Table of Contents
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Page Number
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(a)
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Financial Statements
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Report of Independent Registered Public Accounting Firm - PKF O’Connor Davies, LLP
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1
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Statements of Net Assets Available for Plan Benefits as of December 31, 2018 and 2017
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2
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Statements of Changes in Net Assets Available for Plan Benefits for the Years Ended December 31, 2018 and 2017
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3
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Notes to Financial Statements
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4
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(b)
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Schedule
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Schedule H, Part IV - Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2018
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12
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(c)
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Signature
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13
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(d)
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Consent of Independent Registered Public Accounting Firm - PKF O'Connor Davies, LLP
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15
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Plan Administrator and Participants
Oritani Bank Employees’ Savings & Profit Sharing Plan and Trust
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for
benefits of the Oritani Bank Employees’ Savings & Profit Sharing Plan and Trust (the Plan) as of December 31, 2018 and 2017, and the related statements of changes in net assets available for benefits for the years ended December 31, 2018 and
2017, and the related notes (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, 2018 and
2017, and the changes in net assets available for benefits for the years ended December 31, 2018 and 2017, 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 audit 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 audits, 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 the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide
a reasonable basis for our opinion.
Supplemental Information
The supplemental information in the accompanying Schedule
H, Part IV - Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2018 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. 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.
We have served as the Plan’s auditor since 2018.
Harrison, New York June 27, 2019
PKF O’CONNOR DAVIES, LLP
500 Mamaroneck Avenue, Harrison, NY 10528 I Tel: 914.381.8900 I Fax: 914.381.8910 I www.pkfod.com
PKF O’Connor Davies, LLP is a member firm of the PKF
International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.
Oritani Bank Employees’ Savings & Profit Sharing Plan and Trust
Statements of Net Assets Available for Benefits
December 31, 2018 and 2017
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2018
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2017
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Assets
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Investments, at Fair Value
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Money market funds
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$ 450,513
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$ 468,978
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Interest in common collective trusts
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9,783,296
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10,031,581
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Oritani Financial Corp. Common stock
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3,785,470
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3,864,562
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Total Investments, at fair value
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14,019,279
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14,365,121
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Investment, at Contract Value
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Reliance Trust Company Stable Value Funds
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1,170,704
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1,329,009
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Total Investments
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15,189,983
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15,694,130
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Receivables
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Employer Contribution
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7,619
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7,428
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Participants Contributions
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20,616
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19,537
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Notes Receivable From Participants
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341,241
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393,896
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Due from broker for investments sold
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719
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4,408
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Total Receivables
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370,195
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425,269
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Total assets
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15,560,178
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16,119,399
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Liabilities
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Due to broker for investments purchased
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79,878
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5,760
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Total Liabilities
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79,878
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5,760
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Net assets available for benefits
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$ 15,480,299
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$ 16,113,639
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See accompanying notes to financial statements.
Oritani Bank Employees’ Savings & Profit Sharing Plan and Trust
Statements of Changes in Net Assets Available for Benefits
Year Ended December 31, 2018 and 2017
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2018
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2017
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Additions
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Investment (Loss) Income
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Net (depreciation) appreciation in fair value of investments
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$ (976,121)
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$ 958,631
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Interest and dividend income
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301,883
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294,643
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Other Income
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——
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1,798
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Total investment (loss) income
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(674,238)
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1,255,072
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Contributions
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Employer
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231,203
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217,376
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Participant
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695,437
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660,909
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Rollovers
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530,571
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494,026
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Total Contributions
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1,457,211
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1,372,311
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Total additions
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782,973
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2,627,383
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Deductions
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Benefits paid to participants
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1,314,651
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1,394,892
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Deemed distributions
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32,617
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——
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Administrative expenses
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69,045
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79,314
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Total deductions
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1,416,313
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1,474,206
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Net (decrease) increase
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(633,340)
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1,153,177
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Net assets available for benefits, beginning of the year
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16,113,639
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14,960,462
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Net assets available for benefits, end of the year
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$ 15,480,299
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$ 16,113,639
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See accompanying notes to financial statements.
Oritani Bank Employees’ Savings & Profit Sharing Plan and Trust
Notes to Financial Statements
December 31, 2018 and 2017
The following description is provided for general information summary purposes. Participants of the Oritani Bank
Employees’ Savings & Profit Sharing Plan and Trust (the “Plan”) should refer to the Summary Plan document for more detailed and complete description of the plan provisions. Oritani Bank (the “Bank” or “Plan Sponsor”) is the sponsor of the
Plan.
General
The Plan is a defined contribution employee savings and profit sharing plan covering all eligible employees (as defined in the Plan document) of the Bank. The Plan is subject to the provisions of the Employee Retirement Income Security
Act of 1974 (“ERISA”).
Eligibility
An employee becomes eligible to participate in the Plan upon completion of three (3) consecutive months from the date of
their employment during which they complete 250 hours of service. If a participant does not complete 250 hours of service within their first three (3) consecutive months of employment, then an employee will have satisfied the service requirement
if they are credited with a year of service.
Contributions
Participants may elect to have up to 75% of their eligible compensation, as defined by the Plan, deducted on a pre-tax, after-tax or Roth basis. Participants who have attained age 50 before the end of the plan year are eligible to make
catch-up contributions. A participant may elect to increase, decrease or suspend their contributions according to procedures established by the Bank. There is an annual limit as to the amount that be contributed that is determined by the
Internal Revenue Code (“Code”). The Plan permits participants to contribute amounts representing distributions from other qualified plans.
The Bank matches up to 50% of a participant’s contributions, up to 6% of their eligible compensation upon completion of
one year of service and 1,000 hours.
Vesting
Plan participants are 100% vested in the account balance attributable to their voluntary contributions, as well as employer matching contributions, including related earnings thereon.
Participant Accounts
Each participant’s account is credited with the participant’s contributions and Bank matching contributions, as well as
allocations of Plan earnings. Participant accounts are charged with an allocation of administrative expenses that are paid by the Plan. Allocations are based on participant earnings, account balances, or specific participant transactions, as
defined.
Oritani Bank Employees’ Savings & Profit Sharing Plan and Trust
Notes to Financial Statements
December 31, 2018 and 2017
Expenses
Trustee fees are paid by the Plan. Certain Plan expenses, such as recordkeeping, auditing, and legal fees, are paid directly by the Plan Sponsor. Expenses with respect to participants’ accounts are charged to such accounts. Investment
related expenses are included in net (depreciation) appreciation in fair value of investments.
Payment of Benefits
Upon termination of employment, a participant may leave their account with the Plan and defer commencement of receipt of
their vested balance until April 1 of the calendar year following the calendar year in which they attain age 70 1/2, except to the extent that their vested account balance as of the date of termination is less than $1,000; in which case their
interest in the Plan will be cashed out and payment forwarded to them. On termination of service due to death, if the value of the entire account is less than $5,000, then the benefit will be paid as a lump sum. If the amount exceeds $5,000,
the participant’s beneficiary can elect to receive the benefit payment in the form of a lump sum payment, annual installments, or rollover to an individual retirement account or another qualified plan for a surviving spouse. For termination of
service due to disability, a participant is entitled to the same withdrawal rights as if they had terminated their employment.
Notes Receivable From Participants
Eligible participants may borrow from their account a minimum amount of $1,000 up to the lesser of (1) fifty percent
(50%) of the value of the participant’s vested account or (2) $50,000 reduced by the largest outstanding loan balance during the past 12 months. Loans are secured by the balance in the participant’s account and bear interest at prime rate plus
1%. General purpose loans must be repaid within five years and loans for the purchase of a principal residence may be longer. Principal and interest are paid ratably through payroll deductions.
Distributions
During employment, a participant may make withdrawals of amounts applicable to participant and vested employer
contributions, subject to certain restrictions, as defined under the Plan. Participants are entitled to withdraw funds, exempt from excise tax, upon attaining age 59 1/2 or for financial hardship before that age. Participants may qualify for
financial hardship withdrawals if they have an immediate and substantial financial need, as defined by the Plan document. Participants are limited to two withdrawals in any calendar year.
Oritani Bank Employees’ Savings & Profit Sharing Plan and Trust
Notes to Financial Statements
December 31, 2018 and 2017
2.
Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements are prepared using the accrual method of accounting.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States
of America (“GAAP”) requires the plan administrator to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.
Notes Receivable From Participants
Notes receivable from participants are measured at their unpaid principal balances plus any accrued but unpaid
interest. Interest is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2018 or 2017.
Payment of Benefits
Benefits are recorded when paid.
Investment Valuation and Income Recognition
All of the Plan’s investments are stated at fair value except for the stable value fund which is reported at contract
value. Money market funds are valued at the daily closing price reported by the fund. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The money market funds held by the plan are deemed to
be actively traded.
Investments in employer securities (common stock) are valued at the closing price reported on the active market on which
the individual security trades. Investments in common/collective trusts are valued at their respective NAV.
The Reliance Trust Company Stable Value Fund is a fully benefit responsive investment, which is required to be reported
at contract value. Contract value is the relevant measurement attributable for that portion of the net assets available for benefits of a defined-contribution plan belonging 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.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as held during the year.
Oritani Bank Employees’ Savings & Profit Sharing Plan and Trust
Notes to Financial Statements
December 31, 2018 and 2017
Risks and Uncertainties
The Plan has various investment vehicles, directed by participants. The investments include common/collective trusts,
direct holdings in common stock of Oritani Financial Corp., the Parent Company of the Bank and the Reliance Trust Company Stable Value Fund. These investments are subject to various risks such as interest rate, market and credit risks. Due to the
level of risks associated with certain investments, it is at least reasonably possible that changes in the values of the investments will occur in the near term and that such changes could materially affect participants’ account balances and the
amounts reported in the Statements of Net Assets Available for Benefits. The Oritani Financial Corp. common stock is subject to various risks including concentration risk since the fund invests primarily in the common stock of Oritani Financial
Corp. and, therefore, the performance of the fund is impacted by the performance of Oritani Financial Corp. common stock. The market price of Oritani Financial Corp. common stock is dependent on a number of factors, including the financial
condition and profitability of Oritani Financial Corp. and Oritani Bank. In addition, the market price for Oritani Financial Corp. common stock may be affected by general market conditions, market interest rates, the market for financial
institutions, merger and takeover transactions, the presence of professional and other investors who purchase stock on speculation, as well as unforeseen events not necessarily within the control of management or the board of directors of Oritani
Financial Corp. and Oritani Bank.
3.
Investments at Contract Value
The Reliance Trust Company Stable Value Fund (the “Fund” or “RSVT”) invests in a representation of guaranteed investment
contracts, bank investment contracts and/or wrapped portfolio of fixed income instruments. Collectively, these contracts are referred to as investment contracts. A traditional Guaranteed Investment Contract (“GIC”) is a group annuity contract
that pays a specified rate of return for a specific period of time and guarantees a fixed return after any benefit-responsive payments are made to participants. The issuer of a traditional GIC takes a deposit from the Fund and purchases
investments that are held in the issuer’s general account. The GIC issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Fund. The Fund is subject to the general credit risk of the
issuer. RSVT will attempt to assess the credit quality of the issuers, however, there is no guarantee as to the financial condition of an issuer. A bank investment contract is an investment contract issued by a bank, with features (other than
annuity provisions) comparable to a GIC. A synthetic GIC is a wrap contract paired with an underlying investment or investments, usually a portfolio of high-quality, intermediate term fixed income securities. Events disqualifying an underlying
investment as high-quality include, but are not limited to, bankruptcy of the security issuer or default or restricted liquidity of the security. The portfolio is owned by the Fund. The Fund purchases a wrapper contract from an insurance company
or other financial services institution. RSVT will attempt to assess the credit quality of the issuers, however, there is no guarantee as to the financial condition of an issuer. The portfolio, coupled with the wrap contract, attempts to
replicate the characteristics of a traditional GIC.
The Fund one-year total return was 2.91% for 2018 and 2.56% for 2017.
Oritani Bank Employees’ Savings & Profit Sharing Plan and Trust
Notes to Financial Statements
December 31, 2018 and 2017
The existence of certain conditions can limit the Fund’s ability to transact at contract value with the issuers of its
investment contracts. Employer initiated events, if material, may affect the underlying economies of investment contracts. These events include plant closings, layoffs, plan termination, bankruptcy or reorganization, merger, early retirement
incentive programs, tax disqualification of a trust or other events. The occurrence of one or more employer initiated events could limit the Fund’s ability to transact at contract value with Plan participants.
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4.
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Fair Value Measurements
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ASC 820 Fair Value Measurements and Disclosures establishes a framework for measuring fair value under GAAP and enhances
disclosures about fair value measurements. Fair value is defined under ASC 820 Fair Value Measurements and Disclosures as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or
most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are
considered observable and the last unobservable, that may be used to measure fair value which are the following:
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Level 1
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Quoted prices in active markets for identical assets or liabilities.
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Level 2
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Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in
markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
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Level 3
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Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities
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Investments where fair value is measured using net asset value per share as a practical expedient
are not categorized in the fair value hierarchy.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any
input that is significant to the fair value measurement.
The methods described above may produce a fair value calculation that may not be indicative of net
realizable value or reflective of future fair values. Furthermore, while the Plan’s management believed the valuation methodologies are appropriate and consistent with those used by other market participants, the uses of different methodologies
or assumptions to determine the fair value of certain investments could result in a different fair value measurement at the reporting date.
Oritani Bank Employees’ Savings & Profit Sharing Plan and Trust
Notes to Financial Statements
December 31, 2018 and 2017
The following table sets forth by level, with the fair value hierarchy, the Plan’s assets at fair value:
Investment Assets at Fair Value as of December 31, 2018
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December 31, 2018
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Level 1
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Level 2
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Level 3
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Total Assets
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Money market funds
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$ 450,513
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—
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—
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$ 450,513
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Oritani Financial Corp. Common Stock
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3,785,470
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—
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—
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3,785,470
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Total investments at fair value
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$ 4,235,983
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—
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—
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4,235,983
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Common collective trusts, measured at NAV
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9,783,296
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Total investments
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$ 14,019,279
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December 31, 2017
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Level 1
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Level 2
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Level 3
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Total Assets
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Money market funds
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$ 468,978
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—
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—
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$ 468,978
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Oritani Financial Corp. Common Stock
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3,864,562
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—
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—
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3,864,562
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Total investments at fair value
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$ 4,333,540
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—
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—
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4,333,540
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Common collective trusts, measured at NAV
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10,031,581
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Total investments
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$ 14,365,121
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The following table summarizes investments measured at fair value based on NAV per share as of
December 31, 2018 and 2017, respectively.
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Fair
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Fair
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Redemption
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Value
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Value
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Unfunded
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Frequency (if
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Redemption
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12/31/2018
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12/13/2017
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Commitments
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currently eligible)
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Notice Period
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Common collective trusts
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$ 9,783,296
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$ 10,031,581
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N/A
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Daily
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Daily
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Oritani Bank Employees’ Savings & Profit Sharing Plan and Trust
Notes to Financial Statements
December 31, 2018 and 2017
The Plan has previously received a determination letter from the Internal Revenue Service dated
February 15, 2011, stating that the form of the plan document is qualified under Section 401(a) of the Internal Revenue Code (the “Code”), that any employer adopting this form of the Plan will be considered to have a qualified plan. The Plan was
restated effective January 1, 2016. The Plan is a volume submitter plan document that received an IRS opinion letter dated March 31, 2014. Therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in
conformity with the Code to maintain its qualification. The Plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related
trust is tax-exempt.
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 Internal Revenue Service. The plan administrator has analyzed the tax positions taken by the Plan, and has
concluded that as of December 31, 2018 and 2017, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine
audits by tax jurisdictions; however, there are currently no audits for any tax periods in progress. The plan administrator believes it is no longer subject to income tax examinations for years prior to 2015.
The Plan Sponsor has not expressed any intention to discontinue the Plan outside of a Change in
Control implication, however, it has the right under the Plan to terminate or discontinue participant contributions to the Plan subject to the provisions of ERISA.
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7.
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Party-in-Interest Transactions
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The Plan has investments in common stock of Oritani Financial Corp. Accordingly, these transactions
qualify as exempt party-in-interest transactions under ERISA.
Certain administrative functions of the Plan are performed by officers or employees of the Plan
Sponsor. No such officer or employee receives compensation from the Plan.
The Plan allows participants to borrow from their fund accounts and, therefore, these transactions
qualify as an exempt party-in-interest transactions under ERISA. Notes receivable from participants were $341,241 and $393,896 as of December 31, 2018 and 2017, respectively.
A Plan investment is managed by Reliance Trust Company. Reliance Trust Company is the trustee for
the Plan and, therefore, these transactions qualify as exempt party-in-interest transactions under ERISA.
Administrative services are provided by Pentegra Retirement Services to the Plan, which has a Board
member who is part of the Bank’s management. This Board member did not receive any compensation from the Plan.
Oritani Bank Employees’ Savings & Profit Sharing Plan and Trust
Notes to Financial Statements
December 31, 2018 and 2017
8.
Reconciliation
to Form 5500
Differences between the financial statements and the Form 5500 relate to the Trustee reporting Plan
activity on the cash basis (versus accrual basis) for Form 5500. The following is a reconciliation of net assets available for benefits and contributions as of December 31, 2018 and 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
Net assets available for benefits as reported in the
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|
|
|
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|
|
Statement of Net Assets Available for Benefits
|
$ 15,480,299
|
|
$ 16,113,639
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|
|
|
|
Contributions receivable
|
(28,235)
|
|
(26,965)
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|
|
Net assets available for benefits as disclosed in
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|
|
|
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|
|
Form 5500, Schedule H
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|
|
$ 15,452,064
|
|
$ 16,086,674
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|
|
|
|
|
|
|
|
|
|
|
The following is a reconciliation of contributions and change in net assets per the financial
statements for the year ended December 31, 2018 and 2017, to Form 5500:
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2018
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|
2017
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|
|
|
|
|
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Contributions
|
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Change in Net Assets
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|
Contributions
|
|
Change in Net Assets
|
|
|
As disclosed in the financial statements
|
$ 1,457,211
|
|
|
$ (633,340)
|
|
|
$ 1,372,311
|
|
|
$ 1,153,177
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|
|
Contributions receivable-beginning of year
|
26,965
|
|
|
26,965
|
|
|
28,843
|
|
|
28,843
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|
|
Contributions receivable-end of year
|
(28,235)
|
|
|
(28,235)
|
|
|
(26,965)
|
|
|
(26,965)
|
|
|
As disclosed in Form 5500, Schedule H
|
$ 1,455,941
|
|
|
$ (634,610)
|
|
|
$ 1,374,189
|
|
|
$ 1,155,055
|
|
9.
Subsequent Events
The Bank has evaluated subsequent transactions and events after the financial statement date and
has determined that no subsequent events have occurred which would require adjustment to or disclosure in the financial statements.
|
Oritani Bank Employees’ Savings & Profit Sharing Plan and Trust
|
|
Schedule H, Part IV - Line 4i - Schedule of Assets (Held at End of Year)
|
|
ID# 22-1174955; Plan# 001
|
|
December 31, 2018
|
|
(a)
|
|
(b) Identity of Issue, Borrower
Lessor or Similar Party
|
|
(c) Description of
Investment Including
Maturity Date, Rate
of Interest, Collateral,
Par, or Maturity Value
|
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(d) Cost
|
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(e) Current Value
|
|
|
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Money Market Funds
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|
|
|
|
|
|
|
|
|
|
|
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Collective Short Term Inv Fund (stock acct-Fed Govt Oblig Instl)
|
|
215,805
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|
shares
|
|
**
|
|
$ 215,805
|
|
|
|
|
SSgA Cash US Government Fund
|
|
234,708
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|
shares
|
|
**
|
|
234,708
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|
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|
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Total Money Market Funds
|
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|
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450,513
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|
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Interest in Common/Collective Trusts
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|
|
|
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|
|
|
|
|
|
*
|
|
Reliance Trust Company Stable Value Fund
|
|
6,767
|
|
units
|
|
**
|
|
1,170,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SSgA Target Retirement 2060 Securities Non-Lending Series Fund
|
|
187
|
|
units
|
|
**
|
|
2,134
|
|
|
|
|
SSgA Target Retirement 2055 Securities Non-Lending Series Fund
|
|
631
|
|
units
|
|
**
|
|
10,587
|
|
|
|
|
SSgA Target Retirement 2050 Securities Non-Lending Series Fund
|
|
588
|
|
units
|
|
**
|
|
12,536
|
|
|
|
|
SSgA Target Retirement 2045 Securities Non-Lending Series Fund
|
|
5,810
|
|
units
|
|
**
|
|
125,404
|
|
|
|
|
SSgA Target Retirement 2040 Securities Non-Lending Series Fund
|
|
1,203
|
|
units
|
|
**
|
|
30,457
|
|
|
|
|
SSgA Target Retirement 2035 Securities Non-Lending Series Fund
|
|
14,062
|
|
units
|
|
**
|
|
299,981
|
|
|
|
|
SSgA Target Retirement 2030 Securities Non-Lending Series Fund
|
|
9,341
|
|
units
|
|
**
|
|
230,481
|
|
|
|
|
SSgA Target Retirement 2025 Securities Non-Lending Series Fund
|
|
16,670
|
|
units
|
|
**
|
|
342,426
|
|
|
|
|
SSgA Target Retirement 2020 Securities Non-Lending Series Fund
|
|
17,639
|
|
units
|
|
**
|
|
396,704
|
|
|
|
|
SSgA Target Retirement 2015 Securities Non-Lending Series Fund
|
|
253
|
|
units
|
|
**
|
|
4,587
|
|
|
|
|
SsgA Aggressive Strategic Balanced Securities LSF
|
|
18,131
|
|
units
|
|
**
|
|
450,418
|
|
|
|
|
SSgA Conservative Strategic Balanced Securities LSF
|
|
9,188
|
|
units
|
|
**
|
|
236,433
|
|
|
|
|
SSgA Russell Large Cap Growth Index Securities NLSF
|
|
21,673
|
|
units
|
|
**
|
|
661,341
|
|
|
|
|
SSgA Russell Large Cap Value Index Securities NLSF
|
|
21,020
|
|
units
|
|
**
|
|
509,075
|
|
|
|
|
SSgA Long US Treasury Index Securities NLSF
|
|
26,384
|
|
units
|
|
**
|
|
446,808
|
|
|
|
|
SSgA Moderate Strategic Balanced Securities LSF
|
|
9,848
|
|
units
|
|
**
|
|
255,732
|
|
|
|
|
SSgA Nasdaq 100 Index Securities NLSF
|
|
18,309
|
|
units
|
|
**
|
|
803,675
|
|
|
|
|
SSgA Daily EAFE Index Non-Lending Series Fund
|
|
11,089
|
|
units
|
|
**
|
|
201,224
|
|
|
|
|
SsgA S&P Flagship NLFS
|
|
54,425
|
|
units
|
|
**
|
|
2,717,859
|
|
|
|
|
SSgA S&P MidCap Index Securities NLSF
|
|
18,986
|
|
units
|
|
**
|
|
1,329,329
|
|
|
|
|
SSgA Russell Small Cap Index Securities NLSF
|
|
6,895
|
|
units
|
|
**
|
|
312,508
|
|
|
|
|
SSgA REIT Index Securities NLSF
|
|
3,909
|
|
units
|
|
**
|
|
198,513
|
|
|
|
|
SSgA Target Retirement Income Non-Lending Series
|
|
6
|
|
units
|
|
**
|
|
108
|
|
|
|
|
SSgA Bond Index Fund
|
|
14,712
|
|
units
|
|
**
|
|
204,976
|
|
|
|
|
Total Interest in Common/Collective Trusts
|
|
|
|
|
|
|
|
9,783,296
|
|
|
|
|
Investment in Employer Securities
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Oritani Financial Corp. Stock
|
|
256,642
|
|
shares
|
|
|
|
3,785,470
|
|
|
*
|
|
Notes Receivable from Participants
|
|
***
|
|
|
|
|
|
341,241
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 15,531,224
|
|
*
Represents a party-in-interest transaction as defined by ERISA.
**
Cost omitted for participant directed investments.
***
Interest rates range from 4.25% to 6.25% and maturity dates ranging from March 2019 to July 2033.
See Report of Independent Registered Public Accounting Firm
SIGNATURES