Buck Global LLC

Fees and Compensation
This section of the brochure describes:
• The types of fees that we charge for our services;
• That our fees are negotiable;

2025 SEC Form ADV Part 2A – Brochure                                                            2

•   How we charge and collect our fees; and
•   Other third party non-advisory fees and expenses you may incur.

A. Our Fees
Buck’s fees are negotiated on a per-client basis, which depending upon the nature of the services involved,
may include service-based fees, fixed fee arrangements, and/or fees based on a percentage of assets under
management (where Buck has discretionary investment authority).
Where Buck holds discretionary investment authority, fees are generally calculated as a percentage of assets
under management.
Fees will be prorated on a monthly basis when the account is under the supervision of Buck for a portion of
any quarter, except that in the event services are terminated in the first three months, no proration will be
made for the first three months’ fees.
Buck fees for nonqualified deferred compensation plans and taxable trust services apply to services such as
recordkeeping, administration, employee communication and education services, and consulting. Fees for
these services can be fixed fee arrangements, hourly rate arrangements, or a combination thereof. Fixed fee
arrangements are generally based upon the assets or liabilities of the nonqualified deferred compensation
plans, number of participants, and the volume and nature of transactions.
Please refer to “Brokerage Practices” below for a discussion of Buck’s brokerage practices.

B. Collecting Our Advisory Fees
Buck is open to discussing with any client the manner in which the client would like to be charged and pay our
fees.
Buck’s fees are negotiable based on asset levels and services required and generally payable monthly or
quarterly in arrears. Occasionally, our investment consulting clients seek to pay their fees via a retainer, and
we may accommodate such requests in our sole discretion. If a client who has funded a retainer terminates
the investment consulting contract such that a portion of the retainer paid has not yet been earned (based on
time spent and expenses incurred by Buck through the termination of the contract), we will provide the client
with a refund of the unearned portion of the retainer, unless the client’s contract provides otherwise.
Buck typically invoices clients for fees incurred. However, with respect to our Discretionary Advisory Services,
in some cases the terms of the client's advisory contract require the client to instruct their custodian to (a)
calculate our advisory fee in accordance with the client agreement's fee schedule, (b) debit the client’s
account for the fee, and (c) remit the fee to us.
Because Buck’s fees are negotiable, the actual fee paid by any client or group of clients may be different than
the fees reflected in our basic fee schedules or otherwise described above in this brochure. Clients should
refer to their agreement with us and/or their account documentation for the specific level of fees payable by
the client. After we enter into an agreement with a client, we will only modify our fees as permitted under that
agreement and applicable law.

C. Other Third Party Non-Advisory Fees Expenses You May Incur
When providing OCIO services, Buck may invest such accounts (Discretionary Accounts) in pooled
investment vehicles (such as collective funds, mutual funds, ETFs, private equity funds, and other appropriate
investment vehicles) that themselves bear advisory fees and operational expenses, such as transfer agent,
distribution, shareholder servicing, networking, and recordkeeping fees. Discretionary Accounts will indirectly
bear these fees and expenses as an investor in such pooled investment vehicles and as a result, you will bear
higher expenses than if you invested directly in the securities held by the pooled investment vehicle. Such
fees are in addition to our own fees, and Buck does not receive any portion of these additional fees.

2025 SEC Form ADV Part 2A – Brochure                                                            3

Investments in investment companies (e.g., mutual funds and ETFs and other pooled investment vehicles)
may be subject to sales charges (e.g., front-end or contingent deferred sales charges), redemption fees, and
exchange fees. Investment companies and other pooled investment vehicles also generally have internal fees
and expenses that will be borne by clients whose assets are invested in these investment products. These
internal fees and expenses may include management fees, transfer agent fees, distribution fees, shareholder
servicing fees, networking fees, recordkeeping fees, costs of registering shares, acquired funds fees and
expenses, dividends on short positions and other expenses related to short positions, mailing and printing of
prospectuses or other offering documents, and other administrative expenses.
Clients utilizing our OCIO services will not incur brokerage fees in connection with the transactions we
execute through our management of their accounts. When the services of a registered broker are required,
Buck directs transactions for Discretionary Accounts to an unaffiliated broker. Any fees associated with such
broker transactions will be paid solely by Buck and will not be attributed to the client. Please refer to the
“Brokerage Practices” section below for a more detailed discussion of Buck’s brokerage practices.
Certain clients may also incur trust fees payable directly to the trustee/custodian providing such services.

D. Sales Compensation
Neither Buck nor any of our employees accepts compensation for the sale of securities or other investment
products to investment advisory clients.

Performance-Based Fees and Side-by-Side Management
Buck does not charge any performance-based fees (i.e., fees based on a share of capital gains or capital
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Types of Clients
Buck provides advisory services to defined benefit and defined contribution plans; trusts, estates,
endowments, and charitable organizations; banking and thrift institutions; state and municipal government
entities; and other corporations and business entities.
Buck requires clients to enter into an agreement prior to providing advisory or management services. Buck
does not require clients to establish or maintain minimum assets under advisory or management; however,
we may establish a fee minimum or decline to accept a potential client for any reason at our discretion.

Methods of Analysis, Investment Strategies, and Risk of
Loss

A. Investment Consulting
With respect to our Investment Consulting Services, Buck seeks to provide a spectrum of services ranging
from non-discretionary monitoring (through advisory recommendations) to full outsourced discretionary advice
and implementation. Buck utilizes a fundamental analysis incorporating qualitative and quantitative elements
to approach and provide traditional consulting services (such as asset allocation strategies) and/or assist
clients in finding a suitable asset manager. Buck extensively uses Asset Liability Management (ALM)
techniques. Effective pension financial management involves understanding, monitoring, and managing the
key drivers of pension plan costs on an ongoing basis. ALM is the process of monitoring the asset and liability
factors of a pension plan and adjusting strategy as necessary to manage the risks that a pension plan poses
to a sponsoring entity. Buck generally provides investment recommendations as part of this process and
follows an asset allocation strategy previously agreed upon by the client. Buck also uses computer readable
databases, which contain business and financial statistics that are both current and historical.
ALM modeling utilizes a proprietary stochastic asset and liability forecasting model, which is an extension of
the required periodic actuarial valuation of a pension plan that is performed by an actuary to determine,

2025 SEC Form ADV Part 2A – Brochure                                                           5

among other things, a plan’s funded status, cash funding requirements, pension expense, balance sheet
position, and Pension Benefit Guaranty Corporation insurance premiums. Asset liability modeling gives
forward looking asset allocation recommendations by performing future actuarial valuations with each
valuation reflecting a particular economic and capital market environment, plan sponsor funding policy, and
anticipated demographics of the plan sponsor and the plan. For each future valuation, key financial metrics
can be calculated, summarized, and analyzed to develop a risk profile in terms of the plans’ financial and
demographic characteristics.
Buck generally defines risk in an asset and liability context and focuses on the risk metrics that are most
meaningful to the client’s organization. Buck’s approach seeks to manage risk around funded status and
maximize expected returns per unit of risk. We seek to achieve these goals by properly defining risk,
considering additional diversification through additional asset classes, and by targeting asset classes where
the plan sponsor has a competitive advantage relative to the market. Alternatively, if a plan sponsor is
sensitive to cost volatility, we may utilize a strategy seeking greater exposure to fixed income investments that
more closely match the growth and volatility characteristics of the underlying plan liabilities.

B. Outsourced Chief Investment Officer (“OCIO”)
With respect to our OCIO services, Buck utilizes an investment strategy focusing on funded status risk
assessment. Our approach involves analyzing the client’s liabilities and the risk factors associated with such
liabilities (e.g., a client’s pension plan liabilities and the relevant risk factors facing the client’s business). Buck
then uses this strategy combined with a fundamental analysis of capital market risks to determine the
appropriate investment policy and the liability hedge and investment growth products to manage the client’s
plan dynamically. Factors we consider in choosing between investment products may include tracking error
and its attribution versus the capital market benchmarks, research of the relevant investment manager, and
the expected risk/ return of the asset class.

C. Types of Investments We Recommend/Make
Buck typically recommends (for non-discretionary accounts) and/or invests (Discretionary Accounts) in
separately managed accounts, mutual funds, collective funds, exchange-traded funds, private equity funds,
hedge funds and stable-value products. The material risks associated with investments in these products are
set forth below.

D. Risks
Investing involves risk of loss that you should be prepared to bear. Buck does not guarantee or represent that
our investment program or advice will be successful or enhance returns. Our past results are not necessarily
indicative of our future performance and our investment results may vary over time. We cannot assure you
that our investments of your money will be profitable, and in fact, you could incur substantial losses. Your
investments with us are not a bank deposit and are not insured or guaranteed by the FDIC or any other
government agency.
Our investments in pooled investment vehicles and separate accounts are subject to the following general
risks:
• Mutual Fund Risk. Mutual funds face risks based on the investments they hold. For example, a bond
    fund will face interest rate and income risks. Mutual funds also face manager risk, which is the risk that an
    actively managed mutual fund’s investment adviser will fail to execute the fund’s investment strategy
    effectively resulting in the failure of its stated objectives.
• Collective Fund Risk. Collective funds are not registered under the Investment Company Act of 1940
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