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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Assurant Inc | NYSE:AIZ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.46 | 0.84% | 176.08 | 176.97 | 172.23 | 174.48 | 300,797 | 01:00:00 |
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x
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Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
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¨
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Financial Statements:
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Supplemental Schedule:
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/s/ PricewaterhouseCoopers LLP
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December 31,
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2016
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2015
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Assets
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Investments, at fair value
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$
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1,138,296
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$
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1,281,559
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Receivables:
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Employer contributions
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22,599
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1,800
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Employee contributions
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1,528
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1,948
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Notes receivable from participants
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21,465
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25,906
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Other receivables
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—
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2
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Total receivables
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45,592
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29,656
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Total assets
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1,183,888
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1,311,215
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Liabilities
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Accounts payable
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17
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—
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Net assets available for benefits
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$
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1,183,871
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$
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1,311,215
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Year Ended
December 31, 2016 |
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Additions
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Investment income:
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Dividends
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$
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23,814
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Net appreciation in fair value of investments
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52,746
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Interest from notes receivable from participants
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911
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77,471
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Contributions:
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Employer (net of forfeitures)
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58,828
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Employee
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56,230
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115,058
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Asset transfers in
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472
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Other
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132
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Total additions
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193,133
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Deductions
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Benefits paid to participants
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318,245
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Asset transfers out
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2,114
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Other
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118
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Total deductions
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320,477
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Net decrease
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(127,344
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)
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Net assets available for benefits
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Beginning of year
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1,311,215
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End of year
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$
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1,183,871
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a.
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General
. The Plan is a contributory defined contribution retirement plan covering substantially all employees of Assurant, Inc. (the "Company", "Employer" or "Plan Sponsor") and its subsidiaries with participation by the employee on a voluntary basis. The Plan became effective June 21, 1983. The Plan Administrator is the Employer’s Benefit Plans Committee.
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b.
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Contributions.
Participants direct the investment of all contributions into various investment options offered by the Plan.
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i.
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Employee Contributions - Employees are eligible to participate in the Plan 30 days after beginning employment. Eligible employees are automatically enrolled at a
3%
pre-tax contribution rate. Employees have the option to elect a different contribution rate or to opt out of the automatic contributions. Additionally, employees who are contributing less than
6%
to the Plan on a pre-tax basis are automatically enrolled in the annual increase program, which increases their pre-tax contribution rate on or after December 31
st
of each year by one percentage point until their pre-tax contribution rate reaches
6%
. Employees have the option to opt out of the automatic annual increase program. Each participant may elect to make contributions to the Plan on a pre-tax and/or after-tax basis through payroll deductions from
1%
through
50%
of such participant’s eligible compensation for each pay period up to an annual maximum of
$18
for 2016. In addition, participants who are age
50
or older and have made the maximum contribution to the Plan could make an additional catch up contribution to the Plan up to an annual maximum of
$6
in 2016. Participants can change the rate at which they contribute at any time during the year. Participants may also contribute amounts representing distributions from other qualified plans.
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ii.
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Employer Contributions - Employees are immediately eligible for the employer matching contribution after they enter the Plan. The employer matching contribution is uniform. The employer matching contribution is based on
100%
of employee deferrals up to
6%
of eligible pay contributed by the participant on a pre-tax basis. These contributions are made through the payroll process. To ensure that each eligible employee receives the maximum eligible Company match, the true-up employer matching contribution is made at year end.
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iii.
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Profit Sharing Contributions - As noted above, the Plan was amended in 2016 to allow the grant of discretionary profit sharing contributions. A special one-time profit sharing contribution of 3% of eligible pay, or
$21,122
, was distributed in March 2017 for the 2016 Plan year to participants that were actively employed on December 31, 2016 and separated employees that met certain eligibility criteria.
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c.
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Participant Accounts
. Individual accounts are maintained for each Plan participant. Each participant’s account is credited with employee contributions, Employer contributions and investment earnings and charged with the allocation of investment losses and an allocation of administrative and investment management expenses.
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d.
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Vesting
. A participant becomes vested in their company contribution account based upon their years of vesting service. The participant will not become vested in the company contribution account until they have two years of vesting service, at which time they will become
100%
vested. In addition, a participant becomes
100%
vested when they reach normal or early retirement date, when they reach the first anniversary of the date on which they became totally disabled or if they die while employed by the Employer.
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e.
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Participant Loans.
Participants may borrow a minimum of
$0.5
up to a maximum equal to the lesser of
$50
from their fund accounts, reduced by the highest outstanding balance of loans taken in the previous
12 months
, and
50%
of their vested account balance. Loan terms range from
1
to
5
years or up to
10
years for the purchase of a primary residence. The loans are collateralized by the balance in the participant’s account and bear interest at a rate of
1.0%
above the prime rate (as reported by Reuters) in effect when the participant applies for the loan. At December 31, 2016, outstanding participant loans had interest rates ranging from
4.25%
to
9.25%
. Principal and interest is paid ratably through payroll deductions. Related loan fees and expenses incurred by the Plan are paid by Assurant, Inc., except for loan origination and annual maintenance fees on loans initiated on or after April 1, 2003, which are paid by the loan participants.
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f.
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Payment of Benefits
. Upon retirement, death or disability, Plan participants or their beneficiaries are entitled to receive the total amount in the participant’s account. Upon termination of employment for other than the aforementioned reasons, Plan participants will receive their contributions and their vested share of Employer contributions plus income (loss) accrued thereon, if any.
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g.
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Withdrawals.
Withdrawals are permitted under certain circumstances. There are two types of withdrawals: non-hardship and hardship. A non-hardship withdrawal of the vested account balance is available under all circumstances. Included under non-hardship withdrawals are after-tax withdrawals and age 59½ withdrawals. Hardship withdrawals are available under certain circumstances for which the participant must provide documentation.
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h.
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Forfeitures
. Forfeited balances of terminated participants' non-vested accounts shall be first applied to restore amounts previously forfeited by non-vested former employees who have been rehired. Thereafter, any remaining forfeited balances can be used to reduce Plan administrative expenses and Employer contributions. For the year ended December 31, 2016, the amount of forfeitures used to reduce administrative expenses and Employer contributions was
$752
. As of December 31, 2016, the remaining forfeitures balance was
$676
.
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•
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Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets that the Plan can access.
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•
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Level 2 inputs utilize other than quoted prices included in Level 1 that are observable for the asset, either directly or indirectly, for substantially the full term of the asset. Level 2 inputs include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active and inputs other than quoted prices that are observable in the marketplace for the asset.
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•
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Level 3 inputs are unobservable but are significant to the fair value measurement for the asset, and include situations where there is little, if any, market activity for the asset. These inputs reflect the Plan’s own assumptions about the assumptions a market participant would use in pricing the asset.
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Financial Assets
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Total
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Level 1
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Level 2
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Level 3
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||||||||
Mutual funds
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$
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627,320
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$
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627,320
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$
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—
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$
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—
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Money market funds
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115,559
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115,559
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—
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—
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Collective investment trusts
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362,987
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—
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362,987
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—
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Assurant, Inc. common stock
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32,430
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32,430
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—
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—
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Total financial assets
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$
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1,138,296
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$
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775,309
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$
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362,987
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$
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—
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Financial Assets
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Total
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Level 1
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Level 2
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Level 3
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Mutual funds
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$
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735,178
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$
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735,178
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$
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—
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$
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—
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Money market funds
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122,313
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122,313
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—
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—
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Collective investment trusts
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390,638
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—
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390,638
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—
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Assurant, Inc. common stock
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33,430
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33,430
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—
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—
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Total financial assets
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$
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1,281,559
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$
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890,921
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$
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390,638
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$
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—
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December 31,
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||||||
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2016
|
|
2015
|
||||
Net assets available for benefits per the financial statements
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$
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1,183,871
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$
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1,311,215
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Less: Deemed distributions from current year
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(12
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)
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(3
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)
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Less: Deemed distributions from prior years
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(21
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)
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(91
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)
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Net assets available for benefits per Form 5500
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$
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1,183,838
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$
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1,311,121
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Identity of issuer, borrower, lessor or similar party
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Description of Asset Including
Number of Shares/Units,
Maturity Date and Rate of Interest
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Current Value
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Common stock
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Assurant, Inc. Common Stock *
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349,239 shares
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$
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32,430
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Collective investment trusts
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Vanguard Target Retirement 2010 Trust I *
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108,271 shares
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4,913
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Vanguard Target Retirement 2015 Trust I *
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470,507 shares
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21,653
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Vanguard Target Retirement 2020 Trust I *
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1,005,589 shares
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46,720
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Vanguard Target Retirement 2025 Trust I *
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1,387,834 shares
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|
63,840
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Vanguard Target Retirement 2030 Trust I *
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1,347,370 shares
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|
61,602
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Vanguard Target Retirement 2035 Trust I *
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1,063,254 shares
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48,963
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Vanguard Target Retirement 2040 Trust I *
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886,923 shares
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|
41,579
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Vanguard Target Retirement 2045 Trust I *
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702,637 shares
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|
32,876
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Vanguard Target Retirement 2050 Trust I *
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457,733 shares
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|
21,541
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Vanguard Target Retirement 2055 Trust I *
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174,007 shares
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|
9,986
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|
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Vanguard Target Retirement 2060 Trust I *
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59,810 shares
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|
1,801
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Vanguard Target Retirement Income Trust I *
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159,132 shares
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|
7,513
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Total collective investment trusts
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362,987
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Mutual funds
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American Funds EuroPacific Growth Fund
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|
1,347,518 shares
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|
60,652
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|
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PIMCO Total Return Fund - Institutional Class
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|
7,147,232 shares
|
|
71,687
|
|
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T. Rowe Price Small-Cap Stock Fund
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|
2,140,538 shares
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|
96,174
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Touchstone Sands Capital Growth Fund - Institutional
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|
4,106,258 shares
|
|
75,145
|
|
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Vanguard 500 Index Fund *
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736,323 shares
|
|
152,102
|
|
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Vanguard Extended Market Index Fund *
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|
230,844 shares
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|
16,796
|
|
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Vanguard Growth and Income Fund *
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|
956,282 shares
|
|
64,664
|
|
|
Vanguard Windsor II Fund *
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|
1,778,795 shares
|
|
62,507
|
|
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Vanguard Total Bond Market Index Fund *
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1,884,528 shares
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|
20,070
|
|
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Vanguard Total International Stock Index Fund
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|
76,371 shares
|
|
7,523
|
|
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Total mutual funds
|
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|
|
627,320
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Money market funds
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Vanguard Prime Money Market Fund *
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115,559,530 shares
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|
115,559
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Total investments
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|
$
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1,138,296
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Notes receivable from participants *
|
|
Interest rates range from 4.25% to 9.25% with maturities through 2026
|
|
$
|
21,465
|
|
|
|
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Assurant 401(k) Plan
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Date:
June 23, 2017
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By:
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/s/ Celine Stricoff
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Name:
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Celine Stricoff
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Title:
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Vice President, Global Benefits and
Member of the Benefit Plans Committee
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EXHIBIT NUMBER
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EXHIBIT NAME
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PAGE NUMBER
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1 Year Assurant Chart |
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