4370 Peachtree Rd., N.E.
THE PLAN. Pursuant to the
requirements of the Securities Exchange Act of 1934, the trustees
(or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
Report of Independent Registered
Public Accounting Firm
Administrative Committee and Participants of
Atlantic American Corporation 401(k) Retirement Savings
Plan
Atlanta, Georgia
Opinion on the Financial Statements
We have audited the accompanying statements of net assets
available for benefits of the Atlantic American Corporation 401(k)
Retirement Savings Plan (the “Plan”) as of December 31, 2021 and
2020, and the related statement of changes in net assets available
for benefits for the year ended December 31, 2021, and the related
notes and schedule (collectively referred to as the “financial
statements”). In our opinion, the financial statements present
fairly, in all material respects, the net assets available for
benefits of the Plan as of December 31, 2021 and 2020, and the
changes in net assets available for benefits for the year ended
December 31, 2021, in conformity with accounting principles
generally accepted in the United States of America.
Basis
for Opinion
These financial statements are the responsibility of the
Plan’s management. Our responsibility is to express an opinion on
the Plan’s financial statements based on our audits. We are a
public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (“PCAOB”) and are
required to be independent with respect to the Plan in accordance
with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the
PCAOB.
We conducted our audits in accordance with the standards of
the PCAOB. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error
or fraud. The Plan is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting.
As part of our audit we are required to obtain an understanding of
internal control over financial reporting but not for the purpose
of expressing an opinion on the effectiveness of the Plan’s
internal control over financial reporting. Accordingly, we express
no such opinion.
Our audits included performing procedures to assess the risks
of material misstatement of the financial statements, whether due
to error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that our audit provides a reasonable basis
for our opinion.
Supplementary Information
The supplemental information in the accompanying schedule of
assets (held at end of year) as of December 31, 2021, has been
subjected to audit procedures performed in conjunction with the
audit of the Plan’s financial statements. The supplemental
information is presented for the purpose of additional analysis and
is not a required part of the basic financial statements but
includes supplemental information required by the Department of
Labor’s Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The
supplemental information is the responsibility of the Plan’s
management. Our audit procedures included determining whether the
supplemental information reconciles to the financial statements or
the underlying accounting and other records, as applicable and
performing procedures to test the completeness and accuracy of the
information presented in the supplemental information. In forming
our opinion on the supplemental information, we evaluated whether
the supplemental information, including its form and content, is
presented in conformity with the Department of Labor’s Rules and
Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. In our opinion, the
supplemental information is fairly stated, in all material
respects, in relation to the financial statements as a whole.
/s/ Dixon Hughes Goodman LLP
We have served as the Plan’s auditor since 2019.
Jacksonville, FL
May 31, 2022
ATLANTIC
AMERICAN CORPORATION
401(k)
RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR
BENEFITS
December 31,
2021 and 2020
|
|
2021
|
|
|
2020
|
|
ASSETS
|
|
|
|
|
|
|
Investments, at fair value (Note
3):
|
|
|
|
|
|
|
Common/collective trusts
|
|
$
|
2,676,485
|
|
|
$
|
2,559,045
|
|
Employer
common stock fund
|
|
|
935,030
|
|
|
|
818,668
|
|
Registered
investment companies
|
|
|
25,653,339
|
|
|
|
26,517,972
|
|
Total
investments
|
|
|
29,264,854
|
|
|
|
29,895,685
|
|
Receivables:
|
|
|
|
|
|
|
|
|
Notes
receivable from participants
|
|
|
169,675
|
|
|
|
289,430
|
|
Contributions receivable from employer
|
|
|
548,930
|
|
|
|
519,755
|
|
|
|
|
|
|
|
|
|
|
NET
ASSETS AVAILABLE FOR BENEFITS
|
|
$
|
29,983,459
|
|
|
$
|
30,704,870
|
|
See accompanying notes to
financial statements.
ATLANTIC
AMERICAN CORPORATION
401(k)
RETIREMENT SAVINGS PLAN
STATEMENT OF
CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the Year
Ended December 31, 2021
Additions to Net Assets
|
|
|
|
Contributions:
|
|
|
|
Participants
|
|
$
|
1,065,394
|
|
Employer
|
|
|
801,913
|
|
|
|
|
|
|
TOTAL
CONTRIBUTIONS
|
|
|
1,867,307
|
|
|
|
|
|
|
Investment
income:
|
|
|
|
|
Net
appreciation in fair market value of investments
|
|
|
3,467,561
|
|
Dividends
and other income
|
|
|
336,150
|
|
Interest
income on notes receivable from participants
|
|
|
11,682
|
|
|
|
|
|
|
TOTAL
ADDITIONS TO NET ASSETS
|
|
|
5,682,700
|
|
|
|
|
|
|
Deductions from Net Assets
|
|
|
|
|
Benefit
payments to participants
|
|
|
6,340,716
|
|
Fees
|
|
|
63,395
|
|
|
|
|
|
|
TOTAL
DEDUCTIONS
|
|
|
6,404,111
|
|
|
|
|
|
|
Net
Decrease
|
|
|
(721,411
|
)
|
|
|
|
|
|
Net
Assets Available for Benefits at Beginning of Year
|
|
|
30,704,870
|
|
|
|
|
|
|
Net
Assets Available for Benefits at End of Year
|
|
$
|
29,983,459
|
|
See accompanying notes to
financial statements.
ATLANTIC
AMERICAN CORPORATION
401(k)
RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31,
2021 and 2020
NOTE
1—DESCRIPTION OF THE PLAN
The following description of the
Atlantic American Corporation 401(k) Retirement Savings Plan (the
“Plan”) provides only general information. Participating
members (“Participants”) should refer to the Plan document for a
more complete description of the Plan’s provisions.
Information with regard to eligibility, contributions,
distributions, vesting, withdrawals, restoration, loans, fund
redistribution, and definitions of all terms are contained in that
document. The Administrative Committee, consisting of
employees of the plan sponsor, is responsible for oversight of the
Plan.
General: The Plan is a
defined contribution plan available to all U.S. employees of
Atlantic American Corporation and its subsidiaries (collectively,
the “Company”) except collective bargaining employees, nonresident
aliens, and leased employees. Employees eligible to participate are
automatically enrolled effective on the date of employment. The
Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”).
Participating Companies:
As of December 31, 2021 and 2020, the Company had four wholly-owned
insurance subsidiaries, Bankers Fidelity Life Insurance Company and
its wholly owned subsidiary, Bankers Fidelity Assurance Company,
American Southern Insurance Company and its wholly owned
subsidiary, American Safety Insurance Company, in addition to one
non-insurance company, xCalibre Risk Services, Inc. All employees
of these subsidiaries were eligible to participate in the
Plan.
Plan Administration: The
trustee of the Plan (the “Trustee”) has custodial responsibility
for the Plan’s assets, including the authority and power to, among
other things, invest the principal and income of the Plan’s
assets.
Contributions: Eligible
employees automatically become a participant and are enrolled into
the Plan at a 6% deferral rate on their date of hire. At any
time, a participant may cease his or her contribution or change his
or her deferral percentage in 1% increments up to 75% of his or her
annual compensation, as defined by the Plan, subject to certain
limitations under the Internal Revenue Code (the “Code”), and elect
to contribute into any of the investment funds offered by the
Plan. Participant pre-tax limitation was limited to $19,500
for 2021.
Participants may also contribute
amounts representing distributions from other qualified benefit
plans. These contributions, if any, are classified as
rollover contributions in the Statement of Changes in Net Assets
Available for Benefits. Participants direct the investment of
their contributions into various investment options offered by the
Plan. Participants who have attained age 50 before the end of
the Plan year are eligible to make catch-up contributions to the
Plan. The maximum individual catch-up contribution amount was
$6,500 for 2021.
On January 1, 2009, the Company
adopted safe harbor plan provisions such that the Plan would
operate on a safe harbor basis. Safe harbor contributions are
fully vested immediately. The Company provides a matching
employer contribution equal to a certain percentage of each
participant’s contributions. The Company may also make
employer profit-sharing contributions, at its discretion, which
will be allocated among all eligible participants in the Plan
whether they make contributions or not. The employer
profit-sharing contributions totaled $104,400 for the year ended
December 31, 2021. For the year ended December 31, 2021, the
Company’s employer matching contribution equaled 35% of up to the
first 6% of a participant’s pre-tax contribution. In addition
to the matching contribution, the Company also made a non-elective
contribution to all participants of 3% of compensation, which
totaled $444,530 for the year ended December 31, 2021. The
2021 employer profit-sharing contributions and non-elective
contributions are presented as contribution receivable from
employer in the Statements of Net Assets Available for
Benefits. All employer matching contributions are made in
cash.
Vesting: Participants are
always 100% vested in their own contributions including catch-up
contributions, Roth contributions, after-tax voluntary
contributions, rollover contributions, safe harbor matching
contributions and any discretionary profit-sharing
contributions. Further, all contributions are invested at the
direction of the participant.
Participants’ “vested percentage”
attributable to certain employer contributions is based on years of
continuous service determined under the following schedule.
Years of service:
Less than
one
|
|
|
0
|
%
|
One
|
|
|
20
|
%
|
Two
|
|
|
40
|
%
|
Three
|
|
|
60
|
%
|
Four
|
|
|
80
|
%
|
Five
|
|
|
100
|
%
|
Participants must have worked at
least 1,000 hours in a calendar year for that year to count towards
vesting. In addition, participants become fully vested upon
retirement, death, or disability.
Benefits: Upon termination
of service due to death, disability, retirement, or separation from
service, a participant or his or her beneficiary with a vested
balance greater than $5,000 may elect to receive an amount equal to
the value of the participant’s vested interest in his or her
account, or such amounts may remain in the Plan but contributions
cease. The form of payment, selected by the participant or
his or her beneficiary, is either a lump-sum distribution or a
direct rollover into a qualified retirement plan or individual
retirement account. A vested balance less than $5,000 is
automatically distributed to the terminated participant or his or
her beneficiary in the quarterly period following termination,
unless otherwise directed.
Participant
Accounts: Individual accounts are maintained for each of
the Plan’s participants and reflect the participant’s
contributions, employer contributions, and the participant’s share
of the Plan’s investment income (loss). Allocations of income
(loss) are based on the proportion that each participant’s account
balance bears to the total of all participant account balances and
their investment elections.
Investment Options:
Participants may direct their contributions and any related
earnings into several investment options in 1% increments.
Participants may change their investment elections at any time,
subject to certain fund restrictions.
Effective 2020 within the Plan,
new contributions to the Atlantic American Common Stock fund were
not allowed. Those participants who were invested in the
Atlantic American Common Stock fund were able, and existing
participants continue to be able, to sell or liquidate units of the
Atlantic American Common Stock fund and reinvest in existing
investments offered in the Plan. There were no significant changes
made to the available investment alternatives during 2021.
Forfeitures: Amounts
forfeited from non-vested accounts, if any, are generally used to
pay for Plan expenses or reduce future employer
contributions. Forfeitures of $4,622 were used to offset
administrative expenses charged to the Plan in 2021. At December
31, 2021 and 2020, there were $14,961 and $3,046, respectively, of
forfeiture funds available to be used in the future.
Notes Receivable from
Participants: Participants may borrow from their fund accounts
a minimum of $1,000 up to a maximum equal to the lesser of $50,000
or 50% of their vested account balance. Participants may
elect to have their loans disbursed from specific investment
funds. Loan terms range from six months to five years or
within a reasonable time if used for the purchase of a primary
residence. The loans are secured by the vested value of the
participants’ account balances and bear interest at the prime rate
of interest on the date of the loan plus 1% bearing interest at
rates from 4.25% - 6.50%. Principal and interest are paid
ratably through payroll deductions.
Specified Hardship
Withdrawals: Upon written application to the Trustee by a
participant for a specified hardship withdrawal, the participant
may withdraw from his or her fund accounts. Such withdrawal
may be made only upon the express determination that it is
necessary to prevent a severe financial hardship to such
participant and specific to the following events: expenses for
medical care; costs directly related to the purchase of a principal
residence; payment of tuition and related educational fees; and to
prevent eviction from a principal residence or foreclosure on the
mortgage of a principal residence. A participant who has made
a specified hardship withdrawal may include any amounts necessary
to pay federal, state or local income taxes or penalties reasonably
anticipated to result from the distribution and shall make
no more than one
withdrawal during any calendar quarter.
Administrative Expenses:
The Company pays certain administrative expenses of the Plan.
Trustee and recordkeeping fees are shared between the Company and
the Plan. Each participant account is charged a $50 quarterly
Trustee and recordkeeping fee while the Company also pays a
standard annual fee for Trustee and record keeping. Fees resulting
from individual participant transactions, such as loan origination
and benefit payments, or certain investment elections, are paid by
the participant and are included in the fees amount on the
Statement of Changes in Net Assets Available for Benefits.
NOTE
2—ACCOUNTING POLICIES
Basis of Accounting and Use of
Estimates: The financial statements of the Plan are
prepared under the accrual method of accounting in accordance with
accounting principles generally accepted in the United States of
America (“GAAP”). The preparation of financial statements in
conformity with GAAP requires management to make estimates and
assumptions that affect the financial statements and accompanying
notes. Actual results could differ materially from those
estimates.
Notes Receivable from
Participants: Participant loans are classified as notes
receivable from participants and are measured at the unpaid
principal balance plus unpaid accrued interest. The Plan
classifies all notes receivable from participants with no payments
received for six (6) months as “in default.” Defaulted notes
receivable from participants are deemed distributed and recorded as
benefits paid to the participants in the Statement of Changes in
Net Assets Available for Benefits.
Investment Valuation and
Income Recognition: The Plan’s investments are reported
at estimated fair value. Where available, quoted market prices are
used to value investments. Shares of registered investment
companies are valued at the net asset value (“NAV”) of shares held
by the Plan at year-end. The Plan’s employer common stock fund is a
unitized stock fund valued at the net asset value of the fund. The
fund mainly consists of the employer stock which is valued at the
closing price reported on the active market on which the stock is
traded and the value of cash held for liquidity purposes. The
Plan’s interest in common/collective trusts is valued at the net
asset value based on information reported by the investment
advisor/trustee using the audited financial statements. The
net asset value, as provided by the investment advisor/trustee, is
used as a practical expedient to estimate fair value, and is based
on the estimated fair value of the underlying investments held by
the fund less the estimated fair value of its liabilities.
The common/collective trusts do not have a finite life, unfunded
commitments or significant restriction on redemptions and
participant transactions may occur daily.
Purchases and sales of securities
are recorded on a trade date basis. Dividends are recorded on the
ex-dividend date. Interest income is recorded on an accrual
basis.
Investment securities, in
general, are exposed to various risks, including interest rate,
credit, and overall market volatility risks. 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 such changes could
materially affect the amounts reported in the Statements of Net
Assets Available for Benefits.
The following describes the fair
value hierarchy and provides information as to the extent to which
the Plan uses fair value to measure financial instruments and
information about the inputs used to value those financial
instruments. The fair value hierarchy prioritizes the inputs
in the valuation techniques used to measure fair value into three
broad levels.
Level 1 |
Observable inputs that reflect quoted prices for identical
assets or liabilities in active markets that the Plan has the
ability to access at the measurement date. The Plan assets
identified as Level 1 instruments include investments in registered
investment companies.
|
Level 2 |
Observable inputs, other than quoted prices included in Level
1, for the asset or liability or prices for similar assets or
liabilities. The Plan assets identified as Level 2
instruments include investments in the employer common stock
fund.
|
Level 3 |
Valuations that are derived from techniques in which one or
more of the significant inputs are unobservable (including
assumptions about risk). Fair value is based on criteria that
use assumptions or other data that are not readily observable from
objective sources and provided primarily from the sponsors of the
underlying funds. The use of different criteria or
assumptions regarding data may yield different valuations.
|
Net Appreciation
(Depreciation): Net realized gains (losses) and unrealized
appreciation (depreciation) are recorded in the accompanying
Statement of Changes in Net Assets Available for Benefits as net
appreciation (depreciation) in fair market value of
investments.
Payment of Benefits:
Distributions to participants are recorded when payment is
made.
NOTE
3—INVESTMENTS
As of December 31, 2021, assets
carried at fair value were measured on a recurring basis as
summarized below:
|
|
Quoted Prices in
Active Markets
for Identical Assets
|
|
|
Significant
Other Observable
Inputs
|
|
|
Significant
Unobservable
Inputs
|
|
|
|
|
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employer
common stock fund
|
|
$
|
-
|
|
|
$
|
935,030
|
|
|
$
|
-
|
|
|
$
|
935,030
|
|
Registered
investment companies
|
|
|
25,653,339
|
|
|
|
-
|
|
|
|
-
|
|
|
|
25,653,339
|
|
Total
investments in the fair value hierarchy
|
|
$
|
25,653,339
|
|
|
$
|
935,030
|
|
|
$
|
-
|
|
|
|
26,588,369
|
|
Common/collective trusts measured at NAV*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,676,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
29,264,854
|
|
As of December 31, 2020, assets
carried at fair value were measured on a recurring basis as
summarized below:
|
|
Quoted Prices in
Active Markets
for Identical Assets
|
|
|
Significant
Other Observable
Inputs
|
|
|
Significant
Unobservable
Inputs
|
|
|
|
|
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employer
common stock fund
|
|
$
|
-
|
|
|
$
|
818,668
|
|
|
$
|
-
|
|
|
$
|
818,668
|
|
Registered
investment companies
|
|
|
26,517,972
|
|
|
|
-
|
|
|
|
-
|
|
|
|
26,517,972
|
|
Total
investments in the fair value hierarchy
|
|
$
|
26,517,972
|
|
|
$
|
818,668
|
|
|
$
|
-
|
|
|
|
27,336,640
|
|
Common/collective trusts measured at NAV*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,559,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
29,895,685
|
|
* |
Certain investments that are measured at fair value using the
NAV per share practical expedient have not been categorized in the
fair value hierarchy. The fair value amounts presented in
these tables are intended to permit reconciliation of the fair
value hierarchy to the amounts presented in the Statements of Net
Assets Available for Benefits.
|
Plan management periodically
evaluates the significance of transfers between levels, if any,
based upon the nature of the financial instrument and size of the
transfer relative to total net assets available for benefits.
For the year ended December 31, 2021, there were no transfers
between levels 1, 2, or 3.
NOTE 4—TAX STATUS
The Plan uses a Volume Submitter
Plan sponsored by the Trustee. The Trustee received an opinion
letter from the Internal Revenue Service (“IRS”), dated March 31,
2014, which states that the Volume Submitter Plan satisfies the
applicable provisions of the Code. The Plan itself has not received
a determination letter from the IRS. However, the Plan’s management
believes that the Plan is currently designed and being operated in
compliance with the applicable requirements of the Code. Therefore,
no provision for income tax has been included in the Plan’s
financial statements.
GAAP requires Plan management to
evaluate tax positions taken by the plan and recognize a tax
liability (or asset) if the organization has taken an uncertain
position that more likely than not would not be sustained upon
examination by the IRS. The Plan administrator has analyzed the tax
positions taken by the Plan, and has concluded that as of December
31, 2021 and 2020, there are no uncertain positions taken or
expected to be taken that would require recognition of the
liability (or asset) or disclosure in the financial statements. The
Plan is subject to routine audits by taxing jurisdictions and the
Plan could be subject to income tax if certain issues were found by
the IRS that could result in the disqualification of the Plan’s
tax-exempt status; however, there are currently no audits for any
tax periods in progress.
NOTE 5—PLAN
TERMINATION
Although it has not expressed any
intent to do so, the Company has the right under the Plan to
discontinue its contributions at any time and to terminate the Plan
subject to the provisions of ERISA. In the event of Plan
termination, participants will become fully vested in their
accounts as of the termination date.
NOTE 6—PARTY-IN-INTEREST
TRANSACTIONS
The Plan held 333,861 shares and
359,650 shares of Atlantic American Corporation (the plan sponsor)
common stock as of December 31, 2021 and 2020, respectively, in the
Atlantic American Corporation Common Stock Fund. The fund invests
in Atlantic American Corporation common stock and money market
funds and had an estimated fair value of $935,030 and $818,668, at
December 31, 2021 and 2020, respectively.
Certain investments totaling
$2,676,485 and $2,559,045, held by the Plan at December 31, 2021
and 2020, respectively, are managed by the Trustee and/or its
affiliates. These investments, as well as notes receivable
from participants, qualify as party-in-interest transactions.
ATLANTIC
AMERICAN CORPORATION
401(k)
RETIREMENT SAVINGS PLAN
PLAN NUMBER
001
58-1027114
SCHEDULE H, LINE 4i—SCHEDULE OF ASSETS (HELD AT
END OF YEAR)
|
|
Identity of
Issue, Borrower,
Lessor, or
Similar Party
|
|
Description of Investment
|
|
Cost
|
|
Current
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employer common stock fund:
|
|
|
|
|
|
*
|
|
Atlantic American Corporation
|
|
Atlantic American Corporation Common Stock Fund, 73,888
units
|
|
(a)
|
|
$
|
935,030
|
|
|
|
|
|
Subtotal Employer common stock
fund
|
|
|
|
|
935,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered investment companies:
|
|
|
|
|
|
|
|
|
Baron Capital Group
|
|
Baron Growth Fund, Instl Shares, 18,807 units
|
|
(a)
|
|
|
2,287,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Columbia
|
|
Columbia Small Cap Value Fund II, Inst3, 10,791 units
|
|
(a)
|
|
|
218,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock
|
|
BlackRock Income Fund V, 7,547 units
|
|
(a)
|
|
|
75,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fidelity Investments
|
|
Fidelity 500 Index-Inst Prm, 9,821 units
|
|
(a)
|
|
|
1,623,576
|
|
|
|
|
|
Fidelity Global ex US Index Fund, 24,741 units
|
|
(a)
|
|
|
378,295
|
|
|
|
|
|
Fidelity Puritan Fund, 86,528 units
|
|
(a)
|
|
|
2,353,559
|
|
|
|
|
|
Fidelity Total Market Index Fund, 2,105 units
|
|
(a)
|
|
|
281,580
|
|
|
|
|
|
Fidelity US Bond Index, 55,276 units
|
|
(a)
|
|
|
662,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan
|
|
JPMorgan Emerging Markets Equity R6, 3,178 units
|
|
(a)
|
|
|
120,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan West Funds
|
|
Metropolitan West Total Return Bond Plan, 37,088 units
|
|
(a)
|
|
|
379,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oppenheimer Funds
|
|
Invesco Oppenheimer Global Opportunities R6, 8,714 units
|
|
(a)
|
|
|
672,186
|
|
|
|
|
|
Invesco Oppenheimer International Small-Mid Co Fund, Class R6,
2,636 units
|
|
(a)
|
|
|
150,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
T. Rowe Price
|
|
T. Rowe Price Blue Chip Growth I Fund, 23,948
units
|
|
(a)
|
|
|
4,268,195
|
|
ATLANTIC
AMERICAN CORPORATION
401(k)
RETIREMENT SAVINGS PLAN
PLAN NUMBER
001
58-1027114
SCHEDULE H,
LINE 4i—SCHEDULE OF ASSETS (HELD AT END OF YEAR)
|
|
State Street Global Advisors
|
|
State Str Instl Invt Tr Trgt Rtmt 65K, 374 units
|
|
(a)
|
|
|
5,703
|
|
|
|
|
|
State Street Target Retirement 2020 Fund, 65,848 units
|
|
(a)
|
|
|
823,753
|
|
|
|
|
|
State Street Target Retirement 2025 Fund, 113,023 units
|
|
(a)
|
|
|
1,537,119
|
|
|
|
|
|
State Street Target Retirement 2030 Fund, 56,790 units
|
|
(a)
|
|
|
815,506
|
|
|
|
|
|
State Street Target Retirement 2035 Fund, 66,548 units
|
|
(a)
|
|
|
1,004,203
|
|
|
|
|
|
State Street Target Retirement 2040 Fund, 49,105 units
|
|
(a)
|
|
|
754,250
|
|
|
|
|
|
State Street Target Retirement 2045 Fund, 26,336 units
|
|
(a)
|
|
|
415,839
|
|
|
|
|
|
State Street Target Retirement 2050 Fund, 77,536 units
|
|
(a)
|
|
|
1,222,749
|
|
|
|
|
|
State Street Target Retirement 2055 Fund, 24,706 units
|
|
(a)
|
|
|
396,782
|
|
|
|
|
|
State Street Target Retirement 2060 Fund, 6,571 units
|
|
(a)
|
|
|
105,856
|
|
|
|
|
|
State Street Target Retirement Fund, 82,103 units
|
|
(a)
|
|
|
991,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vanguard
|
|
Vanguard Equity Income, 11,905 units
|
|
(a)
|
|
|
1,097,877
|
|
|
|
|
|
Vanguard Mid Cap Index Fund, Admiral Shares, 5,679 units
|
|
(a)
|
|
|
1,791,614
|
|
|
|
|
|
Vanguard Small Cap Index Fund, Admiral Shares,11,241
units
|
|
(a)
|
|
|
1,218,173
|
|
|
|
|
|
Subtotal Registered investment companies
|
|
|
|
|
25,653,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common/collective trusts:
|
|
|
|
|
|
|
*
|
|
Wells Fargo Bank, NA
|
|
Wells Fargo Stable Return Fund, N Class, 45,411 units
|
|
(a)
|
|
|
2,676,485
|
|
|
|
|
|
Subtotal Common/collective trusts
|
|
|
|
|
2,676,485
|
|
ATLANTIC
AMERICAN CORPORATION
401(k)
RETIREMENT SAVINGS PLAN
PLAN NUMBER
001
58-1027114
SCHEDULE H,
LINE 4i—SCHEDULE OF ASSETS (HELD AT END OF YEAR)
*
|
Various Plan Participants
|
Participant loans:
|
|
|
|
|
|
Participant loans, maturing in 2022 through 2026
|
|
|
|
|
|
bearing interest at rates from 4.25% - 6.50%
|
|
|
169,675
|
**
|
|
|
Subtotal Participant loans
|
|
|
169,675
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
$
|
29,434,529
|
|
* |
Indicates party in interest
|
** |
Indicates notes receivable from participants
|
Exhibit 2
CONSENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Atlantic American Corporation
401(k) Retirement Savings Plan
Atlanta, Georgia
We consent to the incorporation by reference in Registration
Statement on Form S-8 (No. 33-90890) of our report dated May 31,
2022 with respect to the financial statements and supplemental
schedule of Atlantic American Corporation 401(k) Retirement Savings
Plan included in this Annual Report on Form 11-K for the year ended
December 31, 2021.
/s/ Dixon Hughes Goodman
LLP
Jacksonville, FL
May 31, 2022
12