MARQUETTE UNIVERSITY 403 (b) RETIREMENT …
MARQUETTE UNIVERSITY 403 (b) RETIREMENT PLAN FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31, 2018 AND 2017 AND FOR THE
YEAR ENDED DECEMBER 31, 2018
Table of Contents
Contents Independent Auditors' Report Financial Statements Statements of Net Assets Available for Benefits
as of December 31, 2018 and 2017. Statements of Changes in Net Assets Available for Benefits
for the year ended December 31, 2018
Notes to Financial Statements Supplemental Schedule Schedule H, Line 4i ? Schedule of Assets (Held at End of Year)
as of December 31, 2018*
Page 1
3 4 5
15
*Note: Other schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 as amended, have been omitted because they are not applicable.
COLEMAN & WILLIAMS, LTD.
A Professional Services Firm
INDEPENDENT AUDITORS' REPORT
To the Participants and Administrator of the Marquette University Employees' Retirement Plan:
Report on the Financial Statements
We were engaged to audit the accompanying financial statements of Marquette University Employees' Retirement Plan (the "Plan"), which comprise the statements of net assets available for benefits as of December 31, 2018 and 2017, and the related statements of changes in net assets available for benefits for the year ended December 31, 2018, and the related notes to the financial statements.
Management's Responsibility for the Financial Statements
Plan management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on conducting the audit in accordance with auditing standards generally accepted in the United States of America. Because of the matter described in the Basis for Disclaimer of Opinion paragraph, however, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion.
Basis for Disclaimer of Opinion
As permitted by 29 CFR 2520.103-8 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, the plan administrator instructed us not to perform, and we did not perform, any auditing procedures with respect to the information summarized in Note 3, which was certified by TIAA-CREF, the "Trustee" of the Plan, except for comparing the information with the related information included in the financial statements and supplemental schedules. We have been informed by the plan administrator that the trustee holds the Plan's investment assets and executes investment transactions. The plan administrator has obtained a certification from the trustee as of and for the years ended December 31, 2018 and 2017, that the information provided to the plan administrator by the trustee is complete and accurate.
7127 North Green Bay Avenue. Milwaukee. Wisconsin 53209 316 North Milwaukee Street, Suite 412. Milwaukee, WI 53202 Telephone 414.278.0170 Facsimile 414.278.1169
COLEMAN & WILLIAMS, LTD.
A Professional Services Firm
Disclaimer of Opinion
Because of the significance of the matter described in the Basis for Disclaimer of Opinion paragraph, we have not been able to obtain sufficient, appropriate audit evidence to provide a basis for an audit opinion. Accordingly, we do not express an opinion on these financial statements.
Other Matter
The supplemental schedules as listed in the accompanying table of contents, as of or for the year ended December 31, 2018 are required by the Department of Labor's (DOL) Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, and are presented for the purpose of additional analysis and are not a required part of the financial statements. Because of the significance of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on these supplemental schedules.
Report on Form and Content in Compliance With DOL Rules and Regulations
The form and content of the information included in the financial statements and supplemental schedules, other than that derived from the information certified by the trustee, have been audited by us in accordance with auditing standards generally accepted in the United States of America and, in our opinion, are presented in compliance with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended.
Milwaukee, Wisconsin September 3, 2019
MARQUETTE UNIVERSITY 403 (b) RETIREMENT PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2018 AND 2017
ASSETS
Investments, at fair value: Investments at fair value ( level 1) Guaranteed investment contracts (Non Fully benefit-responsive)
Total investments at fair value Investments, at contract value
Guranteed investment Contracts (Fully benefit-responsive)
contracts at contract value
Net assets available for benefits
YEAR ENDED DECEMBER 31,
2018
2017
$
430,197,070
$
186,181,059 616,378,129
465,359,170
185,933,222 651,292,392
32,192,217
$
648,570,346
$
32,205,227 683,497,619
See notes to financial statements 3
MARQUETTE UNIVERSITY 403(b) RETIREMENT PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2018
ADDITIONS Additions to net assets attributed to:
Investment income Net (depreciation)/appreciation in fair value of investments Other investment income Revenue Credit
Total investment income
Contributions: Employee Employer Rollovers
Total contributions
2018
$
(29,225,356)
10,435,603
435,125
(18,354,628)
12,484,301 11,387,890 5,885,383 29,757,574
Total additions
DEDUCTIONS Deductions from net assets attributed to:
Distributions and withdrawals Annuity Settlement Option Fees
Total deductions
Increase (Decrease)
Plan Transfer; 01/01/2018 Transfer during Total Plan Transfers
Net increase (Decrease)
Net assets available for benefits, beginning of year Net assets available for benefits, end of year
11,402,946
37,245,100 6,656,385 2,434,240
46,335,725
(34,932,779)
5,506
5,506
(34,927,273)
683,497,619
$
648,570,346
See notes to financial statements 4
MARQUETTE UNIVERSITY 403 (b) RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2018 AND 2017 AND YEAR ENDED DECEMBER 31, 2018
NOTE 1 ? DESCRIPTION OF THE PLAN
The following description of Marquette University Employees' Retirement Plan (the "Plan") provides only general information. Participants should refer to the Plan document provided to all participants for a more complete description of the Plan's provisions.
GENERAL
The Plan is a 403(b) retirement plan covering employees of Marquette University ("the University"). Employees who have completed at least two years of services and are age 21 and older are eligible to participate in the plan.
CONTRIBUTIONS Employees are eligible to contribute to the plan on the first day of the month following their 2nd year anniversary from their date of hire. Employees who, at any period in their employment history, work for an eligible non-profit and either research or education institution for 2 years, may be eligible to waive out of part or all of the 2-year waiting period. The specifics of this eligibility are determined by the Marquette University Benefits Department.
Participating employees may make voluntary before-tax contributions up to $18,500 as defined by the Plan. In addition, catch-up contributions are available to participants who are age 50 or older at the end of the plan year.
Employees electing to participate who make a minimum monthly contribution of 5% are eligible for an additional 8% employer match.
INVESTMENT OPTIONS
Participants may direct the investment of their account balances in whole percentages to any of the defined investment options. Participants may change their investment options at any time.
PAYMENT OF BENEFITS
At retirement, death or termination, participants or their beneficiaries are entitled to receive partial distributions, installment payments, or lump sum benefits equal to their vested account balances.
5
MARQUETTE UNIVERSITY 403 (b) RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2018 AND 2017 AND YEAR ENDED DECEMBER 31, 2018
NOTE 1 ? DESCRIPTION OF THE PLAN (CONTINUED)
VESTING
Participants have at all times, a fully vested and non-forfeitable interest in all before-tax, aftertax and employer matching contributions, and earnings thereon, and may withdraw the total of such amount in accordance with the provisions of the Plan.
PLAN LOANS
Plan loans are made available to participants using the participant's The Teachers Insurance and Annuity Association (TIAA) Traditional Annuity account balance as collateral for the loan. The loan is issued directly from funds owned by TIAA and not directly from a participant's account. Adequate security is required; therefore, 110% of the loan balance is held as collateral to cover the outstanding loan in the event of default. The collateral securing the loan continues to earn interest. The collateralized balance is not available for transfer, withdrawal, retirement income benefits or survivor benefits.
Because the plan loan relationship is between TIAA and the participant, plan loans are not considered to be plan assets and therefore not disclosed in the financial statements.
Generally, the minimum loan amount that you may take is $1,000 and the maximum loan amount is $50,000. The maximum amount you can borrow may be less, however, depending on two factors: 1) the amount of your accumulation under the Plan, and 2) whether you have taken other loans from any of this Employer's plans within the last year. If you have not had a plan loan in the previous year, your maximum loan cannot be greater than one-half of your vested account balance or $50,000, whichever is less. If you have had another loan, the $50,000 maximum will be reduced by the highest outstanding loan balance in the 12-month period prior to the new loan. On December 31, 2018 and 2017, the balance of plan loans totaled $2,070,804 and $1,692,437 respectively. In 2018 and 2017, these balances were made up of 297 and 235 active accounts respectively. There were three loans in default totaling $32,444 in 2018 and one in 2017 totaling $1,508.
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