Research Update: UFOA Market Portfolio Fee Now Reported at 0.29%

In October 2025, Brave Eagle Wealth Management published an independent review of the UFOA Market Portfolio fact sheet that identified two discrepancies: an asset-allocation misstatement (93.96% U.S. stock reported despite a 40.53% position in a U.S. debt index fund) and an expense ratio (fee) reported at 0.15% gross and net, versus our independently calculated weighted-average cost of approximately 0.30%.

Following publication of our analysis, the asset allocation was corrected in late October 2025 to roughly 60% stock / 40% bond, consistent with the fund's Moderate Allocation category.

Today we can report that the fee has been updated as well. The investment overview currently published in the plan portal reports an expense ratio of 0.2920% — consistent with our independent estimate of approximately 0.30%.

Both discrepancies we identified have now been resolved in plan materials. That is a good outcome for UFOA Annuity Plan participants: accurate disclosure of cost and asset mix is the foundation of informed decision-making.

The practical takeaway is unchanged from our earlier guidance: check the asset mix, check the expense ratio, and check the date on any fact sheet you rely on. Costs compound — on a $400,000 balance, the difference between 0.15% and 0.29% is roughly $560 per year, every year.

Brave Eagle Wealth Management will continue publishing independent, plain-language research on issues that matter to FDNY retirees.