Category: Special Announcements

INDEPENDENT AUDITOR’S REPORT To the Audit Committee BOKF, NA, d/b/a Bank of Oklahoma, Trustee for Second UPAL Pooled Investment Trust for Retirement Plans Opinion We have audited the financial statements of Second UPAL Pooled Investment Trust for Retirement Plans (the Trust), which comprise the statements of assets and liabilities, including the schedules of investments, of each of the Funds as identified in Note 1 on pages 20 and 21 (the Funds) as of December 31, 2025, and the related statements of operations and changes in net assets and financial highlights for the year then ended, or for the period then

BOK Financial Target Date Glide Path Update (146 kB)

INDEPENDENT AUDITOR’S REPORT To the Audit CommitteeBOKF, NA, d/b/a Bank of Oklahoma, Trustee for SecondUPAL Pooled Investment Trust for Retirement Plans Opinion We have audited the financial statements of Second UPAL Pooled Investment Trust for Retirement Plans (the Trust), which comprise the statements of assets and liabilities, including the schedules of investments, of each of the Funds as identified in Note 1 on pages 20 and 21 (the Funds) as of December 31, 2024, and the related statements of operations and changes in net assets and financial highlights for the year then ended and the related notes to the financial statements for all Funds except for

UPAL_OctAd_v2 (945 kB)

INDEPENDENT AUDITOR’S REPORT To the Audit Committee BOKF, NA, d/b/a Bank of Oklahoma, Trustee for Second UPAL Pooled Investment Trust for Retirement Plans Opinion We have audited the financial statements of Second UPAL Pooled Investment Trust for Retirement Plans (the Trust), which comprise the statements of assets and liabilities, including the schedules of investments, of each of the Funds as identified in Note 1 on pages 20 and 21 (the Funds) as of December 31, 2023, and the related statements of operations and changes in net assets and financial highlights for the year then ended and the related notes to

The BOKF’s Asset Allocation Committee believes recent data suggests that U.S. economic growth has slowed since the third quarter but remains resilient.  The labor market remains strong, supporting consumer spending.  Inflation has been trending lower but remains above the Federal Reserve’s 2% target.  Policy makers voted to hold the federal funds rate unchanged at the December meeting and penciled in multiple rate cuts for 2024.  In light of the Federal Reserve’s shift on monetary policy, the decision was made to neutralize the positions in portfolios, removing all underweights and overweighs to asset classes. TACTICAL ALLOCATION CHANGES UPAL Conservative Model Allocation

On August 25, 2023, the IRS issued Notice 2023-62, which provides limited guidance on the changes made by SECURE Act 2.0 to age 50 or older Catch-up Contribution provisions. The most important part of this notice is the creation of an administrative implementation delay period that will give plans additional time to meet the SECURE 2.0 requirement that catch-up contributions for participants who earn more than $145,000 in a prior plan year must be made to the plan as Roth contributions. Administrative Delay Until taxable years beginning after December 31, 2025, any catch-up contributions for those over $145,000, participants will