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<br /> <br /> <br /> <br /> October 13, 2022 19 <br />ASSETS <br />Market Value of Plan Assets5 <br />(000’s Omitted) <br /> <br /> 2019/20 2020/21 2021/22 <br /> Market Value <br />(Beginning of Year) $48,292 $51,227 $65,303 <br />• Trust Contribution 1,159 25 - <br />• Trust Withdrawals6 - - (201) <br />• Administrative Expenses (24) (29) (32) <br />• Net Investment Return 1,800 14,080 (8,737) <br /> Market Value <br />(End of Year) 51,227 65,303 56,333 <br /> Approximate Annual Return 3.7% 27.5% (13.4)% <br /> <br /> <br /> <br />5 Based on CERBT quarterly asset statements. Prior valuation was based on audited CERBT assets and had a balance of <br />$48,275 at 6/30/19. <br />6 Additional benefit payments paid outside trust by the City. <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) $48,991 $53,001 $58,320 <br />• Contributions 1,159 25 - <br />• Trust Withdrawals - - (201) <br />• Administrative Expenses (24) (29) (32) <br />• Expected Earnings 3,319 3,577 3,644 <br /> Expected AVA (End of Year) 53,444 56,574 61,731 <br /> MVA (End of Year) 51,227 65,303 56,333 <br /> 1/5 of (MVA - Expected AVA) (443) 1,746 (1,079) <br /> Preliminary AVA 53,001 58,320 60,651 <br />• Minimum AVA (80% of MVA) 40,981 52,243 45,067 <br />• Maximum AVA (120% of MVA) 61,472 78,364 67,600 <br /> Actuarial Value <br />(End of Year) 53,001 58,320 60,651 <br /> Approximate Annual Return 5.8% 10.0% 4.4%