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HomeMy WebLinkAboutRFP - 7401 PENSION CONSULTANT PROVIDER ANALYSIS FOR POUDRE FIRE AUTHORITYREQUEST FOR PROPOSAL POUDRE FIRE AUTHORITY 7401 Pension Consultant and Co-fiduciary The Boards of Trustees of the Poudre Fire Authority New and Old Hire Money Purchase Pension Plans (collectively, the Boards) are seeking proposals from highly qualified, independent professionals to provide consulting services related to investment choices and analysis including acting as a co-fiduciary with the Boards. The City of Fort Collins Purchasing Division is providing purchasing assistance pursuant to the terms of an intergovernmental agreement between the Poudre Fire Authority (PFA) and the City of Fort Collins, Colorado (City). Written proposals, eight (8) copies, will be received at the City of Fort Collins' Purchasing Division, 215 North Mason St., 2nd floor, Fort Collins, Colorado 80524. Proposals will be received before 3:00 p.m. (our clock), October 4, 2012 and referenced as Proposal No. 7401. If delivered, they are to be sent to 215 North Mason Street, 2nd Floor, Fort Collins, Colorado 80524. If mailed, the address is P.O. Box 580, Fort Collins, 80522-0580. Questions concerning the scope of the project should be directed to Project Manager Kirsten Howard, (970) 221-6570. Questions regarding proposals submittal or process should be directed to James B. O’Neill, II, CPPO, FNIGP (970) 221-6775. By submitting a proposal, the professional agrees to execute the Professional Services Agreement in substantially the form set forth in this RFP packet. A copy of the Proposal may be obtained as follows: 1. Download the Proposal/Bid from the Purchasing Webpage, www.fcgov.com/eprocurement. Sales Prohibited/Conflict of Interest: No officer, employee, or member of PFA, shall have a financial interest in the sale to the PFA or the Boards of any real or personal property, equipment, material, supplies or services where such officer or employee exercises directly or indirectly any decision- making authority concerning such sale or any supervisory authority over the services to be rendered. This rule also applies to subcontracts with the PFA or the Boards. Soliciting or accepting any gift, gratuity favor, entertainment, kickback or any items of monetary value from any person who has or is seeking to do business with the PFA or the Boards is prohibited. Collusive or sham proposals: Any proposal deemed to be collusive or a sham proposal will be rejected and reported to authorities as such. Your authorized signature of this proposal assures that such proposal is genuine and is not a collusive or sham proposal. The Boards reserve the right to reject any and all proposals and to waive any irregularities or informalities. Sincerely, James B. O'Neill II, CPPO, FNIGP Director of Purchasing & Risk Management Financial Services Purchasing Division 215 N. Mason St. 2nd Floor PO Box 580 Fort Collins, CO 80522 970.221.6775 970.221.6707 fcgov.com/purchasing REQUEST FOR PROPOSALS Proposal Number 7401 Pension Consultant and Co-fiduciary Purpose: The Boards strive to provide plan participants with low cost, high quality investment options, and plan administration. Therefore, the Boards have issued this RFP to obtain proposals from highly qualified, independent professionals to provide expert Pension advice for investment choices including acting as a co-fiduciary of the plan. ICMARC is the current administrator and holds the investment assets. This relationship will continue and this RFP is not intended to replace ICMARC. Qualifications: RFP respondents need to provide professional credentials as proof of their ability to provide this service. References must also be provided. Timeline: If selected, the consultant may begin providing services as early as October 2012. Scope of Services:  Establish and maintain a positive working relationship with our plan administrator – ICMARC.  Review current fund line-up and recommend changes to improve investment performance using best in class approach, true fund diversity, and cost value.  Chosen professional is to serve as an advisor to the board providing subject matter expertise in the areas of fund management and participant education. The successful candidate must be willing to become a Co-fiduciary of the plan encompassing their scope of work.  Assist in the development of investment strategy seeking to improve investment return and cost value. Develop an investment oversight/review process for fund performance with a replacement plan. Provide fund replacement recommendations to the Board.  Provide a method for due-diligence on funds outside the ICMARC fund line-up.  Develop a plan to determine plan members investment goals and retirement needs.  Provide a quarterly report for each plan member addressing fund performance. The report should benchmark to the recipients goals and needs. Recommendations to achieve goals should be provided.  Develop and recommend a participant educational plan that includes a policy statement, goals and measurable objectives. Response:  Respondents will provide example of investment line-up performance report that details methodology and outcomes that respondent plans to use if selected  Provide timeline for project completion and availability  Respond to RFP with costs separated for each listed service II. Plan Information Plan Sponsor Information Plan Sponsor Name Poudre Fire Authority Address 102 Remington Fort Collins CO 80524 Contact Person to answer questions and phone number, e-mail, etc. Kirsten Howard, Senior Budget & Board Coordinator khoward@poudre-fire.org 970-416-2834 Type of Business (Corporation, Partnership, Government, or Proprietorship) Government Industry Public Safety Part of controlled group or affiliated service group? If so, how many companies involved? 1 Plan Information Name and type of plan (401(k), profit sharing, money purchase, thrift/savings, combination, etc. Restated Poudre Fire Authority New Hire Money Purchase Pension Plan and Trust Agreement (401a) Restated Poudre Fire Authority Old Hire Money Purchase Pension Plan and Trust Agreement (401a) Who has investment direction for employee and employer contributions? (Plan Sponsor, Trustee, or Participant) Participant Type of Plan document (Prototype or Individually-designed) Individually-designed Plan Operation Information Name of current recordkeeper or service provider ICMARC Name of current custodial trustee(s) (External or Self-directed) Old Hire Board of Trustees New Hire Board of Trustees Frequency of data remittance Biweekly (26 pay periods) Method of data remittance (Paper, Disk, Tape, Modem, On-line) On-line Method of contribution remittance (Check, Bank Wire, Automated Clearing House) Bank Wire Name of payroll company City of Fort Collins Are contributions submitted through a single payroll or multiple? If multiple, how many? Single payroll, 26 pay periods Employee Information Plan Total Participants Plan Number Assets Old Hire 17 106042 $9,983,942 New Hire 172 106043 $43,854,081 Poudre Fire Authority 22 801366 $195,630 Total 211 N/A $54,033,653 Additional information regarding Old Hire and New Hire Funds can be found in Appendix 1. REVIEW AND ASSESSMENT Professional firms will be evaluated on the following criteria. These criteria will be the basis for review of the written proposals and any interview session. Firms may be selected solely on the basis of the written proposal with out an interview, at the discretion of the Boards. The rating scale shall be from 1 to 5, with 1 being a poor rating, 3 being an average rating, and 5 being an outstanding rating. WEIGHTING FACTOR QUALIFICATION STANDARD 2.0 Scope of Proposal Does the proposal show an understanding of the project objective, methodology to be used and results that are desired from the project? 2.0 Assigned Personnel Do the persons who will be working on the project have the necessary skills? Are sufficient people of the requisite skills assigned to the project? 1.0 Availability Can the work be completed in the necessary time? Can the target start and completion dates be met? Are other qualified personnel available to assist in meeting the project schedule if required? Is the project team available to attend meetings as required by the Scope of Work? 1.0 Motivation Is the firm interested and are they capable of doing the work in the required time frame? 2.0 Cost and Work Hours Do the proposed cost and work hours compare favorably with the project Manager's estimate? Are the work hours presented reasonable for the effort required in each project task or phase? 2.0 Firm Capability Does the firm have the support capabilities the assigned personnel require? Has the firm done previous projects of this type and scope? REFERENCE EVALUATION (TOP RATED FIRM) The project Manager will check references using the following criteria. The evaluation rankings will be labeled Satisfactory/Unsatisfactory. QUALIFICATION STANDARD Overall Performance Would you hire this Professional again? Did they show the skills required by this project? Timetable Was the original Scope of Work completed within the specified time? Were interim deadlines met in a timely manner? Completeness Was the Professional responsive to client needs; did the Professional anticipate problems? Were problems solved quickly and effectively? Budget Was the original Scope of Work completed within the project budget? Job Knowledge a) If a study, did it meet the Scope of Work? b) If Professional administered a construction contract, was the project functional upon completion and did it operate properly? Were problems corrected quickly and effectively? PROFESSIONAL SERVICES AGREEMENT THIS AGREEMENT made and entered into the day and year set forth below, by and between THE CITY OF FORT COLLINS, COLORADO, a Municipal Corporation, on behalf of the Boards of Trustees of the Poudre Fire Authority New and Old Hire Money Purchase Pension Plans, hereinafter referred to as the "Boards" and , hereinafter referred to as "Professional". WITNESSETH: In consideration of the mutual covenants and obligations herein expressed, it is agreed by and between the parties hereto as follows: 1. Scope of Services. The Professional agrees to provide services in accordance with the scope of services attached hereto as Exhibit "A", consisting of ( ) pages, and incorporated herein by this reference. 2. The Work Schedule. [Optional] The services to be performed pursuant to this Agreement shall be performed in accordance with the Work Schedule attached hereto as Exhibit "B", consisting of ( ) pages, and incorporated herein by this reference. 3. Contract Period. The services to be performed pursuant to this Agreement shall be initiated within five (5) days following execution of this Agreement. Services shall be completed no later than_______, 20__. Time is of the essence. Any extensions of the time limit set forth above must be agreed upon in writing by the parties hereto. 4. Early Termination by Boards. Notwithstanding the time periods contained herein, the Boards may terminate this Agreement at any time without cause by providing written notice of termination to the Professional. Such notice shall be delivered at least fifteen (15) days prior to the termination date contained in said notice unless otherwise agreed in writing by the parties. All notices provided under this Agreement shall be effective when mailed, postage prepaid and sent to the following addresses: Professional: Boards: Boards of Trustees of the Poudre Fire Authority New and Old Hire Money Purchase Pension Plans PO Box 580 Fort Collins, CO 80522 With Copy to: City of Fort Collins Purchasing Dept. PO Box 580 Fort Collins, CO 80522 In the event of any such early termination by the Boards, the Professional shall be paid for services rendered prior to the date of termination, subject only to the satisfactory performance of the Professional's obligations under this Agreement. Such payment shall be the Professional's sole right and remedy for such termination. 5. Design, Project Indemnity and Insurance Responsibility. The Professional shall be responsible for the professional quality, technical accuracy, timely completion and the coordination of all services rendered by the Professional, including but not limited to designs, plans, reports, specifications, and drawings and shall, without additional compensation, promptly remedy and correct any errors, omissions, or other deficiencies. The Professional shall indemnify, save and hold harmless the Boards, its officers and employees in accordance with Colorado law, from all damages whatsoever claimed by third parties against the Boards; and for the Boards’ costs and reasonable attorneys fees, arising directly or indirectly out of the Professional's negligent performance of any of the services furnished under this Agreement. The Professional shall maintain commercial general liability insurance in the amount of $500,000 combined single limits and errors and omissions insurance in the amount of $ Optional: according to the Insurance Requirements attached hereto as Exhibit “ “, consisting of one (1) page. 6. Compensation. [Use this paragraph or Option 1 below.] In consideration of the services to be performed pursuant to this Agreement, the Boards agree to pay Professional a fixed fee in the amount of ($ ) plus reimbursable direct costs. All such fees and costs shall not exceed ($ ). Monthly partial payments based upon the Professional's billings and itemized statements are permissible. The amounts of all such partial payments shall be based upon the Professional's Board-verified progress in completing the services to be performed pursuant hereto and upon the Boards’ approval of the Professional's actual reimbursable expenses. [Optional] Insert Subcontractor Clause Final payment shall be made following acceptance of the work by the Boards. Upon final payment, all designs, plans, reports, specifications, drawings, and other services rendered by the Professional shall become the sole property of the Boards. 6. Compensation. [Option 1] In consideration of the services to be performed pursuant to this Agreement, the Boards agree to pay Professional on a time and reimbursable direct cost basis according to the following schedule: Hourly billing rates: Reimbursable direct costs: with maximum compensation (for both Professional's time and reimbursable direct costs) not to exceed ($ ). Monthly partial payments based upon the Professional's billings and itemized statements of reimbursable direct costs are permissible. The amounts of all such partial payments shall be based upon the Professional's Board-verified progress in completing the services to be performed pursuant hereto and upon the Boards’ approval of the Professional's reimbursable direct costs. Final payment shall be made following acceptance of the work by the Boards. Upon final payment, all designs, plans, reports, specifications, drawings and other services rendered by the Professional shall become the sole property of the Boards. 7. Boards Representative. The Boards will designate, prior to commencement of work, its project representative who shall make, within the scope of his or her authority, all necessary and proper decisions with reference to the project. All requests for contract interpretations, change orders, and other clarification or instruction shall be directed to the Boards Representative. 8. Project Drawings. [Optional] Upon conclusion of the project and before final payment, the Professional shall provide the Boards with reproducible drawings of the project containing accurate information on the project as constructed. Drawings shall be of archival, prepared on stable Mylar base material using a non-fading process to provide for long storage and high quality reproduction. "CD" disc of the as-built drawings shall also be submitted to the Boards in an AutoCAD version no older then the established city standard. 9. Monthly Report. Commencing thirty (30) days after the date of execution of this Agreement and every thirty (30) days thereafter, Professional is required to provide the Boards Representative with a written report of the status of the work with respect to the Scope of Services, Work Schedule, and other material information. Failure to provide any required monthly report may, at the option of the Boards, suspend the processing of any partial payment request. 10. Independent Contractor. The services to be performed by Professional are those of an independent contractor and not of an employee of the Boards. The Boards shall not be responsible for withholding any portion of Professional's compensation hereunder for the payment of FICA, Workers' Compensation, other taxes or benefits or for any other purpose. 11. Personal Services. It is understood that the Boards enter into this Agreement based on the special abilities of the Professional and that this Agreement shall be considered as an agreement for personal services. Accordingly, the Professional shall neither assign any responsibilities nor delegate any duties arising under this Agreement without the prior written consent of the Boards. 12. Acceptance Not Waiver. The Boards’ approval of drawings, designs, plans, specifications, reports, and incidental work or materials furnished hereunder shall not in any way relieve the Professional of responsibility for the quality or technical accuracy of the work. The Boards’ approval or acceptance of, or payment for, any of the services shall not be construed to operate as a waiver of any rights or benefits provided to the Boards under this Agreement. 13. Default. Each and every term and condition hereof shall be deemed to be a material element of this Agreement. In the event either party should fail or refuse to perform according to the terms of this agreement, such party may be declared in default. 14. Remedies. In the event a party has been declared in default, such defaulting party shall be allowed a period of ten (10) days within which to cure said default. In the event the default remains uncorrected, the party declaring default may elect to (a) terminate the Agreement and seek damages; (b) treat the Agreement as continuing and require specific performance; or (c) avail himself of any other remedy at law or equity. If the non-defaulting party commences legal or equitable actions against the defaulting party, the defaulting party shall be liable to the non-defaulting party for the non-defaulting party's reasonable attorney fees and costs incurred because of the default. 15. Binding Effect. This writing, together with the exhibits hereto, constitutes the entire agreement between the parties and shall be binding upon said parties, their officers, employees, agents and assigns and shall inure to the benefit of the respective survivors, heirs, personal representatives, successors and assigns of said parties. 16. Law/Severability. The laws of the State of Colorado shall govern the construction, interpretation, execution and enforcement of this Agreement. In the event any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision of this Agreement. 17. Prohibition Against Employing Illegal Aliens. Pursuant to Section 8-17.5-101, C.R.S., et. seq., Professional represents and agrees that: a. As of the date of this Agreement: 1. Professional does not knowingly employ or contract with an illegal alien who will perform work under this Agreement; and 2. Professional will participate in either the e-Verify program created in Public Law 208, 104th Congress, as amended, and expanded in Public Law 156, 108th Congress, as amended, administered by the United States Department of Homeland Security (the “e-Verify Program”) or the Department Program (the “Department Program”), an employment verification program established pursuant to Section 8-17.5-102(5)(c) C.R.S. in order to confirm the employment eligibility of all newly hired employees to perform work under this Agreement. b. Professional shall not knowingly employ or contract with an illegal alien to perform work under this Agreement or knowingly enter into a contract with a subcontractor that knowingly employs or contracts with an illegal alien to perform work under this Agreement. c. Professional is prohibited from using the e-Verify Program or Department Program procedures to undertake pre-employment screening of job applicants while this Agreement is being performed. d. If Professional obtains actual knowledge that a subcontractor performing work under this Agreement knowingly employs or contracts with an illegal alien, Professional shall: 1. Notify such subcontractor and the Boards within three days that Professional has actual knowledge that the subcontractor is employing or contracting with an illegal alien; and 2. Terminate the subcontract with the subcontractor if within three days of receiving the notice required pursuant to this section the subcontractor does not cease employing or contracting with the illegal alien; except that Professional shall not terminate the contract with the subcontractor if during such three days the subcontractor provides information to establish that the subcontractor has not knowingly employed or contracted with an illegal alien. e. Professional shall comply with any reasonable request by the Colorado Department of Labor and Employment (the “Department”) made in the course of an investigation that the Department undertakes or is undertaking pursuant to the authority established in Subsection 8-17.5-102 (5), C.R.S. f. If Professional violates any provision of this Agreement pertaining to the duties imposed by Subsection 8-17.5-102, C.R.S. the Boards may terminate this Agreement. If this Agreement is so terminated, Professional shall be liable for actual and consequential damages to the Boards arising out of Professional’s violation of Subsection 8-17.5-102, C.R.S. g. The Boards will notify the Office of the Secretary of State if Professional violates this provision of this Agreement and the Boards terminates the Agreement for such breach. 18. Special Provisions. [Optional] Special provisions or conditions relating to the services to be performed pursuant to this Agreement are set forth in Exhibit " ", consisting of ( ) pages, attached hereto and incorporated herein by this reference. BOARD OF TRUSTEES OF THE POUDRE FIRE AUTHORITY NEW HIRE MONEY PURCHASE PENSION PLANS By:________________________________ PRINTED: ______________________________ BOARD OF TRUSTEES OF THE POUDRE FIRE AUTHORITY NEW HIRE MONEY PURCHASE PENSION PLANS By:________________________________ PRINTED: ______________________________ THE CITY OF FORT COLLINS, COLORADO By: _________________________________ James B. O'Neill II, CPPO, FNIGP Director of Purchasing & Risk Management DATE: ______________________________ ATTEST: _________________________________ City Clerk APPROVED AS TO FORM: ________________________________ Attorney for the PFA & Boards [Insert Professional's name] or [Insert Partnership Name] or [Insert individual's name] or Doing business as [insert name of business] By: __________________________________ Title: _______________________________ CORPORATE PRESIDENT OR VICE PRESIDENT Date: _______________________________ ATTEST: _________________________________ (Corporate Seal) Corporate Secretary [Optional] EXHIBIT “ ” CONFIDENTIALITY IN CONNECTION WITH SERVICES provided to the City of Fort Collins (the “City”) on behalf of the Boards of Trustees of the Poudre Fire Authority New and Old Hire Money Purchase Pension Plans (collectively, the “Boards”) pursuant to this Agreement (the “Agreement”), the Professional hereby acknowledges that it has been informed that the City and Boards have established policies and procedures with regard to the handling of confidential information and other sensitive materials. In consideration of access to certain information, data and material (hereinafter individually and collectively, regardless of nature, referred to as “information”) that are the property of and/or relate to the City and Boards or their employees, customers or suppliers, which access is related to the performance of services that the Professional has agreed to perform, the Professional hereby acknowledges and agrees as follows: That information that has or will come into its possession or knowledge in connection with the performance of services for the City and Boards may be confidential and/or proprietary. The Professional agrees to treat as confidential (a) all information that is owned by the City and Boards, or that relates to the business of the City and Boards, or that is used by the City and Boards in carrying on business, and (b) all information that is proprietary to a third party (including but not limited to customers and suppliers of the City and Boards). The Professional shall not disclose any such information to any person not having a legitimate need-to-know for purposes authorized by the City and Boards. Further, the Professional shall not use such information to obtain any economic or other benefit for itself, or any third party, except as specifically authorized by the City and Boards. The foregoing to the contrary notwithstanding, the Professional understands that it shall have no obligation under this Agreement with respect to information and material that (a) becomes generally known to the public by publication or some means other than a breach of duty of this Agreement, or (b) is required by law, regulation or court order to be disclosed, provided that the request for such disclosure is proper and the disclosure does not exceed that which is required. In the event of any disclosure under (b) above, the Professional shall furnish a copy of this Agreement to anyone to whom it is required to make such disclosure and shall promptly advise the City and Boards in writing of each such disclosure. In the event that the Professional ceases to perform services for the City and Boards, or the City and Boards so requests for any reason, the Professional shall promptly return to the City and Boards any and all information described hereinabove, including all copies, notes and/or summaries (handwritten or mechanically produced) thereof, in its possession or control or as to which it otherwise has access. The Professional understands and agrees that the City and Boards’ remedies at law for a breach of the Professional’s obligations under this Confidentiality Agreement may be inadequate and that the City and Boards shall, in the event of any such breach, be entitled to seek equitable relief (including without limitation preliminary and permanent injunctive relief and specific performance) in addition to all other remedies provided hereunder or available at law. POUDRE FIRE AUTHORITY (NEW HIRE) The performance data quoted represents past performance, is no guarantee of future results, and is annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance shown. For current performance, contact ICMA-RC by calling 800-669-7400 or by visiting www.icmarc.org. Stable Value/Cash Management Funds Performance for period ended March 31, 2012 †Net Expense Ratio †Gross Expense Ratio Inception Date Since Month Year to Date Quarter 1 Year 3 Year 5 Year 10 Year Inception Fund Investment Code VantageTrust PLUS Fund (Annualized) i, ii 71 2.59% 2.61% 2.61% 2.81% 3.16% 3.74% 4.06% 5.30% Jan 1991 0.56% 0.56% VantageTrust Cash Management Fund i, iii, iv MW 0.00% 0.00% 0.00% 0.00% 0.01% 1.21% 1.67% — Mar 1999 0.61% 0.61% The 7-Day Yields below are a better reflection of the earnings of the VantageTrust Cash Management Fund than the quotation of total return in the row above. VantageTrust Cash Management Fund for the period ended March 31, 2012 7-Day Annualized Current Yield: 0.00% 7-Day Annualized Effective Yield: N/A Bond Funds Performance for period ended March 31, 2012 †Net Expense Ratio †Gross Expense Ratio Inception Date Since Month Year to Date Quarter 1 Year 3 Year 5 Year 10 Year Inception Fund Investment Code ‡ 0.69% Prudential Government Income Fund, Class Z viii, ix, a 9A -0.37% -0.04% -0.04% 7.02% 6.86% 6.03% 5.30% 5.61% Mar 1996 0.69% ‡ 0.11% Vanguard Total Bond Market Index Fund, Class Signal viii, ix, a 9Q -0.57% 0.27% 0.27% 7.69% 6.72% 6.23% — 6.25% Sep 2006 0.11% ‡ 0.71% VT PIMCO Total Return Fund i, ix, x, a I8 0.02% 2.81% 2.81% 5.73% 9.09% 8.07% 6.77% 7.37% Sep 1994 0.71% ‡ 0.22% Vanguard Inflation-Protected Securities Fund, Class Investor viii, ix, a GF -1.00% 0.75% 0.75% 12.02% 8.44% 7.28% 7.25% 7.47% Jun 2000 0.22% A,‡ 1.15% Aberdeen Global Fixed Income Fund, Class Institutional viii, ix, a, b 2N -0.36% 1.49% 1.49% 3.40% 8.29% 5.93% 6.49% 6.56% Nov 1990 1.31% Returns for periods greater than one year are annualized. Page 1 of 6 106043 Guaranteed Lifetime Income Funds Performance for period ended March 31, 2012 †Net Expense Ratio †Gross Expense Ratio Inception Date Since Month Year to Date Quarter 1 Year 3 Year 5 Year 10 Year Inception Fund Investment Code VT Retirement IncomeAdvantage Fund i, xi 9I 1.04% 7.41% 7.41% 3.72% — — — 11.16% Aug 2010 1.59% 1.59% Balanced/Asset Allocation Funds Performance for period ended March 31, 2012 †Net Expense Ratio †Gross Expense Ratio Inception Date Since Month Year to Date Quarter 1 Year 3 Year 5 Year 10 Year Inception Fund Investment Code VT Vantagepoint Milestone Retirement Income Fund i, x, xii, xiii 4E 0.38% 4.13% 4.13% 4.38% 10.58% 3.68% — 4.23% Jan 2005 0.85% 0.85% VT Vantagepoint Milestone 2010 Fund i, x, xii, xiii CA 0.85% 6.34% 6.34% 4.57% 12.13% 3.63% — 4.56% Jan 2005 0.91% 0.91% VT Vantagepoint Milestone 2015 Fund i, x, xii, xiii CH 1.11% 7.19% 7.19% 4.21% 14.77% 3.13% — 4.65% Jan 2005 0.88% 0.88% VT Vantagepoint Milestone 2020 Fund i, x, xii, xiii CJ 1.39% 8.22% 8.22% 3.82% 16.19% 2.71% — 4.59% Jan 2005 0.85% 0.85% VT Vantagepoint Milestone 2025 Fund i, x, xii, xiii CN 1.59% 9.13% 9.13% 3.65% 17.59% 2.38% — 4.56% Jan 2005 0.88% 0.88% VT Vantagepoint Milestone 2030 Fund i, x, xii, xiii CR 1.85% 10.20% 10.20% 3.48% 19.02% 2.13% — 4.55% Jan 2005 0.89% 0.89% VT Vantagepoint Milestone 2035 Fund i, x, xii, xiii CU 2.05% 11.26% 11.26% 3.15% 20.45% 1.97% — 4.57% Jan 2005 0.91% 0.91% VT Vantagepoint Milestone 2040 Fund i, x, xii, xiii CX 2.22% 11.97% 11.97% 3.23% 21.45% 1.97% — 4.59% Jan 2005 0.90% 0.90% VT Vantagepoint Milestone 2045 Fund i, x, xii, xiii DB 2.21% 12.14% 12.14% 3.08% — — — 10.40% Jan 2010 1.09% 1.09% ‡ 0.62% American Funds American Balanced Fund, Class A viii, ix TK 1.93% 8.71% 8.71% 7.92% 18.40% 3.95% 5.50% 6.46% Jan 1933 0.62% U.S. Stock Funds Performance for period ended March 31, 2012 †Net Expense Ratio †Gross Expense Ratio Inception Date Since Month Year to Date Quarter 1 Year 3 Year 5 Year 10 Year Inception Fund Investment Code ‡ 0.96% Allianz NFJ Dividend Value Fund, Class Administrative viii, ix DC 0.89% 9.57% 9.57% 6.00% 22.01% -1.07% 5.47% 7.20% May 2000 0.96% ‡ 0.84% Invesco Van Kampen Comstock Fund, Class A viii, ix JN 2.69% 12.82% 12.82% 4.20% 23.68% 0.60% 4.18% 10.78% Oct 1968 0.84% ‡ 0.06% Vanguard 500 Index Fund, Class Signal viii, ix 8P 3.29% 12.58% 12.58% 8.51% 23.43% 2.03% — 3.17% Sep 2006 0.06% U.S. Stock Funds Performance for period ended March 31, 2012 †Net Expense Ratio †Gross Expense Ratio Inception Date Since Month Year to Date Quarter 1 Year 3 Year 5 Year 10 Year Inception Fund Investment Code ‡ 0.90% K4 2.72% 16.26% 16.26% 6.29% 20.45% 2.35% 2.90% 12.34% Feb 1970 0.90% Fund Closed to New Investors Janus Fund, Class T viii, ix ‡ 0.78% Prudential Jennison Growth Fund, Class Z viii, ix 5J 4.62% 19.23% 19.23% 14.61% 24.30% 5.64% 4.55% 6.92% Apr 1996 0.78% ‡ 1.16% Goldman Sachs Mid Cap Value Fund, Class A viii, ix, c R8 2.37% 12.68% 12.68% -0.43% 24.19% 1.55% 7.61% 8.18% Aug 1997 1.16% ‡ 0.16% Vanguard Extended Market Index Fund, Class Signal viii, ix, c 2P 2.27% 14.43% 14.43% 1.65% 29.25% 3.56% — 5.63% Sep 2006 0.16% ‡ 1.35% Fidelity Advisor Leveraged Company Stock Fund, Class T viii, ix, c HY 1.36% 17.55% 17.55% -3.01% 32.67% 1.27% 13.91% 12.76% Dec 2000 1.35% ‡ 0.79% Prudential Jennison Mid-Cap Growth Fund, Class Z viii, ix, c P6 2.62% 14.41% 14.41% 8.74% 26.51% 7.38% 8.93% 10.19% Dec 1996 0.79% ‡ 1.14% Neuberger Berman Genesis Trust viii, ix, c 7R 1.36% 6.74% 6.74% 2.21% 23.97% 5.92% 9.40% 12.41% Aug 1993 1.14% ‡ 1.08% Munder Mid-Cap Core Growth Fund, Class Y viii, ix, c 5D 2.13% 13.82% 13.82% 4.66% 26.43% 4.12% 8.65% 10.08% Jun 1998 1.08% ‡ 0.76% Columbia Acorn Fund, Class Z viii, ix, c HX 2.15% 15.49% 15.49% 4.26% 28.77% 4.18% 9.28% 14.82% Jun 1970 0.76% ‡ 1.39% VT Royce Premier Fund i, ix, x, c YN -0.15% 11.63% 11.63% 0.39% 27.54% 7.10% — 13.27% Sep 2002 1.39% ‡ 1.12% Delaware Small Cap Value Fund, Class Institutional viii, ix, c 4Z 0.67% 10.82% 10.82% 2.41% 30.20% 3.73% 8.56% 10.76% Nov 1992 1.12% B,‡ 1.53% RS Partners Fund, Class A viii, ix, c HE 0.50% 9.90% 9.90% -4.69% 25.31% 1.13% 10.83% 11.50% Jul 1995 1.54% ‡ 1.21% VT T Rowe Price® Small Cap Value Fund i, ix, x, xiv, c K3 2.05% 10.65% 10.65% 1.86% 27.11% 3.52% 8.92% 11.44% Mar 2000 1.21% ‡ 0.17% Vanguard Small-Cap Index Fund, Class Signal viii, ix, c UY 2.31% 12.99% 12.99% 1.03% 30.37% 3.71% — 4.02% Dec 2006 0.17% ‡ 1.16% Eagle Small Cap Growth Fund, Class A viii, ix, xv, c EK 1.65% 14.88% 14.88% 4.39% 31.78% 6.12% 7.37% 10.22% May 1993 1.16% ‡ 1.04% MFS Utilities Fund, Class A viii, ix, d A9 0.57% 5.20% 5.20% 4.78% 22.70% 4.35% 11.39% 11.65% Feb 1992 1.04% ‡ 1.04% VT Nuveen Real Estate Securities Fund i, x, d PA 5.16% 10.75% 10.75% 12.37% 42.28% 1.81% 12.57% 12.55% Jun 1995 1.04% C,‡ 1.01% Franklin Natural Resources Fund, Class A viii, ix, d G3 -6.27% 4.74% 4.74% -17.51% 23.85% 4.45% 11.26% 10.96% Jun 1995 1.02% ‡ 1.35% Columbia Seligman Communications & Information Fund, Class A viii, ix, d AD 4.19% 22.43% 22.43% 11.70% 24.88% 9.04% 7.96% 13.45% Jun 1983 1.35% International/Global Stock Funds Performance for period ended March 31, 2012 †Net Expense Ratio †Gross International/Global Stock Funds Performance for period ended March 31, 2012 †Net Expense Ratio †Gross Expense Ratio Inception Date Since Month Year to Date Quarter 1 Year 3 Year 5 Year 10 Year Inception Fund Investment Code ‡ 1.60% Prudential International Value Fund, Class Z viii, ix, b YL -0.36% 10.56% 10.56% -7.84% 17.37% -3.05% 4.77% 6.85% Nov 1992 1.60% VT Vantagepoint Overseas Equity Index Fund i, x, b WC 0.21% 11.40% 11.40% -5.45% 16.94% -3.64% 5.39% — Apr 1999 0.34% 0.34% ‡ 0.85% American Funds EuroPacific Growth Fund, Class R4 viii, ix, b GN -0.05% 12.27% 12.27% -6.26% 17.04% 0.27% — 7.93% Jun 2002 0.85% D,‡ 1.03% VT Harbor International Fund i, ix, x, b P9 -0.35% 14.35% 14.35% -2.56% 22.62% 1.09% — 12.30% Nov 2002 1.04% ‡ 1.30% Oppenheimer Developing Markets Fund, Class A viii, ix, b EH -0.30% 14.84% 14.84% -5.25% 29.61% 8.22% 17.61% 15.19% Nov 1996 1.30% Certificates of Deposit Window Period: 02/29/2012 to 03/29/2012 Window Period: 01/31/2012 to 02/28/2012 Annual % Rate Annual % Yield Annual % Rate Annual % Yield Fund Investment Code VantageTrust Three Year Certificate of Deposit Account i, v, vi, vii L3 0.19% 0.19% 0.17% 0.17% VantageTrust Five Year Certificate of Deposit Account i, v, vi, vii L5 0.34% 0.34% 0.31% 0.31% Disclosures Investments listed were available at the time this report was created. Since investment options can change over time, the investments listed may be different from the investment options that were available on March 31, 2012. Fund performance is available the 5th business day after month end. Creating this report prior to that time period may result in incomplete information. Additional Information on Fund Expenses and Waivers of Expenses ‡ Information on the underlying Fund expense ratio is provided by Morningstar, Inc.® All rights reserved. The information contained herein; (1) is proprietary to Morningstar and/or its affiliates; (2) is not warranted to be accurate, complete or timely. Please consult the current fund prospectus or other appropriate document for additional information. †Definitions of Expense Ratio Terms Gross Expense Ratio—Theannualizedamount,expressed as a percentage of your total investment, that you will pay annually for the mutual fund’s operating expenses and management fees before any waivers. This amount includes asset based administration fees if applicable. Net Expense Ratio—Theamountshowninthegrossexpenseratiolessanyexpensewaivers.The daily portion of this expense is deducted from the fund prior to the fund company’scalculationofthedailypricereportedtothepublic.This amount includes asset based administration fees if applicable. Expense Waiver Amount— The amount a mutual fund has agreed to waive in order to reduce or limit operating expenses for the fund. Fee waivers may not be available to fund shareholders in the future. A. An expense waiver or discount of 0.16% exists for this fund. This reduction is contractual and will expire on February 27, 2013. Some waivers may be renewed or extended. Returns for periods greater than one year are annualized. Page 4 of 6 106043 B. An expense waiver or discount of 0.01% exists for this fund. This reduction is contractual and will expire on April 30, 2012. Some waivers may be renewed or extended. C. An expense waiver or discount of 0.01% exists for this fund. This reduction is voluntary. D. An expense waiver or discount of 0.01% exists for this fund. This reduction is contractual and will expire on February 28, 2013. Some waivers may be renewed or extended. Risks Associated with Asset Classes a. A rise/fall in the interest rates can have a significant impact on bond prices and the NAV (net asset value) of the fund. Funds that invest in bonds can lose their value as interest rates rise and an investor can lose principal. b. Foreign investments are subject to more risks not associated with domestic investments (i.e. currency, economy and political risks). c. Funds that invest in small and/or mid-sized company stocks typically involve greater risks, particularly in the short-term, than those investing in large, more established companies. d. Funds that concentrate investments in one industry may involve greater risks than more diversified funds, including greater potential for volatility. Investment Specific Footnotes Please read Making Sound Investment Decisions: A Retirement Investment Guide (“Guide”) carefully for a complete summary of all fees, expenses, investment objectives and strategies, and risks. Investment returns and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance shown. For current performance, contact ICMA-RC by calling 800-669-7400 or by visiting www.icmarc.org. i. ii. PLUS Fund return is annualized for all periods. The VantageTrust Cash Management Fund is invested in a single registered mutual fund, the Dreyfus Cash Management money market fund (Participant Shares). Investments in the VantageTrust Cash Management Fund are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. iii. iv. Certain fund service fees have been waived so that a fund will not experience negative returns. All fee waivers are temporary and may be discontinued at any time without notice. Open Investment Window – Refers to the date range a plan participant may purchase CD Accounts associated with the published APRs and APYs. Investments will be accepted from the first through the last business day of the open investment window, which will generally run from the last business day of the previous month through the second to last business day of the current month. Amounts to be invested in CD Accounts are initially held in the Bank’s Money Market Deposit v. Account (“MMDA²), until the open investment window closes. Assets held in the MMDA will earn the Bank’s MMDA rate and cannot be withdrawn until after the assets have been invested in the CD Account. At that time early withdrawal penalties could apply. Certificate of Deposit Accounts (CD Accounts) Annual Percentage Rates (APRs) and Annual Percentage Yields (APYs) are valid for investments made into CD Accounts within the related open investment window period. The interest rate is guaranteed until the maturity date of the CD Account. The stated APY assumes that principal and interest remain on deposit until maturity. Withdrawals and fees may reduce earnings on the account. Please be advised that there may be associated penalties for withdrawals from a CD Account prior to the maturity date. Currently, no minimum opening deposit is required. For more information regarding CD Accounts, please contact Investor Services at 800-669-7400. vi. ICMA-RC’s Annual CD Administrative Fee is assessed against assets invested in CD Accounts and reflected in the interest rate. The administrative fee may be raised or lowered for new CD Accounts but not for existing CD Accounts. No administrative fee is assessed while assets are invested in the MMDA pending investment in CD Accounts. For 1-year CD Accounts, ICMA-RC’s Annual CD Administrative Fee is 0.60%. For 3-year and 5-year CD Accounts, ICMA-RC's Annual CD Administrative Fee is half of the gross rate offered by the Bank, with a maximum fee of 0.60%. Fees may differ for some plans. vii. Please read the fund’s prospectus carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investment involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus before investing. Youmaycontactustoobtainaprospectusortoanswerquestionsbycalling800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org. viii. Returns provided by Morningstar, Inc.™Copyright©2012.All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. ICMA-RC does not independently verify Morningstar data. ix. x. This VantageTrust fund invests solely in the shares of a single designated Vantagepoint or third-party mutual fund. The VantageTrust Retirement IncomeAdvantage Fund (the “Fund”) is offered through VantageTrust, a group trust sponsored by the VantageTrust Company, a New Hampshire institution. The Fund invests in a separate account under a group variable annuity issued by Prudential Retirement Insurance and Annuity Company (Prudential), CA COA #08003, Hartford, CT. Neither Prudential nor ICMA-RC guarantees the investment performance or return on contributions xi. compensate ICMA-RC for providing these and related administrative services in connection with the Fund. Before electing the Spousal Benefit (if available) on behalf of any beneficiary not recognized as your spouse under Federal law, be aware that provisions of your plan or the Internal Revenue Code might prevent, limit or otherwise affect the ability of the beneficiary to receive the Spousal Benefit. Prudential, the Prudential logo, and the Rock symbol are service marks of the Prudential Insurance Company of America, Newark, NJ, and its related entities, registered in many jurisdictions worldwide. Note: Participants who are interested in the VantageTrust Retirement IncomeAdvantage Fund must first receive and read the Important Considerations document, before investing. The fund is not a complete solution for all of your retirement savings needs. An investment in the fund includes the risk of loss, including near, at or after the target date of the fund. There is no guarantee that the fund will provide adequate income at and through an investor’s retirement. Selecting the fund does not guarantee that you will have adequate savings for retirement. xii. xiii. The expense ratio for a “fund of funds” includes acquired fund fees and expenses, which are expenses incurred indirectly by the fund through its ownership in other mutual funds. xiv. T. Rowe Price® is a registered trademark of T. Rowe Price Group, Inc. - all rights reserved. xv. Effective November 30, 2011, the Eagle Small Cap Stock Fund is now known as the Eagle Small Cap Growth Fund. Returns for periods greater than one year are annualized. Page 6 of 6 106043 POUDRE FIRE AUTHORITY (OLD HIRE) The performance data quoted represents past performance, is no guarantee of future results, and is annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance shown. For current performance, contact ICMA-RC by calling 800-669-7400 or by visiting www.icmarc.org. Stable Value/Cash Management Funds Performance for period ended March 31, 2012 †Net Expense Ratio †Gross Expense Ratio Inception Date Since Month Year to Date Quarter 1 Year 3 Year 5 Year 10 Year Inception Fund Investment Code VantageTrust PLUS Fund (Annualized) i, ii 71 2.59% 2.61% 2.61% 2.81% 3.16% 3.74% 4.06% 5.30% Jan 1991 0.56% 0.56% VantageTrust Cash Management Fund i, iii, iv MW 0.00% 0.00% 0.00% 0.00% 0.01% 1.21% 1.67% — Mar 1999 0.61% 0.61% The 7-Day Yields below are a better reflection of the earnings of the VantageTrust Cash Management Fund than the quotation of total return in the row above. VantageTrust Cash Management Fund for the period ended March 31, 2012 7-Day Annualized Current Yield: 0.00% 7-Day Annualized Effective Yield: N/A Bond Funds Performance for period ended March 31, 2012 †Net Expense Ratio †Gross Expense Ratio Inception Date Since Month Year to Date Quarter 1 Year 3 Year 5 Year 10 Year Inception Fund Investment Code ‡ 0.69% Prudential Government Income Fund, Class Z viii, ix, a 9A -0.37% -0.04% -0.04% 7.02% 6.86% 6.03% 5.30% 5.61% Mar 1996 0.69% ‡ 0.11% Vanguard Total Bond Market Index Fund, Class Signal viii, ix, a 9Q -0.57% 0.27% 0.27% 7.69% 6.72% 6.23% — 6.25% Sep 2006 0.11% ‡ 0.71% VT PIMCO Total Return Fund i, ix, x, a I8 0.02% 2.81% 2.81% 5.73% 9.09% 8.07% 6.77% 7.37% Sep 1994 0.71% ‡ 0.22% Vanguard Inflation-Protected Securities Fund, Class Investor viii, ix, a GF -1.00% 0.75% 0.75% 12.02% 8.44% 7.28% 7.25% 7.47% Jun 2000 0.22% A,‡ 1.15% Aberdeen Global Fixed Income Fund, Class Institutional viii, ix, a, b 2N -0.36% 1.49% 1.49% 3.40% 8.29% 5.93% 6.49% 6.56% Nov 1990 1.31% Returns for periods greater than one year are annualized. Page 1 of 6 106042 Guaranteed Lifetime Income Funds Performance for period ended March 31, 2012 †Net Expense Ratio †Gross Expense Ratio Inception Date Since Month Year to Date Quarter 1 Year 3 Year 5 Year 10 Year Inception Fund Investment Code VT Retirement IncomeAdvantage Fund i, xi 9I 1.04% 7.41% 7.41% 3.72% — — — 11.16% Aug 2010 1.59% 1.59% Balanced/Asset Allocation Funds Performance for period ended March 31, 2012 †Net Expense Ratio †Gross Expense Ratio Inception Date Since Month Year to Date Quarter 1 Year 3 Year 5 Year 10 Year Inception Fund Investment Code VT Vantagepoint Milestone Retirement Income Fund i, x, xii, xiii 4E 0.38% 4.13% 4.13% 4.38% 10.58% 3.68% — 4.23% Jan 2005 0.85% 0.85% VT Vantagepoint Milestone 2010 Fund i, x, xii, xiii CA 0.85% 6.34% 6.34% 4.57% 12.13% 3.63% — 4.56% Jan 2005 0.91% 0.91% VT Vantagepoint Milestone 2015 Fund i, x, xii, xiii CH 1.11% 7.19% 7.19% 4.21% 14.77% 3.13% — 4.65% Jan 2005 0.88% 0.88% VT Vantagepoint Milestone 2020 Fund i, x, xii, xiii CJ 1.39% 8.22% 8.22% 3.82% 16.19% 2.71% — 4.59% Jan 2005 0.85% 0.85% VT Vantagepoint Milestone 2025 Fund i, x, xii, xiii CN 1.59% 9.13% 9.13% 3.65% 17.59% 2.38% — 4.56% Jan 2005 0.88% 0.88% VT Vantagepoint Milestone 2030 Fund i, x, xii, xiii CR 1.85% 10.20% 10.20% 3.48% 19.02% 2.13% — 4.55% Jan 2005 0.89% 0.89% VT Vantagepoint Milestone 2035 Fund i, x, xii, xiii CU 2.05% 11.26% 11.26% 3.15% 20.45% 1.97% — 4.57% Jan 2005 0.91% 0.91% VT Vantagepoint Milestone 2040 Fund i, x, xii, xiii CX 2.22% 11.97% 11.97% 3.23% 21.45% 1.97% — 4.59% Jan 2005 0.90% 0.90% VT Vantagepoint Milestone 2045 Fund i, x, xii, xiii DB 2.21% 12.14% 12.14% 3.08% — — — 10.40% Jan 2010 1.09% 1.09% ‡ 0.62% American Funds American Balanced Fund, Class A viii, ix TK 1.93% 8.71% 8.71% 7.92% 18.40% 3.95% 5.50% 6.46% Jan 1933 0.62% U.S. Stock Funds Performance for period ended March 31, 2012 †Net Expense Ratio †Gross Expense Ratio Inception Date Since Month Year to Date Quarter 1 Year 3 Year 5 Year 10 Year Inception Fund Investment Code ‡ 0.96% Allianz NFJ Dividend Value Fund, Class Administrative viii, ix DC 0.89% 9.57% 9.57% 6.00% 22.01% -1.07% 5.47% 7.20% May 2000 0.96% ‡ 0.84% Invesco Van Kampen Comstock Fund, Class A viii, ix JN 2.69% 12.82% 12.82% 4.20% 23.68% 0.60% 4.18% 10.78% Oct 1968 0.84% ‡ 0.06% Vanguard 500 Index Fund, Class Signal viii, ix 8P 3.29% 12.58% 12.58% 8.51% 23.43% 2.03% — 3.17% Sep 2006 0.06% U.S. Stock Funds Performance for period ended March 31, 2012 †Net Expense Ratio †Gross Expense Ratio Inception Date Since Month Year to Date Quarter 1 Year 3 Year 5 Year 10 Year Inception Fund Investment Code ‡ 0.90% K4 2.72% 16.26% 16.26% 6.29% 20.45% 2.35% 2.90% 12.34% Feb 1970 0.90% Fund Closed to New Investors Janus Fund, Class T viii, ix ‡ 0.78% Prudential Jennison Growth Fund, Class Z viii, ix 5J 4.62% 19.23% 19.23% 14.61% 24.30% 5.64% 4.55% 6.92% Apr 1996 0.78% ‡ 1.16% Goldman Sachs Mid Cap Value Fund, Class A viii, ix, c R8 2.37% 12.68% 12.68% -0.43% 24.19% 1.55% 7.61% 8.18% Aug 1997 1.16% ‡ 0.16% Vanguard Extended Market Index Fund, Class Signal viii, ix, c 2P 2.27% 14.43% 14.43% 1.65% 29.25% 3.56% — 5.63% Sep 2006 0.16% ‡ 1.35% Fidelity Advisor Leveraged Company Stock Fund, Class T viii, ix, c HY 1.36% 17.55% 17.55% -3.01% 32.67% 1.27% 13.91% 12.76% Dec 2000 1.35% ‡ 0.79% Prudential Jennison Mid-Cap Growth Fund, Class Z viii, ix, c P6 2.62% 14.41% 14.41% 8.74% 26.51% 7.38% 8.93% 10.19% Dec 1996 0.79% ‡ 1.14% Neuberger Berman Genesis Trust viii, ix, c 7R 1.36% 6.74% 6.74% 2.21% 23.97% 5.92% 9.40% 12.41% Aug 1993 1.14% ‡ 1.08% Munder Mid-Cap Core Growth Fund, Class Y viii, ix, c 5D 2.13% 13.82% 13.82% 4.66% 26.43% 4.12% 8.65% 10.08% Jun 1998 1.08% ‡ 0.76% Columbia Acorn Fund, Class Z viii, ix, c HX 2.15% 15.49% 15.49% 4.26% 28.77% 4.18% 9.28% 14.82% Jun 1970 0.76% ‡ 1.39% VT Royce Premier Fund i, ix, x, c YN -0.15% 11.63% 11.63% 0.39% 27.54% 7.10% — 13.27% Sep 2002 1.39% ‡ 1.12% Delaware Small Cap Value Fund, Class Institutional viii, ix, c 4Z 0.67% 10.82% 10.82% 2.41% 30.20% 3.73% 8.56% 10.76% Nov 1992 1.12% B,‡ 1.53% RS Partners Fund, Class A viii, ix, c HE 0.50% 9.90% 9.90% -4.69% 25.31% 1.13% 10.83% 11.50% Jul 1995 1.54% ‡ 1.21% VT T Rowe Price® Small Cap Value Fund i, ix, x, xiv, c K3 2.05% 10.65% 10.65% 1.86% 27.11% 3.52% 8.92% 11.44% Mar 2000 1.21% ‡ 0.17% Vanguard Small-Cap Index Fund, Class Signal viii, ix, c UY 2.31% 12.99% 12.99% 1.03% 30.37% 3.71% — 4.02% Dec 2006 0.17% ‡ 1.16% Eagle Small Cap Growth Fund, Class A viii, ix, xv, c EK 1.65% 14.88% 14.88% 4.39% 31.78% 6.12% 7.37% 10.22% May 1993 1.16% ‡ 1.04% MFS Utilities Fund, Class A viii, ix, d A9 0.57% 5.20% 5.20% 4.78% 22.70% 4.35% 11.39% 11.65% Feb 1992 1.04% ‡ 1.04% VT Nuveen Real Estate Securities Fund i, x, d PA 5.16% 10.75% 10.75% 12.37% 42.28% 1.81% 12.57% 12.55% Jun 1995 1.04% ‡ 1.35% Columbia Seligman Communications & Information Fund, Class A viii, ix, d AD 4.19% 22.43% 22.43% 11.70% 24.88% 9.04% 7.96% 13.45% Jun 1983 1.35% International/Global Stock Funds Performance for period ended March 31, 2012 †Net Expense Ratio †Gross Expense Ratio International/Global Stock Funds Performance for period ended March 31, 2012 †Net Expense Ratio †Gross Expense Ratio Inception Date Since Month Year to Date Quarter 1 Year 3 Year 5 Year 10 Year Inception Fund Investment Code VT Vantagepoint Overseas Equity Index Fund i, x, b WC 0.21% 11.40% 11.40% -5.45% 16.94% -3.64% 5.39% — Apr 1999 0.34% 0.34% ‡ 0.85% American Funds EuroPacific Growth Fund, Class R4 viii, ix, b GN -0.05% 12.27% 12.27% -6.26% 17.04% 0.27% — 7.93% Jun 2002 0.85% C,‡ 1.03% VT Harbor International Fund i, ix, x, b P9 -0.35% 14.35% 14.35% -2.56% 22.62% 1.09% — 12.30% Nov 2002 1.04% ‡ 1.30% Oppenheimer Developing Markets Fund, Class A viii, ix, b EH -0.30% 14.84% 14.84% -5.25% 29.61% 8.22% 17.61% 15.19% Nov 1996 1.30% Certificates of Deposit Window Period: 02/29/2012 to 03/29/2012 Window Period: 01/31/2012 to 02/28/2012 Annual % Rate Annual % Yield Annual % Rate Annual % Yield Fund Investment Code VantageTrust Three Year Certificate of Deposit Account i, v, vi, vii L3 0.19% 0.19% 0.17% 0.17% VantageTrust Five Year Certificate of Deposit Account i, v, vi, vii L5 0.34% 0.34% 0.31% 0.31% Disclosures Investments listed were available at the time this report was created. Since investment options can change over time, the investments listed may be different from the investment options that were available on March 31, 2012. Fund performance is available the 5th business day after month end. Creating this report prior to that time period may result in incomplete information. Additional Information on Fund Expenses and Waivers of Expenses ‡ Information on the underlying Fund expense ratio is provided by Morningstar, Inc.® All rights reserved. The information contained herein; (1) is proprietary to Morningstar and/or its affiliates; (2) is not warranted to be accurate, complete or timely. Please consult the current fund prospectus or other appropriate document for additional information. †Definitions of Expense Ratio Terms Gross Expense Ratio—Theannualizedamount,expressed as a percentage of your total investment, that you will pay annually for the mutual fund’s operating expenses and management fees before any waivers. This amount includes asset based administration fees if applicable. Net Expense Ratio—Theamountshowninthegrossexpenseratiolessanyexpensewaivers.The daily portion of this expense is deducted from the fund prior to the fund company’scalculationofthedailypricereportedtothepublic.This amount includes asset based administration fees if applicable. Expense Waiver Amount— The amount a mutual fund has agreed to waive in order to reduce or limit operating expenses for the fund. Fee waivers may not be available to fund shareholders in the future. A. An expense waiver or discount of 0.16% exists for this fund. This reduction is contractual and will expire on February 27, 2013. Some waivers may be renewed or extended. B. An expense waiver or discount of 0.01% exists for this fund. This reduction is contractual and will expire on April 30, 2012. Some waivers may be renewed or extended. C. An expense waiver or discount of 0.01% exists for this fund. This reduction is contractual and will expire on February 28, 2013. Some waivers may be renewed or extended. Returns for periods greater than one year are annualized. Page 4 of 6 106042 Risks Associated with Asset Classes a. A rise/fall in the interest rates can have a significant impact on bond prices and the NAV (net asset value) of the fund. Funds that invest in bonds can lose their value as interest rates rise and an investor can lose principal. b. Foreign investments are subject to more risks not associated with domestic investments (i.e. currency, economy and political risks). c. Funds that invest in small and/or mid-sized company stocks typically involve greater risks, particularly in the short-term, than those investing in large, more established companies. d. Funds that concentrate investments in one industry may involve greater risks than more diversified funds, including greater potential for volatility. Investment Specific Footnotes Please read Making Sound Investment Decisions: A Retirement Investment Guide (“Guide”) carefully for a complete summary of all fees, expenses, investment objectives and strategies, and risks. Investment returns and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance shown. For current performance, contact ICMA-RC by calling 800-669-7400 or by visiting www.icmarc.org. i. ii. PLUS Fund return is annualized for all periods. The VantageTrust Cash Management Fund is invested in a single registered mutual fund, the Dreyfus Cash Management money market fund (Participant Shares). Investments in the VantageTrust Cash Management Fund are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. iii. iv. Certain fund service fees have been waived so that a fund will not experience negative returns. All fee waivers are temporary and may be discontinued at any time without notice. Open Investment Window – Refers to the date range a plan participant may purchase CD Accounts associated with the published APRs and APYs. Investments will be accepted from the first through the last business day of the open investment window, which will generally run from the last business day of the previous month through the second to last business day of the current month. Amounts to be invested in CD Accounts are initially held in the Bank’s Money Market Deposit v. Account (“MMDA²), until the open investment window closes. Assets held in the MMDA will earn the Bank’s MMDA rate and cannot be withdrawn until after the assets have been invested in the CD Account. At that time early withdrawal penalties could apply. Certificate of Deposit Accounts (CD Accounts) Annual Percentage Rates (APRs) and Annual Percentage Yields (APYs) are valid for investments made into CD Accounts within the related open investment window period. The interest rate is guaranteed until the maturity date of the CD Account. The stated APY assumes that principal and interest remain on deposit until maturity. Withdrawals and fees may reduce earnings on the account. Please be advised that there may be associated penalties for withdrawals from a CD Account prior to the maturity date. Currently, no minimum opening deposit is required. For more information regarding CD Accounts, please contact Investor Services at 800-669-7400. vi. ICMA-RC’s Annual CD Administrative Fee is assessed against assets invested in CD Accounts and reflected in the interest rate. The administrative fee may be raised or lowered for new CD Accounts but not for existing CD Accounts. No administrative fee is assessed while assets are invested in the MMDA pending investment in CD Accounts. For 1-year CD Accounts, ICMA-RC’s Annual CD Administrative Fee is 0.60%. For 3-year and 5-year CD Accounts, ICMA-RC's Annual CD Administrative Fee is half of the gross rate offered by the Bank, with a maximum fee of 0.60%. Fees may differ for some plans. vii. Please read the fund’s prospectus carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investment involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus before investing. Youmaycontactustoobtainaprospectusortoanswerquestionsbycalling800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org. viii. Returns provided by Morningstar, Inc.™Copyright©2012.All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. ICMA-RC does not independently verify Morningstar data. ix. x. This VantageTrust fund invests solely in the shares of a single designated Vantagepoint or third-party mutual fund. The VantageTrust Retirement IncomeAdvantage Fund (the “Fund”) is offered through VantageTrust, a group trust sponsored by the VantageTrust Company, a New Hampshire institution. The Fund invests in a separate account under a group variable annuity issued by Prudential Retirement Insurance and Annuity Company (Prudential), CA COA #08003, Hartford, CT. Neither Prudential nor ICMA-RC guarantees the investment performance or return on contributions xi. to Prudential’s separate account. You should carefully consider the objectives, risks, charges, expenses and underlying guarantee features before purchasing this product. Like all variable investments, this Fund may lose value. Availability and terms may vary by jurisdiction; subject to regulatory approvals. Annuity contracts contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Guarantees the Prudential Insurance Company of America, Newark, NJ, and its related entities, registered in many jurisdictions worldwide. Note: Participants who are interested in the VantageTrust Retirement IncomeAdvantage Fund must first receive and read the Important Considerations document, before investing. The fund is not a complete solution for all of your retirement savings needs. An investment in the fund includes the risk of loss, including near, at or after the target date of the fund. There is no guarantee that the fund will provide adequate income at and through an investor’s retirement. Selecting the fund does not guarantee that you will have adequate savings for retirement. xii. xiii. The expense ratio for a “fund of funds” includes acquired fund fees and expenses, which are expenses incurred indirectly by the fund through its ownership in other mutual funds. xiv. T. Rowe Price® is a registered trademark of T. Rowe Price Group, Inc. - all rights reserved. xv. Effective November 30, 2011, the Eagle Small Cap Stock Fund is now known as the Eagle Small Cap Growth Fund. Returns for periods greater than one year are annualized. Page 6 of 6 106042 are based on Prudential’s claims-paying ability. This annuity is issued under Contract form # GA-2020-TGWB4-0805-RC. ICMA-RC provides recordkeeping services to your Plan and is the investment manager of the underlying Prudential separate account. Prudential or its affiliates may compensate ICMA-RC for providing these and related administrative services in connection with the Fund. Before electing the Spousal Benefit (if available) on behalf of any beneficiary not recognized as your spouse under Federal law, be aware that provisions of your plan or the Internal Revenue Code might prevent, limit or otherwise affect the ability of the beneficiary to receive the Spousal Benefit. Prudential, the Prudential logo, and the Rock symbol are service marks of Returns for periods greater than one year are annualized. Page 5 of 6 106042 Inception Date Since Month Year to Date Quarter 1 Year 3 Year 5 Year 10 Year Inception Fund Investment Code ‡ 0.80% American Funds Capital World Growth and Income Fund, Class R4 viii, ix, b LG 0.88% 11.17% 11.17% -0.80% 17.81% 0.68% — 9.05% Jun 2002 0.80% ‡ 1.16% Oppenheimer Global Fund, Class A viii, ix, b LR 2.93% 13.84% 13.84% -1.66% 22.45% 0.70% 6.13% 11.48% Dec 1969 1.16% ‡ 1.60% Prudential International Value Fund, Class Z viii, ix, b YL -0.36% 10.56% 10.56% -7.84% 17.37% -3.05% 4.77% 6.85% Nov 1992 1.60% Returns for periods greater than one year are annualized. Page 3 of 6 106042 ‡ 0.57% VT Oppenheimer Main Street Fund i, x U9 4.87% 15.23% 15.23% 12.26% 24.26% 2.18% 4.32% 6.10% Nov 1996 0.57% ‡ 0.07% Vanguard Total Stock Market Index Fund, Class Signal viii, ix XZ 3.07% 12.93% 12.93% 7.34% 24.53% 2.50% — 4.07% Sep 2006 0.07% ‡ 0.81% VT Fidelity Contrafund® i, x 33 3.76% 14.96% 14.96% 9.40% 22.85% 5.18% 8.15% 12.34% May 1967 0.81% ‡ 0.68% American Funds The Growth Fund of America, Class A viii, ix JT 2.40% 14.58% 14.58% 3.50% 19.68% 1.87% 5.18% 13.52% Nov 1973 0.68% Returns for periods greater than one year are annualized. Page 2 of 6 106042 to Prudential’s separate account. You should carefully consider the objectives, risks, charges, expenses and underlying guarantee features before purchasing this product. Like all variable investments, this Fund may lose value. Availability and terms may vary by jurisdiction; subject to regulatory approvals. Annuity contracts contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Guarantees are based on Prudential’s claims-paying ability. This annuity is issued under Contract form # GA-2020-TGWB4-0805-RC. ICMA-RC provides recordkeeping services to your Plan and is the investment manager of the underlying Prudential separate account. Prudential or its affiliates may Returns for periods greater than one year are annualized. Page 5 of 6 106043 Expense Ratio Inception Date Since Month Year to Date Quarter 1 Year 3 Year 5 Year 10 Year Inception Fund Investment Code ‡ 0.80% American Funds Capital World Growth and Income Fund, Class R4 viii, ix, b LG 0.88% 11.17% 11.17% -0.80% 17.81% 0.68% — 9.05% Jun 2002 0.80% ‡ 1.16% Oppenheimer Global Fund, Class A viii, ix, b LR 2.93% 13.84% 13.84% -1.66% 22.45% 0.70% 6.13% 11.48% Dec 1969 1.16% Returns for periods greater than one year are annualized. Page 3 of 6 106043 ‡ 0.57% VT Oppenheimer Main Street Fund i, x U9 4.87% 15.23% 15.23% 12.26% 24.26% 2.18% 4.32% 6.10% Nov 1996 0.57% ‡ 0.07% Vanguard Total Stock Market Index Fund, Class Signal viii, ix XZ 3.07% 12.93% 12.93% 7.34% 24.53% 2.50% — 4.07% Sep 2006 0.07% ‡ 0.81% VT Fidelity Contrafund® i, x 33 3.76% 14.96% 14.96% 9.40% 22.85% 5.18% 8.15% 12.34% May 1967 0.81% ‡ 0.68% American Funds The Growth Fund of America, Class A viii, ix JT 2.40% 14.58% 14.58% 3.50% 19.68% 1.87% 5.18% 13.52% Nov 1973 0.68% Returns for periods greater than one year are annualized. Page 2 of 6 106043