Amounts allocated to withdrawing participants are recorded as benefits paid on Form 5500 for benefit claims that have been processed and approved for payment prior to December 31st but not yet paid as of that date. Deemed distributions, representing withdrawing participants with outstanding loan balances for which no post-default payment activity has occurred, are not reported on Form 5500 in net assets available for plan benefits.


The following is a reconciliation of net assets available for plan benefits per the financial statements to the Form 5500:
	December 31,
(THOUSANDS OF DOLLARS)	2025		2024
Net assets available for plan benefits per the financial statements	$	423,309	$	395,838
Amounts allocated to withdrawing participants	(47)		(7)
Deemed distributions	(356)		(504)
Net assets available for plan benefits per Form 5500	$	422,906	$	395,327


The following is a reconciliation of benefits paid to participants, including rollovers, per the financial statements to the Form 5500:
(THOUSANDS OF DOLLARS)	Year Ended December 31, 2025
Benefits paid to participants, including rollovers, per the financial statements	$	28,259
Amounts allocated to withdrawing participants and deemed distributions at end of year	403
Amounts allocated to withdrawing participants and deemed distributions at beginning of year	(511)
Benefits paid to participants, including rollovers, per Form 5500	$	28,151