NOTES TO THE FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED
DECEMBER 31,
2015
and
2014
The following description of the Union Pacific Corporation Thrift Plan (the “Plan”) is provided for general information only. Participants should refer to the Plan document for more complete information.
General
— The Plan is a defined contribution plan sponsored by Union Pacific Corporation (the “Corporation”) covering nonagreement employees of the Corporation and its subsidiaries. Vanguard Fiduciary Trust Company (“VFTC”) serves as the trustee of the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions
— Each year, participants may contribute 2% to 75% of their eligible compensation on a salary deferral basis subject to limitations specified in the Internal Revenue Code (the “Code”).
A
participant may designate all or a portion of his/her pre-tax contribution as a Roth contribution. Participants may also contribute 2% to 75%, of their eligible compensation on an after-
tax basis. Combined after-tax, Roth
pre-tax contributions may not exceed 75% of eligible compensation. Employees who are hired or rehired on or after October 1, 2008, and who are eligible to participate in the Plan will automatically become Participants. These employees are treated as having elected to contribute 6% of their eligible compensation on a salary deferral basis subject to limitations specified in the Code, unless they affirmatively elect otherwise. Participants who have attained age 50 before the end of the plan year are eligible to make catch-up contributions. Prior to 1987, the Plan provided for payroll-based and tax reduction act employee stock ownership plan contributions (PAYSOP/TRASOP). The Corporation contributes to the Plan on behalf of each participant contributing to the Plan an amount equal to 50% of the participant’s pre-tax, Roth, and after-tax contributions for the payroll period that are not in excess of 6% of the participant’s eligible compensation for the payroll period. Participants may direct the investment of all contributions into various investment options offered by the Plan, or may elect to participate in the Vanguard Advisors Managed Account Program (“Managed Account Program”). The Managed Account Program is a program in which certain participants may delegate on-going, discretionary investment management decisions with respect to their account to Vanguard Advisors, Inc. If a participant does not provide investment direction with respect to contributions made to their account, such contributions are invested in a default investment option designated under the Plan.
Notes Receivable from Participants
— Participants are eligible to take a loan from their fund accounts, subject to the following limits. Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of (a) one-half of their account balance (excluding PAYSOP/TRASOP balances) or (b) $50,000, taking into consideration additional loan balances under the Plan and any other qualified plan maintained by the Corporation or its subsidiaries. As the loan is repaid, all principal and interest payments will be credited to the participant’s fund accounts, excluding PAYSOP/TRASOP balances, in the same proportions as the contributions then being made on behalf of the participant. If no contributions are then being made, the loan repayments will be invested in accordance with the participant’s applicable investment election. Participant loans, which are secured by the participant’s individual account balance, bear a fixed rate of interest set by the Plan Administrator based on interest rates then being charged on similar loans, and are repayable over periods not exceeding five years, except loans relating to a principal residence, in which case the term of the loan shall not exceed 15 years. As of
December 31, 2015
and
2014
,
participant l
oans ha
d
maturities through 2030
and 2029, respectively, and
at interest rates ranging from 3.25% to 9.5%
in both years
.
Participant Accounts
— Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contributions, employer-matching contributions, and an allocation of the Plan’s earnings (or losses) based upon the type of investments selected and their performance. Allocations are based on each participant’s account balance by investment type. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Vesting
— Participants at all times have a 100% vested interest in their accounts.
Distributions to Participants
— Following a participant’s termination of employment, a distribution of benefits will be made upon request in a single sum payment. Distributions from the PAYSOP/TRASOP account and the portion of their account invested in the Union Pacific Common Stock Fund are distributed in cash unless shares of stock are elected at the time of distribution. In-kind distributions are lump sum and any fractional shares are distributed in cash. A terminated participant may defer distribution until the earlier of the participant’s required beginning date, as defined in the Plan, or the participant’s death.
I
f distribution is deferred until the participant’s required beginning date, the participant may elect distribution either in a single sum or in the form of monthly, quarterly, semi-annual or annual installments. Such single sum distribution must be made (or installments begin) no later than the participant’s required beginning date. If the participant remains employed with the Corporation after attaining age 70 1/2, the participant must either take a single sum distribution or begin installment payments no later than the April 1st of the year following the year in which the participant terminates employment.
In-service withdrawals, including withdrawals of rollover contributions, hardship withdrawals, and withdrawals on and after age 59 1/2 may be made by a participant from their account in accordance with the Plan’s provisions.
Plan Administration
— Prior to November 1, 2014, the Plan was administered by the Vice President, Human Resources of Union Pacific Railroad Company.
From
November 1, 2014,
through March 31, 2016,
the Plan
was
administered
by the Assistant Vice President,
Compensation & Benefits, Union Pacific Railroad Company.
Effective April 1, 2016, the Plan is administered by the Vice President, Human Resources of Union Pacific Railroad Company.
Investment management fees for the Plan’s investment options are netted against investment earnings. Expenses incurred administering the Plan, including participant recordkeeping expenses, are payable from Plan assets, but effective July 1, 2014, participant recordkeeping expenses are no longer netted against investment earnings. The
C
orporation has the option, but not the obligation, to pay Plan administrative expenses.
Plan Merger
– Effective October 15, 2014, the Alton & Southern Railway Thrift Savings Plan (the “A&S Plan”) was merged with and into the Plan and the A&S Plan’s assets were transferred into the Plan.
|
2.
|
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
Basis of Accounting
— The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).
Use of Estimates
— The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Risks and Uncertainties
— The Plan utilizes various investment instruments. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the
level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the value of the participants’ account balances and amounts reported in the financial statements.
Investment Valuation and Income Recognition
— Investments are reported at fair value
with the exception of fully benefit-responsive investment contracts.
Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements.
Dividend income is recorded as of the ex-dividend date. Dividends are reinvested in a related participant fund. Interest income is recorded on the accrual basis. Purchases and sales of securities are recorded as of the trade date. Net appreciation
(depreciation)
includes the Plan’s gains and losses on investments bought and sold as well as held during the year.
For
contracts held by a defined contribution plan, contract value is the relevant measurement attribute for that portion of the net
assets available for benefits
attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The statements of net assets available for benefits present the fully benefit-responsive investment contracts
at
contract value. The statements of changes in net assets available for benefits are
also
prepared on a contract value basis.
Notes Receivable from Participants
— Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are recorded as distributions based on the terms of the Plan document.
Administrative Expenses
— Administrative expenses of the Plan are paid as described in the section “Plan Administration”
in Note 1.
All investment management and transaction fees directly related to the Plan investments are paid by the Plan. Management fees and operating expenses charged to the Plan for investments are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments. Plan administrative expenses of $
762,269
and $424,930
were paid in
2015
and
2014
, respectively
.
Distributions to Participants
— Distributions are recorded when paid. There were no amounts allocated to accounts of persons who have elected to withdraw from the Plan but have not yet been paid at
December 31, 2015
and
2014
.
New Accounting Standards
—
In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-07, Fair Value Measurement (Topic 820):
Disclosures for Investments in Certain Entities That Calculate Net Asset Value per share (or Its Equivalent).
The ASU eliminates the requirement to categorize
,
within the fair value hierarchy
,
investments whose fair values are measured at net asset value.
Instead, an entity would be required to include those investments as a reconciling item so that the total fair value amount of investments in the disclosure is consistent with the fair value investment balance on the statement of net assets available for benefits.
The ASU is effective for fiscal years beginning after December 15, 2015, with early adoption permitted.
The guidance will be applied retrospectively
. The Plan has adopted the new guidance
in 2015
. Other than the change to disclosures, the adoption of this standard did not have a material impact on the financial statements.
In July 2015, the FASB issued ASU 2105-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965):
(Part I) Fully Benefit-Responsive Investment Contracts,
(Part II) Plan Investment Disclosures, (Part III)
Measurement Date Practical Expedient
.
Part I of the ASU eliminates the requirements to measure the fair value of fully benefit-responsive investment contracts and provide certain disclosures. Contract value is the only required measure for fully benefit-responsive investment contracts. Part II of the ASU eliminates the requirements to disclose individual investments that represent 5 percent or more of net assets available for benefits and the net appreciation or depreciation in fair value of investments by general type. It also simplifies the level of disaggregation of investments that are measured using fair value. Plans will continue to disaggregate investments that are measured using fair value by general type; however, plans are no longer required to also disaggregate investments by nature, characteristics and risks. Further, the di
sclosure of information about f
a
i
r value measurements shall be provided by general type of plan asset. Part III of the ASU allows a plan with a fiscal year end that does not coincide with the end of a calendar month to measure its investments and investment-related accounts using the month end closest to its
fiscal
year end. The ASU is effective for fiscal years beginning after December 15, 2015. Parts I and II are to be applied retrospectively. Part III is to be applied prospectively. The Plan has adopted Parts I and II in 2015. Part III is not applicable to the Plan.
The adoption resulted in the reclassification of the adjustment from fair value to contract value for fully benefit-responsive i
nvestment contracts totaling $6,411,018
, in the statements of net assets available for benefits. Certain historical
disclosures
that are no longer required were removed.
|
3.
|
|
FAIR VALUE MEASUREMENTS
|
Accounting Standards Codification (ASC) 820,
Fair Value Measurements and Disclosures,
established a single authoritative definition of fair value, set a framework for measuring fair value, and requires additional disclosures about fair value measurements. In accordance with ASC 820, the Plan classifies its investments into a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:
Level 1
— Quoted market prices in active markets for identical assets or liabilities.
Level 2
— Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3
— Unobservable inputs that are not corroborated by market data.
Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
Asset Valuation Methodologies
— Valuation methodologies maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The following is a description of the valuation methodologies used to determine the fair value for each investment category and the fair value hierarchy tier to which each investment category has been assigned.
Company
Stock Funds
— These funds are invested exclusively in common stock issued by
the
Corporation along with a small amount of cash held for liquidity purposes. The unit price (value) for shares of these funds is computed daily based on the closing price of Union Pacific common stock on the New York Stock Exchange, the number of shares of stock held by the funds, and the amount of cash held in the funds. Employer stock funds are classified as Level 2 investments.
Mutual Funds (Including the Domestic Stock Funds, International Stock Fund, Balanced Funds, Money Market Fund, and Bond Fund)
— The shares of mutual funds are actively traded in a public exchange and the quoted prices at which these securities trade in the exchange are readily available. These quoted prices are used to determine the net asset values of mutual fund shares held by the
Union Pacific Corporation
Master Trust
(“Master Trust”)
at year-end
.
Common/Collective
Trusts
— The Target Retirement Trusts invest in Vanguard mutual funds. While the trust units are not actively traded in a public exchange, the underlying mutual fund investments held by the trusts are actively traded in a public exchange. The readily observable quoted share prices for the underlying mutual fund investments are used to determine the net asset value of the trusts at year-
end
.
A summary of the Master Trust assets measured at fair value on a recurring basis set forth by level within the fair value hierarchy as of
December 31, 2015
and
2014
, is presented in the following tables:
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|
Total Fair
Value
|
Investments at fair value:
|
|
|
|
|
|
|
|
|
Company Stock Funds
|
|
-
|
$
|
536,895,525
|
|
-
|
$
|
536,895,525
|
Total investments in the fair value hierarchy
|
|
-
|
$
|
536,895,525
|
|
-
|
|
536,895,525
|
|
|
|
|
|
|
|
|
|
Investments measured at net asset value*
|
|
|
|
|
|
|
|
|
Mutual Funds
|
|
|
|
|
|
|
|
1,821,980,208
|
Common/Collective Trusts
|
|
|
|
|
|
|
|
382,930,750
|
Total investments at net asset value
|
|
|
|
|
|
|
|
2,204,910,958
|
|
|
|
|
|
|
|
|
|
Total investments at fair value
|
|
|
|
|
|
|
$
|
2,741,806,483
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014
|
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|
Total Fair
Value
|
Investments at fair value:
|
|
|
|
|
|
|
|
|
Company Stock Funds
|
|
-
|
$
|
879,381,478
|
|
-
|
$
|
879,381,478
|
Total investments in the fair value hierarchy
|
-
|
$
|
879,381,478
|
|
-
|
|
879,381,478
|
|
|
|
|
|
|
|
|
|
Investments measured at net asset value*
|
|
|
|
|
|
|
|
|
Mutual Funds
|
|
|
|
|
|
|
|
1,883,277,770
|
Common/Collective Trusts
|
|
|
|
|
|
|
|
371,123,924
|
Total investments at net asset value
|
|
|
|
|
|
|
|
2,254,401,694
|
|
|
|
|
|
|
|
|
|
Total investments at fair value
|
|
|
|
|
|
|
$
|
3,133,783,172
|
*
In accordance with Subtopic 820-10, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statement of net assets available for benefits.
Transfers between Levels
— The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. The Plan’s policy is to recognize transfers between the levels at the actual date of the event.
The Plan evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total net assets available for benefits. For the years ended
December 31, 2015
and
2014
, there were no transfers in or out of Levels 1, 2, or 3.
The following tables summarize investments for which fair value is measured at net asset value as of
December 31, 2015
, and
2014
, respectively. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
Fair Value
|
|
Unfunded Commitments
|
|
Redemption Frequency (If Currently Eligible)
|
|
Redemption
Notice Period
|
|
|
|
|
|
|
|
|
|
Mutual Funds
|
$
|
1,821,980,208
|
|
n/a
|
|
Daily
|
|
None
|
Common/Collective Trusts
|
|
382,930,750
|
|
n/a
|
|
Daily
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014
|
|
|
Fair Value
|
|
Unfunded Commitments
|
|
Redemption Frequency (If Currently Eligible)
|
|
Redemption
Notice Period
|
|
|
|
|
|
|
|
|
|
Mutual Funds
|
$
|
1,883,277,770
|
|
n/a
|
|
Daily
|
|
None
|
Common/Collective Trusts
|
|
371,123,924
|
|
n/a
|
|
Daily
|
|
None
|
At
December 31, 2015
and
2014
, the Plan participated in a Master Trust with other retirement plans sponsored by the Corporation or its subsidiaries. The investment assets of the Master Trust are held at VFTC. Use of the Master Trust permits the commingling of the trust assets of a number of benefit plans of the Corporation and its subsidiaries for investment and administrative purposes. Although assets are commingled in the Master Trust, VFTC maintains supporting records for the purpose of allocating the net investment income (loss) of the investment accounts to the various participating plans. The investment valuation methods for investments held by the Master Trust are discussed in Note 3.
The Plan’s interest in the Master Trust, as a percentage of net assets held by the Master Trust, as of
December 31, 2015
and
2014
, is presented in the following tables:
|
|
|
|
|
|
|
2015
|
|
2014
|
Master Trust
|
|
|
|
|
Investments at fair value
|
$
|
2,741,806,484
|
$
|
3,133,783,172
|
Investments at contract value
|
|
394,379,789
|
|
395,154,168
|
Total investments in Master Trust
|
$
|
3,136,186,273
|
$
|
3,528,937,340
|
|
|
|
|
|
Plan's portion of investments at fair value
|
$
|
1,350,851,036
|
$
|
1,563,536,083
|
Plan's portion of investments at contract value
|
|
229,169,426
|
|
236,722,278
|
Plan interest in Master Trust
|
$
|
1,580,020,462
|
$
|
1,800,258,361
|
|
|
|
|
|
Portion allocated to the Plan
|
|
50.38%
|
|
51.01%
|
|
|
|
|
|
Investment income (loss) for the Master Trust for the years ended
December 31, 2015
and
2014
, is as follows:
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Net (depreciation) appreciation in fair value
|
$
|
(346,784,975)
|
$
|
376,595,710
|
Interest and dividends
|
|
83,098,601
|
|
81,650,625
|
Total investment (loss) income of Master Trust
|
$
|
(263,686,374)
|
$
|
458,246,335
|
|
|
|
|
|
Plan's portion of Master Trust investment (loss) income
|
$
|
(146,281,520)
|
$
|
243,180,207
|
While the Plan participates in the Master Trust, each participant’s account is allocated earnings (or losses) consistent with the performance of the funds in which the participant’s account is invested. Therefore, the investment income (loss) of the Master Trust may not be allocated evenly among the plans participating in the Master Trust.
The Master Trust provides to participants a stable value investment option (the Union Pacific Fixed Income Fund) that includes traditional Guaranteed Investment Contracts (GICs) and synthetic GICs. These contracts meet the fully benefit-responsive investment contract criteria and therefore are reported at contract value. Contract value is the relevant measure for fully benefit-responsive investment contracts because this is the amount received by participants if they were to initiate permitted transactions under the terms of the Plan. Traditional GICs are maintained in a general account by VFTC, which is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. Synthetic GICs simulate the performance of a traditional GIC through an issuer’s guarantee of a specific interest rate (a benefit-responsive wrapper contract) and a portfolio of financial instruments that are owned by the Master Trust. The crediting interest rate is based on a formula agreed upon with the issuer, but may not be less than 0%. Such interest rates are reviewed on a quarterly basis for resetting. The crediting rate of these contracts will track current market yields on a trailing basis.
The following table represents the disaggregation of contract value between types of investment contracts held by the Plan:
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Synthetic investment contracts
|
$
|
361,602,714
|
$
|
361,192,328
|
Traditional investment contracts
|
|
17,659,619
|
|
16,478,431
|
Money Market contract
|
|
15,264,117
|
|
16,573,967
|
Accrued expenses and other reconciliation activity
|
|
(146,661)
|
|
909,442
|
Total investments at contract value
|
$
|
394,379,789
|
$
|
395,154,168
|
|
5.
|
|
FEDERAL INCOME TAX STATUS
|
The Plan obtained a tax determination letter dated September 18, 2013, in which the Internal Revenue Service (IRS) stated that the Plan, as then designed, was in compliance with the applicable requirements of the Code. Although the Plan has been amended since receiving the determination letter, the Company and Plan management believe that the Plan and related Master Trust are currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
Plan management made a Voluntary Compliance Program submission to the IRS on December 30, 2015. The submission seeks to correct the failure to distribute the Plan accounts of 5 deceased Plan participants in accordance with the Plan’s terms intended to comply with the required minimum distribution rules of Section 401(a)(9) of the Code and the regulations thereunder. The Plan has not yet received a compliance statement from the IRS with respect to this submission.
GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes the Plan and related Master Trust are no longer subject to income tax examinations for years prior to 201
2
.
Although it has not expressed any intent to do so, the Corporation has the right under the Plan, at any time, to discontinue its contributions and to terminate the Plan subject to the provisions of ERISA. Regardless of such actions, the principal and income of the Plan remain for the exclusive benefit of the Plan’s participants and beneficiaries. The Corporation may direct VFTC either to distribute the Plan’s assets to the participants, or to continue the trust and distribute benefits as though the Plan had not been terminated.
|
7.
|
|
EXEMPT PARTY-IN-INTEREST TRANSACTIONS
|
The Master Trust investments include the Union Pacific Common Stock Fund which is invested in the common stock of the Corporation. The Corporation is the Plan sponsor and, therefore, these transactions qualify as party-in-interest transactions. At
December 31, 2015
and
2014
, the Plan’s interest in the Master Trust’s investment in the Union Pacific Common Stock Fund had a cost basis of $
130,869,669
and $
124,024,679
, respectively. During the years ended
December 31, 2015
and
2014
, the Plan recorded dividend income of $
10,695,044
and $
7,730,635
, respectively.
The Master Trust also invests in various funds managed by VFTC. VFTC is the trustee and recordkeeper as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions.
|
8.
|
|
PROHIBITED TRANSACTIONS
|
In 201
4
, there was inadvertent use of Plan assets by Union Pacific Railroad Company (the “Railroad”), a related party, due to administrative error which violated IRC Section 4975(c)(1)(B).
A p
articipant loan repayment of $
210
w
as
not timely deposited with the Plan trustee. Therefore, the transaction constituted an extension of credit from the Plan to the Railroad. The Railroad
deposited the loan repayment and lost earnings with the Plan trustee in
2014 and 2015.
|
9.
|
|
RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
|
A reconciliation of net assets available for benefits per the financial statements to the Form 5500 as of
December 31, 2015
and
2014
, is as follows:
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Net assets available for benefits per the financial statements
|
$
|
1,596,362,582
|
$
|
1,816,844,334
|
Adjustment from contract value to fair value for fully
|
|
|
|
|
benefit-responsive investment contracts
|
|
3,706,456
|
|
6,411,018
|
Deemed distributions of participant loans
|
|
(244,806)
|
|
(121,222)
|
Net assets available for benefits per the Form 5500 -- at fair value
|
$
|
1,599,824,232
|
$
|
1,823,134,130
|
A reconciliation of changes in net assets available for benefits per the financial statements to the Form 5500 as of
December 31, 2015
and
2014
, is as follows:
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Net (decrease) increase in net assets at contract value
|
$
|
(220,481,752)
|
$
|
186,329,942
|
Change in adjustment from contract value to fair value for
|
|
|
|
|
benefit-responsive investment contracts
|
|
(2,704,562)
|
|
474,281
|
Change in deemed distributions of participant loans
|
|
(123,584)
|
|
12,943
|
Net (decrease) increase in net assets per Form 5500 -- at fair value
|
$
|
(223,309,898)
|
$
|
186,817,166
|
******
SUPPLEMENTAL SCHEDULES