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Share Name | Share Symbol | Market | Type |
---|---|---|---|
MBIA Inc | NYSE:MBI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.11 | 1.67% | 6.68 | 6.87 | 6.62 | 6.62 | 235,898 | 20:37:06 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
☒ |
Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 |
For the fiscal year ended December 31, 2019
OR
☐ |
Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934 |
For the Transition Period from to
Commission File No. 1-9583
A. |
Full title of the plan and the address of the plan, if different from that of the issuer named below: |
MBIA Inc.
Employee 401(k) Plan
B. |
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
MBIA Inc.
1 Manhattanville Road
Suite 301
Purchase, NY 10577
Required Information
The MBIA Inc. Employee 401(k) Plan (the Plan) is subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA). In lieu of the requirements of Items 1-3 of Form 11-K, the financial statements of the Plan and the supplemental schedule have been prepared in accordance with the financial reporting requirements of ERISA and are presented herein.
MBIA INC.
EMPLOYEE 401(k) PLAN
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2019 AND 2018
SUPPLEMENTAL SCHEDULE
AS OF DECEMBER 31, 2019
MBIA INC.
EMPLOYEE 401(k) PLAN
Schedules required by the Department of Labors Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, other than those listed
above, have been omitted because they are not applicable.
4
Report of Independent Registered Public Accounting Firm
To the Plan Administrator and Participants
MBIA Inc. Employee 401(k) Plan
Purchase, NY
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the MBIA Inc. Employee 401(k) Plan (the Plan) as of December 31, 2019 and 2018, the related statement of changes in net assets available for benefits for the year ended December 31, 2019, and the related notes (collectively, 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, 2019 and 2018, and the changes in net assets available for benefits for the year ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on the Plans 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 Plans internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risk 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 Plans 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 of assets (held at end of year) as of December 31, 2019, has been subjected to audit procedures performed in conjunction with the audit of the Plans financial statements. The supplemental information is presented for the
5
purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plans 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 Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ BDO USA, LLP
We have served as the Plans auditor since 2012.
Philadelphia, PA
May 15, 2020
6
EMPLOYEE 401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2019 AND 2018
December 31,
2019 |
December 31,
2018 |
|||||||
Investments, at fair value (Note 5) |
$128,670,735 | $ | 104,458,373 | |||||
Notes receivable from participants |
301,006 | 504,757 | ||||||
|
|
|
|
|||||
Net assets available for benefits |
$128,971,741 | $ | 104,963,130 | |||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
7
EMPLOYEE 401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2019
For the Year Ended
December 31, 2019 |
||||
Additions: |
||||
Additions to net assets attributed to: |
||||
Net appreciation in fair value of investments |
$ | 22,479,917 | ||
Interest and dividends |
4,276,063 | |||
Contributions: |
||||
Participants |
1,544,359 | |||
Employer |
829,359 | |||
|
|
|||
Total contributions |
2,373,718 | |||
|
|
|||
Total additions |
29,129,698 | |||
|
|
|||
Deductions: |
||||
Deductions from net assets attributed to: |
||||
Benefit distributions |
5,121,087 | |||
|
|
|||
Total deductions |
5,121,087 | |||
|
|
|||
Net increase |
24,008,611 | |||
Net assets available for benefits: |
||||
Beginning of year |
104,963,130 | |||
|
|
|||
End of year |
$ | 128,971,741 | ||
|
|
The accompanying notes are an integral part of the financial statements.
8
EMPLOYEE 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2019 AND 2018
1. Plan Description
General and Contributions
The MBIA Inc. Employee 401(k) Plan (the Plan) is a defined contribution plan for eligible employees of MBIA Inc. and Subsidiaries (the Company or Employer) who are at least 21 years of age. Leased employees, temporary employees and employees classified as interns are not eligible to participate in the Plan. Eligible participants may contribute up to 25% of their total eligible compensation into the Plan. Effective June 29, 2018, the MBIA Inc. Common Stock Fund was frozen and participants were no longer able to direct any future contributions or move money into this fund. The Plan offers a Roth 401(k) option. The Company matches employee contributions at the rate of 100% of each participants contribution up to a maximum of 5%. Contributions are subject to certain limitations. Employer matching contributions are made in the form of cash, whereby participants may direct the Company match to an investment of their choice excluding the MBIA Inc. Common Stock Fund as of June 29, 2018. The Plan permits eligible employees to rollover funds from a previous employers tax-qualified plan or tax-qualified individual retirement account.
The Plan is administered by the MBIA Inc. Investment Management Committee and the Plans assets are managed by Fidelity Management Trust Company (Fidelity), the investment advisor, trustee and custodian.
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Participants should refer to the Summary Plan Description and Plan Document for specific information regarding Plan provisions.
Vesting and Forfeitures
Vesting in employer contributions begins after two years of service and full vesting is achieved after five years of service. The Plans vesting methodology is based on an elapsed time methodology, which provides for employees to be credited with a number of years of service equal to the number of whole years (12 consecutive months) based on an employees period of service starting with hire date with the Employer regardless of whether or not such periods of service were completed consecutively as allowed under the service spanning rule. Participants are fully vested in their salary deferred contributions at all times including Roth 401(k) contributions. Upon reaching the normal retirement date, death or becoming disabled, a participant will be entitled to receive benefit payments. Nonvested benefits remaining after termination of employment are forfeited upon the earlier of a distribution or five-year period break in service and generally may serve to pay the Plans administrative expenses and to reduce future Company contributions. During 2019 and 2018, $62,265 and $86,631 respectively, of forfeitures were used to fund the Companys matching obligation pursuant to the terms of the Plan. The forfeiture balance as of December 31, 2019 and 2018 was $5,502 and $17,458, respectively.
Participant Accounts
Each participant has an account which is credited with the Companys contribution, participants contribution, and net results from the investment activities of the participants account, reduced
9
MBIA INC.
EMPLOYEE 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2019 AND 2018
for any withdrawal activity and fees associated with notes receivable from participants and participant-directed brokerage accounts. Upon retirement, disability, death or termination, a participant or beneficiary can elect to receive either a lump-sum distribution or installment distributions. The benefit to which a participant is entitled is the benefit that can be provided from the participants vested account.
Notes Receivable from Participants
A participant may borrow from his or her account a minimum of $1,000 up to a maximum for all participant loans equal to the lesser of $50,000 reduced by the excess, if any, of the highest outstanding balance of loans from the Plan during the one-year period prior to the date of the loan over the current outstanding balance of loans or 50% of their vested account balance reduced by the then outstanding balance of any other loans that a participant received from the Plan. Loan terms may range from 1 to 5 years, or longer for the purchase of a principal residence but not to exceed 10 years. The loans are collateralized by the vested account balance and bear a reasonable rate of interest as managed by Fidelity based on the interest rates charged for similar types of loans by other lenders. Principal and interest are paid ratably through semi-monthly payroll deductions or through direct payment from former employees.
2. Summary of Accounting Policies
Basis of Accounting
The financial statements have been prepared under the accrual method of accounting in conformity with accounting principles generally accepted in the United States of America (GAAP).
Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, changes therein and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported changes in net assets available for benefits during the reporting period. Actual amounts could differ from those estimates.
Investments
The Plans investments are stated at fair value, including the collective trust.
The Plans shares of mutual funds are valued at quoted market prices which represent the net asset value (NAV) of shares held by the Plan at each year end. Investments in common stock, including the Companys common stock and Exchange Traded Funds (ETF), are stated at fair value based on the last reported sales price on the last business day of the year in the active market in which the security is traded. The investment in the collective trust is valued at NAV per unit, as determined by the trustee at year-end. The NAV is used as the practical expedient to estimate fair value. One of the Plans investment options includes a participant-directed brokerage account which allows participants to establish a brokerage account and select various investments consisting of mutual funds and ETF.
10
MBIA INC.
EMPLOYEE 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2019 AND 2018
The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
Purchases and sales of securities are recorded on a trade-date basis. Interest income from investments is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date. The Plans net appreciation in the fair value of its investments consists of realized gains and losses and unrealized appreciation and depreciation on investments.
Contributions
Contributions from eligible participants and matching Company contributions are recorded in the month the related payroll deductions are made.
Notes Receivable from Participants
Notes receivable from participants are stated at their unpaid principal balance, plus any accrued but unpaid interest. Loans outstanding are reflected as a receivable of the Plan. Interest income is recorded on an accrual basis. No allowance for credit losses has been recorded as of December 31, 2019 or 2018. If a participant ceases to make loan repayments and the Plan administrator deems the participant loan to be in default, the participant loan balance is reduced and a benefit payment is recorded.
Payment of Benefits
Benefits are recorded when paid.
Administrative Expenses and Revenue Credit Account
Administrative expenses, which consist primarily of investment management, recordkeeping and auditing fees, are paid directly by the Company rather than from Plan assets, and are not reflected in the Plans financial statements. Fees charged by Fidelity relating to notes receivable from participants and fees associated with participant-directed brokerage accounts are paid from the respective participants accounts.
The Plan may elect to allocate the revenue credit received from Fidelity, on a quarterly basis, to eligible participants accounts based on a defined formula. The amount allocated for the year ended December 31, 2019 was $56,278.
Fair Value Measurements
The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The three levels of the fair value hierarchy under the Financial Accounting Standards Board, Accounting Standards Codification Topic 820, Fair Value Measurement are described as follows:
11
MBIA INC.
EMPLOYEE 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2019 AND 2018
Level 1 Valuations based on unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
Level 2 Valuations based on: a) quoted prices for similar assets or liabilities in active markets, b) quoted prices for identical or similar assets or liabilities in inactive markets, c) inputs other than quoted prices that are observable for the asset or liability, and d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
Level 3 Valuations based on inputs that are unobservable and supported by little or no market activity and that are significant to the overall fair value measurement.
To the extent that the valuation is based on inputs that are less observable or unobservable, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is more significant for the investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had the securities been readily marketable. The Plans policy is to recognize transfers in and transfers out of levels as of the date of the event or change in circumstances that caused the transfer. The Plan has no level 3 investments. There have been no changes in the valuation methodologies or inputs used to value Plan assets at December 31, 2019 and 2018. Refer to Note 5, Investments, for information regarding the fair value of Plan investments.
3. Risks and Uncertainties
Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities 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.
4. Plan Termination
The Company has not expressed any intent to discontinue its contributions or terminate the Plan. However, it reserves the right to temporarily suspend contributions to or amend or terminate the Plan. Upon termination of the Plan, the accounts of all affected participants shall become fully vested, and the net assets of the Plan shall be distributed among the participants and beneficiaries of the Plan in proportion to their respective account balances, subject to the provisions of ERISA.
12
MBIA INC.
EMPLOYEE 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2019 AND 2018
5. Investments
The Plans investment assets recorded at fair value have been categorized based upon a fair value hierarchy, as described in Note 2. The following tables present information about the Plans assets measured at fair value as of December 31, 2019 and 2018:
Assets at Fair Value as of December 31, 2019
Level 1 | Total | |||||||
Mutual funds |
$ | 116,722,678 | $ | 116,722,678 | ||||
Participant-directed brokerage account |
4,461,056 | 4,461,056 | ||||||
Common stock |
2,010,172 | 2,010,172 | ||||||
Collective trust measured at NAV* |
| 5,476,829 | ||||||
|
|
|
|
|||||
Total investments |
$ | 123,193,906 | $ | 128,670,735 | ||||
|
|
|
|
Assets at Fair Value as of December 31, 2018
Level 1 | Total | |||||||
Mutual funds |
$ | 93,711,300 | $ | 93,711,300 | ||||
Participant-directed brokerage account |
3,441,926 | 3,441,926 | ||||||
Common stock |
1,997,567 | 1,997,567 | ||||||
Collective trust measured at NAV* |
| 5,307,580 | ||||||
|
|
|
|
|||||
Total investments |
$ | 99,150,793 | $ | 104,458,373 | ||||
|
|
|
|
*Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Net Assets Available for Benefits.
The following table summarizes investments measured at fair value based on NAV per share as of December 31, 2019 and 2018, respectively.
Fair Value
12/31/19 |
Fair Value
12/31/18 |
Unfunded
Commitments |
Redemption
Frequency (if currently eligible) |
Redemption
Notice Period |
||||||||||||||||
Collective trust |
$ | 5,476,829 | $ | 5,307,580 | N/A | Daily | Daily |
Collective Trust
The Plan has a collective trust investment, the Fidelity Managed Income Portfolio Fund (the MIP). Under the terms of the MIPs Declaration of Trust, withdrawals directed by the Plan Sponsor, not the participants, must be preceded by a 12 month written notice to the MIP.
13
MBIA INC.
EMPLOYEE 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2019 AND 2018
6. Tax Status
The Internal Revenue Service (IRS) has determined and informed the Company by letter dated June 15, 2015, that the Plan constitutes a qualified plan under Section 401(a) of the Internal Revenue Code (the IRC) and is therefore exempt from federal income taxes under provisions of Section 501(a) of the IRC. The Plan Administrator believes that the Plan is currently designed and being operated in accordance with the IRC.
GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more-likely-than-not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions, however, there are currently no audits for any tax periods in progress.
7. Related Party and Party-In-Interest Transactions
Certain Plan investments and shares of the Companys common stock are managed by Fidelity, the investment advisor, trustee and custodian for the Plan. The investments with MBIA Inc. common stock were $2,010,172 and $1,997,567 at December 31, 2019 and 2018, respectively. The Companys common stock comprises approximately 2% of the net assets available for benefits in each of the years ending December 31, 2019 and 2018, respectively. These transactions qualify as party-in-interest transactions. Notes receivable from participants also qualify as party-in-interest transactions.
8. Subsequent Events
The Plans management has evaluated subsequent events through May 15, 2020, the date the financial statements were available to be issued, and there were no subsequent events, other than disclosed below, requiring adjustments to the financial statements or disclosures.
Effective January 1, 2020, the Plan adopted the Fidelity Management & Research Cos Volume Submitter Profit Sharing Plan with CODA (Volume Submitter Plan). The IRS ruled on March 31, 2014, that the Volume Submitter Plan, including related amendments, as designed, was in compliance with the applicable requirements of the IRC. The adoption of the Volume Submitter Plan did not impact the provisions of the Plan.
On January 30, 2020, the World Health Organization (WHO) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the COVID-19 outbreak) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally.
The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. This pandemic has adversely affected global economic activity and greatly contributed to significant deterioration and instability in financial markets. As a result, the Plans investment portfolio has incurred a significant decline in fair value since December 31, 2019. Because the values of the Plans individual investments have and will fluctuate in response to changing market conditions, the amount of losses that will be recognized in subsequent periods, if any, and related impact on the Plans liquidity cannot be determined at this time.
14
MBIA INC.
EMPLOYEE 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2019 AND 2018
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act, among other things, includes several relief provisions available to tax-qualified retirement plans and their participants. Plan management has evaluated the relief provisions available to plan participants under the CARES Act and has implemented the following provisions:
|
Special coronavirus distributions up to $100,000 |
|
Increase the available loan amount as described in Note 1 to the lesser of $100,000 or 100% of the participants vested account balance |
|
Extend the period for loan repayments, if applicable, up to one year |
15
EMPLOYEE 401(k) PLAN
SCHEDULE H (FORM 5500) LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
EIN: 06-1185706, PLAN 002
DECEMBER 31, 2019
(a) |
(b) Identity of Issue, Borrower, Lessor, or Similar Party |
(c)
Description of Investments,
|
(d) Cost (1) |
(e)
Current Value |
||||||
Common stock: |
||||||||||
* |
MBIA Inc. |
Common stock |
$ | 2,010,172 | ||||||
Mutual funds: |
||||||||||
* |
Fidelity Puritan Fund |
Mutual fund |
2,692,665 | |||||||
* |
Fidelity Growth Company Fund |
Mutual fund |
23,292,068 | |||||||
* |
Fidelity Blue Chip Growth Fund |
Mutual fund |
7,737,221 | |||||||
* |
Fidelity 500 Index Inst. Fund |
Mutual fund |
18,435,751 | |||||||
* |
Fidelity Extended Market Index Fund |
Mutual fund |
1,735,579 | |||||||
* |
Fidelity U.S. Bond Index Fund |
Mutual fund |
1,627,815 | |||||||
* |
Fidelity Low-Priced Stock Fund |
Mutual fund |
2,179,962 | |||||||
* |
Fidelity Freedom Income Fund |
Mutual fund |
309,398 | |||||||
* |
Fidelity Freedom Fund 2010 |
Mutual fund |
1,473,721 | |||||||
* |
Fidelity Freedom Fund 2015 |
Mutual fund |
511,837 | |||||||
* |
Fidelity Freedom Fund 2020 |
Mutual fund |
4,014,067 | |||||||
* |
Fidelity Freedom Fund 2025 |
Mutual fund |
3,924,749 | |||||||
* |
Fidelity Freedom Fund 2030 |
Mutual fund |
3,266,740 | |||||||
* |
Fidelity Freedom Fund 2035 |
Mutual fund |
4,184,585 | |||||||
* |
Fidelity Freedom Fund 2040 |
Mutual fund |
2,937,500 | |||||||
* |
Fidelity Freedom Fund 2045 |
Mutual fund |
1,425,550 | |||||||
* |
Fidelity Freedom Fund 2050 |
Mutual fund |
317,737 | |||||||
* |
Fidelity Freedom Fund 2055 |
Mutual fund |
37,492 | |||||||
Deutsche Govt Cash Mgmt Fund |
Mutual fund |
1,510,734 | ||||||||
Baron Asset Inst Fund |
Mutual fund |
4,840,215 | ||||||||
Baron Growth Inst Fund |
Mutual fund |
5,233,380 | ||||||||
PIMCO High Yield Institutional Fund |
Mutual fund |
1,860,420 | ||||||||
PIMCO Total Return Institutional Fund |
Mutual fund |
4,915,596 | ||||||||
Cohen and Steers Rlty Shares, Inc. Fund |
Mutual fund |
879,413 | ||||||||
American Funds Amer. Mutual R6 Fund |
Mutual fund |
996,657 | ||||||||
Dodge & Cox International Stock Fund |
Mutual fund |
1,493,843 | ||||||||
Virtus Ceredex Mid-Cap Value Equity |
Mutual fund |
3,932,238 | ||||||||
Vanguard Total Intl Stock Index Fund |
Mutual fund |
7,559,885 | ||||||||
Northern Small Cap Value Fund |
Mutual fund |
556,497 | ||||||||
Conestoga Small Cap Fund |
Mutual fund |
698,492 | ||||||||
Baird Core Plus Bond Inst. Fund |
Mutual fund |
2,140,871 |
16
(a) |
(b) Identity of Issue, Borrower, Lessor, or Similar Party |
(c)
Description of Investments,
|
(d) Cost (1) |
(e)
Current Value |
||||||
* |
Fidelity BrokerageLink |
Participant-directed brokerage account |
4,461,056 | |||||||
Collective trust: |
||||||||||
* |
Fidelity Managed Income Portfolio Fund |
Collective trust |
5,476,829 | |||||||
* |
Participant loans |
Interest rates: 5.25% - 7.50%; Maturity dates through 6/29/27 |
| 301,006 | ||||||
|
|
|||||||||
Total |
$ | 128,971,741 | ||||||||
|
|
(1) |
Cost is not required for participant-directed investments. |
* |
Fidelity Management Trust Company, including associated funds, participants and the Company are parties-in-interest. |
17
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
MBIA Inc. Employee 401(k) Plan |
||||||
Date: May 15, 2020 | /S/ ANTHONY MCKIERNAN | |||||
Anthony McKiernan Executive Vice President Chief Financial Officer |
Date: May 15, 2020 | /S/ ALAN PEARLMAN | |||||
Alan Pearlman Plan Administrator |
18
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