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… USSION AND ANALYSIS - CONTINUED DECEMBER 31, 2024, 2023, AND 2022 5 Financial Highlights - Continued  Administrative expenses were approximately $63,000, $53,000, and $60,000, for the years ended December 31, 2024, 2023, and 2022, resp ectivel …

… Deductions: Benefits Paid to Participants 1,389,648 2,194,418 1,395,697 Administrative Expenses 63,028 52,679 60,473 Changes in Fiduciary Net Position Restricted …

… 3,145,675 DEDUCTIONS Benefits Paid to Participants 1,389,648 2,194,418 Administrative Expenses 63,028 52,679 TOTAL DEDUCTIONS 1,452,676 2,247,097 Net …

… account is credited with th e State’s contribution and allocations of Plan earnings and charged with an allocation of administrative expenses. Allocations are based on participant earnings, specific transactions, or account balances, as defined. The benefit t …

… ns, records investment sales, interest, and dividend income, and makes distribution payments to participants. Certain administrative expenses of maintaining the Plan are paid by the State. Participants may also select a self-directed brokerage account th …

… elf-directed brokerage account through Charles Schwab. Payment of Benefits - Benefits are recorded when paid. Administrative Expenses - Certain expenses of maintaining the Plan ar e paid by the Plan, unless otherwise paid by the State. Expenses paid b …

… ts. Costs associated with participant- initiated transactions are paid by the re spective participants’ accounts. Some administrative expenses are paid from the Plan. Fund expenses paid from the annual operating expenses of the Plan’s designated investment alt …

… ONTINUED DECEMBER 31, 2024 AND 2023 13 NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED Administrative Expenses - Continued The administrative expenses paid from the Recordkeeping Expense Account for the years ended December 3 …