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<br /> <br /> <br /> <br />October 13, 2022 19 <br />ASSETS <br />Market Value of Plan Assets6 <br />(000’s Omitted) <br /> <br /> 2019/20 2020/21 2021/22 <br /> Market Value <br />(Beginning of Year) $21,125 $22,586 $29,272 <br />• Trust Contribution 671 477 366 <br />• Trust Withdrawals7 - - - <br />• Administrative Expenses (11) (13) (14) <br />• Net Investment Return 800 6,222 (3,922) <br /> MVA <br />(End of Year) 22,586 29,272 25,701 <br /> Approximate Annual Return 3.8% 27.5% (13.4)% <br /> <br />6 Based on CERBT quarterly asset statements. Prior valuation was based on audited CERBT assets and had a balance of <br />$21,119 at 6/30/19. <br />7 Benefit payments paid outside trust by the LPFD. <br /> <br /> <br /> <br /> <br />October 13, 2022 20 <br />ASSETS <br />Actuarial Value of Plan Assets <br />(000’s Omitted) <br /> <br /> 2019/20 2020/21 2021/22 <br /> Actuarial Value <br />(Beginning of Year) $21,231 $23,182 $26,026 <br />• Contributions 671 477 366 <br />• Trust Withdrawals - - - <br />• Administrative Expenses (11) (13) (14) <br />• Expected Earnings 1,440 1,568 1,627 <br /> Expected AVA (End of Year) 23,331 25,215 28,005 <br /> MVA (End of Year) 22,586 29,272 25,701 <br /> 1/5 of (MVA - Expected AVA) (149) 811 (461) <br /> Preliminary AVA 23,182 26,026 27,544 <br />• Minimum AVA (80% of MVA) 18,068 23,417 20,561 <br />• Maximum AVA (120% of MVA) 27,103 35,126 30,842 <br /> Actuarial Value <br />(End of Year) 23,182 26,026 27,544 <br /> Approximate Annual Return 6.0% 10.2% 4.5%