| Schedule of Plan Investments Carried at Fair Value and NAV |
The following summarizes the investor-level redemption restrictions for these investments: | | | | | | | | | | Redemptions | | Investment | | Restrictions | | Insurance company separate accounts | | Under severe adverse economic conditions, delay up to 6 months. The real estate separate account may delay up to 12 months, if negative impact on other investor. | | | | | Common/collective trusts | | Withdrawals may be limited to the greater of $2 million or 5% of the value of the assets in the fund. |
The following tables set forth by level, within the fair value hierarchy, the Plan’s investments carried at fair value as of December 31, 2025 and 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investments at Fair Value as of December 31, 2025 | | | Level 1 | | Level 2 | | Level 3 | | Total | | | | | | | | | | | Registered investment companies | $ | 1,016,399,989 | | | $ | — | | | $ | — | | | $ | 1,016,399,989 | | | | | | | | | | | Investments measured at NAV * | | | | | | | | | Separately managed accounts | | 1,643,301,356 | | | Insurance company separate accounts | | 3,879,752,579 | | | Common/collective trusts | | 1,711,705,318 | | | Total investments, at fair value | | $ | 8,251,159,242 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investments at Fair Value as of December 31, 2024 | | | Level 1 | | Level 2 | | Level 3 | | Total | | | | | | | | | | | Registered investment companies | $ | 1,016,585,516 | | | $ | — | | | $ | — | | | $ | 1,016,585,516 | | | | | | | | | | | Investments measured at NAV * | | | | | | | | | Separately managed accounts | | 1,552,479,257 | | | Insurance company separate accounts | | 3,429,685,672 | | | Common/collective trusts | | 1,538,726,524 | | | Total investments, at fair value | | $ | 7,537,476,969 | |
* The Plan excludes from the fair value hierarchy investments that are measured at NAV per share (or its equivalent) as a practical expedient to estimate fair value.
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