 9.8 1.3 - 1.130
Fidelity Small Cap Growth Index Rank 63 27 29 45 - -
Domestic Equity Funds - - - - - 0.221
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized.60
Manager Performance
Simsbury DC As of March 31, 2026
Fund &
Cat Median
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
Fidelity Total International Index 1.8 27.9 15.3 7.4 - 0.060 Maintain
MSCI AC World ex USA IMI (Net) -0.7 25.3 14.4 6.8 - -
Foreign Large Blend Median 0.8 22.8 14.2 7.4 - 0.890
Fidelity Total International Index Rank 22 17 31 49 - -
Hartford International Opportunities R6 -0.9 21.5 14.1 6.6 8.3 0.690 Maintain
MSCI AC World ex USA (Net) -0.7 24.9 14.5 7.0 8.4 -
Foreign Large Blend Median 0.8 22.8 14.2 7.4 8.4 0.890
Hartford International Opportunities R6 Rank 73 62 52 66 55 -
International Equity Funds - - - - - 0.419
Historical performance of current share class may differ slightly due to share class exchanges and/or blended performance.
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized.61
Rank
= 1-50 percentile
= 51-75 percentile
= 76-100 percentile
Performance(%)
YTD 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
T. Rowe Price Retirement 2005 I Class -0.3 11.5 8.2 12.0 -13.7 8.1 11.2 15.1 -3.3 10.7 6.7
T. Rowe Price Retirement 2005 Index -0.8 12.4 8.7 12.8 -13.5 8.1 12.0 14.9 -2.6 10.1 5.8
Target-Date Retirement Median -0.2 10.5 6.6 10.5 -12.8 5.8 9.1 12.9 -3.4 8.5 5.0
T. Rowe Price Retirement 2005 I Class Rank 51 29 9 6 63 13 11 16 44 15 9
T. Rowe Price Retirement 2010 I Class -0.4 11.9 8.7 12.5 -14.0 8.7 11.9 16.2 -3.6 11.7 7.1
T. Rowe Price Retirement 2010 Index -0.9 13.0 9.1 13.4 -13.9 9.0 12.6 16.0 -3.0 11.2 6.3
Target-Date 2000-2010 Median -0.1 11.2 6.6 9.8 -12.7 5.6 10.4 13.9 -3.4 10.3 6.2
T. Rowe Price Retirement 2010 I Class Rank 75 20 3 4 92 10 4 2 63 10 12
T. Rowe Price Retirement 2015 I Class -0.5 12.3 9.0 12.9 -14.2 9.5 12.6 17.4 -4.2 13.3 7.3
T. Rowe Price Retirement 2015 Index -1.0 13.4 9.5 13.9 -14.2 9.7 13.1 17.4 -3.6 12.9 6.9
Target-Date 2015 Median -0.2 12.0 6.8 10.9 -13.7 7.9 11.2 15.3 -3.9 11.5 6.5
T. Rowe Price Retirement 2015 I Class Rank 73 39 5 5 64 17 7 3 63 12 13
T. Rowe Price Retirement 2020 I Class -0.5 12.7 9.3 13.5 -14.7 10.5 13.2 19.4 -4.9 15.7 7.4
T. Rowe Price Retirement 2020 Index -1.1 13.8 9.9 14.5 -14.6 10.6 13.5 19.4 -4.4 14.9 7.5
Target-Date 2020 Median -0.5 13.0 7.5 11.7 -14.5 8.6 11.0 16.2 -4.5 12.9 6.5
T. Rowe Price Retirement 2020 I Class Rank 59 54 5 4 62 9 15 2 62 2 15
T. Rowe Price Retirement 2025 I Class -0.6 13.1 9.9 14.6 -15.7 11.9 14.7 20.9 -5.6 17.7 7.5
T. Rowe Price Retirement 2025 Index -1.2 14.4 10.5 15.6 -15.4 12.3 14.6 21.4 -5.0 16.7 8.2
Target-Date 2025 Median -0.6 13.3 8.2 12.6 -15.5 9.8 12.5 18.3 -5.4 15.0 7.0
T. Rowe Price Retirement 2025 I Class Rank 48 59 2 3 59 8 7 2 58 1 22
T. Rowe Price Retirement 2030 I Class -0.7 14.6 10.9 16.3 -17.0 13.6 15.9 22.5 -6.3 19.4 7.7
T. Rowe Price Retirement 2030 Index -1.4 16.0 11.6 17.5 -16.4 14.2 15.6 23.1 -5.7 18.3 8.8
Target-Date 2030 Median -0.8 14.5 9.5 14.5 -16.4 11.5 13.1 20.4 -6.5 17.0 7.3
T. Rowe Price Retirement 2030 I Class Rank 40 47 7 5 76 10 6 6 45 3 41
Calendar Year Performance
Simsbury DC As of March 31, 2026
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized.62
Calendar Year Performance
Simsbury DC As of March 31, 2026
Performance(%)
YTD 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
T. Rowe Price Retirement 2035 I Class -0.8 16.3 12.2 18.2 -18.0 15.1 17.0 23.7 -6.9 20.9 7.6
T. Rowe Price Retirement 2035 Index -1.6 17.9 12.9 19.4 -17.1 16.1 16.5 24.5 -6.2 19.6 9.2
Target-Date 2035 Median -1.1 16.0 11.2 16.4 -17.1 13.9 14.1 22.3 -7.3 18.7 7.8
T. Rowe Price Retirement 2035 I Class Rank 35 45 12 4 80 18 11 17 39 9 57
T. Rowe Price Retirement 2040 I Class -0.9 17.6 13.4 19.6 -18.9 16.3 18.1 24.7 -7.3 22.0 7.6
T. Rowe Price Retirement 2040 Index -1.8 19.4 14.3 21.0 -17.7 17.7 17.2 25.5 -6.6 20.6 9.6
Target-Date 2040 Median -1.3 17.6 12.8 18.1 -17.9 15.8 14.7 23.6 -8.0 19.9 8.0
T. Rowe Price Retirement 2040 I Class Rank 31 49 24 12 86 29 11 19 31 5 61
T. Rowe Price Retirement 2045 I Class -0.9 18.7 14.2 20.5 -19.1 17.2 18.7 25.4 -7.6 22.4 7.7
T. Rowe Price Retirement 2045 Index -1.9 20.6 15.2 21.9 -17.9 18.8 17.6 26.3 -7.0 21.0 9.7
Target-Date 2045 Median -1.4 18.8 13.9 19.3 -18.2 16.7 15.4 24.6 -8.3 20.7 8.2
T. Rowe Price Retirement 2045 I Class Rank 24 53 35 13 88 37 9 27 30 6 64
T. Rowe Price Retirement 2050 I Class -1.0 19.1 14.4 20.8 -19.2 17.4 18.7 25.3 -7.6 22.4 7.7
T. Rowe Price Retirement 2050 Index -2.0 21.0 15.5 22.2 -18.0 18.9 17.6 26.3 -7.0 21.0 9.7
Target-Date 2050 Median -1.6 19.5 14.2 19.9 -18.3 17.0 15.6 24.7 -8.6 20.8 8.2
T. Rowe Price Retirement 2050 I Class Rank 23 59 44 16 81 39 9 32 23 9 65
T. Rowe Price Retirement 2055 I Class -1.0 19.2 14.6 20.8 -19.2 17.3 18.5 25.4 -7.6 22.3 7.7
T. Rowe Price Retirement 2055 Index -2.0 21.1 15.6 22.4 -18.0 18.9 17.6 26.3 -7.0 21.0 9.7
Target-Date 2055 Median -1.6 19.9 14.3 20.0 -18.4 17.2 15.7 24.9 -8.6 21.1 8.2
T. Rowe Price Retirement 2055 I Class Rank 17 67 45 25 78 46 10 34 25 11 64
T. Rowe Price Retirement 2060 I Class -1.0 19.2 14.5 20.9 -19.3 17.4 18.5 25.4 -7.6 22.3 7.6
T. Rowe Price Retirement 2060 Index -2.0 21.1 15.6 22.4 -18.0 18.9 17.6 26.3 -7.0 21.0 9.7
Target-Date 2060 Median -1.6 19.9 14.4 20.1 -18.4 17.3 15.8 25.1 -8.7 21.3 7.9
T. Rowe Price Retirement 2060 I Class Rank 20 67 47 26 79 47 12 41 24 16 60
Historical performance of current share class may differ slightly due to share class exchanges and/or blended performance.
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized.63
Rank
= 1-50 percentile
= 51-75 percentile
= 76-100 percentile
Performance(%)
YTD 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
MissionSquare PLUS Fund R10 0.8 3.1 3.0 2.8 2.0 1.9 2.2 2.5 2.3 2.1 2.0
Morningstar US CIT Stable Value Index 0.8 3.1 3.0 2.9 1.9 1.7 2.2 2.5 2.2 2.0 1.8
Fidelity US Bond Index 0.1 7.1 1.3 5.5 -13.0 -1.8 7.8 8.5 0.0 3.5 2.5
Blmbg. U.S. Aggregate 0.0 7.3 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6
Intermediate Core Bond Median -0.1 7.1 1.5 5.6 -13.4 -1.6 7.9 8.5 -0.4 3.5 2.6
Fidelity US Bond Index Rank 17 52 63 55 28 65 52 52 26 47 58
Dodge & Cox Income X 0.1 8.4 2.3 7.8 -10.8 -0.9 9.5 9.7 -0.3 4.4 5.6
Blmbg. U.S. Aggregate 0.0 7.3 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6
Intermediate Core-Plus Bond Median -0.2 7.4 2.2 6.3 -13.8 -0.8 8.3 9.3 -0.9 4.3 4.0
Dodge & Cox Income X Rank 13 9 44 8 7 56 22 34 27 47 16
Fidelity Large Cap Value Index 2.1 15.9 14.4 11.5 -7.6 25.1 2.9 26.5 -8.3 13.8 -
Russell 1000 Value Index 2.1 15.9 14.4 11.5 -7.5 25.2 2.8 26.5 -8.3 13.7 -
Large Value Median 1.1 15.5 14.5 11.2 -5.6 26.0 3.0 25.6 -8.7 16.3 -
Fidelity Large Cap Value Index Rank 36 44 52 48 68 62 52 38 44 78 -
MFS Value Fund R6 1.1 13.3 12.0 8.3 -5.8 25.6 4.0 30.2 -9.8 17.9 14.3
Russell 1000 Value Index 2.1 15.9 14.4 11.5 -7.5 25.2 2.8 26.5 -8.3 13.7 17.3
Large Value Median 1.1 15.5 14.5 11.2 -5.6 26.0 3.0 25.6 -8.7 16.3 14.2
MFS Value Fund R6 Rank 50 72 73 76 52 57 42 9 67 33 49
Fidelity 500 Index -4.3 17.9 25.0 26.3 -18.1 28.7 18.4 31.5 -4.4 21.8 12.0
S&P 500 -4.3 17.9 25.0 26.3 -18.1 28.7 18.4 31.5 -4.4 21.8 12.0
Large Blend Median -4.4 16.4 23.3 24.5 -18.2 26.6 17.5 30.0 -5.6 21.2 10.3
Fidelity 500 Index Rank 49 24 25 25 49 22 40 25 24 35 25
Fidelity Large Cap Growth Index -9.8 18.5 33.3 42.8 -29.2 27.6 38.4 36.4 -1.6 30.1 -
Russell 1000 Growth Index -9.8 18.6 33.4 42.7 -29.1 27.6 38.5 36.4 -1.5 30.2 -
Large Growth Median -9.5 15.6 29.8 39.3 -31.2 22.0 36.0 33.0 -1.4 29.1 -
Fidelity Large Cap Growth Index Rank 59 25 30 31 35 16 40 21 53 41 -
Calendar Year Performance
Simsbury DC As of March 31, 2026
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized.64
Calendar Year Performance
Simsbury DC As of March 31, 2026
Performance(%)
YTD 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
T. Rowe Price Growth Stock I -11.2 15.8 29.8 45.4 -40.1 20.2 37.1 31.0 -0.9 33.8 1.6
Russell 1000 Growth Index -9.8 18.6 33.4 42.7 -29.1 27.6 38.5 36.4 -1.5 30.2 7.1
Large Growth Median -9.5 15.6 29.8 39.3 -31.2 22.0 36.0 33.0 -1.4 29.1 2.5
T. Rowe Price Growth Stock I Rank 82 49 50 20 91 60 46 69 44 18 59
Fidelity Mid Cap Value Index 3.7 11.0 13.0 12.8 -12.1 28.2 4.7 - - - -
Russell Midcap Value Index 3.7 11.0 13.1 12.7 -12.0 28.3 5.0 - - - -
Mid-Cap Value Median 2.6 9.9 11.3 12.1 -7.9 28.6 2.8 - - - -
Fidelity Mid Cap Value Index Rank 32 41 34 42 85 57 37 - - - -
Vanguard Explorer Value Inv 2.7 7.4 14.4 15.3 -14.1 28.4 3.3 26.9 -13.0 13.3 20.7
Russell 2500 Value Index 4.8 12.7 11.0 16.0 -13.1 27.8 4.9 23.6 -12.4 10.4 25.2
Small Value Median 3.8 6.7 9.2 15.6 -11.4 30.6 3.4 22.2 -14.9 9.6 25.1
Vanguard Explorer Value Inv Rank 63 45 9 52 78 59 52 15 31 16 78
Mid-Cap Value Median 2.6 9.9 11.3 12.1 -7.9 28.6 2.8 26.7 -13.5 13.7 17.1
Vanguard Explorer Value Inv Rank 49 66 18 33 92 53 46 49 45 58 28
Fidelity Extended Market Index -1.3 11.4 17.0 25.4 -26.4 12.4 32.2 28.0 -9.4 18.2 16.1
Dow Jones U.S. Completion Total Stock Market Indx -1.3 11.3 16.9 25.0 -26.5 12.4 32.2 27.9 -9.6 18.1 15.7
Small Blend Median 1.3 8.3 11.0 16.4 -16.8 22.8 12.8 24.7 -12.0 13.2 20.4
Fidelity Extended Market Index Rank 89 29 10 3 99 99 1 19 22 11 81
Mid-Cap Blend Median 0.9 8.0 13.6 16.1 -14.6 24.4 12.6 27.2 -11.2 16.0 15.0
Fidelity Extended Market Index Rank 75 26 18 8 98 99 2 44 33 31 40
Fidelity Mid Cap Growth Index -6.4 8.6 22.0 25.8 -26.7 12.7 34.8 - - - -
Russell Midcap Growth Index -6.3 8.7 22.1 25.9 -26.7 12.7 35.6 - - - -
Mid-Cap Growth Median -5.4 6.0 15.1 20.8 -28.6 11.7 37.4 - - - -
Fidelity Mid Cap Growth Index Rank 64 33 25 17 35 44 56 - - - -
Eaton Vance Atlanta Capital SMID-Cap R6 -4.8 -5.6 13.7 14.1 -8.8 22.3 11.3 34.6 -5.3 24.8 11.4
Russell 2500 Growth Index -3.5 10.3 13.9 18.9 -26.2 5.0 40.5 32.7 -7.5 24.5 9.7
Small Growth Median -1.7 8.9 13.8 16.4 -28.2 9.3 37.8 28.5 -5.1 22.1 10.0
Eaton Vance Atlanta Capital SMID-Cap R6 Rank 78 93 51 67 1 11 98 24 52 37 41
Mid-Cap Growth Median -5.4 6.0 15.1 20.8 -28.6 11.7 37.4 33.5 -5.5 24.8 5.0
Eaton Vance Atlanta Capital SMID-Cap R6 Rank 44 95 59 90 2 9 100 43 48 50 13
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized.65
Calendar Year Performance
Simsbury DC As of March 31, 2026
Performance(%)
YTD 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Fidelity Small Cap Value Index 4.9 12.7 8.2 14.7 -14.4 28.1 4.5 - - - -
Russell 2000 Value Index 5.0 12.6 8.1 14.6 -14.5 28.3 4.6 - - - -
Small Value Median 3.8 6.7 9.2 15.6 -11.4 30.6 3.4 - - - -
Fidelity Small Cap Value Index Rank 33 13 61 57 80 62 41 - - - -
Fidelity Small Cap Growth Index -2.8 13.0 15.3 18.9 -26.2 2.8 34.4 - - - -
Russell 2000 Growth Index -2.8 13.0 15.2 18.7 -26.4 2.8 34.6 - - - -
Small Growth Median -1.7 8.9 13.8 16.4 -28.2 9.3 37.8 - - - -
Fidelity Small Cap Growth Index Rank 63 22 40 30 37 79 60 - - - -
Fidelity Total International Index 1.8 32.6 5.0 15.5 -16.3 8.5 11.1 21.5 -14.4 27.6 -
MSCI AC World ex USA IMI (Net) -0.7 32.0 5.2 15.6 -16.6 8.5 11.1 21.6 -14.8 27.8 -
Foreign Large Blend Median 0.8 31.2 4.6 16.3 -15.9 10.3 9.7 22.1 -15.0 25.5 -
Fidelity Total International Index Rank 22 35 45 63 55 68 42 62 42 25 -
Hartford International Opportunities R6 -0.9 30.3 8.5 11.9 -17.9 7.7 20.8 26.1 -18.6 24.8 1.2
MSCI AC World ex USA (Net) -0.7 32.4 5.5 15.6 -16.0 7.8 10.7 21.5 -14.2 27.2 4.5
Foreign Large Blend Median 0.8 31.2 4.6 16.3 -15.9 10.3 9.7 22.1 -15.0 25.5 0.8
Hartford International Opportunities R6 Rank 73 57 11 91 71 74 9 19 86 64 44
Historical performance of current share class may differ slightly due to share class exchanges and/or blended performance.
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized.66
Manager Recommendation Comments
T. Rowe Price Retirement I Class Target Date Funds Maintain
MissionSquare PLUS Fund R10 Maintain
Fidelity US Bond Index Maintain
Dodge & Cox Income X Maintain
Fidelity Large Cap Value Index Maintain
MFS Value Fund R6 Maintain
Fidelity 500 Index Maintain
Fidelity Large Cap Growth Index Maintain
T. Rowe Price Growth Stock I Watch 3Q 2025 T. Rowe Price Growth Stock has been moved to "Watch" in Q3 2025 after the departure of Lead PM Joe Fath. Jim Stillwagon has been co-PM on the strategy since January 1, 2025, and has
taken over Lead PM responsibilities effective August 1, 2025. Mr. Stillwagon will be supported by Associate PM Eric DeVilbiss.
Fidelity Mid Cap Value Index Maintain
Vanguard Explorer Value Inv Maintain
Fidelity Extended Market Index Maintain
Fidelity Mid Cap Growth Index Maintain
Eaton Vance Atlanta Capital SMID-Cap R6 Maintain
Fidelity Small Cap Value Index Maintain
Fidelity Small Cap Growth Index Maintain
Fidelity Total International Index Maintain
Hartford International Opportunities R6 Maintain
Manager Status Commentary
Simsbury DC As of March 31, 2026
Commentary produced upon change of status.67
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Categories
U.S. Core Fixed Income 3 - 5
U.S. Large Cap Core 6 - 8
U.S. Mid Cap Core 9 - 11
U.S. Small Cap Core 12 - 14
International Large Cap Core (EAFE) 15 - 17
Emerging Markets Core Equity 18 - 20
Domestic REITs 21 - 23
Pages
Table of Contents
Simsbury OPEB
Note: This report is intended for the exclusive use of clients or prospective clients of Fiducient Advisors, L.L.C. Content is privileged and confidential. Any dissemination or distribution is
strictly prohibited. Information has been obtained from a variety of sources believed to be reliable though not independently verified. Any forecast represent median expectations and actual
returns, volatilities and correlations will differ from forecasts. Past performance does not indicate future performance.
Investment Analysis
April 2026
www.fiducientadvisors.com68
 Alpha
 Batting Average
 Beta
 Information Ratio
 R-Squared
 Return
 Sharpe Ratio
 Volatility (or Standard Deviation)
 Tracking Error
DEFINITION OF KEY METRICS
www.fiducientadvisors.com
The Alpha is the nonsystematic return, or the return that can’t be attributed to the market. It can be thought of as how the manager performed if the market’s return was zero. A
positive alpha implies the manager added value to the return of the portfolio over that of the market. A negative alpha implies the manager did not contribute any value over the
performance of the market.
Batting average is a measure of a manager’s consistency. It is calculated as the ratio between the number of periods that a manager outperforms a benchmark and the total
number of periods observed. For example, a batting average of 0.60 implies that a manager outperformed its benchmark 6 out of 10 time periods.
This is a measure of a fund’s market risk. The beta of the market is 1.00. Accordingly, a fund with a 1.10 beta is expected to perform 10% better than the market in up markets
and 10% worse than the market in down markets. It is important to note, however, that a low fund beta does not imply that the fund has a low level of volatility; rather, a low beta
means only that the fund’s market-related risk is low. Because beta analyzes the market risk of a fund by showing how responsive the fund is to the market, its usefulness
depends on the degree to which the markets determine the fund's total risk (indicated by R-squared).
The information ratio is a measure of the excess return per volatility of that excess return. This value is determined by taking the annualized excess return over a benchmark and
dividing it by the standard deviation of excess return.
This reflects the percentage of a fund’s movements that are explained by movements in its benchmark index. An R-squared of 100 means that all movements of a fund are
completely explained by movements in the index. Conversely, a low R-squared indicates that very few of the fund’s movements are explained by movements in the benchmark
index. R-squared can also be used to ascertain the significance of a particular beta. Generally, a higher R-squared will indicate a more reliable beta figure. If the R-squared is
lower, then the beta is less relevant to the fund’s performance. A measure of diversification, R-squared indicates the extent to which fluctuations in portfolio returns are explained
by the market. An R-squared = 0.70 implies that 70% of the fluctuation in a portfolio's return is explained by the fluctuation in the market. In this instance, overweighting or
underweighting of industry groups or individual securities is responsible for 30% of the fund's movement.
Time-weighted average annual returns for the time period indicated.
The Sharpe ratio is the excess return per unit of total risk as measured by standard deviation. Higher numbers are better, indicating more return for the level of risk experienced.
The ratio is a fund's return minus the risk-free rate of return (30-day T-Bill rate) divided by the fund’s standard deviation. The higher the Sharpe ratio, the more reward you are
receiving per unit of total risk.
Standard deviation is a statistical measure of the range of performance within which the total returns of a fund fall. When a fund has a high standard deviation, the range of
performance is very wide, meaning that there is a greater volatility. Approximately 68% of the time, the total return of any given fund will differ from the average total return by no
more than plus or minus the standard deviation figure. Ninety-five percent of the time, a fund’s total return will be within a range of plus or minus two times the standard deviation
from the average total return. If the quarterly or monthly returns are all the same the standard deviation will be zero. The more they vary from one another, the higher the standard
deviation. Standard deviation can be misleading as a risk indicator for funds with high total returns because large positive deviations will increase the standard deviation without a
corresponding increase in the risk of the fund. While positive volatility is welcome, negative is not.
Tracking error measures the volatility of the difference in annual returns between the manager and the index. This value is calculated by measuring the standard deviation of the
difference between the manager and index returns. For example, a tracking error of +/- 5 would mean there is about a 68% chance (1 standard deviation event) that the
manager's returns will fall within +/- 5% of the benchmark's annual return.69
U.S. Core Fixed Income
Fund / Manager iShares Core US Aggregate Bond ETF Fidelity U.S. Bond Index
Status Maintain Maintain
Manager (Tenure in Years) Team (14.8) Team (11.9)
Net Assets ($ Millions) $137,022 $68,962
Firm - Blackrock was founded in 1988 and is
headquartered in New York, NY.
- The firm is 100% publicly held.
- Fidelity Investments is based in Boston, MA and
was founded in 1946.
- The firm is privately held, 51% employee-owned
and 49% family owned.
- The firm has a diverse offering of strategies that
span equities, fixed income, alternatives and
multi-asset.
Team - The strategy is managed by James Mauro and
Karen Uyehara.
- The strategy is managed by Brandon C
Bettencourt and Richard Munclinger.
Portfolio Construction - Advanced sampling techniques are utilized to
replicate the returns of the index and minimize
tracking error.
- The fund primarily invests in the securities in the
benchmark but may use derivatives to gain
similar exposure and/or manage short-term
liquidity.
- The portfolio is constructed using statistical
sampling techniques based on duration, maturity,
interest rate sensitivity, security structure, and
credit quality to attempt to replicate the returns of
the index using a smaller number of securities.
- The fund will be primarily invested in the
securities in the benchmark but may use
derivatives to a limited extent to gain exposure to
these securities.
Expense Ratio 0.03 0.03
Philosophy/Process - The fund seeks to provide broad exposure to
U.S. investment-grade bonds through a low-cost
index-based solution.
- The portfolio tracks the Bloomberg U.S.
Aggregate Bond Index.
- Fidelity seeks to provide a low-cost index-based
solution to investors looking to gain broad
exposure to U.S. investment-grade bonds.
- The portfolio seeks to track the Bloomberg U.S.
Aggregate Bond Index.70
Manager or Index
1 Year 3 Year 5 Year 7 Year 10 Year 2026 YTD 2025 2024 2023 2022 2021 2020 1 Year 3 Year 7 Year 10 Year
Bloomberg U.S. Aggregate 4.3 3.6 0.3 1.6 1.7 (0.0) 7.3 1.3 5.5 (13.0) (1.5) 7.5 3.4 5.6 5.8 5.1
iShares Core US Aggregate Bond ETF 4.4 3.6 0.3 1.5 1.7 0.0 7.2 1.4 5.6 (13.1) (1.7) 7.4 3.4 5.6 5.8 5.1
Fidelity U.S. Bond Index 4.3 3.6 0.3 1.5 1.7 0.1 7.1 1.3 5.5 (13.0) (1.8) 7.8 3.4 5.6 5.8 5.1
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
∎/+
Manager or Index
1 Year 3 Year 5 Year 7 Year 10 Year 2026 YTD 2025 2024 2023 2022 2021 2020
Bloomberg U.S. Aggregate 40 51 43 46 52 50 36 73 61 30 44 55
iShares Core US Aggregate Bond ETF 39 52 43 49 56 26 45 63 54 31 52 60
Fidelity U.S. Bond Index 47 54 49 51 58 21 54 65 58 31 65 46
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Peer Group Range
1 Year 3 Year 5 Year 7 Year 10 Year 2026 YTD 2025 2024 2023 2022 2021 2020
10th Percentile 4.9 4.4 0.8 2.2 2.3 0.2 7.9 2.7 6.8 (9.9) (0.6) 9.6
25th Percentile 4.6 4.1 0.5 1.9 2.0 0.0 7.5 2.0 6.3 (12.9) (1.2) 8.7
50th Percentile 4.3 3.6 0.3 1.5 1.7 (0.0) 7.2 1.5 5.6 (13.4) (1.7) 7.7
75th Percentile 4.0 3.4 0.0 1.3 1.5 (0.2) 6.8 1.2 5.4 (14.0) (1.9) 7.1
90th Percentile 3.7 3.0 (0.3) 1.1 1.1 (0.3) 6.4 0.8 4.9 (14.8) (2.2) 5.9
Top/Bottom Quartile spread +0.5 +0.7 +0.5 +0.5 +0.5 +0.2 +0.6 +0.8 +0.9 +1.1 +0.8 +1.6
Low-to-High Beta (5 Yrs)
1) iShares (1.00)
2) Fidelity (1.00)
5 Year
6.4
6.4
6.4
Batting Average^ Loss Protection (5 Yrs)
Low-to-High Expense
1) Fidelity (0.03)
2) iShares (0.03)
High Alpha (5 Yrs)
1) iShares (0.0)
2) Fidelity (0.0)
Low Vol (5 Yrs)
1) iShares (6.4)
2) Fidelity (6.4)
2) iShares (20%)
1) iShares (100%)
2) Fidelity (100%)
5-Year Return & Risk as of 3/31/2026
^The Batting Average measures the frequency of rolling 3-year period
outperformance from the lesser of 10 years or each fund's inception
date.
1) Fidelity (21%)
Calendar Year Peer Group Spreads
Differentiators
Annualized Returns as of 3/31/2026
iShares Core US Aggregate Bond
ETF∎
Fidelity U.S. Bond Index▲
Peer Group Spreads as of 3/31/2026
Peer Group Rankings as of 3/31/2026
Index (Bloomberg U.S. Aggregate)
Calendar Year Peer Group Rank
U.S. Core Fixed Income
Return, Standard Deviation and Peer Group Comparisons
3/31/2026
Annual Returns (%) as of 3/31/2026 Volatility (%) as of 3/31/2026Calendar Year Returns (%)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
3 Year
5 Year
10 Year
(7)
(5)
(3)
(1)
1
3
5
7
9 0
1
2
3
4
5
6
7
8
9
10
11
Return
Standard Deviation71
Bloomberg U.S. Aggregate 1 / 1 1 0 (0.11) 0 / 0 100% 100% 1 / 1 1 0 (0.49) 0 / 0 100% 100% -3.3% -2.5%
iShares Core US Aggregate Bond ETF 1 / 1 1.00 (0.0) (0.12) 0.1 / -0.22 100% 100% 1 / 1 1.00 (0.0) (0.49) 0.2 / 0 100% 100% -3.3% -2.5%
Fidelity U.S. Bond Index 1 / 1 1.00 (0.0) (0.12) 0.3 / -0.15 100% 101% 1 / 1 1.00 (0.0) (0.49) 0.2 / -0.1 100% 100% -3.5% -2.5%
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
—
—iShares Core US Aggregate Bond ETF 120 41% 109 25% 85 20% Mar-16
Fidelity U.S. Bond Index 120 49% 109 31% 85 21% Mar-16
N/A N/A N/A N/A
N/A N/A N/A N/A
N/A N/A N/A N/A
1 Month
Periods % + Months
Max Drawdowns (10 yrs)
8/2016 -
11/2016
9/2017 -
10/2018
DOWN
Capture
Past 5-Year Metrics as of 3/31/2026
Sharpe
Ratio (%)
Correl /
R2
Past 10-Year Metrics as of 3/31/2026
8/2020 -
10/2022
-17.2%
-17.2%
-17.3%
N/A
N/A
N/A
U.S. Core Fixed Income
MPT and Other Quantitative Risk and Return Metrics
3/31/2026
Return Start
Date
iShares Core US Aggregate Bond ETF
Fidelity U.S. Bond Index
Managers vs. Bloomberg U.S. Aggregate
12 Month
periods
% + 12-
Months
36 Month
Periods
% + 36
Months
Rolling 36-Month Outperformance Versus the Bloomberg U.S. Aggregate
Beta Alpha
(%)
Track. Error
/ Info. Ratio
(%)
UP
Capture
DOWN
Capture
Alpha
(%)
Correl /
R2
Monthly, 12-month and 36-month batting averages vs. Bloomberg U.S.
Aggregate for 10 Years (or manager inception date)
Sharpe
Ratio (%)
UP
Capture
Beta
Track. Error
/ Info. Ratio
(%)
Graph Legend
Managers vs. Bloomberg U.S. Aggregate
-0.3%
-0.2%
-0.1%
0.0%
0.1%
0.2%
0.3%
Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-2672
U.S. Large Cap Core
Fund / Manager iShares Core S&P 500 ETF Fidelity 500 Index
Status Maintain Maintain
Manager (Tenure in Years) 

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