| Reconciliation of Financial Statements to Form 5500 |
Reconciliation of Financial Statements to the Form 5500 The reconciliation of net assets available for benefits per the financial statements to the Form 5500 consisted of the following: | | | | | | | | | | | | | | | | | | December 31, | | | | 2025 | | 2024 | | Net assets available for benefits per the financial statements | | $ | 8,963,481,280 | | | $ | 7,755,448,034 | | Adjustment to fair value for fully benefit-responsive investment contracts | | (14,721,978) | | | (37,044,409) | | | Amounts allocated to withdrawing participants | | (1,342,012) | | | (2,576,951) | | | Deemed loans | | (458,166) | | | (405,772) | | | Net assets per the Form 5500 | | $ | 8,946,959,124 | | | $ | 7,715,420,902 | |
The following is a reconciliation of the net investment gain per the financial statements to the Form 5500: | | | | | | | | | | | Year Ended | | | | December 31, 2025 | | Interest and dividend income | | $ | 58,852,063 | | | Net realized/unrealized gains | | 1,207,787,460 | | | Net investment gain per the financial statements | | 1,266,639,523 | | | Adjustment from fair value to contract value for fully benefit-responsive investment contracts: | | | | Prior-year adjustment | | 37,044,409 | | | Current-year adjustment | | (14,721,978) | | | Total net investment gain per the Form 5500 | | $ | 1,288,961,954 | |
The following is a reconciliation of expenses per the financial statements to the Form 5500: | | | | | | | | | | | Year Ended | | | | December 31, 2025 | | Benefits paid | | $ | (640,689,220) | | | Investment and administrative fees | | (8,193,031) | | | Total expenses per the financial statements | | (648,882,251) | | Amounts allocated to withdrawing participants at December 31, 2024 | | 2,576,951 | | Amounts allocated to withdrawing participants at December 31, 2025 | | (1,342,012) | | Deemed loans at December 31, 2024 | | 405,772 | | Deemed loans at December 31, 2025 | | (458,166) | | | Total expenses per the Form 5500 | | $ | (647,699,706) | |
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