THE METROPOLITAN ST. LOUIS SEWER DISTRICT DEFERRED COMPENSATION PLAN AND TRUST FINANCIAL STATEMENTS DECEMBER 31, 2012 AND 2011

Size: px
Start display at page:

Download "THE METROPOLITAN ST. LOUIS SEWER DISTRICT DEFERRED COMPENSATION PLAN AND TRUST FINANCIAL STATEMENTS DECEMBER 31, 2012 AND 2011"

Transcription

1 THE METROPOLITAN ST. LOUIS SEWER DISTRICT DEFERRED COMPENSATION PLAN AND TRUST FINANCIAL STATEMENTS DECEMBER 31, 2012 AND 2011

2 Contents Page Independent Auditors Report Management s Discussion And Analysis Financial Statements Statements Of Plan Net Assets... 6 Statements Of Changes In Plan Net Assets... 7 Notes To Financial Statements Supplemental Information Historical Trend Information Investment Returns And Expense Ratios

3 Independent Auditor s Report Board of Trustees The Metropolitan St. Louis Sewer District St. Louis, Missouri Report On The Financial Statements We have audited the accompanying Statement of Plan Net Position of The Metropolitan St. Louis Sewer District Deferred Compensation Plan and Trust (the Plan) as of December 31, 2012 and 2011, and the related Statement of Changes in Plan Net Position for the years then ended, which collectively comprise the District s basic financial statements as listed in the table of contents. Management s Responsibility For The Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

4 Board of Trustees The Metropolitan St. Louis Sewer District Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the plan net position of The Metropolitan St. Louis Sewer District Deferred Compensation Plan and Trust as of December 31, 2012 and 2011, and the changes in plan net position for the years then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis on pages 3 through 5 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming an opinion on the Plan s financial statements. The supplemental information which includes historical trend information and investment returns and expense ratios are presented for purposes of additional analysis and are not a required part of the basic financial statements. The supplemental information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The supplemental information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it. June 18, 2013 Page 2

5 MANAGEMENT S DISCUSSION AND ANALYSIS For The Year Ended December 31, 2012 This report consists of a series of financial statements related to The Metropolitan St. Louis Sewer District s Deferred Compensation Plan and Trust (the Plan). The Statements of Plan Net Position and the Statements of Changes in Plan Position (on pages 6 and 7) provide information about this Plan s net assets and changes in its net assets during the year. These statements are prepared using the accrual basis of accounting. The Management s Discussion and Analysis of the Plan s financial performance provides an overview of the Plan s financial activities for the fiscal year ended December 31, 2012 and Please read it in conjunction with the Plan s financial section. FINANCIAL HIGHLIGHTS Plan Additions, Deductions And Net Position Net position restricted for plan benefits exceeded $38.2 million at the end of 2012 and the net position value increased by $4.3 million from that of December 31, 2011, due to the combined impact of an increase in the overall value of equity investments that resulted from an increase in the various stock markets and an increase in participant contributions. Contributions from participants were approximately $2.8 million, which was a slight increase of $85 thousand as compared with prior year contributions. Net position restricted for plan benefits exceeded $33.9 million at the end of 2011 and the net position value increased by $1.1 million from that of December 31, 2010, due to the combined impact of an increase in the overall value of equity investments that resulted from an increase in the various stock markets and an increase in participant contributions. Contributions from participants were approximately $2.7 million, which was a slight increase of $50 thousand as compared with prior year contributions. Plan Additions For 2012, 2011 And 2010 (In Thousands) Percent Change 2010 Percent Change Employee Contributions $2,809 $2, % $2, % Net Investment Income 4, ,629.8% 3,421 (93.0%) Total Additions $6,926 $2, % $6,096 (51.4%) Plan Deduction For 2012, 2011 And 2010 (In Thousands) Percent Change 2010 Percent Change Distribution to Participants $2,625 $1, % $2,407 (21.7%) Page 3

6 Management s Discussion And Analysis (Continued) Net Position At December 31, 2012, 2011 And 2010 (In Thousands) Percent Change 2010 Percent Change Participant Census Net Position $38,274 $33, % $32, % Employee participation in the Plan is on a voluntary basis. Plan participants are comprised of active employees of the District, retirees or surviving spouses and terminated employees with account balances as follows: Investment Aspects December 31 Number Of Participants Investment decisions are participant directed. The participants are offered a diversified portfolio of investment options from which to select. These investment options represent a series of mutual funds primarily sponsored and managed by the Vanguard Group. A breakdown of the participant directed assets allocation as of the last day of the fiscal year ended 2012, 2011 and 2010 follows: Page 4

7 Management s Discussion And Analysis (Continued) Fiduciary Responsibilities The Board of Trustees and senior management are fiduciaries of the Plan and Trust. Fiduciaries are charged with the responsibility of assuring that the assets of the Plan are used exclusively for the benefit of plan participants and the beneficiaries. Request For Information This financial report is designed to provide the Board of Trustees, participants, investment managers, and other interested parties with an overview of the Plans finances and accountability for the money received. Questions concerning any of the information provided in this report or requests for additional information should be addressed to: Brenda Schaefer, Secretary-Treasurer 2350 Market Street St. Louis, MO Phone: (314) Fax: (314) Page 5

8 STATEMENTS OF PLAN NET POSITION December 31, ASSETS Investments at fair value: Mutual funds $ 33,145,644 $ 28,889,815 Annuity contracts 765, ,310 Notes receivable from participants 1,026, ,366 Total investments at fair value 34,938,437 30,402,491 Investments at contract value: Common/collective trust 3,335,379 3,570,598 NET POSITION RESTRICTED FOR PLAN BENEFITS $ 38,273,816 $ 33,973,089 See the accompanying notes to financial statements. Page 6

9 STATEMENTS OF CHANGES IN PLAN NET POSITION For the Years Ended December 31, ADDITIONS TO (REDUCTIONS OF) NET POSITION ATTRIBUTED TO: Investment income: Interest and dividends $ 855,395 $ 695,956 Net appreciation (depreciation) in fair value of investments 3,261,934 (457,489) Total Investment income 4,117, ,467 Less: Investment expenses (250) (300) Net Investment income 4,117, ,167 Employee contributions: Elected deferrals 2,809,244 2,723,859 Total Additions 6,926,323 2,962,026 DEDUCTIONS FROM NET POSITION ATTRIBUTED TO: Distributions to participants and beneficiaries 2,625,596 1,886,224 NET INCREASE 4,300,727 1,075,802 NET POSITION RESTRICTED FOR BENEFITS, JANUARY 1 33,973,089 32,897,287 NET POSITION RESTRICTED FOR BENEFITS, DECEMBER 31 $ 38,273,816 $ 33,973,089 See the accompanying notes to financial statements. Page 7

10 NOTES TO FINANCIAL STATEMENTS December 31, 2012 And Summary of Significant Accounting Policies The significant accounting policies consistently applied by The Metropolitan St. Louis Sewer District Deferred Compensation Plan and Trust (the Plan ) in the preparation of the accompanying financial statements are summarized below: Basis of Accounting The financial statements of the Plan are prepared under the accrual basis of accounting. Estimates and Assumptions The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires the Plan Administrator to make certain estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ from those estimates. Investment Valuation Purchases and sales of mutual funds are recorded on the settlement date. Investments in mutual funds and allocated insurance contracts are valued at fair value based on quoted market prices. Investments in unallocated or trust insurance contracts are valued at contract values reported by the insurance company, which approximate fair value. Notes receivable from participants are valued at the unpaid principal balances plus any accrued but unpaid interest, which approximate fair value. Payment of Benefits Benefits are recorded when paid. Subsequent Events Management has evaluated subsequent events through June 18, 2013, the date through which the financial statements were available for issue. Page 8

11 Notes To Financial Statements (Continued) 2. Description of the Plan The following description of the Plan provides only general information. Participants should refer to the Plan agreement for a complete description of the Plan s provisions. General The Plan is a defined contribution benefit plan covering substantially all employees of the District. The District s Board of Trustees established the Plan in September The first contributions were made in October Plan provisions are established and may be amended by the District s Board of Trustees. The District does not contribute to the Plan. All assets of the Plan are the sole property of the Plan and are not subject to the claims of creditors of the District. The Plan Administrator issues a publicly available Summary Plan Description. That information may be obtained by writing to The Metropolitan St. Louis Sewer District, 2350 Market Street, St. Louis, MO Contributions Under the plan provisions, employees of the District are eligible to contribute up to 100% of their total compensation into the Plan, through payroll deferral, any amount not previously reduced or withheld from their total compensation. In accordance with the Internal Revenue Code Section 457 as amended, the Plan limits an individual s annual contribution (adjusted annually) not to exceed $17,000 and $16,500 for the years ended December 31, 2012 and If the employee is over the age of 50, they can contribute an additional catch-up contribution up to $5,500 for the years ended December 31, 2012 and Underutilization catch-up of two times the standard annual deferral applies within the three years prior to normal retirement, less amounts deferred under the Plan. Amounts contributed by employees are deferred for federal and state income tax purposes until received as a withdrawal or distribution from the Plan. Participant Accounts Each participant s account is credited with the participant s contribution and allocations of Plan earnings. Allocations are based on participants account balances, as defined. There are no forfeitures applicable to the Plan. Participants contributions are immediately fully vested. At December 31, 2012 and 2011, 662 and 637 participants, respectively, actively participated in the Plan. Page 9

12 Notes To Financial Statements (Continued) Notes Receivable from Participants Participants may borrow from their account a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loans may not extend beyond a term of five years except for the purchase of a principal residence. Loans are secured by the balance of the participant s account, bear interest at interest rates ranging from 4.25% to 9.25%, and are due at varying dates through February Principal and interest are paid ratably through payroll deductions. Investment Options Upon enrollment in the Plan, a participant may direct elective contributions and rollovers in any of the investment options available. The investment options consist of mutual funds and common/collective trust funds. Employee contributions may be allocated to the Vanguard accounts only, in 1% increments as the participant directs. No new contributions are currently allowed to the Lincoln National annuity contract accounts. Vanguard offers participants in the plan the following investment options: Equity option: Vanguard Windsor II Fund, Vanguard Index 500 Fund, and Vanguard U.S. Growth Fund Investment objective is long-term capital appreciation. Diversification option: Vanguard Small-Cap and Mid-Cap Index Fund and Vanguard International Growth Fund Investment objective is long-term capital appreciation. Life Strategy option: Vanguard Life Strategy Growth Fund, Vanguard Life Strategy Moderate Growth Fund, Vanguard Life Strategy Conservative Growth Fund, and Vanguard Life Strategy Income Fund During the fourth quarter of 2011, the Vanguard LifeStrategy Funds removed the Asset Allocation Fund and the Short-Term Investment Grade Fund from their allocation which will then become passive only. With the elimination of the Asset Allocation Fund, the LifeStrategy Funds will target a more consistent risk profile. As a result of this announcement, NEPC (the District s Investment Advisor for the 457 Plan & Defined Contribution Plan) has issued a Hold recommendation on the funds. NEPC defines a hold recommendation as: Serious issues have surfaced which bring into question the viability of the product. Bond option: Vanguard Total Bond Market Index Fund - Investment objective is income stability and conservation of principal. Balanced option: Vanguard Balanced Index Fund - Investment objective is income, conservation of principal and long-term growth. Page 10

13 Notes To Financial Statements (Continued) Stable Value option: Vanguard Retirement Savings Trust Investment objective is income stability and conservation of principal. Money Market option: Vanguard Prime Money Market Fund Investment objective is income while maintaining safety of principal. Target retirement option: Vanguard Target Retirement Fund Investment objective is capital appreciation and current income consistent with its current asset allocation. Distributions Participants contributing to the Plan may receive benefits or withdraw the present value of funds contributed to the Plan upon retirement, disability, or termination of employment from the District or due to financial hardship as defined by the Plan, if approved by the Plan Administrator. Participants may select various payout options including lump sum or equal annual payments over various periods. Participants may also elect to have the value of the account converted into fixed or variable annuity contracts. All investments, including annuity contracts, remain assets of the Plan until payments are made to the participants. Administrative Expenses All general administrative costs of the Plan are paid by The Metropolitan St. Louis Sewer District (the District ), except those attributable to participants choice of optional investments or optional forms of benefit payments. These expenses are charged to the respective participants account balance. Page 11

14 Notes To Financial Statements (Continued) 3. Investments Investments held by custodians in the Plan s name are as follows: December 31, Mutual funds: Vanguard Group, Inc. Windsor II Fund $ 6,629,335* $ 5,749,083* Index 500 Fund 4,274,346* 3,649,974* Balanced Index Fund 3,432,976* 3,453,057* Total Bond Market Index Fund 3,062,935* 2,992,208* Vanguard U.S. Growth Fund 2,682,709* 2,329,268* Vanguard LifeStrategy Moderate Growth Fund 2,204,222* 1,889,959* Vanguard International Growth Fund 1,839,857 1,590,623 Vanguard Mid-Cap Index Fund 1,800,574 1,490,398 Vanguard Small-Cap Index Fund 1,774,413 1,475,902 Vanguard LifeStrategy Growth Fund 1,300,158 1,096,518 Vanguard Prime Money Market Fund 883,651 1,003,927 Target Retirement 2025 Fund 706, ,884 Vanguard LifeStrategy Conservative Growth Fund 650, ,423 Vanguard LifeStrategy Income Fund 512, ,245 Target Retirement 2010 Fund 276, ,302 Target Retirement 2020 Fund 197, ,809 Target Retirement Income 184, ,736 Target Retirement 2015 Fund 165, ,740 Target Retirement 2040 Fund 147,423 96,346 Target Retirement 2030 Fund 145, ,438 Target Retirement 2045 Fund 134,630 35,155 Target Retirement 2035 Fund 91,062 46,217 Target Retirement 2050 Fund 45,939 29,722 Target Retirement 2055 Fund 2,475 - Target Retirement 2005 Fund - 6,881 Total Mutual Funds 33,145,644 28,889,815 Common/collective trust: Vanguard Group, Inc. Retirement Savings Trust 3,335,379 * 3,570,598* (Continued) Page 12

15 Notes To Financial Statements (Continued) December 31, Annuity contracts: Lincoln National Life Fixed earnings option: Lincoln National Fixed $ 368,173 $ 360,962 Variable earnings option: Special Opportunity Fund 146, ,794 Growth & Income Fund 137, ,540 Trend Fund 34,665 31,538 Capital Appreciation Fund 27,240 23,660 International Fund 25,508 23,507 Social Awareness Fund 12,259 10,747 Midcap Growth 7,060 6,135 Equity-Income Fund 3,744 3,235 Global Growth 3,294 2,717 Money Market Fund Total Annuity Contracts 765, ,310 $ 37,246,901 $ 33,193,723 * Represents 5% or more of the Plan s net position at December 31, 2012 and Categories of Asset Risk - Debt Securities Interest Rate and Credit Risk The Plan will minimize the risk that the market value of securities in the portfolio will fall due to changes in general interest rates by selecting mutual funds for the investment portfolio that manage credit quality and duration of fixed income investments. The Plan will minimize credit risk, the risk of loss due to failure of the security issuer or backer, by selecting mutual funds for the investment portfolio that manage their respective fund under a predetermined average credit risk investment management policy. Page 13

16 Notes To Financial Statements (Continued) The tables below provide information on the duration and credit ratings associated with the Plan s investment in debt-backed mutual funds, excluding obligations of the U.S. Government or obligations explicitly guaranteed by the U.S. government within these funds at December 31, 2012 and 2011: Debt Securities Interest Rate and Credit Risk Plan Investments Fair Not Average Effective Duration With Debt Securities Value Rated In Years December 31, 2012: Vanguard Group, Inc. Balanced Index Fund $ 3,432,976 yes 5.10 Retirement Savings Trust 3,335,379 yes 2.87 Total Bond Market Index Fund 3,062,935 yes 5.20 Life Strategy Moderate Growth Fund 2,204,222 yes 5.00 **Prime Money Market Fund 883,651 yes 0.15 Target Retirement 2025 Fund 706,895 yes 5.00 Life Strategy Conservative Growth Fund 650,835 yes 5.00 Life Strategy Income Fund 512,817 yes 5.00 Target Retirement 2010 Fund 276,440 yes 6.00 Target Retirement 2020 Fund 197,064 yes 5.00 Target Retirement Income 184,329 yes 6.10 Target Retirement 2015 Fund 165,113 yes 5.40 Target Retirement 2040 Fund 147,423 yes 5.00 Target Retirement 2030 Fund 145,446 yes 5.00 Target Retirement 2045 Fund 134,630 yes 5.00 Target Retirement 2035 Fund 91,062 yes 5.00 Target Retirement 2050 Fund 45,939 yes 5.00 Target Retirement 2055 Fund 2,475 yes 5.00 Lincoln National Life Fixed (annuity contracts) 368,173 yes * Lincoln Money Market Fund 470 yes * * Information is unavailable for this mutual fund. **See First Tier section in the SEC Rule 2a-7 Money Market Reform. Page 14

17 Notes To Financial Statements (Continued) Plan Investments Fair Not Average Effective Duration With Debt Securities Value Rated In Years December 31, 2011: Vanguard Group, Inc. Balanced Index Fund $ 3,453,057 yes 5.10 Total Bond Market Index Fund 2,992,208 yes 5.10 **Prime Money Market Fund 1,003,927 yes 0.15 Life Strategy Moderate Growth Fund 1,889,959 yes 5.10 Retirement Savings Trust 3,570,598 yes 2.62 Life Strategy Conservative Growth Fund 634,423 yes 5.10 Life Strategy Income Fund 403,245 yes 4.10 Target Retirement 2005 Fund 6,881 yes 6.10 Target Retirement 2010 Fund 246,302 yes 5.80 Target Retirement 2015 Fund 131,740 yes 5.30 Target Retirement 2020 Fund 112,809 yes 5.10 Target Retirement 2025 Fund 210,884 yes 5.10 Target Retirement 2030 Fund 110,438 yes 5.10 Target Retirement 2035 Fund 46,217 yes 5.10 Target Retirement 2040 Fund 96,346 yes 5.10 Target Retirement 2045 Fund 35,155 yes 5.10 Target Retirement 2050 Fund 29,722 yes 5.10 Target Retirement Income 104,736 yes 6.10 Lincoln National Life Fixed (annuity contracts) 360,962 yes * Lincoln Money Market Fund 475 yes * * Information is unavailable for this mutual fund. **See First Tier section in the SEC Rule 2a-7 Money Market Reform. 4. Risks and Uncertainties The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risk. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such change could materially affect the participants account balances and amounts reported in the Statement of Plan Net Position. Page 15

18 Notes To Financial Statements (Continued) Plan Termination Although it has not expressed any intent to do so, the District has the right under the Plan to terminate the Plan at any time. In the event of Plan termination, participants would remain 100% vested in their accounts. 5. Related Party Transactions The Plan invests in shares of mutual funds managed by an affiliate of Vanguard Fiduciary Trust Company (VFTC). VFTC acts as trustee for those investments as defined by the Plan. Transactions in such investments qualify as party-in-interest transactions which are exempt from the prohibited transaction rules. 6. Tax Status The Plan received a favorable determination letter from the Internal Revenue Service on June 23, 1999, indicating the Plan and its underlying trust are qualified under Section 457 of the Internal Revenue Code. Although the Plan has been amended since receiving the determination letter, the Plan Administrator believes that the Plan is currently designed and is being operated in compliance with applicable requirements of the IRS. 7. Pending GASB Statements As of the date of the audit report, the Government Accounting Standards Boards (GASB) has issued the following statement not yet implemented by the Plan: Statement Number 67, Financial Reporting for Pension Plans - an amendment of GASB Statement No. 25, was issued June 2012 and will be effective for the Plan with the fiscal year ending December 31, The statement establishes standards of financial reporting for separately issued financial statements related to pensions for governments whose employees are provided pensions through pension plans that are covered by the scope of the statement. Management is in the process of determining the effect of the implementation of this statement on the Plan. Page 16

19 SUPPLEMENTAL INFORMATION

20 SUPPLEMENTAL INFORMATION HISTORICAL TREND INFORMATION For The Distributions To Increase Years Ended Employee Net Investment Participants (Decrease) December 31 Contributions Income (Loss) And Beneficiaries In Net Assets 2012 $ 2,809,244 $ 4,117,079 $ (2,625,596) $ 4,300, ,723, ,167 (1,886,224) 1,075, ,674,626 3,420,763 (2,406,761) 3,688, ,685,427 4,837,406 (972,044) 6,550, ,723,760 (7,663,384) (1,168,917) (6,108,541) ,595,532 1,500,519 (1,442,611) 2,653, ,479,067 2,790,431 (1,405,638) 3,863, ,203,103 1,311,662 (670,007) 2,844, ,050,893 1,909,831 (792,780) 3,167, ,041,688 2,746,391 (1,238,629) 3,549, ,133,784 (2,095,283) (1,819,333) (1,780,832) See the accompanying independent auditors report. Page 17

21 INVESTMENT RETURNS AND EXPENSE RATIOS An independent investment consultant, New England Pension Consultants, monitored investment performance of the various options offered to the participants. Performance of the funds are measured net of the corresponding expense ratios. Below is a table that reflects the funds available for employees to invest and their performance for the years 2012 and 2011 as compared to the appropriate benchmarks as well as their current expense ratios: Returns Net of Fees* Funds / Benchmarks Expense Ratios Prime Money Market Investment Retirement Savings Trust BofAML 90-day US T-Bills RL 3yr Guaranteed Investment Contract Rate Total Bond Market Index Barclays US Aggregate Bond Balanced Index 60% Standard & Poor s % BarCap Agg Windsor II Russell 1000 Value Vanguard 500 Index Standard & Poor s 500 U.S. Growth Russell 1000 Growth Mid Cap Index MSCI US Mid Cap 450 Small Cap Index MSCI US Small Cap 1750 International Growth MSCI ACWI Ex USA Life Strategy Income Vanguard Income Benchmark Life Strategy Conservative Growth Vanguard Conservative Growth Benchmark Life Strategy Moderate Growth Vanguard Moderate Growth Benchmark Life Strategy Growth Vanguard Growth Custom Benchmark See the accompanying independent auditors report. Page 18

22 INVESTMENT RETURNS AND EXPENSE RATIOS (CONTINUED) Returns Net of Fees* Funds / Benchmarks Expense Ratios Vanguard Target Retirement Income Vanguard Target Income Composite Index Vanguard Target 2005 (Closed) Vanguard Target 2005 Benchmark n/a n/a n/a Vanguard Target Retirement 2010 Vanguard Target 2010 Benchmark Vanguard Target Retirement 2015 Vanguard Target 2015 Benchmark Vanguard Target Retirement 2020 Vanguard Target 2020 Benchmark Vanguard Target Retirement 2025 Vanguard Target 2025 Benchmark Vanguard Target Retirement 2030 Vanguard Target 2030 Benchmark Vanguard Target Retirement 2035 Vanguard Target 2035 Benchmark Vanguard Target Retirement 2040 Vanguard Target 2040 Benchmark Vanguard Target Retirement 2045 Vanguard Target 2045 Benchmark Vanguard Target Retirement 2050 Vanguard Target 2050 Benchmark Vanguard Target Retirement 2055 Vanguard Target 2055 Benchmark *The returns shown above are net of fees as reported by the managers. Certain participants with assets valued at $765,878 and $733,310 in 2012 and 2011, respectively, are invested in a series of fixed and variable rate annuity contracts sponsored by Lincoln National Life Insurance Company. The Lincoln National Life option was phased out in 1992, and any balances represent undistributed participant balances. This option is no longer available to new participants or for current deferrals. See the accompanying independent auditors report. Page 19

STATE OF NEW JERSEY SUPPLEMENTAL ANNUITY COLLECTIVE TRUST. Financial Statements. June 30, 2014 and 2013. (With Independent Auditors Report Thereon)

STATE OF NEW JERSEY SUPPLEMENTAL ANNUITY COLLECTIVE TRUST. Financial Statements. June 30, 2014 and 2013. (With Independent Auditors Report Thereon) Financial Statements (With Independent Auditors Report Thereon) Financial Statements Table of Contents Independent Auditors Report 1 Management s Discussion and Analysis (Unaudited) 3 Basic Financial Statements:

More information

CLEAR CHANNEL COMMUNICATIONS, INC. 401(k) SAVINGS PLAN

CLEAR CHANNEL COMMUNICATIONS, INC. 401(k) SAVINGS PLAN UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 11-K [X] Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31,

More information

EDWARDS LIFESCIENCES CORP

EDWARDS LIFESCIENCES CORP EDWARDS LIFESCIENCES CORP FORM 11-K (Annual Report of Employee Stock Plans) Filed 06/24/15 for the Period Ending 12/31/14 Address ONE EDWARDS WAY IRVINE, CA 92614 Telephone 9492502500 CIK 0001099800 Symbol

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K KR 11-K 12/31/2015 Section 1: 11-K (11-K) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K o ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

More information

KIDKRAFT, L.P. SAFE HARBOR 401(k) PLAN

KIDKRAFT, L.P. SAFE HARBOR 401(k) PLAN FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES Years Ended December 31, 2013 and 2012 with Report of Independent Auditors FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES Years Ended December 31, 2013

More information

KATE SPADE & COMPANY 401(k) SAVINGS AND PROFIT SHARING PLAN KATE SPADE & COMPANY 2 PARK AVENUE NEW YORK, NEW YORK 10016

KATE SPADE & COMPANY 401(k) SAVINGS AND PROFIT SHARING PLAN KATE SPADE & COMPANY 2 PARK AVENUE NEW YORK, NEW YORK 10016 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31,

More information

Lansing Board of Water and Light Employees Defined Contribution Pension Plan. Financial Report with Supplemental Information June 30, 2012

Lansing Board of Water and Light Employees Defined Contribution Pension Plan. Financial Report with Supplemental Information June 30, 2012 Employees Defined Contribution Pension Plan Financial Report with Supplemental Information June 30, 2012 Contents Report Letter 1-2 Management s Discussion and Analysis 3-4 Basic Financial Statements Statement

More information

CITY OF AVENTURA POLICE OFFICERS RETIREMENT PLAN FINANCIAL STATEMENTS SEPTEMBER 30, 2014, AND 2013

CITY OF AVENTURA POLICE OFFICERS RETIREMENT PLAN FINANCIAL STATEMENTS SEPTEMBER 30, 2014, AND 2013 CITY OF AVENTURA POLICE OFFICERS RETIREMENT PLAN FINANCIAL STATEMENTS SEPTEMBER 30, 2014, AND 2013 CITY OF AVENTURA POLICE OFFICERS RETIREMENT PLAN FINANCIAL STATEMENTS SEPTEMBER 30, 2014, AND 2013 TABLE

More information

Regional Transportation Authority Pension Plan (A Pension Trust Fund of the Regional Transportation Authority)

Regional Transportation Authority Pension Plan (A Pension Trust Fund of the Regional Transportation Authority) (A Pension Trust Fund of the Regional Transportation Authority) Financial Report Year Ended December 31, 2014 Table of Contents Page Independent Auditor s Report 1-2 Management s Discussion and Analysis

More information

EATON CORP PLC FORM 11-K. (Annual Report of Employee Stock Plans) Filed 06/24/14 for the Period Ending 12/31/13

EATON CORP PLC FORM 11-K. (Annual Report of Employee Stock Plans) Filed 06/24/14 for the Period Ending 12/31/13 EATON CORP PLC FORM 11-K (Annual Report of Employee Stock Plans) Filed 06/24/14 for the Period Ending 12/31/13 Telephone 353 1669 4663 CIK 0001551182 Symbol ETN SIC Code 3590 - Miscellaneous Industrial

More information

COMMUNITY ACTION PARTNERSHIP OF KERN DEFINED CONTRIBUTION PENSION PLAN FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR S REPORT

COMMUNITY ACTION PARTNERSHIP OF KERN DEFINED CONTRIBUTION PENSION PLAN FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR S REPORT COMMUNITY ACTION PARTNERSHIP OF KERN DEFINED CONTRIBUTION PENSION PLAN FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR S REPORT FEBRUARY 28, 2014 AND 2013 COMMUNITY ACTION PARTNERSHIP OF KERN DEFINED CONTRIBUTION

More information

Financial Statements December 31, 2011 and 2010 Mesa Developmental Services Contributory Tax Sheltered Annuity Plan

Financial Statements December 31, 2011 and 2010 Mesa Developmental Services Contributory Tax Sheltered Annuity Plan Financial Statements Mesa Developmental Services Contributory Tax Sheltered Annuity Plan Table of Contents Independent Auditor s Report... 2 Financial Statements Statements of Net Assets Available for

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K. For the fiscal year end December 31, 2009

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K. For the fiscal year end December 31, 2009 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year end December 31, 2009

More information

The University of North Carolina at Greensboro Investment Fund, Incorporated (A Component Unit of The University of North Carolina at Greensboro)

The University of North Carolina at Greensboro Investment Fund, Incorporated (A Component Unit of The University of North Carolina at Greensboro) The University of North Carolina at Greensboro (A Component Unit of The University of North Carolina at Greensboro) Financial Report June 30, 2013 Contents Independent Auditor s Report 1 2 Management s

More information

WEST PALM BEACH RESTATED EMPLOYEES' DEFINED BENEFIT RETIREMENT SYSTEM FINANCIAL STATEMENTS SEPTEMBER 30, 2014 AND 2013

WEST PALM BEACH RESTATED EMPLOYEES' DEFINED BENEFIT RETIREMENT SYSTEM FINANCIAL STATEMENTS SEPTEMBER 30, 2014 AND 2013 WEST PALM BEACH RESTATED EMPLOYEES' FINANCIAL STATEMENTS SEPTEMBER 30, 2014 AND 2013 WEST PALM BEACH RESTATED EMPLOYEES FINANCIAL STATEMENTS SEPTEMBER 30, 2014 AND 2013 TABLE OF CONTENTS Page No. INDEPENDENT

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE

More information

STATE OF NEW JERSEY NEW JERSEY STATE EMPLOYEES DEFERRED COMPENSATION PLAN Financial Statements June 30, 2006 and 2005 (With Independent Auditors

STATE OF NEW JERSEY NEW JERSEY STATE EMPLOYEES DEFERRED COMPENSATION PLAN Financial Statements June 30, 2006 and 2005 (With Independent Auditors Financial Statements (With Independent Auditors Report Thereon) KPMG LLP Suite 402 301 Carnegie Center Princeton, NJ 08540-6227 Independent Auditors' Report New Jersey State Employees Deferred Compensation

More information

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11 K

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11 K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11 K FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF

More information

Attached are the Board materials in relation to these agenda items. Item 4 1 ERCOT Public

Attached are the Board materials in relation to these agenda items. Item 4 1 ERCOT Public The Finance & Audit (F&A) Committee is expected to consider F&A Committee Agenda Item 4: Recommendation regarding Acceptance of ERCOT s 401(k) Savings Plan Audit Report at its meeting on September 16,

More information

GOVERNMENT OF THE DISTRICT OF COLUMBIA 401(a) DEFINED CONTRIBUTION PENSION PLAN

GOVERNMENT OF THE DISTRICT OF COLUMBIA 401(a) DEFINED CONTRIBUTION PENSION PLAN GOVERNMENT OF THE DISTRICT OF COLUMBIA 401(a) DEFINED CONTRIBUTION PENSION PLAN FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT YEARS ENDED FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT YEARS

More information

UNISYS CORP. FORM 11-K (Annual Report of Employee Stock Plans) Filed 6/29/2006 For Period Ending 12/31/2005

UNISYS CORP. FORM 11-K (Annual Report of Employee Stock Plans) Filed 6/29/2006 For Period Ending 12/31/2005 UNISYS CORP FORM 11-K (Annual Report of Employee Stock Plans) Filed 6/29/2006 For Period Ending 12/31/2005 Address UNISYS WAY BLUE BELL, Pennsylvania 19424 Telephone 215-986-4011 CIK 0000746838 Industry

More information

Abercrombie & Fitch Co. Savings and Retirement Plan

Abercrombie & Fitch Co. Savings and Retirement Plan UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December

More information

STATE OF ALASKA PUBLIC EMPLOYEES AND TEACHERS RETIREE MAJOR MEDICAL INSURANCE and HEALTH REIMBURSEMENT ARRANGEMENT EMPLOYEE BENEFIT TRUST FUNDS

STATE OF ALASKA PUBLIC EMPLOYEES AND TEACHERS RETIREE MAJOR MEDICAL INSURANCE and HEALTH REIMBURSEMENT ARRANGEMENT EMPLOYEE BENEFIT TRUST FUNDS PUBLIC EMPLOYEES AND TEACHERS Financial Statements (With Independent Auditors Report Thereon) PUBLIC EMPLOYEES AND TEACHERS Table of Contents Page Independent Auditors Report 1 Management s Discussion

More information

pwc GlaxoSmithKline Retirement Savings Plan Washm oc JUN21 Years Ended December 31 2010 and 2009 and Supplemental Schedule as of December 31 2010

pwc GlaxoSmithKline Retirement Savings Plan Washm oc JUN21 Years Ended December 31 2010 and 2009 and Supplemental Schedule as of December 31 2010 11007926 all SEC Mass JUN21 201i Washm oc GlaxoSmithKline Retirement Savings Plan Financial Statements as of and for the Years Ended December 31 2010 and 2009 and Supplemental Schedule as of December 31

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE

More information

BEST BUY CO INC FORM 11-K. (Annual Report of Employee Stock Plans) Filed 06/26/15 for the Period Ending 12/31/14

BEST BUY CO INC FORM 11-K. (Annual Report of Employee Stock Plans) Filed 06/26/15 for the Period Ending 12/31/14 BEST BUY CO INC FORM 11-K (Annual Report of Employee Stock Plans) Filed 06/26/15 for the Period Ending 12/31/14 Address 7601 PENN AVE SOUTH RICHFIELD, MN 55423 Telephone 6122911000 CIK 0000764478 Symbol

More information

University of Puerto Rico Retirement System Year Ended June 30, 2014 With Report of Independent Auditors

University of Puerto Rico Retirement System Year Ended June 30, 2014 With Report of Independent Auditors A UDITED F INANCIAL S TATEMENTS AND R EQUIRED S UPPLEMENTARY I NFORMATION University of Puerto Rico Retirement System Year Ended June 30, 2014 With Report of Independent Auditors Audited Financial Statements

More information

PUBLIC HEALTH MANAGEMENT CORPORATION EMPLOYEES MONEY PURCHASE PENSION PLAN

PUBLIC HEALTH MANAGEMENT CORPORATION EMPLOYEES MONEY PURCHASE PENSION PLAN PUBLIC HEALTH MANAGEMENT CORPORATION EMPLOYEES MONEY PURCHASE PENSION PLAN FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 (with supplemental information) Contents Page Financial Statements Independent auditors

More information

WASTE MANAGEMENT RETIREMENT SAVINGS PLAN

WASTE MANAGEMENT RETIREMENT SAVINGS PLAN (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the fiscal year ended December 31, 2008 FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE

More information

NATIONAL OILWELL VARCO INC

NATIONAL OILWELL VARCO INC NATIONAL OILWELL VARCO INC FORM 11-K (Annual Report of Employee Stock Plans) Filed 06/26/09 for the Period Ending 12/31/08 Address 7909 PARKWOOD CIRCLE DR HOUSTON, TX 77036 Telephone 713-375-3700 CIK 0001021860

More information

Glossary of Qualified

Glossary of Qualified Glossary of Qualified Retirement Plan Terms 401(k) Plan: A qualified profit sharing or stock bonus plan under which plan participants have an option to put money into the plan or receive the same amount

More information

The Eleventh Farm Credit District Employees Retirement Plan. Financial Statements December 31, 2014 and 2013

The Eleventh Farm Credit District Employees Retirement Plan. Financial Statements December 31, 2014 and 2013 The Eleventh Farm Credit District Employees Retirement Plan Financial Statements December 31, 2014 and 2013 INDEPENDENT AUDITORS' REPORT Participants and Farm Credit Foundations Trust Committee The Eleventh

More information

Public Employees Individual Retirement Account Fund/Deferred Compensation Plan (A Component Unit of the State of Alabama)

Public Employees Individual Retirement Account Fund/Deferred Compensation Plan (A Component Unit of the State of Alabama) Public Employees Individual Retirement Account Fund/Deferred Compensation Plan (A Component Unit of the State of Alabama) FINANCIAL STATEMENTS For the Fiscal Year Ended September 30, 2014 201 South Union

More information

How To Understand The Liban 401(K) Retirement Plan

How To Understand The Liban 401(K) Retirement Plan LANS 401(k) Retirement Plan Summary Plan Description This Summary Plan Description (SPD) is intended to provide a summary of the principal features of the LANS 401(k) Retirement Plan ("Plan") and is not

More information

Statement of Investment Policy. Alabama College Education Savings Program (ACES) Trust Fund. The CollegeCounts 529 Fund

Statement of Investment Policy. Alabama College Education Savings Program (ACES) Trust Fund. The CollegeCounts 529 Fund Statement of Investment Policy Alabama College Education Savings Program (ACES) Trust Fund The CollegeCounts 529 Fund Approved by the Board of Directors November 19, 2014 1 Authority and Purpose The Alabama

More information

Wells Fargo Bank, N.A. Collective Investment Funds. annual report

Wells Fargo Bank, N.A. Collective Investment Funds. annual report Wells Fargo Bank, N.A. Collective Investment Funds 2015 annual report Table of Contents Independent Auditors Report 1 Page Financial Statements: Wells Fargo/BlackRock Bond Index CIT 3 Wells Fargo/BlackRock

More information

UNITED FIRE GROUP 401(k) PLAN (Full title of the plan)

UNITED FIRE GROUP 401(k) PLAN (Full title of the plan) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K. Commission File No. 1-768

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K. Commission File No. 1-768 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended

More information

MDC HOLDINGS INC FORM 11-K. (Annual Report of Employee Stock Plans) Filed 06/29/10 for the Period Ending 12/31/09

MDC HOLDINGS INC FORM 11-K. (Annual Report of Employee Stock Plans) Filed 06/29/10 for the Period Ending 12/31/09 MDC HOLDINGS INC FORM 11-K (Annual Report of Employee Stock Plans) Filed 06/29/10 for the Period Ending 12/31/09 Address 4350 S MONACO STREET SUITE 500 DENVER, CO 80237 Telephone 3037731100 CIK 0000773141

More information

JOHNSON & JOHNSON FORM 11-K. (Annual Report of Employee Stock Plans) Filed 06/26/12 for the Period Ending 12/31/11

JOHNSON & JOHNSON FORM 11-K. (Annual Report of Employee Stock Plans) Filed 06/26/12 for the Period Ending 12/31/11 JOHNSON & JOHNSON FORM 11-K (Annual Report of Employee Stock Plans) Filed 06/26/12 for the Period Ending 12/31/11 Address ONE JOHNSON & JOHNSON PLZ NEW BRUNSWICK, NJ 08933 Telephone 732-524-2455 CIK 0000200406

More information

F INANCIAL S TATEMENTS AND S UPPLEMENTAL S CHEDULE

F INANCIAL S TATEMENTS AND S UPPLEMENTAL S CHEDULE F INANCIAL S TATEMENTS AND S UPPLEMENTAL S CHEDULE Medical Information Technology, Inc. Profit Sharing Plan Years Ended December 31, 2011 and 2012 With Report of Independent Auditors Ernst & Young LLP

More information

TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Sunrise Retirement Funds

TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Sunrise Retirement Funds TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Financial Reports May 31, 2014 (Liquidation Date) Contents Independent Auditor s Report 1-2 Financial Statements Statements

More information

JOHNS HOPKINS UNIVERSITY 403(b) PLAN and JOHNS HOPKINS UNIVERSITY INCOME DEFERRAL 403(b) PLAN FOR RESIDENTS, INTERNS AND POSTDOCTORAL FELLOWS

JOHNS HOPKINS UNIVERSITY 403(b) PLAN and JOHNS HOPKINS UNIVERSITY INCOME DEFERRAL 403(b) PLAN FOR RESIDENTS, INTERNS AND POSTDOCTORAL FELLOWS JOHNS HOPKINS UNIVERSITY 403(b) PLAN and JOHNS HOPKINS UNIVERSITY INCOME DEFERRAL 403(b) PLAN FOR RESIDENTS, INTERNS AND POSTDOCTORAL FELLOWS Summary of Plan Services and Costs This summary provides important

More information

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K MDU RESOURCES GROUP, INC.

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K MDU RESOURCES GROUP, INC. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1998 OR TRANSITION

More information

Wells Fargo Bank, N.A. Collective Investment Funds. annual report

Wells Fargo Bank, N.A. Collective Investment Funds. annual report Wells Fargo Bank, N.A. Collective Investment Funds 2014 annual report Table of Contents Page Independent Auditors Report 1 Financial Statements: Statement of Operations 3 Statement of Changes in Net Assets

More information

PENSION FUND OF THE PENSION PLAN FOR NON-PROFESSIONAL STAFF OF THE UNIVERSITY OF GUELPH. For the Year Ended September 30, 2011

PENSION FUND OF THE PENSION PLAN FOR NON-PROFESSIONAL STAFF OF THE UNIVERSITY OF GUELPH. For the Year Ended September 30, 2011 PENSION FUND OF THE PENSION PLAN FOR NON-PROFESSIONAL STAFF OF THE UNIVERSITY OF GUELPH March 8, 2012 Independent Auditor s Report To the Board of Governors We have audited the accompanying financial statements

More information

TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Retire Funds. Financial Reports May 31, 2015

TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Retire Funds. Financial Reports May 31, 2015 TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Financial Reports May 31, 2015 Contents Independent Auditor s Report 1-2 Financial Statements Statements of Financial

More information

Future Scholar 529 College Savings Plan Financial Advisor Program Financial Statements June 30, 2011

Future Scholar 529 College Savings Plan Financial Advisor Program Financial Statements June 30, 2011 Future Scholar 529 College Savings Plan Financial Advisor Program Financial Statements June 30, 2011 Table of Contents Page Management s Discussion and Analysis 1 2 Report of Independent Auditors 3 4 Statement

More information

Daseke, Inc. 401(k) Retirement Plan Disclosure & Comparative Chart for Retirement Plan Participants

Daseke, Inc. 401(k) Retirement Plan Disclosure & Comparative Chart for Retirement Plan Participants Daseke, Inc. 401(k) Retirement Plan Disclosure & Comparative Chart for Retirement Plan Participants All individuals who have the right to direct investments in an employer-sponsored retirement plan are

More information

National Safety Council. Consolidated Financial Report June 30, 2014 and 2013

National Safety Council. Consolidated Financial Report June 30, 2014 and 2013 Consolidated Financial Report June 30, 2014 and 2013 Contents Independent Auditor s Report 1 2 Financial Statements Consolidated statements of financial position 3 Consolidated statements of activities

More information

University of Florida Foundation, Inc. Financial and Compliance Report June 30, 2015

University of Florida Foundation, Inc. Financial and Compliance Report June 30, 2015 University of Florida Foundation, Inc. Financial and Compliance Report Contents Independent Auditor s Report on the Financial Statements 1 2 Financial Statements Statement of Financial Position 3 Statement

More information

Helping bring health & well-being to your financial future. Your Bon Secours Retirement Savings Plan Enrollment Guide

Helping bring health & well-being to your financial future. Your Bon Secours Retirement Savings Plan Enrollment Guide Helping bring health & well-being to your financial future Your Bon Secours Retirement Savings Plan Enrollment Guide Invest some of what you earn today for what you plan to accomplish tomorrow. Dear Employee:

More information

State of Michigan 457 Plan. Financial Report September 30, 2013

State of Michigan 457 Plan. Financial Report September 30, 2013 Financial Report September 30, 2013 Table of Contents Independent Auditor s Report 3 Management s Discussion and Analysis 6 Basic Financial Statements Statement of Plan Net Position 12 Statement of Changes

More information

Start investing in yourself today, with help from the University System of Maryland Supplemental 403(b) Plan and Fidelity.

Start investing in yourself today, with help from the University System of Maryland Supplemental 403(b) Plan and Fidelity. University System of Maryland Supplemental 403(b) Plan (#65612) Start investing in yourself today, with help from the University System of Maryland Supplemental 403(b) Plan and Fidelity. Invest some of

More information

MOTOROLA SOLUTIONS 401(k) PLAN ANNUAL FEE DISCLOSURE - APRIL 2015

MOTOROLA SOLUTIONS 401(k) PLAN ANNUAL FEE DISCLOSURE - APRIL 2015 MOTOROLA SOLUTIONS 401(k) PLAN ANNUAL FEE DISCLOSURE - APRIL 2015 THIS NOTICE INCLUDES IMPORTANT INFORMATION ABOUT OPTIONS, FEES AND OTHER EXPENSES IN THE MOTOROLA SOLUTIONS 401(k) PLAN (THE PLAN ). The

More information

Investment Fund of the Diocese of Long Island Balanced Fund Financial Statements and Supplemental Schedule December 31, 2013

Investment Fund of the Diocese of Long Island Balanced Fund Financial Statements and Supplemental Schedule December 31, 2013 Investment Fund of the Diocese of Long Island Balanced Fund Financial Statements and Supplemental Schedule Index Page(s) Independent Auditor s Report... 1 2 Financial Statements Statement of Assets and

More information

The Thrift Savings Plan (TSP): The US Experience with Complementary Pension Funds for Federal Civil Servants

The Thrift Savings Plan (TSP): The US Experience with Complementary Pension Funds for Federal Civil Servants The Thrift Savings Plan (TSP): The US Experience with Complementary Pension Funds for Federal Civil Servants James Petrick General Counsel Federal Retirement Thrift Investment Board May 6, 2015 1 Outline

More information

TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Inceptus Funds. Financial Reports May 31, 2015

TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Inceptus Funds. Financial Reports May 31, 2015 TD Ameritrade Trust Company Collective Investment s for Employee Benefit Plans s Financial Reports May 31, 2015 Contents Independent Auditor s Report 1-2 Financial Statements Statements of Financial Condition

More information

TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Managed Retirement Funds. Financial Reports May 31, 2015

TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Managed Retirement Funds. Financial Reports May 31, 2015 TD Ameritrade Trust Company Collective Investment s for Employee Benefit Plans s Financial Reports May 31, 2015 Contents Independent Auditor s Report 1-2 Financial Statements Statements of Financial Condition

More information

BURNET CONSOLIDATED INDEPENDENT SCHOOL DISTRICT 403(B) RETIREMENT PLAN. SUMMARY OF 403(b) PLAN PROVISIONS

BURNET CONSOLIDATED INDEPENDENT SCHOOL DISTRICT 403(B) RETIREMENT PLAN. SUMMARY OF 403(b) PLAN PROVISIONS BURNET CONSOLIDATED INDEPENDENT SCHOOL DISTRICT 403(B) RETIREMENT PLAN SUMMARY OF 403(b) PLAN PROVISIONS Updated January 22, 2013 TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN ARTICLE I PARTICIPATION IN

More information

CITY OF AURORA, ILLINOIS POLICE PENSION FUND ANNUAL FINANCIAL REPORT. For the Year Ended December 31, 2014

CITY OF AURORA, ILLINOIS POLICE PENSION FUND ANNUAL FINANCIAL REPORT. For the Year Ended December 31, 2014 ANNUAL FINANCIAL REPORT For the Year Ended December 31, 2014 TABLE OF CONTENTS Page(s) INDEPENDENT AUDITOR S REPORT... 3-4 MANAGEMENT S DISCUSSION AND ANALYSIS... MD&A 1-5 BASIC FINANCIAL STATEMENTS Statement

More information

Legal Alert: Pension Protection Act of 2006 Changes Affecting Defined Contribution Plans

Legal Alert: Pension Protection Act of 2006 Changes Affecting Defined Contribution Plans Legal Alert: Pension Protection Act of 2006 Changes Affecting Defined Contribution Plans August 16, 2006 A little more than half of the 907 pages of the Pension Protection Act of 2006 deal with pension

More information

ILLINOIS GOVERNMENT FINANCE OFFICERS ASSOCIATION RECOMMENDED PRACTICES FOR IMPLEMENTING GASB STATEMENT NOS. 67 AND 68 FEBRUARY 7, 2014

ILLINOIS GOVERNMENT FINANCE OFFICERS ASSOCIATION RECOMMENDED PRACTICES FOR IMPLEMENTING GASB STATEMENT NOS. 67 AND 68 FEBRUARY 7, 2014 ILLINOIS GOVERNMENT FINANCE OFFICERS ASSOCIATION RECOMMENDED PRACTICES FOR IMPLEMENTING GASB STATEMENT NOS. 67 AND 68 FEBRUARY 7, 2014 In June 2012, the Governmental Accounting Standards Board (GASB) released

More information

SKIDMORE COLLEGE RETIREMENT SUMMARY PLAN DESCRIPTION

SKIDMORE COLLEGE RETIREMENT SUMMARY PLAN DESCRIPTION SKIDMORE COLLEGE RETIREMENT SUMMARY PLAN DESCRIPTION Human Resources (518) 580-5800 OVERVIEW Skidmore College s Retirement Plan is designed to provide employees with flexibility in meeting individual financial

More information

Employees Profit Sharing and Savings Plan SPD

Employees Profit Sharing and Savings Plan SPD Employees Profit Sharing and Savings Plan SPD The part of this Benefits Resource Guide under the caption Employees Profit Sharing and Savings Plan constitutes part of a prospectus covering securities that

More information

ASPIRE CHARTER ACADEMY, INC. A Charter School and Component Unit of the District School Board of Orange County, Florida

ASPIRE CHARTER ACADEMY, INC. A Charter School and Component Unit of the District School Board of Orange County, Florida Financial Statements with Independent Auditors Reports Thereon June 30, 2015 CONTENTS Page Management s Discussion and Analysis 1 6 Report of Independent Auditors on Basic Financial Statements and Supplementary

More information

SOUTH CAROLINA RETIREE HEALTH INSURANCE TRUST FUND AUDITED FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2014 WITH INDEPENDENT AUDITORS REPORT

SOUTH CAROLINA RETIREE HEALTH INSURANCE TRUST FUND AUDITED FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2014 WITH INDEPENDENT AUDITORS REPORT SOUTH CAROLINA RETIREE HEALTH INSURANCE TRUST FUND AUDITED FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2014 WITH INDEPENDENT AUDITORS REPORT State of South Carolina RICHARD H. GILBERT, JR., CPA DEPUTY STATE

More information

Annual Disclosure of Plan Investment Information

Annual Disclosure of Plan Investment Information Annual Disclosure of Plan Investment Information The Boeing Company Voluntary Investment Plan August 30, 2014* *Revised January 1, 2015 Copyright 2015 Boeing. All rights reserved. 256743 2014-637 Introduction

More information

Employer Frequently Asked Questions

Employer Frequently Asked Questions Employer Frequently Asked Questions Contributions How much can a participant defer? The IRS limits the amount a participant can defer in a given calendar year. This is the 402(g) limit which is an indexed

More information

State of Michigan 401K Plan. Financial Report September 30, 2013

State of Michigan 401K Plan. Financial Report September 30, 2013 Financial Report September 30, 2013 Table of Contents Independent Auditor s Report 3 Management s Discussion and Analysis 6 Basic Financial Statements Statement of Plan Net Position 12 Statement of Changes

More information

Spectrum of Investment Options

Spectrum of Investment Options Kentucky Deferred Comp Spectrum of Investment Options Your guide to available investment options. Tier 1 Target Date Funds, Balanced Fund Target Date Funds Vanguard Target Retirement Funds (in five-year

More information

Michigan Education Savings Program (a fiduciary fund of the State of Michigan)

Michigan Education Savings Program (a fiduciary fund of the State of Michigan) (a fiduciary fund of the State of Michigan) Audited Financial Statements Year Ended with Report of Independent Auditors Audited Financial Statements Year Ended Contents Report of Independent Auditors...1

More information

Pension Protection Act of 2006 Changes Affect Single-Employer Defined Benefit Plans in 2008

Pension Protection Act of 2006 Changes Affect Single-Employer Defined Benefit Plans in 2008 Important Information Legislation June 2007 Pension Protection Act of 2006 Changes Affect Single-Employer Defined Benefit Plans in 2008 This is one of a series of Pension Analyst publications providing

More information

CITY OF ARCADIA, FLORIDA ANNUAL FINANCIAL REPORT. For the Fiscal Year Ended September 30, 2015

CITY OF ARCADIA, FLORIDA ANNUAL FINANCIAL REPORT. For the Fiscal Year Ended September 30, 2015 ANNUAL FINANCIAL REPORT For the Fiscal Year Ended September 30, 2015 ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2015 TABLE OF CONTENTS Page INDEPENDENT AUDITOR'S REPORT... 1 MANAGEMENT'S

More information

A Consumer s Guide To

A Consumer s Guide To A Consumer s Guide To 401(k) Plans NYSUT Member Benefits wants NYSUT members to be the best-informed consumers in the state. This Consumer Guide is one of our contributions towards achieving that goal.

More information

2. How do I enroll? Employees can enroll by calling Vanguard at 800-523-1188 or visiting https://flagship.vanguard.com/vgapp/hnw/homepageoverview.

2. How do I enroll? Employees can enroll by calling Vanguard at 800-523-1188 or visiting https://flagship.vanguard.com/vgapp/hnw/homepageoverview. F A Qs 1. When am I eligible for the 401(k) plan? The following eligibility rules apply to full-time and part-time, regular, and temporary employees who are not hired as per diem employees: You are eligible

More information

U.S. Bank 401(k) Savings Plan Summary Plan Description

U.S. Bank 401(k) Savings Plan Summary Plan Description U.S. Bank 401(k) Savings Plan Summary Plan Description January 2012 This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933. HR1201W

More information

DECEMBER 8, 2010 FINANCIAL MARKETS UPDATE. SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration.

DECEMBER 8, 2010 FINANCIAL MARKETS UPDATE. SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration. December 8, 2010 FINANCIAL MARKETS UPDATE SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration The Securities and Exchange Commission (the SEC ) has published

More information

State of Arkansas Construction Assistance Revolving Loan Fund Program

State of Arkansas Construction Assistance Revolving Loan Fund Program Auditor s Report and Financial Statements Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Financial Statements Statements of Net Position... 9 Statements of Revenues,

More information

Kent County Employees' Retirement Plan. Year Ended December 31, 2012. Financial Statements

Kent County Employees' Retirement Plan. Year Ended December 31, 2012. Financial Statements Kent County Employees' Retirement Plan Year Ended December 31, 2012 Financial Statements KENT COUNTY EMPLOYEES' RETIREMENT PLAN Table of Contents Page Independent Auditors Report 1 Management s Discussion

More information

Public Financial Disclosure A Guide to Reporting Selected Financial Instruments

Public Financial Disclosure A Guide to Reporting Selected Financial Instruments Public Financial Disclosure A Guide to Reporting Selected Financial Instruments TABLE OF CONTENTS AMERICAN DEPOSITARY RECEIPT 1 CASH BALANCE PENSION PLAN 2 COMMON TRUST FUND OF A BANK 4 EMPLOYEE STOCK

More information

THE MOODY BIBLE INSTITUTE OF CHICAGO. FINANCIAL STATEMENTS June 30, 2013 and 2012

THE MOODY BIBLE INSTITUTE OF CHICAGO. FINANCIAL STATEMENTS June 30, 2013 and 2012 THE MOODY BIBLE INSTITUTE OF CHICAGO FINANCIAL STATEMENTS FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT... 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION... 3 STATEMENTS OF ACTIVITIES...

More information

November 9, 2011 James Petrick, CFO

November 9, 2011 James Petrick, CFO Civil Service Pension Reform in the United States November 9, 2011 James Petrick, CFO Federal Retirement Thrift Investment Board Part I. Antecedents Reasons for Federal Pension Reform Cost of old system

More information

CITY OF SASKATOON DEFINED CONTRIBUTION PENSION PLAN FOR SEASONAL AND NON-PERMANENT PART-TIME EMPLOYEES

CITY OF SASKATOON DEFINED CONTRIBUTION PENSION PLAN FOR SEASONAL AND NON-PERMANENT PART-TIME EMPLOYEES DRAFT Financial Statements of CITY OF SASKATOON DEFINED CONTRIBUTION PENSION PLAN FOR SEASONAL AND NON-PERMANENT PART-TIME Deloitte LLP 122 1st Ave. S. Suite 400, PCS Tower Saskatoon SK S7K 7E5 Canada

More information

Summary Plan Description

Summary Plan Description Summary Plan Description Prepared for Trinity University Defined Contribution Retirement Plan, Trinity University Tax Deferred Annuity Plan INTRODUCTION Trinity University has restated the Trinity University

More information

Prince William Self-Insurance Group Workers Compensation Association. Financial Report June 30, 2013

Prince William Self-Insurance Group Workers Compensation Association. Financial Report June 30, 2013 Prince William Self-Insurance Group Workers Compensation Association Financial Report June 30, 2013 Contents Report of Independent Auditor 1-2 Management s Discussion and Analysis (Unaudited) 3-6 Basic

More information

TRADITIONAL IRA DISCLOSURE STATEMENT

TRADITIONAL IRA DISCLOSURE STATEMENT TRADITIONAL IRA DISCLOSURE STATEMENT TABLE OF CONTENTS REVOCATION OF ACCOUNT... 1 STATUTORY REQUIREMENTS... 1 (1) Qualification Requirements... 1 (2) Required Distribution Rules... 1 (3) Approved Form....

More information

PORTFOLIO PERFORMANCE INFORMATION

PORTFOLIO PERFORMANCE INFORMATION Bright Start College Savings Program-Advisor-Sold Plan Supplement dated January 11, 2016 to Program Disclosure Statement dated November 12, 2012 This Supplement amends the Program Disclosure Statement

More information

The IBM 401(k) Plus Plan. Invest today for what you hope to accomplish tomorrow

The IBM 401(k) Plus Plan. Invest today for what you hope to accomplish tomorrow The IBM 401(k) Plus Plan Invest today for what you hope to accomplish tomorrow The IBM 401(k) Plus Plan Dollar-for-dollar company match, automatic company contributions, broad range of investment options

More information

The MTA Deferred Compensation Program Enrollment Guide

The MTA Deferred Compensation Program Enrollment Guide The MTA Deferred Compensation Program Enrollment Guide A Valuable Tool to Help You Get on Track for a Better Tomorrow MTA Deferred Compensation Program >>> The right direction No matter what your station

More information

Changes to the MI 529 Advisor Plan 00169121 CAPDNMI_STKBKLT_063016

Changes to the MI 529 Advisor Plan 00169121 CAPDNMI_STKBKLT_063016 Supplement dated June 30, 2016 to MI 529 Advisor Plan Disclosure Statement and Participation Agreement for Investors Using a Financial Advisor (Classes A and C) Dated March 14, 2013 This Supplement amends

More information

U.S. Bank 401(k) Savings Plan Annual Fee Disclosure Notice

U.S. Bank 401(k) Savings Plan Annual Fee Disclosure Notice U.S. Bank 401(k) Savings Plan Annual Fee Disclosure Notice The U.S. Bank 401(k) Savings Plan can assist you in saving on a tax-deferred basis for your future. Through the U.S. Bank 401(k) Savings Plan

More information

SUPPLEMENT SEPTEMBER 2015 TO THE VANGUARD 529 COLLEGE SAVINGS PLAN PROGRAM DESCRIPTION DATED NOVEMBER 2014

SUPPLEMENT SEPTEMBER 2015 TO THE VANGUARD 529 COLLEGE SAVINGS PLAN PROGRAM DESCRIPTION DATED NOVEMBER 2014 SUPPLEMENT SEPTEMBER 2015 TO THE VANGUARD 529 COLLEGE SAVINGS PLAN PROGRAM DESCRIPTION DATED NOVEMBER 2014 Please keep this Supplement, which describes important changes, with your other Vanguard 529 College

More information

Investment Policy Statement University of Texas System Retirement Program

Investment Policy Statement University of Texas System Retirement Program Office of Employee Benefits Administrative Manual Investment Policy Statement University of Texas System Retirement Program EFFECTIVE DATE: MARCH 1, 2010 REVISION DATE: 840 PURPOSE: To establish the investment

More information

The Four State Colleges in Colorado Defined Contribution Pension Plan (DCPP)

The Four State Colleges in Colorado Defined Contribution Pension Plan (DCPP) The Four State Colleges in Colorado Defined Contribution Pension Plan (DCPP) For the Employees of: Adams State College Mesa State College Metropolitan State College of Denver Western State College of Colorado

More information

TABLE OF CONTENTS PAGE GENERAL INFORMATION B-3 CERTAIN FEDERAL INCOME TAX CONSEQUENCES B-3 PUBLISHED RATINGS B-7 ADMINISTRATION B-7

TABLE OF CONTENTS PAGE GENERAL INFORMATION B-3 CERTAIN FEDERAL INCOME TAX CONSEQUENCES B-3 PUBLISHED RATINGS B-7 ADMINISTRATION B-7 STATEMENT OF ADDITIONAL INFORMATION INDIVIDUAL VARIABLE ANNUITY ISSUED BY JEFFERSON NATIONAL LIFE INSURANCE COMPANY AND JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT G ADMINISTRATIVE OFFICE: P.O. BOX 36840,

More information

Employees Capital Accumulation Plan (ECAP) Features At-A-Glance

Employees Capital Accumulation Plan (ECAP) Features At-A-Glance Prosper Employees Capital Accumulation Plan (ECAP) Features At-A-Glance What Is ECAP? Booz Allen Hamilton s Employees Capital Accumulation Plan (ECAP) is a tax-deferred, defined contribution plan designed

More information

P. O. Box 2069 Woburn, MA 01801-1721 (781) 938-6559 NOTICE TO PARTICIPANTS SEPARATED FROM SERVICE

P. O. Box 2069 Woburn, MA 01801-1721 (781) 938-6559 NOTICE TO PARTICIPANTS SEPARATED FROM SERVICE P. O. Box 2069 Woburn, MA 01801-1721 (781) 938-6559 NOTICE TO PARTICIPANTS SEPARATED FROM SERVICE Under the terms of the SBERA 401 (k) Plan, you may now elect to withdraw your total account balance. Your

More information

Wells Fargo & Company 401(k) Plan Comparative Fee Disclosure Chart

Wells Fargo & Company 401(k) Plan Comparative Fee Disclosure Chart Investment options as of October 1, 2015 & Company 401(k) Plan Comparative Fee Disclosure Chart This document includes important information to help you understand the fees associated with the investment

More information