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REPORT OFCOUNTY EMPLOYEES’ RETIREMENT FUNDONSCHEDULES OF PENSION INFORMATIONFOR PARTICIPATING EMPLOYERSDECEMBER 31, 2019

INDEPENDENT AUDITORS’ REPORTThe Board of DirectorsCounty Employees’ Retirement FundReport on SchedulesWe have audited the accompanying schedule of employer allocations of the County Employees’ RetirementFund (CERF) for the year ended December 31, 2019, and the related notes. We have also audited the total forall entities of the columns titled net pension liability, total deferred outflows of resources, total deferredinflows of resources, and total pension expense excluding that attributable to employer-paid membercontributions (specified column totals) included in the accompanying schedule of pension amounts byemployer of CERF as of and for the year ended December 31, 2019, and the related notes.Management’s Responsibility for the SchedulesManagement is responsible for the preparation and fair presentation of these schedules in accordance withU.S. generally accepted accounting principles; this includes the design, implementation, and maintenance ofinternal control relevant to the preparation and fair presentation of the schedules that are free from materialmisstatement, whether due to fraud or error.Auditors’ ResponsibilityOur responsibility is to express opinions on the schedules of employer allocations and the specified columntotals included in the schedules of pension amounts by employer based on our audit. We conducted our auditin accordance with U.S. generally accepted auditing standards. Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the schedule of employer allocations andspecified column totals included in the schedule of pension amounts by employer are free from materialmisstatement.An audit involves performing procedures to obtain evidence about the amounts and disclosures in theschedule of employer allocations and specified column totals included in the schedule of pension amounts byemployer. The procedures selected depend on the auditor’s judgment, including the assessment of the risks ofmaterial misstatement of the schedule of employer allocations and specified column totals included in theschedule of pension amounts by employer, whether due to fraud or error. In making those risk assessments,the auditor considers internal control relevant to CERF’s preparation and fair presentation of the schedule ofemployer allocations and specified column totals included in the schedules of pension amounts by employerin order to design audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of CERF’s internal control. Accordingly, we express no suchopinion. An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of significant accounting estimates made by management, as well as evaluating the overallpresentation of the schedule of employer allocations and specified column totals included in the schedule ofpension amounts by employer.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinions.OpinionsIn our opinion, the schedules referred to above present fairly, in all material respects, the employer allocationsand net pension liability, total deferred outflows of resources, total deferred inflows of resources, and totalpension expense excluding that attributable to employer-paid member contributions for the total of allparticipating entities for CERF as of and for the year ended December 31, 2019, in accordance with U.S.generally accepted accounting principles.Other MatterWe have audited, in accordance with U.S. generally accepted auditing standards, the financial statements ofCERF as of and for the year ended December 31, 2019, and our report thereon, dated June 8, 2020, expressedan unmodified opinion on those financial statements.Restriction on UseOur report is intended solely for the information and use of the Board of Directors, management, and CERF’sparticipating employers and their auditors, and is not intended to be, and should not be, used by anyone otherthan these specified parties.September 21, 20202

COUNTY EMPLOYEES' RETIREMENT FUNDSCHEDULE OF EMPLOYER ALLOCATIONSFOR THE YEAR ENDED DECEMBER 31, 9505152535455562019 ActualEmployerContributionsEmployer NameAdair CountyAndrew CountyAtchison CountyAudrain CountyBarry CountyBarton CountyBates CountyBenton CountyBollinger CountyBoone CountyBuchanan CountyButler CountyCaldwell CountyCallaway CountyCamden CountyCape Girardeau CountyCarroll CountyCarter CountyCass CountyCedar CountyChariton CountyChristian CountyClark CountyClay CountyClinton CountyCole CountyCooper CountyCrawford CountyDade CountyDallas CountyDaviess CountyDeKalb CountyDent CountyDouglas CountyDunklin CountyFranklin CountyGasconade CountyGentry CountyGreene CountyGrundy CountyHarrison CountyHenry CountyHickory CountyHolt CountyHoward CountyHowell CountyIron CountyJasper CountyJefferson CountyJohnson CountyKnox CountyLaclede CountyLafayette CountyLawrence CountyLewis CountyLincoln County 168308,393296,25877,858508,546The accompanying notes are an integral part of this 160%0.99130%0.95230%0.25030%1.63460%

COUNTY EMPLOYEES' RETIREMENT FUNDSCHEDULE OF EMPLOYER ALLOCATIONS (Continued)FOR THE YEAR ENDED DECEMBER 31, 01011021031041051061071081091101112019 ActualEmployerContributionsEmployer NameLinn CountyLivingston CountyMacon CountyMadison CountyMaries CountyMarion CountyMcDonald CountyMercer CountyMiller CountyMississippi CountyMoniteau CountyMonroe CountyMontgomery CountyMorgan CountyNew Madrid CountyNewton CountyNodaway CountyOregon CountyOsage CountyOzark CountyPemiscot CountyPerry CountyPettis CountyPhelps CountyPike CountyPlatte CountyPolk CountyPulaski CountyPutnam CountyRalls CountyRandolph CountyRay CountyReynolds CountyRipley CountySaline CountySchuyler CountyScotland CountyScott CountyShannon CountyShelby CountySt. Clair CountySt. Francois CountySte. Genevieve CountyStoddard CountyStone CountySullivan CountyTaney CountyTexas CountyVernon CountyWarren CountyWashington CountyWayne CountyWebster CountyWorth CountyWright CountyTotalsEmployerAllocationPercentage %0.40260% 31,110,514100.00000%The accompanying notes are an integral part of this schedule.4

COUNTY EMPLOYEES' RETIREMENT FUNDSCHEDULE OF PENSION AMOUNTS BY EMPLOYERAS OF AND FOR THE YEAR ENDED DECEMBER 31, 2019Net Pension 4748Employer NameAdair CountyAndrew CountyAtchison CountyAudrain CountyBarry CountyBarton CountyBates CountyBenton CountyBollinger CountyBoone CountyBuchanan CountyButler CountyCaldwell CountyCallaway CountyCamden CountyCape Girardeau CountyCarroll CountyCarter CountyCass CountyCedar CountyChariton CountyChristian CountyClark CountyClay CountyClinton CountyCole CountyCooper CountyCrawford CountyDade CountyDallas CountyDaviess CountyDeKalb CountyDent CountyDouglas CountyDunklin CountyFranklin CountyGasconade CountyGentry CountyGreene CountyGrundy CountyHarrison CountyHenry CountyHickory CountyHolt CountyHoward CountyHowell CountyIron CountyJasper County 505 8393,076463,0212,059,558481,3456,315,808Deferred Outflows of ResourcesDifferencebetweenExpected andActualExperience ge inAssumptions 730,56415,42010,19312,00753,40712,482163,778Change inProportion tionateShare ofContributions ension Expense (excluding that attributable toemployer-paid member contributions)Deferred Inflows of ResourcesTotalDeferredOutflows ofResources 06,83580,623367,868DifferenceBetweenExpected andActualExperience 11,6267,6859,05240,2669,411123,479Change inAssumptions -The accompanying notes are an integral part of this schedule.5Change inProportion tionateShare ofContributions 6216,8185,77310,82556,67095,46813,348314,039Net DifferenceBetweenProjected andActual InvestmentEarnings onPension PlanInvestments 0,69760,928799,450TotalDeferredInflows ofResources are of PlanPensionExpense 0134,65089,008104,846466,366108,9961,430,150Net Amortizationof DeferredAmounts fromChanges inProportion rtionateShare ofContributions 95)19,65618,820(95,954)Total PensionExpense 41,85686,70486,651486,022127,8161,334,196

COUNTY EMPLOYEES' RETIREMENT FUNDSCHEDULE OF PENSION AMOUNTS BY EMPLOYER (Continued)AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2019Net Pension 091929394959697Employer NameJefferson CountyJohnson CountyKnox CountyLaclede CountyLafayette CountyLawrence CountyLewis CountyLincoln CountyLinn CountyLivingston CountyMacon CountyMadison CountyMaries CountyMarion CountyMcDonald CountyMercer CountyMiller CountyMississippi CountyMoniteau CountyMonroe CountyMontgomery CountyMorgan CountyNew Madrid CountyNewton CountyNodaway CountyOregon CountyOsage CountyOzark CountyPemiscot CountyPerry CountyPettis CountyPhelps CountyPike CountyPlatte CountyPolk CountyPulaski CountyPutnam CountyRalls CountyRandolph CountyRay CountyReynolds CountyRipley CountySaline CountySchuyler CountyScotland CountyScott CountyShannon CountyShelby CountySt. Clair CountyBeginning 3,637,9061,339,8931,692,743324,751295,5792,336,161 7,667213,3841,845,977440,560346,773499,669Deferred Outflows of ResourcesDifferencebetweenExpected andActualExperience 536,4916,7885,84950,59712,0769,50513,696Change inAssumptions 34,5236,4225,53347,86911,4248,99212,957Change inProportion tionateShare ofContributions 59,12813,13122,40230,50636,965Pension Expense (excluding that attributable toemployer-paid member contributions)Deferred Inflows of ResourcesTotal DeferredOutflows ofResources 45,90249,00363,618DifferenceBetweenExpected andActualExperience 94,8424,17236,0908,6136,7809,769Change inAssumptions -The accompanying notes are an integral part of this schedule.6Change inProportion tionateShare ofContributions ,13618,49484,7242,91617,4779,307Net DifferenceBetweenProjected andActual InvestmentEarnings onPension PlanInvestments 6255,76643,89463,248Total DeferredInflows ofResources hare of PlanPensionExpense 756,08248,319418,00399,76078,523113,145Net Amortizationof DeferredAmounts fromChanges inProportion rtionateShare ofContributions 33)11,028Total 05,699307,713343,88462,996364,443

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