2023 Committees' Annual Report

401K COMMITTEE

MISSION ■ Prepare, maintain, and review the Investments on a quarterly basis with the guidance of a third-party financial advisor. ■ Prudently select, monitor and, if necessary, recommend termination of investment options. ■ Share information and recommendations with the President/CEO.

2023 YEAR IN REVIEW ■ The Committee met on a quarterly basis during the year. At these meetings all members become more familiar with the Investment Policy, reviewed the performance of each fund by following the Investment Policy, and were made aware of regulatory updates and market highlights that may have an impact on the Plan. ■ The Committee made the recommendation to remove PIMCO StocksPLUS® Small A from the Small Blend option as it failed to meet the Plan’s evaluation criteria for 6 consecutive quarters, and the Plan already has another option under this category, Principal SmallCap S&P 600 Index R-6. This recommendation was approved. ■ The following sessions were provided in 2023: ○ 401K 101 meetings for new hires on a quarterly basis. ○ One-on-One meetings with a financial advisor were scheduled on May 22 and 23. The option for virtual meetings was also provided. ○ The following webinars & educational emails were provided: • February 15, 2023 – Email - Add or Update Your Beneficiary Today • March 24, 2023 – Planning for Retirement Healthcare – Brainshark Webinar. • May 5, 2023 – Money 101 - Where do I start?-Live Webinar • June 27, 2023 – Debt Reduction-Live Webinar • July 2023 – All about our ESOP Plan! • November 9, 2023 – Principal Milestones-Live Webinar