How to Read a Fact Sheet (FDNY Retiree Guide)
How to Read a Fact Sheet — A Quick Guide for FDNY Retirees
Fact sheets are short summaries of the investment options available in your retirement plan. They describe what a fund owns, its mix of stocks and bonds, and the expenses that come out of the investment option. Understanding Fact Sheets doesn’t require a finance degree—just knowing where to look.
Why This Matters
In mid-October, Brave Eagle Wealth Management published an analysis showing that the UFOA Market Portfolio fact sheet listed 94 % in U.S. stocks even though the fund’s holdings included more than 40 % in bonds. After that review was circulated, the plan’s published fact sheet was updated. The current version now shows roughly 60 % stock and 40 % bond exposure, consistent with the fund’s “Moderate Allocation” description. That correction is good news—it shows that careful review leads to better information for FDNY retirees participating in the UFOA Annuity Plan.
The expense ratio, however, still appears as 0.15 % gross / 0.15 % net with no footnote explaining whether any internal credit or revenue-sharing offset is applied. We continue to welcome clarification on how that number is calculated.
Three Lines to Focus On
1. Asset Mix (Stocks vs. Bonds)
The “Asset Allocation” pie chart or table tells you how much of the fund is in stocks and how much is in bonds.
This determines your risk level and informs you as to how your account might react in different markets.
2. Expense Ratio (Cost)
The gross expense is the total cost of the fund; the net expense is what you actually pay after any offsets.
Even a small difference—say 0.10% to 0.15 %—adds up over time. On a $400,000 account that’s about $400-$600 a year.
3. Category and Benchmark (if shown)
Some fact sheets list a benchmark, such as a 60/40 stock-bond index, to show what the fund is measured against. Others only list a category like “Moderate Allocation.” In either case, that line helps you understand the fund’s intended balance between risk and stability.
How to Check Yours
1. Log in to your Empower account.
2. Select investment lineup and choose a fund fact sheet (investment overview PDF).
3. Look at the asset-mix chart, category, and expense ratio.
4. Check the Fact Sheet date to make sure it is current – these are usually updated quarterly. If anything isn’t clear, ask directly:
“Is this the most recent data?”
“How are the gross and net fees determined?”
“Can you show the dollar cost on my balance?”
The Bigger Picture
Corrections and updates are a normal part of financial reporting.
They show that continued attention to detail keeps plan information accurate and reliable for participants.
Brave Eagle Wealth Management will continue publishing independent research and plain-language analysis of issues that matter for FDNY retirees-from plan materials to broader retirement and investment topics.
Robert Ruggirello, CFA
Chief Investment Officer
Brave Eagle Wealth Management
