The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2025 and 2024 to the Form 5500: | | | | | | | | | | | | | | | | (in thousands of dollars) | | 2025 | | 2024 | | Net assets available for benefits per the financial statements | | $ | 1,544,765 | | | $ | 1,671,665 | | | Less: Adjustment from contract value to fair value for fully benefit-responsive investment contracts | | (3,815) | | | (7,966) | | | Less: Adjustment for deemed loan distribution reclassification | | (6,760) | | | — | | | Less: Adjustment for benefits claims payable | | (14) | | | — | | | Net assets available for benefits per Form 5500 | | $ | 1,534,176 | | | $ | 1,663,699 | |
The following is a reconciliation of the decrease in net assets available for benefits before transfers per the financial statements for the year ended December 31, 2025 to the Form 5500: | | | | | | | | | | | Year ended | | | December 31, | | (in thousands of dollars) | | 2025 | | | | | Decrease in net assets available for benefits before transfers per the financial statements | | $ | (79,515) | | | Adjustment from contract value to fair value for fully benefit-responsive investment contracts | | 4,151 | | | Adjustment for deemed loan distribution reclassification | | (6,760) | | | Adjustment for benefits claims distributions | | (14) | | | Decrease in net assets available for benefits before transfers per Form 5500 | | $ | (82,138) | |
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