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Share Name | Share Symbol | Market | Type |
---|---|---|---|
WEC Energy Group Inc | NYSE:WEC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.14 | 0.17% | 83.22 | 83.73 | 82.20 | 83.33 | 1,774,787 | 01:00:00 |
WEC Energy Group Employee Retirement Savings Plan
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Report of Independent Registered Public Accounting Firm.
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Statements of Net Assets Available for Benefits as of December 31, 2017 and 2016.
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Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2017.
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Notes to Financial Statements.
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Form 5500, Schedule H, Part IV, Line 4i -- Schedule of Assets (Held at End of Year) as of December 31, 2017.
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23.1 Consent of Independent Registered Public Accounting Firm -- CliftonLarsonAllen LLP
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WEC Energy Group Employee Retirement Savings Plan
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Name of Plan
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Date:
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June 14, 2018
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By:
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/s/Lisa R. George
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Lisa R. George, Vice President Total Rewards for WEC Energy Group, Inc. and Chair of the Employee Benefits Committee
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WEC ENERGY GROUP
EMPLOYEE RETIREMENT SAVINGS PLAN
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TABLE OF CONTENTS
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Page
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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3
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FINANCIAL STATEMENTS:
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Statements of Net Assets Available for Benefits as of December 31, 2017 and 2016
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5
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Statement of Changes in Net Assets Available for Benefits for the Year Ended
December 31, 2017 |
6
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Notes to Financial Statements
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7-16
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SUPPLEMENTAL SCHEDULE:
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Form 5500, Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2017
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18
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2017
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2016
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Investments:
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Plan interest in Master Trust, at fair value
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$
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1,601,087
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$
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1,398,901
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Plan interest in Master Trust, at contract value
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131,511
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135,444
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Total investments
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1,732,598
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1,534,345
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Receivables:
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Employer contributions receivable
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1,074
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510
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Notes receivable from participants
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18,367
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18,307
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Total receivables
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19,441
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18,817
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Net assets available for benefits
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$
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1,752,039
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$
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1,553,162
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2017
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Additions to net assets attributed to:
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Contributions:
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Participants
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$
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41,940
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Employer
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15,344
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Rollover
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4,568
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Total contributions
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61,852
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Investment income:
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Plan interest in Master Trust investment income
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273,781
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Interest income from notes receivable from participants
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845
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Other income
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233
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Total investment income
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274,859
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Total additions
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336,711
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Deductions from net assets attributed to:
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Benefits paid to participants
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137,425
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Administrative expenses
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409
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Total deductions
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137,834
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Net increase in net assets available for benefits
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198,877
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Net assets available for benefits:
Beginning of year
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1,553,162
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End of year
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$
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1,752,039
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•
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Level 1 -- Pricing inputs are unadjusted quoted prices available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
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•
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Level 2 -- Pricing inputs are quoted prices for similar or identical assets or liabilities in active or inactive markets, either directly or indirectly observable, that reflect assumptions market participants would use to price the asset based on market data obtained from sources independent of the Plan. This may include matrix pricing, yield curves and indices. Other inputs are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (i.e. contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
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•
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Level 3 -- Pricing inputs include significant inputs that are generally less observable from objective sources. The inputs in the determination of fair value require significant Plan judgment or estimation.
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•
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Mutual Funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value ("NAV") and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
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•
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WEC Common Stock Fund: Valued at the daily NAV of the underlying investment as calculated by the Trustee. The NAV is used as a practical expedient to estimate fair value. The NAV reflects the combined fair value of the underlying stock and fair value of the short-term
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•
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Common Collective Trust Funds: Valued at the NAV of units of bank collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV.
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2017
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2016
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Investments at fair value:
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WEC common stock fund
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$
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725,258
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$
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697,864
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Mutual funds
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1,509,740
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1,099,093
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Common collective trust funds
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570,808
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634,867
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Total investments at fair value
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2,805,806
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2,431,824
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Blended Rate Income Fund, at contract value
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185,260
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186,828
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Net assets of the Master Trust
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$
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2,991,066
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$
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2,618,652
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Plan interest in Master Trust
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$
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1,732,598
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$
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1,534,345
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2017
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Interest and dividend income
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$
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88,161
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Net appreciation in the fair value of investments
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373,819
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Net investment income
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$
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461,980
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Plan interest in Master Trust net investment income
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$
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273,781
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2017
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Level 1
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Level 2
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Level 3
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Total
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Mutual funds
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$
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1,509,740
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$
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—
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$
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—
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$
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1,509,740
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Total assets in the fair value hierarchy
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$
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1,509,740
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$
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—
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$
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—
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1,509,740
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Investments measured at net asset value (a)
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1,296,066
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Total investments at fair value
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$
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2,805,806
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2016
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Level 1
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Level 2
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Level 3
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Total
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Mutual funds
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$
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1,099,093
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$
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—
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$
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—
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$
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1,099,093
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Total assets in the fair value hierarchy
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$
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1,099,093
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$
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—
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$
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—
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1,099,093
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Investments measured at net asset value (a)
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1,332,731
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Total investments at fair value
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$
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2,431,824
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Fair Value Estimated Using Net Asset Value per Share
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||||||||
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December 31, 2017
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Redemption
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Unfunded
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Redemption
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Notice
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Investment
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Fair Value
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Commitment
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Frequency
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Period
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WEC common stock fund
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$
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725,258
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—
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Daily
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None
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Common collective trust funds
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$
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570,808
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—
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Daily
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None
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Fair Value Estimated Using Net Asset Value per Share
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||||||||
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December 31, 2016
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||||||||
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Redemption
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Unfunded
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Redemption
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Notice
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Investment
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Fair Value
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Commitment
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Frequency
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Period
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WEC common stock fund
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$
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697,864
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—
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Daily
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None
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Common collective trust funds
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$
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634,867
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—
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Daily
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None
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S&P Credit Rating 2017
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2017
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S&P Credit Rating 2016
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2016
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JP Morgan Chase & Co.
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A+
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$
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37,644
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A+
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$
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27,968
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State Street Bank & Trust Co. - Boston
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AA-
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30,073
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AA-
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29,833
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American General Life Ins. Co.
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A+
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23,867
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A+
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31,722
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Transamerica Premier Life
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AA-
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28,370
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AA-
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31,726
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Bank of Tokyo - Mitsubishi
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-
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—
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A+
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29,868
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Prudential Ins. Co of America
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AA-
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39,700
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AA-
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32,360
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Nationwide Life Ins. Co.
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A+
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20,785
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-
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—
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Short-term investment fund
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4,821
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3,351
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All contracts
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$
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185,260
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$
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186,828
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2017
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2016
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Based on actual earnings
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2.26
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%
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2.00
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%
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Based on interest rate credited to participants
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1.70
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%
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1.47
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%
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•
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The Plan's failure to qualify under Section 401(a) or Section 401(k) of the IRC.
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•
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The establishment of a defined contribution plan that competes with the Plan for employee contributions.
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•
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Any substantive modification of the Plan or the administration of the Plan that is not consented to by the wrap issuer.
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•
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Complete or partial termination of the Plan.
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•
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Any change in law, regulation or administrative ruling applicable to the Plan that could have a material adverse effect on the fund's cash flow.
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•
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Merger or consolidation of the Plan with another plan, the transfer of Plan assets to another plan, or the sale, spin-off or merger of a subsidiary or division of the Plan sponsor.
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•
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Any communication given to participants by the Plan sponsor or any other Plan fiduciary that is designed to induce or influence participants not to invest in the fund or to transfer assets out of the fund.
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•
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Exclusion of a group of previously eligible employees from eligibility in the Plan.
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•
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Any early retirement program, group termination, group layoff, facility closing, or similar program.
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•
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Any transfer of assets from the fund directly to a competing option.
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2017
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2016
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||||
Net assets available for benefits per the financial statements
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$
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1,752,039
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$
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1,553,162
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Adjustment from contract value to fair value
|
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(707
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)
|
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(146
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)
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Net assets available for benefits per the Form 5500
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$
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1,751,332
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$
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1,553,016
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2017
|
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Net increase in net assets available for benefits per the financial statements
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$
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198,877
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Less: Adjustment from contract value to fair value, beginning of period
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(146
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)
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Add: Adjustment from contract value to fair value, end of period
|
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(707
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)
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Net increase in net assets available for benefits per the Form 5500
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$
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198,316
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(a), (b), (c)
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(d)
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(e)
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||||
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Identity of Issue and Description of Investment
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Cost
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Current Value
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||||
Other
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* Participant loans, interest rates ranging from 4.25% - 5.25%,
with various maturities*
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$
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—
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$
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18,367,000
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Total
|
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$
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18,367,000
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* Represents a party-in-interest
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