NOTES TO FINANCIAL STATEMENTS AS OF DEC. 31, 2020 AND 2019 AND FOR THE YEAR ENDED DEC. 31, 2020
1. DESCRIPTION OF PLAN
The following includes a brief description of the Nuclear Management Company, LLC NMC Savings and Retirement Plan (the Plan). Participants should refer to the Plan document or Summary Plan Description for more complete information.
General — The Plan is a defined contribution benefit plan which provides eligible employees of Plan sponsor, Xcel Energy Inc., and its participating subsidiaries (Xcel Energy) the opportunity to contribute to a qualified retirement savings plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.
Xcel Energy contributes the employer matching contribution in cash. The participant deferrals and matching contributions are invested into one or more investment funds as elected by the participants.
Nuclear Management Company, LLC (NMC) was initially formed by Xcel Energy Inc., Wisconsin Energy Corporation, and Wisconsin Public Service Corporation, with Alliant Energy Corporation becoming an equal partner in November 1999 and Consumers Energy Company becoming an equal partner in January 2001. NMC was formed to improve operational performance and sustain safety and reliability levels at its members’ six nuclear plant sites. All partners noted above, with the exception of Xcel Energy Inc., withdrew during 2005 through 2007 and are referred to as "former asset owners." NMC was then merged into a wholly owned subsidiary of Xcel Energy Inc. in 2007.
The Plan is subdivided into two main sections: the Savings component of the plan, which includes the employer matching contribution, employee pre-tax, Roth 401(k) after-tax and pre-tax catch-up contributions; and the Retirement component of the plan which includes the NMC Retirement Contribution and the NMC Money Purchase Pension Plan Transfer Account.
Administrative Changes due to CARES Act – In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted. Xcel Energy adopted and implemented certain provisions of the CARES Act, resulting in the following for participants impacted by the Coronavirus:
•Defer current active loan payments for the 2020 plan year.
•Suspend 2020 required minimum distributions (RMD) altogether or for RMD distributions made prior to the enactment of the CARES Act, roll them over to another eligible retirement plan within the prescribed timeframe according to Internal Revenue Service (IRS) notice 2020-23.
Plan and Trust Management — The Plan administrator is Xcel Energy and has authority to control and manage the operation and administration of the Plan. Plan assets are held by a trustee under a trust agreement as adopted by Xcel Energy. The Plan's assets invested in Xcel Energy Inc. common stock are held in the Xcel Energy Stock Fund within the Master Trust. See Note 4 for further discussion. The Xcel Energy Stock Fund also holds an immaterial amount of cash equivalents for operational purposes. Individual participant accounts are valued daily based on the current market value of each type of asset. The Vanguard Group is the record keeper and Vanguard Fiduciary Trust Company (VFTC) serves as trustee for the Plan.
Transfer of Plan Assets — Assets are typically transferred amongst plans when a participant moves from one benefit plan to another within Xcel Energy. In 2020, the Plan did not receive or transfer participant assets.
Eligibility — All full-time and part-time employees who are part of a bargaining unit and whose collective bargaining agreement allows for participation in this Plan will be eligible for participation in the Plan as soon as administratively feasible after their date of hire.
Former asset owner employees who previously worked at Xcel Energy prior to NMC and elected to continue accruing benefits under the Xcel Energy asset owner qualified defined benefit pension Plan in lieu of the NMC Money Purchase Pension Plan are not eligible to participate in the merged NMC Retirement Contribution portion of the Plan. Former Xcel Energy asset owners are those parties in interest, detailed above.
Effective Jan. 1, 2008, the Plan was amended to no longer permit non-bargaining nuclear operations employees to contribute to the Plan. Effective Aug. 1, 2009, certain collective bargaining agreements excluded their respective bargaining nuclear operations employees from participation in the Plan.
Employee and Employer Contributions — The Plan allows participants to contribute a portion of their compensation as pre-tax and/or Roth 401(k) after-tax contributions, pre-tax and/or Roth 401(k) after-tax catch up contributions, and allows pre-tax rollovers from other qualified retirement plans. The plan also allows for a discretionary employer matching contribution (see Note 3). During the year ended Dec. 31, 2020, a limited number of employee elective deferrals and matching contributions were not remitted timely. See Schedule 2 (Attachment to Form 5500, Schedule H, Part IV, Line 4(a)).
Vesting — Participants in the Savings component of the Plan, employee contributions, matching contributions made by Xcel Energy and earnings are immediately vested. In the Retirement component of the Plan, the employer Retirement contribution is 100% vested on or after attaining age 65, death, total and permanent disability, or after three years of vesting service.
Distributions — Benefits related to the Savings component of the Plan may be distributed after termination of employment, disability or death (payable to the beneficiary) in the form of a single lump sum cash payment, direct rollover or periodic installments. Vested benefits related to the Retirement component of the Plan may be distributed in the form of a single lump sum cash payment, direct rollover or periodic installments. Under the Plan provisions, distributions from the former NMC Money Purchase Retirement Plan account are required to be made in the form of an annuity unless the participant elects to receive this portion of their benefit in another form (with spousal consent, if applicable).
Participant Accounts — Individual accounts are maintained for each participant of the Plan. Each participant’s account is credited with the participant’s contributions, company matching contributions, discretionary retirement contributions, and Plan earnings as applicable. Participant accounts are also charged with withdrawals, an allocation of Plan losses as applicable, and per participant administrative expenses that are not paid by the Company. Allocations are based on participant earnings or account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Forfeited Amounts — For the Plan year ended Dec. 31, 2020, Xcel Energy applied $18,449 of forfeitures in the Retirement component of the Plan and $23 of forfeitures in the Savings component of the plan to reduce employer contributions.
Plan Termination — While Xcel Energy expects to continue the Plan, it reserves the right at its sole and absolute discretion to amend, modify, change or terminate the Plan, at any time, in whole or in part, for whatever reason it deems appropriate, subject to collective bargaining obligations. If Xcel Energy were to terminate the Plan, assets would be distributed in accordance with ERISA guidelines.
Administrative Expenses — Xcel Energy pays certain administrative expenses of the Plan. Certain investment advisory, trustee and recordkeeping fees are paid by the Plan or by the participant, as applicable. The Self-Directed Brokerage Option annual account maintenance fee, participant loan set-up fee, and annual loan maintenance fee are paid by the participant.
Xcel Energy Inc. Common Stock Dividends — Dividends paid on shares held in Xcel Energy Inc. common stock within the Master Trust are automatically reinvested in Xcel Energy Inc. common stock unless the participant elects to receive them as a taxable cash distribution.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting — The Plan’s 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 at the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates.
Risks and Uncertainties — The Plan provides for investment in a variety of investment funds. Investments, in general, are exposed to various risks, such as interest rate, credit and overall market volatility risk. Due to the level of risk associated with certain investments, it is 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 financial statements.
Fair Value Measurements — The Plan’s investments are stated at fair value. 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.
The fair values of money market funds are based on quoted net asset value (NAV), calculated as $1 per share, and thus are included in the Fair Value hierarchy as Level 1 investments (see Note 6). The fair values of mutual funds and Xcel Energy Inc. common stock are based on quoted market prices.
The self-directed brokerage option allows participants to self-direct investments in a wider variety of mutual funds, equity securities, and debt securities. Within the self-directed brokerage accounts, the fair value of mutual funds and equity securities are based on quoted market prices, while the fair values of debt securities are based on market interest rate curves and recent trades of similarly rated securities.
Common collective trusts include investments in retirement target date trusts, which have been assigned as Level 2 investments, are valued at the underlying investments’ NAV at the close of the day multiplied by the number of shares in the fund. These assets did not have any unfunded commitments at Dec. 31, 2020 and there are no redemption restrictions.
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 deemed distributions based on the Plan document terms.
Investments — The Plan’s net asset investment balance includes money market funds, various mutual funds, collective trusts, a portion of the Master Trust, and self-directed brokerage accounts. Each participant elects the percentage of his or her account balance to be invested in each investment option. Investment income includes interest and dividends. Realized gains and losses on the sale of investments and unrealized gains or losses in the fair value of investments are shown as net appreciation (depreciation) in the fair value of investments. Total investment income is allocated to each fund based on the number of units in each fund. Security transactions are recognized on the trade date (the date the order to buy or sell is executed).
Income Recognition — The difference between fair value and cost of investments, including realized and unrealized gains and losses, is reflected in the Statements of Changes in Net Assets Available for Benefits. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date.
Payment of Benefits — Benefit payments are recorded when paid.
Recently Adopted Accounting Pronouncements
Fair Value Measurement — In August 2018, the Financial Accounting Standards Board (FASB) issued Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, Topic 820 (ASU No. 2018-13), which amends certain disclosure requirements of ASC 820, effective for fiscal years beginning after Dec. 15, 2019 with early adoption permitted. The ASU removed the requirement to disclose amounts and reasons for transfers between level 1 and level 2 of the fair value hierarchy as well as the policy for timing of transfers between levels. The ASU also modified the disclosure for investments in certain entities that calculate NAV to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse and clarified requirement to disclose uncertainty in measurement as of the reporting date. Xcel Energy implemented the guidance on Jan. 1, 2020 and the adoption impacts were not material.
Master Trust Reporting — In February 2017, the FASB issued Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Plans (Topic 967), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (Accounting Standards Update No. 2017-06). The amendments in this update state that for each master trust in which a plan holds an interest, a plan's interest in that master trust and any change in that interest are required to be presented in separate line items in the Statement of Net Assets Available for Benefits and in the Statement of Changes in Net Assets Available for Benefits. It also removes the requirement to disclose the percentage interest in master trust for plans with divided interest, but requires plans to disclose the dollar amount of their interest by investment type. Xcel Energy implemented the guidance on Jan. 1, 2019 and the adoption impacts were not material.
3. PLAN FUNDING
Employee Contributions — For the Savings component of the Plan, participants may elect to contribute up to 50% of their eligible earnings, on a pre-tax basis, Roth 401(k) after-tax basis, or combination of both not to exceed 50% of eligible earnings, up to $19,500 in 2020. Participants who are age 50 and older during the Plan year may make additional pre-tax (catch-up) contributions up to $6,500 in 2020. The Plan is required to make corrective distributions when the IRS limits are exceeded due to excess deferrals, excess contributions and excess annual additions, which are returned to participants during the subsequent year. The Plan does not offer automatic enrollment to newly hired/re-hired full-time or part-time bargaining employees.
Employer Contributions — For the Savings component of the Plan, Xcel Energy provides for a matching contribution equal to 100% of the participant's first 3% of eligible compensation for the Plan year and 50% of the next 2% of eligible compensation contributed to the Plan, which were paid on a per pay period basis.
For the Retirement component of the Plan, Xcel Energy made an annual discretionary contribution equal to 5% of the participant’s eligible compensation measured, as of Dec. 31, 2020, which were paid in January 2021. To be eligible for a Retirement contribution for the Plan year, the participant must be an employee on December 31, or have terminated employment during the year due to retirement on or after age 55 with 10 years of vesting service, death, or disability.
4. INTEREST IN MASTER TRUST
The Master Trust is an investment vehicle consisting of Xcel Energy Inc. common stock and a small amount of cash to ensure daily liquidity. The Master Trust pools the stock investment from all four Xcel Energy Inc. sponsored 401(k) plans to reduce administrative and investment expenses. The value of the Plan's interest in the Master Trust is based on the beginning of the year value of the Plan's interest in the Master Trust, plus actual contributions, transfers and allocated investment income or loss, less actual distributions and allocated administrative expenses. Investment income and administrative expenses related to the Master Trust are allocated to the individual plans based upon the daily valuation of the balances invested by each plan.
The net change in value from participation in the Master Trust is reported as one line item in the accompanying Statement of Changes in Net Assets Available for Benefits and the Plan’s interest in the Master Trust is reported as a single line item in the accompanying Statements of Net Assets Available for Benefits.
A summary of the Plan's interest in the Master Trust as of Dec. 31, 2020 and 2019 are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, 2020
|
|
Dec. 31, 2019
|
|
Interest in Master Trust (in approximate shares)
|
|
88,696
|
|
|
155,733
|
|
|
Interest in Master Trust (in percentage)
|
|
1.3
|
%
|
|
1.1
|
%
|
A summary of the Plan's interest in income from the Master Trust for the year ended Dec. 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, 2020
|
|
Interest in Income from the Master Trust (in percentage)
|
|
0.9
|
%
|
A summary of the net assets of the Master Trust and the Plan's interest in Master Trust as of Dec. 31, 2020 and 2019 are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, 2020
|
|
|
|
Master Trust Balances
|
|
Plan's Interest in Master Trust Balances
|
|
Investment at fair value:
|
|
|
|
|
|
Xcel Energy Stock Fund
|
|
$
|
442,296,885
|
|
|
$
|
5,913,381
|
|
|
|
|
|
|
|
|
Dividend receivable
|
|
2,852,672
|
|
|
38,139
|
|
|
Total net assets
|
|
$
|
445,149,557
|
|
|
$
|
5,951,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, 2019
|
|
|
|
Master Trust Balances
|
|
Plan's Interest in Master Trust Balances
|
|
Investment at fair value:
|
|
|
|
|
|
Xcel Energy Stock Fund
|
|
$
|
461,335,591
|
|
|
$
|
4,876,010
|
|
|
|
|
|
|
|
|
Dividend receivable
|
|
2,942,840
|
|
|
31,104
|
|
|
Total net assets
|
|
$
|
464,278,431
|
|
|
$
|
4,907,114
|
|
Master Trust and Plan's interest in Master Trust income for the year ended Dec. 31, 2020 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, 2020
|
|
|
|
Master Trust Balances
|
|
Plan's Interest in Master Trust Balances
|
|
Total interest, dividend, and other income
|
|
$
|
11,734,364
|
|
|
$
|
145,552
|
|
|
Realized and unrealized gain in Xcel Energy Stock Fund
|
|
22,311,051
|
|
|
170,501
|
|
|
Total Master Trust net gain
|
|
$
|
34,045,415
|
|
|
$
|
316,053
|
|
5. FEDERAL INCOME TAX STATUS
The IRS has determined and informed Xcel Energy by a letter dated May 24, 2017, that the Plan meets the requirements of Section 401(a) of the Internal Revenue Code (IRC) of 1986, as amended. Xcel Energy believes that the Plan is currently designed and is currently being operated in compliance with the applicable requirements of the IRC and that the Plan continues to be tax-exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
6. FAIR VALUE MEASUREMENTS
The accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires certain disclosures about assets and liabilities measured at fair value. A hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value was established by this guidance. The three levels in the hierarchy are as follows:
Level 1 — Quoted prices are available in active markets for identical assets as of the reporting date. The types of assets included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as listed mutual funds and money market funds.
Level 2 — Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs, as is the case with preferred stock and debt securities within the self-directed brokerage accounts. The collective trusts are not actively traded on an exchange.
Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets included in Level 3 are those with inputs requiring significant management judgment or estimation.
The following tables present, for each of these hierarchy levels, the Plan’s assets that are measured at fair value on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, 2020
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Mutual Funds
|
|
$
|
58,117,122
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
58,117,122
|
|
|
Collective Trusts
|
|
—
|
|
|
108,070,907
|
|
|
—
|
|
|
108,070,907
|
|
|
Self-Directed Brokerage Accounts
|
|
4,267,760
|
|
|
2,600
|
|
|
—
|
|
|
4,270,360
|
|
|
Money Market Funds
|
|
15,325,303
|
|
|
—
|
|
|
—
|
|
|
15,325,303
|
|
|
Plan's Interest in Master Trust (Note 4):
|
|
|
|
|
|
|
|
|
|
Xcel Energy Stock Fund
|
|
5,951,520
|
|
|
—
|
|
|
—
|
|
|
5,951,520
|
|
|
Total
|
|
$
|
83,661,705
|
|
|
$
|
108,073,507
|
|
|
$
|
—
|
|
|
$
|
191,735,212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, 2019
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Mutual Funds
|
|
$
|
55,601,107
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
55,601,107
|
|
|
Collective Trusts
|
|
—
|
|
|
102,129,445
|
|
|
—
|
|
|
102,129,445
|
|
|
Self-Directed Brokerage Accounts
|
|
3,634,303
|
|
|
77,318
|
|
|
—
|
|
|
3,711,621
|
|
|
Money Market Funds
|
|
12,014,296
|
|
|
—
|
|
|
—
|
|
|
12,014,296
|
|
|
Plan's Interest in Master Trust (Note 4):
|
|
|
|
|
|
|
|
|
|
Xcel Energy Stock Fund
|
|
4,907,114
|
|
|
—
|
|
|
—
|
|
|
4,907,114
|
|
|
Total
|
|
$
|
76,156,820
|
|
|
$
|
102,206,763
|
|
|
$
|
—
|
|
|
$
|
178,363,583
|
|
7. NOTES RECEIVABLE FROM PARTICIPANTS
The Plan allows participants to borrow against funds held in their account in their Savings component of the Plan fund, any amount greater than $1,000 up to a maximum amount equal to the lesser of $50,000 or 50% of their vested account balance. The loans are secured by the balance in the participant’s account and bear interest at rates based on the prime rate plus 1% as of the first business day of the month in which each loan is approved and stays in effect until the loan is repaid. Principal and interest are paid ratably through payroll deductions and are credited to each participant's account as paid. If a participant retires or terminates employment for any reason, the outstanding loan balance must be repaid within 90 days from the date of termination, unless the participant elects to continue making monthly installment payments established by the Plan Administrator. General purpose loans must be repaid within a five year period, and loans for the purchase of a principal residence have a maximum repayment period of 20 years. Participants may not borrow from their Retirement component of the Plan.
A summary of the Plans' notes receivables as of Dec. 31, 2020 and 2019 is below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, 2020
|
|
Dec. 31, 2019
|
|
Interest rates on outstanding loans
|
|
4.25% - 6.5%
|
|
4.25% - 6.5%
|
|
Maturity range
|
|
2021 - 2038
|
|
2020 - 2037
|
8. EXEMPT PARTY-IN-INTEREST TRANSACTIONS
The Plan's investments include shares of Xcel Energy Inc. common stock. On the Statements of Net Assets Available for Benefits, the value of interest in Master Trust includes dividends declared and payable to the Plan of $38,139 and $31,104 at Dec. 31, 2020 and 2019, respectively.
The Plan also invests in shares of mutual funds and collective trusts managed by an affiliate of VFTC, which is the Plan trustee. Transactions in such investments qualify as party-in-interest transactions that are exempt from the prohibited transaction rules. The Plan incurred fees for investment management and recordkeeping services of $76,408 for the year ended Dec. 31, 2020.
9. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the net assets and net income per the Form 5500 as of Dec. 31, 2020 and 2019, as applicable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, 2020
|
|
Dec. 31, 2019
|
|
Net assets available for benefits per the financial statements
|
|
$
|
193,748,741
|
|
|
$
|
180,461,347
|
|
|
Deemed distributions of participant loans
|
|
(18,471)
|
|
|
(18,471)
|
|
|
Net assets per the Form 5500
|
|
$
|
193,730,270
|
|
|
$
|
180,442,876
|
|
For the year ended Dec. 31, 2020, there were no deemed distributions, which would have impacted net income per the Form 5500.
Nuclear Management Company, LLC NMC Savings and Retirement Plan Schedule 1
Schedule of Assets (Held at Year End)
As of Dec. 31, 2020
Nuclear Management Company, LLC NMC Savings and Retirement Plan, EIN: 41-0448030 Plan 012
Attachment to Form 5500, Schedule H, Part IV, Line 4(i)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Investment Type
|
|
Cost
|
|
Current Value
|
|
|
|
|
|
|
|
|
|
|
*
|
Vanguard Institutional 500 Index Trust
|
|
Common/Collective Trust
|
|
**
|
|
$
|
54,096,694
|
|
|
*
|
Vanguard Small-Cap Index Fund Institutional Plus Shares
|
|
Registered Investment Company
|
|
**
|
|
16,611,553
|
|
|
*
|
Vanguard Federal Money Market Fund
|
|
Registered Investment Company
|
|
**
|
|
15,325,303
|
|
|
*
|
Vanguard Developed Markets Index Fund Institutional Plus Shares
|
|
Registered Investment Company
|
|
**
|
|
11,867,270
|
|
|
|
BlackRock Total Return Bond Fund; Class M
|
|
Common/Collective Trust
|
|
**
|
|
11,231,284
|
|
|
*
|
Vanguard Mid-Cap Index Fund: Institutional Plus Shares
|
|
Registered Investment Company
|
|
**
|
|
9,989,479
|
|
|
*
|
Vanguard Institutional Total Bond Market Index Trust
|
|
Common/Collective Trust
|
|
**
|
|
9,444,117
|
|
|
*
|
Vanguard PRIMECAP Fund Admiral Shares
|
|
Registered Investment Company
|
|
**
|
|
6,912,899
|
|
|
*
|
Vanguard Target Retirement 2020 Trust I
|
|
Common/Collective Trust
|
|
**
|
|
6,782,288
|
|
|
*
|
Vanguard Target Retirement 2025 Trust I
|
|
Common/Collective Trust
|
|
**
|
|
6,736,162
|
|
|
*
|
Vanguard Wellington Fund Admiral Shares
|
|
Registered Investment Company
|
|
**
|
|
4,866,272
|
|
|
*
|
Self-Directed Brokerage Fund
|
|
Self-Directed Brokerage Fund
|
|
**
|
|
4,270,360
|
|
|
*
|
Vanguard Target Retirement 2045 Trust I
|
|
Common/Collective Trust
|
|
**
|
|
3,885,048
|
|
|
*
|
Vanguard Emerging Markets Stock Index Fund: Institutional Shares
|
|
Registered Investment Company
|
|
**
|
|
3,402,386
|
|
|
*
|
Vanguard Target Retirement Income Trust I
|
|
Common/Collective Trust
|
|
**
|
|
2,961,469
|
|
|
*
|
Vanguard Target Retirement 2030 Trust I
|
|
Common/Collective Trust
|
|
**
|
|
2,895,797
|
|
|
*
|
Vanguard Target Retirement 2040 Trust I
|
|
Common/Collective Trust
|
|
**
|
|
2,740,339
|
|
|
*
|
Vanguard Inflation-Protected Securities Fund Institutional Shares
|
|
Registered Investment Company
|
|
**
|
|
2,737,147
|
|
|
*
|
Vanguard Target Retirement 2035 Trust I
|
|
Common/Collective Trust
|
|
**
|
|
2,586,707
|
|
|
*
|
Vanguard Target Retirement 2015 Trust I
|
|
Common/Collective Trust
|
|
**
|
|
2,193,520
|
|
|
*
|
Vanguard Value Index Fund Institutional Shares
|
|
Registered Investment Company
|
|
**
|
|
1,730,118
|
|
|
*
|
Vanguard Target Retirement 2050 Trust I
|
|
Common/Collective Trust
|
|
**
|
|
1,539,697
|
|
|
*
|
Vanguard Target Retirement 2055 Trust I
|
|
Common/Collective Trust
|
|
**
|
|
866,253
|
|
|
*
|
Vanguard Target Retirement 2060 Trust I
|
|
Common/Collective Trust
|
|
**
|
|
111,012
|
|
|
*
|
Vanguard Target Retirement 2065 Trust I
|
|
Common/Collective Trust
|
|
**
|
|
520
|
|
|
*
|
Notes receivable from participants, net of deemed distributions of $18,471 — Interest rates from 4.25% - 6.5% with maturities ranging from 2021 - 2038
|
|
**
|
|
811,714
|
|
|
|
Total Investments
|
|
|
|
|
|
$
|
186,595,408
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Party in Interest
|
|
|
|
|
|
|
|
**
|
Historical cost is not required for participant-directed funds.
|
|
|
|
|