SEC Filings

11-K
AECOM filed this Form 11-K on 06/14/2018
Entire Document
 

Table of Contents

 

The following table presents the net assets of the Stable Value Master Trust as of December 31:

 

 

 

2017

 

2016

 

 

 

(expressed in $000)

 

Investments measured at NAV

 

 

 

 

 

Collective investment trust

 

$

406,719

 

$

326,805

 

Investments at contract value

 

 

 

 

 

Synthetic investment contracts

 

37,297

 

138,229

 

 

 

 

 

 

 

Net assets of Stable Value Master Trust

 

$

444,016

 

$

465,034

 

 

 

 

 

 

 

Plan investment in Stable Value Master Trust

 

$

426,353

 

$

444,824

 

 

The following table shows the changes in net assets for the Stable Value Master Trust for the year ended December 31:

 

 

 

2017

 

 

 

(expressed in $000)

 

Changes in net assets:

 

 

 

Interest and dividend income

 

$

8,811

 

 

 

 

 

Net purchases (redemptions)

 

(28,089

)

Administrative expenses

 

(1,796

)

 

 

 

 

Decrease in net assets

 

(21,074

)

 

 

 

 

Net assets transferred in from affiliated plan

 

56

 

 

 

 

 

Net assets:

 

 

 

Beginning of year

 

465,034

 

End of year

 

$

444,016

 

 

Net Asset Value per Share — The following table summarizes investments measured at NAV per share as of December 31, 2017 and 2016, respectively:

 

December 31, 2017

 

Fair Value
(in $000)

 

Unfunded
Commitment

 

Redemption
Frequency
(if Currently
Eligible)

 

Other
Redemption
Restrictions

 

Redemption
Notice Period

 

Stable value fund

 

$

406,719

 

 

Daily

 

None

 

None

 

 

December 31, 2016

 

Fair Value
(in $000)

 

Unfunded
Commitment

 

Redemption
Frequency
(if Currently
Eligible)

 

Other
Redemption
Restrictions

 

Redemption
Notice Period

 

Stable value fund

 

$

326,805

 

 

Daily

 

None

 

None

 

 

G.                             SYNTHETIC INVESTMENT CONTRACTS

 

The following information describes the URS Income Fund component of the Stable Value Master Trust. The URS Income Fund consists of synthetic investment contracts (“SICs”). A liquidity agreement (“wrapper”) is entered into for a fee with a financially responsible third party that guarantees a minimum rate of return and provides benefit responsiveness. These contracts meet the fully benefit-responsive investment contract criteria and, therefore, are reported at contract value.

 

There are certain events not initiated by Plan participants that limit the ability of the Stable Value Master Trust to transact with the issuer of a SIC at its contract value. Examples of such events include: the Plan’s failure to qualify under the Internal Revenue Code of 1986 as amended; full or partial termination of the Plan; involuntary termination of employment as a result of a corporate merger, divestiture, spin-off, or other significant business restructuring, which may include early retirement incentive programs or bankruptcy; changes to the administration of the Plan which decreases employee or employer contributions; the establishment of a competing plan by the Plan sponsor; the introduction of a competing investment option, or other Plan amendment that has not been approved by the contract issuers; dissemination of a participant communication that is designed to induce participants to transfer assets from this investment option; events resulting in a material and adverse financial impact on the contract issuer, including changes in the tax code, laws or regulations. The Company does not believe that the occurrence of any of the aforementioned events, which would limit the Stable Value Master Trust’s ability to transact with the issuer of a SIC at its contract value with participants, is probable.

 

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