Annual Return/Report of Employee Benefit Plan

Transcription

1 Form 55 Department of the Treasury Internal Revenue Service Department of Labor Employee Benefits Security Administration Pension Benefit Guaranty Corporation Part I Annual Return/Report of Employee Benefit Plan This form is required to be filed for employee benefit plans under sections 14 and 465 of the Employee Retirement Income Security Act of 1974 (ERISA) and sections 647(e), 657(b), and 658(a) of the Internal Revenue Code (the Code). Complete all entries in accordance with the instructions to the Form 55. Annual Report Identification Information For calendar plan year 215 or fiscal plan year beginning 9/1/215 A X a multiemployer plan; This return/report is for: X a single-employer plan; X a DFE (specify) _C_ OMB Nos This Form is Open to Public Inspection and ending 8/31/216 X a multiple-employer plan (Filers checking this box must attach a list of participating employer information in accordance with the form instructions); or B This return/report is: X the first return/report; X the final return/report; X an amended return/report; X a short plan year return/report (less than 12 months). C If the plan is a collectively-bargained plan, check here X D Check box if filing under: X Form 5558; X automatic extension; X the DFVC program; X special extension (enter description) E Part II Basic Plan Information enter all requested information 1a Name of plan NEW JERSEY EDUCATION ASSOCIATION EMPLOYEES' RETIREMENT AND TRUST FUND EFGHI EFGHI 2a Plan sponsor s name (employer, if for a single-employer plan) Mailing address (include room, apt., suite no. and street, or P.O. Box) City or town, state or province, country, and ZIP or foreign postal code (if foreign, see instructions) NEW JERSEY EDUCATION ASSOCIATION X EFGHI D/B/A EFGHI 18 c/o WEST STATE STREET EFGHI P.O BOX 1211 ABCDE TRENTON, NJ ABCDE CITYEFGHI AB, ST UK Caution: A penalty for the late or incomplete filing of this return/report will be assessed unless reasonable cause is established. 1b Three-digit plan number (PN) 1 1c Effective date of plan YYYY-MM-DD 9/1/1953 2b Employer Identification Number (EIN) c Plan Sponsor s telephone number d Business code (see instructions) Under penalties of perjury and other penalties set forth in the instructions, I declare that I have examined this return/report, including accompanying schedules, statements and attachments, as well as the electronic version of this return/report, and to the best of my knowledge and belief, it is true, correct, and complete. SIGN HERE Filed with authorized/valid electronic signature. YYYY-MM-DD 6/14/217 E KRISTEN BUTLER Signature of plan administrator Date Enter name of individual signing as plan administrator SIGN HERE YYYY-MM-DD E Signature of employer/plan sponsor Date Enter name of individual signing as employer or plan sponsor SIGN HERE YYYY-MM-DD E Signature of DFE Date Enter name of individual signing as DFE Preparer s telephone number Preparer s name (including firm name, if applicable) and address (include room or suite number) EFGHI EFGHI EFGHI EFGHI EFGHI EFGHI For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 55. Form 55 (215) v

2 Form 55 (215) Page 2 3a Plan administrator s name and address XSame as Plan Sponsor BOARD OF RETIREMENT PLAN DIRECTORS EFGHI 18 WEST STATE STREET c/o TRENTON, NJ EFGHI ABCDE ABCDE CITYEFGHI AB, ST UK 4 If the name and/or EIN of the plan sponsor has changed since the last return/report filed for this plan, enter the name, EIN and the plan number from the last return/report: a Sponsor s name 3b Administrator s EIN c Administrator s telephone number b EIN c PN EFGHI 12 5 Total number of participants at the beginning of the plan year Number of participants as of the end of the plan year unless otherwise stated (welfare plans complete only lines 6a(1), 6a(2), 6b, 6c, and 6d). a(1) Total number of active participants at the beginning of the plan year... 6a(1) a(2) Total number of active participants at the end of the plan year... 6a(2) b Retired or separated participants receiving benefits... 6b c Other retired or separated participants entitled to future benefits... 6c d Subtotal. Add lines 6a(2), 6b, and 6c.... 6d e Deceased participants whose beneficiaries are receiving or are entitled to receive benefits.... 6e f Total. Add lines 6d and 6e.... 6f g Number of participants with account balances as of the end of the plan year (only defined contribution plans complete this item)... 6g h Number of participants that terminated employment during the plan year with accrued benefits that were less than 1% vested... 6h Enter the total number of employers obligated to contribute to the plan (only multiemployer plans complete this item) a If the plan provides pension benefits, enter the applicable pension feature codes from the List of Plan Characteristics Codes in the instructions: 1A b If the plan provides welfare benefits, enter the applicable welfare feature codes from the List of Plan Characteristics Codes in the instructions: 9a Plan funding arrangement (check all that apply) 9b Plan benefit arrangement (check all that apply) (1) X Insurance (1) X Insurance (2) X Code section 412(e)(3) insurance contracts (2) X Code section 412(e)(3) insurance contracts X (3) X Trust (3) X Trust (4) X General assets of the sponsor (4) X General assets of the sponsor 1 Check all applicable boxes in 1a and 1b to indicate which schedules are attached, and, where indicated, enter the number attached. (See instructions) X a Pension Schedules (1) X R (Retirement Plan Information) (2) X MB (Multiemployer Defined Benefit Plan and Certain Money Purchase Plan Actuarial Information) - signed by the plan actuary (3) X SB (Single-Employer Defined Benefit Plan Actuarial Information) - signed by the plan actuary b General Schedules (1) X H (Financial Information) (2) X I (Financial Information Small Plan) (3) X A (Insurance Information) (4) X C (Service Provider Information) (5) X D (DFE/Participating Plan Information) (6) X G (Financial Transaction Schedules)

3 Part III Form 55 (215) Page 3 Form M-1 Compliance Information (to be completed by welfare benefit plans) 11a If the plan provides welfare benefits, was the plan subject to the Form M-1 filing requirements during the plan year? (See instructions and 29 CFR ) X Yes X No If Yes is checked, complete lines 11b and 11c. 11b Is the plan currently in compliance with the Form M-1 filing requirements? (See instructions and 29 CFR )... X Yes 11c Enter the Receipt Confirmation Code for the 215 Form M-1 annual report. If the plan was not required to file the 215 Form M-1 annual report, enter the Receipt Confirmation Code for the most recent Form M-1 that was required to be filed under the Form M-1 filing requirements. (Failure to enter a valid Receipt Confirmation Code will subject the Form 55 filing to rejection as incomplete.) Receipt Confirmation Code X No

4 SCHEDULE SB (Form 55) Department of the Treasury Internal Revenue Service Department of Labor Employee Benefits Security Administration Single-Employer Defined Benefit Plan Actuarial Information This schedule is required to be filed under section 14 of the Employee Retirement Income Security Act of 1974 (ERISA) and section 659 of the Internal Revenue Code (the Code). Pension Benefit Guaranty Corporation File as an attachment to Form 55 or 55-SF. For calendar plan year 215 or fiscal plan year beginning 9/1/215 and ending Round off amounts to nearest dollar. Caution: A penalty of $1, will be assessed for late filing of this report unless reasonable cause is established. A Name of plan B Three-digit NEW JERSEY EDUCATION ASSOCIATION EMPLOYEES' RETIREMENT AND TRUST FUND EFGHI EFGHI EFGHI OMB No This Form is Open to Public Inspection plan number (PN) 1 1 C Plan sponsor s name as shown on line 2a of Form 55 or 55-SF Employer Identification Number (EIN) NEW JERSEY EDUCATION ASSOCIATION E Type of plan: X Single X Multiple-A X Multiple-B F Prior year plan size: X 1 or fewer X 11-5 X More than 5 Part I Basic Information 1 Enter the valuation date: Month 9 Day 1 Year Assets: a Market value... 2a b Actuarial value... 2b Funding target/participant count breakdown (1) Number of participants a For retired participants and beneficiaries receiving payment... D (2) Vested Funding Target (3) Total Funding Target b For terminated vested participants... c For active participants... d Total If the plan is in at-risk status, check the box and complete lines (a) and (b)... X a Funding target disregarding prescribed at-risk assumptions... 4a b Funding target reflecting at-risk assumptions, but disregarding transition rule for plans that have been in at-risk status for fewer than five consecutive years and disregarding loading factor... 4b Effective interest rate % Target normal cost Statement by Enrolled Actuary To the best of my knowledge, the information supplied in this schedule and accompanying schedules, statements and attachments, if any, is complete and accurate. Each prescribed assumption was applied in accordance with applicable law and regulations. In my opinion, each other assumption is reasonable (taking into account the experience of the plan and reasonable expectations) and such other assumptions, in combination, offer my best estimate of anticipated experience under the plan. SIGN HERE Signature of actuary JARRED D. WILSON, MAAA, EA Type or print name of actuary E 6/7/217 Date Most recent enrollment number YYYY-MM-DD SIBSON CONSULTING ABCDE Firm name WEST 34TH STREET ABCDE NEW YORK, NY ABCDE UK Address of the firm Telephone number (including area code) If the actuary has not fully reflected any regulation or ruling promulgated under the statute in completing this schedule, check the box and see instructions For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 55 or 55-SF. Schedule SB (Form 55) 215 v /31/ X

5 Schedule SB (Form 55) 215 Page 2-1 x 1 Part II Beginning of Year Carryover and Prefunding Balances 7 Balance at beginning of prior year after applicable adjustments (line 13 from prior year)... (a) Carryover balance (b) Prefunding balance Portion elected for use to offset prior year s funding requirement (line 35 from prior year) Amount remaining (line 7 minus line 8) Interest on line 9 using prior year s actual return of -.5% Prior year s excess contributions to be added to prefunding balance: a Present value of excess contributions (line 38a from prior year) b(1) Interest on the excess, if any, of line 38a over line 38b from prior year Schedule SB, using prior year's effective interest rate of 6.47%... b(2) Interest on line 38b from prior year Schedule SB, using prior year's actual return... c Total available at beginning of current plan year to add to prefunding balance d Portion of (c) to be added to prefunding balance Other reductions in balances due to elections or deemed elections Balance at beginning of current year (line 9 + line 1 + line 11d line 12) Part III Funding Percentages 14 Funding target attainment percentage % Adjusted funding target attainment percentage % Prior year s funding percentage for purposes of determining whether carryover/prefunding balances may be used to reduce current year s funding requirement % 17 If the current value of the assets of the plan is less than 7 percent of the funding target, enter such percentage % Part IV Contributions and Liquidity Shortfalls 18 Contributions made to the plan for the plan year by employer(s) and employees: (a) Date (MM-DD-YYYY) (b) Amount paid by employer(s) (c) Amount paid by employees (a) Date (MM-DD-YYYY) (b) Amount paid by employer(s) YYYY-MM-DD 12/1/ YYYY-MM-DD YYYY-MM-DD 12/9/ YYYY-MM-DD YYYY-MM-DD 1/9/ YYYY-MM-DD YYYY-MM-DD 2/3/ YYYY-MM-DD YYYY-MM-DD 3/3/ YYYY-MM-DD YYYY-MM-DD /12/217 5 Totals 18(b) 15 18(c) 19 Discounted employer contributions see instructions for small plan with a valuation date after the beginning of the year: (c) Amount paid by employees a Contributions allocated toward unpaid minimum required contributions from prior years a b Contributions made to avoid restrictions adjusted to valuation date... 19b c Contributions allocated toward minimum required contribution for current year adjusted to valuation date... 19c Quarterly contributions and liquidity shortfalls: a Did the plan have a funding shortfall for the prior year?... X Yes X No b If line 2a is Yes, were required quarterly installments for the current year made in a timely manner?... X Yes X No c If line 2a is Yes, see instructions and complete the following table as applicable: Liquidity shortfall as of end of quarter of this plan year (1) 1st (2) 2nd (3) 3rd (4) 4th

6 Schedule SB (Form 55) 215 Page 3 Part V Assumptions Used to Determine Funding Target and Target Normal Cost 21 Discount rate: a Segment rates: 1st segment: 2nd segment: 3rd segment: _% _% % X N/A, full yield curve used b Applicable month (enter code)... 21b Weighted average retirement age Mortality table(s) (see instructions) X Prescribed - combined X Prescribed - separate X Substitute Part VI Miscellaneous Items 24 Has a change been made in the non-prescribed actuarial assumptions for the current plan year? If Yes, see instructions regarding required attachment.... X Yes X No 25 Has a method change been made for the current plan year? If Yes, see instructions regarding required attachment.... X Yes X No 26 Is the plan required to provide a Schedule of Active Participants? If Yes, see instructions regarding required attachment.... X Yes X No 27 If the plan is subject to alternative funding rules, enter applicable code and see instructions regarding attachment... Part VII Reconciliation of Unpaid Minimum Required Contributions For Prior Years 28 Unpaid minimum required contributions for all prior years Discounted employer contributions allocated toward unpaid minimum required contributions from prior years (line 19a) Remaining amount of unpaid minimum required contributions (line 28 minus line 29) Part VIII Minimum Required Contribution For Current Year 31 Target normal cost and excess assets (see instructions): a Target normal cost (line 6)... 31a b Excess assets, if applicable, but not greater than line 31a... 31b 32 Amortization installments: Outstanding Balance Installment a Net shortfall amortization installment b Waiver amortization installment If a waiver has been approved for this plan year, enter the date of the ruling letter granting the approval (Month Day Year )_and the waived amount Total funding requirement before reflecting carryover/prefunding balances (lines 31a - 31b + 32a + 32b - 33) Balances elected for use to offset funding Carryover balance Prefunding balance Total balance requirement Additional cash requirement (line 34 minus line 35) Contributions allocated toward minimum required contribution for current year adjusted to valuation date (line 19c) Present value of excess contributions for current year (see instructions) a Total (excess, if any, of line 37 over line 36)... 38a b Portion included in line 38a attributable to use of prefunding and funding standard carryover balances... 38b 39 Unpaid minimum required contribution for current year (excess, if any, of line 36 over line 37) Unpaid minimum required contributions for all years Part IX Pension Funding Relief Under Pension Relief Act of 21 (See Instructions) 41 If an election was made to use PRA 21 funding relief for this plan: a Schedule elected... 2 plus 7 years X 15 years b Eligible plan year(s) for which the election in line 41a was made... X 28 X 29 X 21 X Amount of acceleration adjustment Excess installment acceleration amount to be carried over to future plan years X X X X

7 Schedule C (Form 55) 211 Page 1 SCHEDULE C (Form 55) Department of the Treasury Internal Revenue Service Department of Labor Employee Benefits Security Administration Service Provider Information This schedule is required to be filed under section 14 of the Employee Retirement Income Security Act of 1974 (ERISA). File as an attachment to Form 55. Pension Benefit Guaranty Corporation For calendar plan year 215 or fiscal plan year beginning 9/1/215 A Name of plan NEW JERSEY EDUCATION ASSOCIATION EMPLOYEES' RETIREMENT AND TRUST FUND and ending B Three-digit 8/31/216 plan number (PN) 1 OMB No This Form is Open to Public Inspection. 1 C Plan sponsor s name as shown on line 2a of Form 55 NEW JERSEY EDUCATION ASSOCIATION D Employer Identification Number (EIN) Part I Service Provider Information (see instructions) You must complete this Part, in accordance with the instructions, to report the information required for each person who received, directly or indirectly, $5, or more in total compensation (i.e., money or anything else of monetary value) in connection with services rendered to the plan or the person's position with the plan during the plan year. If a person received only eligible indirect compensation for which the plan received the required disclosures, you are required to answer line 1 but are not required to include that person when completing the remainder of this Part. 1 Information on Persons Receiving Only Eligible Indirect Compensation a Check "Yes" or "No" to indicate whether you are excluding a person from the remainder of this Part because they received only eligible indirect compensation for which the plan received the required disclosures (see instructions for definitions and conditions) X Yes X No b If you answered line 1a Yes, enter the name and EIN or address of each person providing the required disclosures for the service providers who received only eligible indirect compensation. Complete as many entries as needed (see instructions). SEI TRUST COMPANY (b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation (b) Enter name and EIN or address of person who provided you disclosure on eligible indirect compensation (b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation (b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 55 Schedule C (Form 55) 215 v.15123

8 Schedule C (Form 55) 215 Page 2-1 x 1 (b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation (b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation (b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation (b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation (b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation (b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation (b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation (b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation

9 Schedule C (Form 55) 215 Page 3-1 x 1 2. Information on Other Service Providers Receiving Direct or Indirect Compensation. Except for those persons for whom you answered Yes to line 1a above, complete as many entries as needed to list each person receiving, directly or indirectly, $5, or more in total compensation (i.e., money or anything else of value) in connection with services rendered to the plan or their position with the plan during the plan year. (See instructions). SEI INVESTMENTS (a) Enter name and EIN or address (see instructions) (b) Service Code(s) (c) Relationship to employer, employee organization, or person known to be a party-in-interest (d) Enter direct compensation paid by the plan. If none, enter --. (e) Did service provider receive indirect compensation? (sources other than plan or plan sponsor) (f) Did indirect compensation include eligible indirect compensation, for which the plan received the required disclosures? (g) (h) Enter total indirect Did the service compensation received by provider give you a service provider excluding formula instead of eligible indirect an amount or compensation for which you estimated amount? answered Yes to element (f). If none, enter NONE ABCD Yes X No X Yes X No X Yes X No X (a) Enter name and EIN or address (see instructions) SIBSON CONSULTING (b) Service Code(s) 11 5 (c) Relationship to employer, employee organization, or person known to be a party-in-interest NONE ABCD (d) Enter direct compensation paid by the plan. If none, enter --. (e) Did service provider receive indirect compensation? (sources other than plan or plan sponsor) (f) Did indirect compensation include eligible indirect compensation, for which the plan received the required disclosures? Yes X No X Yes X No X (g) (h) Enter total indirect Did the service compensation received by provider give you a service provider excluding formula instead of eligible indirect an amount or compensation for which you estimated amount? answered Yes to element (f). If none, enter Yes X No X (a) Enter name and EIN or address (see instructions) WELLS FARGO (b) Service Code(s) (c) Relationship to employer, employee organization, or person known to be a party-in-interest NONE ABCD (d) Enter direct compensation paid by the plan. If none, enter --. (e) Did service provider receive indirect compensation? (sources other than plan or plan sponsor) (f) Did indirect compensation include eligible indirect compensation, for which the plan received the required disclosures? (g) (h) Enter total indirect Did the service compensation received by provider give you a service provider excluding formula instead of eligible indirect an amount or compensation for which you estimated amount? answered Yes to element (f). If none, enter Yes X No X Yes X No X Yes X No X

10 Schedule C (Form 55) 215 Page 3-1 x 2 2. Information on Other Service Providers Receiving Direct or Indirect Compensation. Except for those persons for whom you answered Yes to line 1a above, complete as many entries as needed to list each person receiving, directly or indirectly, $5, or more in total compensation (i.e., money or anything else of value) in connection with services rendered to the plan or their position with the plan during the plan year. (See instructions). NOVAK FRANCELLA (a) Enter name and EIN or address (see instructions) (b) Service Code(s) (c) Relationship to employer, employee organization, or person known to be a party-in-interest (d) Enter direct compensation paid by the plan. If none, enter --. (e) Did service provider receive indirect compensation? (sources other than plan or plan sponsor) (f) Did indirect compensation include eligible indirect compensation, for which the plan received the required disclosures? (g) (h) Enter total indirect Did the service compensation received by provider give you a service provider excluding formula instead of eligible indirect an amount or compensation for which you estimated amount? answered Yes to element (f). If none, enter NONE ABCD Yes X No X Yes X No X Yes X No X (a) Enter name and EIN or address (see instructions) (b) Service Code(s) (c) Relationship to employer, employee organization, or person known to be a party-in-interest ABCD (d) Enter direct compensation paid by the plan. If none, enter --. (e) Did service provider receive indirect compensation? (sources other than plan or plan sponsor) (f) Did indirect compensation include eligible indirect compensation, for which the plan received the required disclosures? Yes X No X Yes X No X (g) (h) Enter total indirect Did the service compensation received by provider give you a service provider excluding formula instead of eligible indirect an amount or compensation for which you estimated amount? answered Yes to element (f). If none, enter Yes X No X (a) Enter name and EIN or address (see instructions) (b) Service Code(s) (c) Relationship to employer, employee organization, or person known to be a party-in-interest ABCD (d) Enter direct compensation paid by the plan. If none, enter --. (e) Did service provider receive indirect compensation? (sources other than plan or plan sponsor) (f) Did indirect compensation include eligible indirect compensation, for which the plan received the required disclosures? (g) (h) Enter total indirect Did the service compensation received by provider give you a service provider excluding formula instead of eligible indirect an amount or compensation for which you estimated amount? answered Yes to element (f). If none, enter Yes X No X Yes X No X Yes X No X

11 Schedule C (Form 55) 215 Page 4-1 x 1 Part I Service Provider Information (continued) 3 If you reported on line 2 receipt of indirect compensation, other than eligible indirect compensation, by a service provider, and the service provider is a fiduciary or provides contract administrator, consulting, custodial, investment advisory, investment management, broker, or recordkeeping services, answer the following questions for (a) each source from whom the service provider received $1, or more in indirect compensation and (b) each source for whom the service provider gave you a formula used to determine the indirect compensation instead of an amount or estimated amount of the indirect compensation. Complete as many entries as needed to report the required information for each source. (a) Enter service provider name as it appears on line 2 (b) Service Codes (see instructions) (c) Enter amount of indirect compensation (d) Enter name and EIN (address) of source of indirect compensation (e) Describe the indirect compensation, including any formula used to determine the service provider s eligibility for or the amount of the indirect compensation. (a) Enter service provider name as it appears on line 2 (b) Service Codes (see instructions) (c) Enter amount of indirect compensation (d) Enter name and EIN (address) of source of indirect compensation (e) Describe the indirect compensation, including any formula used to determine the service provider s eligibility for or the amount of the indirect compensation. (a) Enter service provider name as it appears on line 2 (b) Service Codes (see instructions) (c) Enter amount of indirect compensation (d) Enter name and EIN (address) of source of indirect compensation (e) Describe the indirect compensation, including any formula used to determine the service provider s eligibility for or the amount of the indirect compensation.

12 Schedule C (Form 55) 215 Page 5-1 x 1 Part II Service Providers Who Fail or Refuse to Provide Information 4 Provide, to the extent possible, the following information for each service provider who failed or refused to provide the information necessary to complete this Schedule. (a) Enter name and EIN or address of service provider (see instructions) (b) Nature of Service Code(s) (c) Describe the information that the service provider failed or refused to provide E E E E E E (a) Enter name and EIN or address of service provider (see instructions) (b) Nature of Service Code(s) (a) Enter name and EIN or address of service provider (see instructions) (b) Nature of Service Code(s) (a) Enter name and EIN or address of service provider (see instructions) (b) Nature of Service Code(s) (a) Enter name and EIN or address of service provider (see instructions) (b) Nature of Service Code(s) (c) Describe the information that the service provider failed or refused to provide E E E E E E (c) Describe the information that the service provider failed or refused to provide E E E E E E (c) Describe the information that the service provider failed or refused to provide E E E E E E (c) Describe the information that the service provider failed or refused to provide E E E E E E (a) Enter name and EIN or address of service provider (see instructions) (b) Nature of Service Code(s) (c) Describe the information that the service provider failed or refused to provide

13 Schedule C (Form 55) 215 Page 6-1 x 1 Part III a Name: b EIN: c Position: ABCD d Address: e Telephone: Explanation: Termination Information on Accountants and Enrolled Actuaries (see instructions) (complete as many entries as needed) EFGHI EFGHI EFGHI EFGHI EFGHI EFGHI a Name: b EIN: c Position: ABCD d Address: e Telephone: Explanation: EFGHI EFGHI EFGHI EFGHI EFGHI EFGHI a Name: b EIN: c Position: ABCD d Address: e Telephone: Explanation: EFGHI EFGHI EFGHI EFGHI EFGHI EFGHI a Name: b EIN: c Position: ABCD d Address: e Telephone: Explanation: EFGHI EFGHI EFGHI EFGHI EFGHI EFGHI a Name: b EIN: c Position: ABCD d Address: e Telephone: Explanation: EFGHI EFGHI EFGHI EFGHI EFGHI EFGHI

14 SCHEDULE D (Form 55) Department of the Treasury Internal Revenue Service Department of Labor Employee Benefits Security Administration DFE/Participating Plan Information This schedule is required to be filed under section 14 of the Employee Retirement Income Security Act of 1974 (ERISA). File as an attachment to Form 55. For calendar plan year 215 or fiscal plan year beginning 9/1/215 A Name of plan NEW JERSEY EDUCATION ASSOCIATION EMPLOYEES' RETIREMENT AND TRUST FUND EFGHI EFGHI and ending B Three-digit OMB No This Form is Open to Public Inspection. plan number (PN) 1 1 C Plan or DFE sponsor s name as shown on line 2a of Form 55 Employer Identification Number (EIN) NEW JERSEY EDUCATION ASSOCIATION EFGHI Part I Information on interests in MTIAs, CCTs, PSAs, and IEs (to be completed by plans and DFEs) (Complete as many entries as needed to report all interests in DFEs) a Name of MTIA, CCT, PSA, or IE: SEI CORE PROPERTY INVESTMENT TRUST ABCD SEI TRUST COMPANY EFGHI b Name of sponsor of entity listed in (a): c EIN-PN a Name of MTIA, CCT, PSA, or IE: b Name of sponsor of entity listed in (a): c EIN-PN a Name of MTIA, CCT, PSA, or IE: b Name of sponsor of entity listed in (a): c EIN-PN a Name of MTIA, CCT, PSA, or IE: b Name of sponsor of entity listed in (a): c EIN-PN a Name of MTIA, CCT, PSA, or IE: b Name of sponsor of entity listed in (a): c EIN-PN a Name of MTIA, CCT, PSA, or IE: b Name of sponsor of entity listed in (a): c EIN-PN a Name of MTIA, CCT, PSA, or IE: b Name of sponsor of entity listed in (a): c EIN-PN d Entity C code 1 d Entity C code 1 d Entity C code 1 D e Dollar value of interest in MTIA, CCT, PSA, or IE at end of year (see instructions) EFGHI SEI OPPORTUNITY COLLECTIVE FUND SEI TRUST COMPANY e Dollar value of interest in MTIA, CCT, PSA, or IE at end of year (see instructions) EFGHI SEI SPECIAL SITUATIONS COLLECTIVE T SEI TRUST COMPANY 8/31/216 e Dollar value of interest in MTIA, CCT, PSA, or IE at end of year (see instructions) EFGHI d Entity e Dollar value of interest in MTIA, CCT, PSA, or code IE at end of year (see instructions) EFGHI d Entity e Dollar value of interest in MTIA, CCT, PSA, or code IE at end of year (see instructions) EFGHI d Entity e Dollar value of interest in MTIA, CCT, PSA, or code IE at end of year (see instructions) EFGHI d Entity e Dollar value of interest in MTIA, CCT, PSA, or code IE at end of year (see instructions) For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 55. Schedule D (Form 55) 215 v

15 Schedule D (Form 55) 215 Page 2-11 x a Name of MTIA, CCT, PSA, or IE: b Name of sponsor of entity listed in (a): c EIN-PN a Name of MTIA, CCT, PSA, or IE: b Name of sponsor of entity listed in (a): c EIN-PN a Name of MTIA, CCT, PSA, or IE: b Name of sponsor of entity listed in (a): c EIN-PN a Name of MTIA, CCT, PSA, or IE: b Name of sponsor of entity listed in (a): c EIN-PN a Name of MTIA, CCT, PSA, or IE: b Name of sponsor of entity listed in (a): c EIN-PN a Name of MTIA, CCT, PSA, or IE: b Name of sponsor of entity listed in (a): c EIN-PN a Name of MTIA, CCT, PSA, or IE: b Name of sponsor of entity listed in (a): c EIN-PN a Name of MTIA, CCT, PSA, or IE: b Name of sponsor of entity listed in (a): c EIN-PN a Name of MTIA, CCT, PSA, or IE: b Name of sponsor of entity listed in (a): c EIN-PN a Name of MTIA, CCT, PSA, or IE: b Name of sponsor of entity listed in (a): c EIN-PN EFGHI d Entity e Dollar value of interest in MTIA, CCT, PSA, or code IE at end of year (see instructions) EFGHI d Entity e Dollar value of interest in MTIA, CCT, PSA, or code IE at end of year (see instructions) EFGHI d Entity e Dollar value of interest in MTIA, CCT, PSA, or code IE at end of year (see instructions) EFGHI d Entity e Dollar value of interest in MTIA, CCT, PSA, or code IE at end of year (see instructions) EFGHI d Entity e Dollar value of interest in MTIA, CCT, PSA, or code IE at end of year (see instructions) EFGHI d Entity e Dollar value of interest in MTIA, CCT, PSA, or code IE at end of year (see instructions) EFGHI d Entity e Dollar value of interest in MTIA, CCT, PSA, or code IE at end of year (see instructions) EFGHI d Entity e Dollar value of interest in MTIA, CCT, PSA, or code IE at end of year (see instructions) EFGHI d Entity e Dollar value of interest in MTIA, CCT, PSA, or code IE at end of year (see instructions) EFGHI d Entity e Dollar value of interest in MTIA, CCT, PSA, or code IE at end of year (see instructions)

16 6 Part II a Plan name b Name of plan sponsor a Plan name b Name of plan sponsor a Plan name b Name of plan sponsor a Plan name b Name of plan sponsor a Plan name b Name of plan sponsor a Plan name b Name of plan sponsor a Plan name b Name of plan sponsor a Plan name b Name of plan sponsor a Plan name b Name of plan sponsor a Plan name b Name of plan sponsor a Plan name b Name of plan sponsor a Plan name b Name of plan sponsor Schedule D (Form 55) 215 Page 3-1 x Information on Participating Plans (to be completed by DFEs) (Complete as many entries as needed to report all participating plans) EFGHI EFGHI EFGHI EFGHI c EIN-PN EFGHI EFGHI EFGHI EFGHI c EIN-PN EFGHI EFGHI EFGHI EFGHI c EIN-PN EFGHI EFGHI EFGHI EFGHI c EIN-PN EFGHI EFGHI EFGHI EFGHI c EIN-PN EFGHI EFGHI EFGHI EFGHI c EIN-PN EFGHI EFGHI EFGHI EFGHI c EIN-PN EFGHI EFGHI EFGHI EFGHI c EIN-PN EFGHI EFGHI EFGHI EFGHI c EIN-PN EFGHI EFGHI EFGHI EFGHI c EIN-PN EFGHI EFGHI EFGHI EFGHI c EIN-PN EFGHI EFGHI EFGHI EFGHI c EIN-PN

17 SCHEDULE H (Form 55) Department of the Treasury Internal Revenue Service Department of Labor Employee Benefits Security Administration Financial Information This schedule is required to be filed under section 14 of the Employee Retirement Income Security Act of 1974 (ERISA), and section 658(a) of the Internal Revenue Code (the Code). OMB No File as an attachment to Form 55. This Form is Open to Public Pension Benefit Guaranty Corporation Inspection For calendar plan year 215 or fiscal plan year beginning 9/1/215 and ending 8/31/216 A Name of plan B Three-digit NEW JERSEY EDUCATION ASSOCIATION EMPLOYEES' RETIREMENT AND TRUST FUND 1 EFGHI EFGHI plan number (PN) 1 C Plan sponsor s name as shown on line 2a of Form 55 D Employer Identification Number (EIN) NEW JERSEY EDUCATION ASSOCIATION EFGHI Part I Asset and Liability Statement 1 Current value of plan assets and liabilities at the beginning and end of the plan year. Combine the value of plan assets held in more than one trust. Report the value of the plan s interest in a commingled fund containing the assets of more than one plan on a line-by-line basis unless the value is reportable on lines 1c(9) through 1c(14). Do not enter the value of that portion of an insurance contract which guarantees, during this plan year, to pay a specific dollar benefit at a future date. Round off amounts to the nearest dollar. MTIAs, CCTs, PSAs, and IEs do not complete lines 1b(1), 1b(2), 1c(8), 1g, 1h, and 1i. CCTs, PSAs, and IEs also do not complete lines 1d and 1e. See instructions. Assets (a) Beginning of Year (b) End of Year a Total noninterest-bearing cash... 1a b Receivables (less allowance for doubtful accounts): (1) Employer contributions... 1b(1) (2) Participant contributions... 1b(2) (3) Other... 1b(3) c General investments: (1) Interest-bearing cash (include money market accounts & certificates of deposit)... 1c(1) (2) U.S. Government securities... 1c(2) (3) Corporate debt instruments (other than employer securities): (A) Preferred... 1c(3)(A) (B) All other... 1c(3)(B) (4) Corporate stocks (other than employer securities): (A) Preferred... 1c(4)(A) (B) Common... 1c(4)(B) (5) Partnership/joint venture interests... 1c(5) (6) Real estate (other than employer real property)... 1c(6) (7) Loans (other than to participants)... 1c(7) (8) Participant loans... 1c(8) (9) Value of interest in common/collective trusts... 1c(9) (1) Value of interest in pooled separate accounts... 1c(1) (11) Value of interest in master trust investment accounts... 1c(11) (12) Value of interest in investment entities... 1c(12) (13) Value of interest in registered investment companies (e.g., mutual funds)... (14) Value of funds held in insurance company general account (unallocated contracts)... 1c(13) c(14) (15) Other... 1c(15) For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 55 Schedule H (Form 55) 215 v

18 Schedule H (Form 55) 215 Page 2 1d Employer-related investments: (a) Beginning of Year (b) End of Year (1) Employer securities... 1d(1) (2) Employer real property... 1d(2) e Buildings and other property used in plan operation... 1e f Total assets (add all amounts in lines 1a through 1e)... 1f Liabilities 1g Benefit claims payable... 1g h Operating payables... 1h i Acquisition indebtedness... 1i j Other liabilities... 1j k Total liabilities (add all amounts in lines 1g through1j)... 1k Net Assets 1l Net assets (subtract line 1k from line 1f)... 1l Part II Income and Expense Statement 2 Plan income, expenses, and changes in net assets for the year. Include all income and expenses of the plan, including any trust(s) or separately maintained fund(s) and any payments/receipts to/from insurance carriers. Round off amounts to the nearest dollar. MTIAs, CCTs, PSAs, and IEs do not complete lines 2a, 2b(1)(E), 2e, 2f, and 2g. Income (a) Amount (b) Total a Contributions: b (1) Received or receivable in cash from: (A) Employers... 2a(1)(A) (B) Participants... 2a(1)(B) (C) Others (including rollovers)... 2a(1)(C) (2) Noncash contributions... 2a(2) (3) Total contributions. Add lines 2a(1)(A), (B), (C), and line 2a(2)... 2a(3) Earnings on investments: (1) Interest: (A) Interest-bearing cash (including money market accounts and certificates of deposit)... 2b(1)(A) (B) U.S. Government securities... 2b(1)(B) (C) Corporate debt instruments... 2b(1)(C) (D) Loans (other than to participants)... 2b(1)(D) (E) Participant loans... 2b(1)(E) (F) Other... 2b(1)(F) (G) Total interest. Add lines 2b(1)(A) through (F)... 2b(1)(G) (2) Dividends: (A) Preferred stock... 2b(2)(A) (B) Common stock... 2b(2)(B) (C) Registered investment company shares (e.g. mutual funds)... 2b(2)(C) (D) Total dividends. Add lines 2b(2)(A), (B), and (C) 2b(2)(D) (3) Rents... 2b(3) (4) Net gain (loss) on sale of assets: (A) Aggregate proceeds... 2b(4)(A) (B) Aggregate carrying amount (see instructions)... 2b(4)(B) (C) Subtract line 2b(4)(B) from line 2b(4)(A) and enter result... 2b(4)(C) (5) Unrealized appreciation (depreciation) of assets: (A) Real estate... 2b(5)(A) (B) Other... 2b(5)(B) (C) Total unrealized appreciation of assets. Add lines 2b(5)(A) and (B) b(5)(C)

19 Schedule H (Form 55) 215 Page 3 (a) Amount (b) Total (6) Net investment gain (loss) from common/collective trusts... 2b(6) (7) Net investment gain (loss) from pooled separate accounts... 2b(7) (8) Net investment gain (loss) from master trust investment accounts... 2b(8) (9) Net investment gain (loss) from investment entities... 2b(9) (1) Net investment gain (loss) from registered investment companies (e.g., mutual funds)... 2b(1) c Other income... 2c d Total income. Add all income amounts in column (b) and enter total... 2d Expenses e Benefit payment and payments to provide benefits: (1) Directly to participants or beneficiaries, including direct rollovers... 2e(1) (2) To insurance carriers for the provision of benefits... 2e(2) (3) Other... 2e(3) (4) Total benefit payments. Add lines 2e(1) through (3)... 2e(4) f Corrective distributions (see instructions)... 2f g Certain deemed distributions of participant loans (see instructions)... 2g h Interest expense... 2h i Administrative expenses: (1) Professional fees... 2i(1) (2) Contract administrator fees... 2i(2) (3) Investment advisory and management fees... 2i(3) (4) Other... 2i(4) (5) Total administrative expenses. Add lines 2i(1) through (4)... 2i(5) j Total expenses. Add all expense amounts in column (b) and enter total... 2j Net Income and Reconciliation k Net income (loss). Subtract line 2j from line 2d... 2k l Transfers of assets: (1) To this plan... 2l(1) (2) From this plan... 2l(2) Part III Accountant s Opinion 3 Complete lines 3a through 3c if the opinion of an independent qualified public accountant is attached to this Form 55. Complete line 3d if an opinion is not attached. a The attached opinion of an independent qualified public accountant for this plan is (see instructions): (1) X Unqualified (2) X Qualified (3) X Disclaimer (4) X Adverse b Did the accountant perform a limited scope audit pursuant to 29 CFR and/or 13-12(d)? X Yes X No c Enter the name and EIN of the accountant (or accounting firm) below: (1) Name: NOVAK FRANCELLA, LLC ABCD (2) EIN: d The opinion of an independent qualified public accountant is not attached because: (1) X This form is filed for a CCT, PSA, or MTIA. (2) X It will be attached to the next Form 55 pursuant to 29 CFR Part IV Compliance Questions 4 CCTs and PSAs do not complete Part IV. MTIAs, IEs, and GIAs do not complete lines 4a, 4e, 4f, 4g, 4h, 4k, 4m, 4n, or IEs also do not complete lines 4j and 4l. MTIAs also do not complete line 4l. a b X During the plan year: Yes No N/A Amount Was there a failure to transmit to the plan any participant contributions within the time period described in 29 CFR ? Continue to answer Yes for any prior year failures until fully corrected. (See instructions and DOL s Voluntary Fiduciary Correction Program.)... 4a X Were any loans by the plan or fixed income obligations due the plan in default as of the close of the plan year or classified during the year as uncollectible? Disregard participant loans secured by participant s account balance. (Attach Schedule G (Form 55) Part I if Yes is checked.)... 4b X

20 Schedule H (Form 55) 215 Page 4-1X c d Yes No N/A Amount Were any leases to which the plan was a party in default or classified during the year as uncollectible? (Attach Schedule G (Form 55) Part II if Yes is checked.)... 4c X Were there any nonexempt transactions with any party-in-interest? (Do not include transactions reported on line 4a. Attach Schedule G (Form 55) Part III if Yes is checked.)... 4d X e Was this plan covered by a fidelity bond?... 4e X f Did the plan have a loss, whether or not reimbursed by the plan s fidelity bond, that was g h i j k caused by fraud or dishonesty?... 4f X Did the plan hold any assets whose current value was neither readily determinable on an established market nor set by an independent third party appraiser?... 4g X Did the plan receive any noncash contributions whose value was neither readily determinable on an established market nor set by an independent third party appraiser?... Did the plan have assets held for investment? (Attach schedule(s) of assets if Yes is checked, and see instructions for format requirements.)... Were any plan transactions or series of transactions in excess of 5% of the current value of plan assets? (Attach schedule of transactions if Yes is checked, and see instructions for format requirements.)... Were all the plan assets either distributed to participants or beneficiaries, transferred to another plan, or brought under the control of the PBGC?... 4k 4h X l Has the plan failed to provide any benefit when due under the plan?... 4l X m If this is an individual account plan, was there a blackout period? (See instructions and 29 CFR )... 4m n If 4m was answered Yes, check the Yes box if you either provided the required notice or one of the exceptions to providing the notice applied under 29 CFR n o Did the plan trust incur unrelated business taxable income? 4o p Were in-service distributions made during the plan year?.. 4p 5a Has a resolution to terminate the plan been adopted during the plan year or any prior plan year? If Yes, enter the amount of any plan assets that reverted to the employer this year... X Yes X No 4i 4j X X X X X Amount:-123 5b If, during this plan year, any assets or liabilities were transferred from this plan to another plan(s), identify the plan(s) to which assets or liabilities were transferred. (See instructions.) 5b(1) Name of plan(s) 5b(2) EIN(s) 5b(3) PN(s) EFGHI EFGHI EFGHI EFGHI EFGHI EFGHI EFGHI EFGHI c If the plan is a defined benefit plan, is it covered under the PBGC insurance program (see ERISA section 421)?... X Yes X No Part V Trust Information 6a Name of trust EFGHI EFGHI EFGHI X 6b Trust s EIN X Not determined 6c Name of trustee or custodian 6d Trustee s or custodian s telephone number

21 SCHEDULE R (Form 55) Department of the Treasury Internal Revenue Service Department of Labor Employee Benefits Security Administration Retirement Plan Information This schedule is required to be filed under section 14 and 465 of the Employee Retirement Income Security Act of 1974 (ERISA) and section 658(a) of the Internal Revenue Code (the Code). File as an attachment to Form 55. Pension Benefit Guaranty Corporation For calendar plan year 215 or fiscal plan year beginning 9/1/215 and ending A Name of plan B NEW JERSEY EDUCATION ASSOCIATION EMPLOYEES' RETIREMENT AND TRUST FUND EFGHI EFGHI C Plan sponsor s name as shown on line 2a of Form 55 NEW JERSEY EDUCATION ASSOCIATION EFGHI Part I Distributions D Three-digit plan number OMB No This Form is Open to Public Inspection. (PN) 1 1 Employer Identification Number (EIN) All references to distributions relate only to payments of benefits during the plan year. 1 Total value of distributions paid in property other than in cash or the forms of property specified in the 1 instructions... 2 Enter the EIN(s) of payor(s) who paid benefits on behalf of the plan to participants or beneficiaries during the year (if more than two, enter EINs of the two payors who paid the greatest dollar amounts of benefits): EIN(s): Profit-sharing plans, ESOPs, and stock bonus plans, skip line 3. 3 Number of participants (living or deceased) whose benefits were distributed in a single sum, during the plan year Part II Funding Information (If the plan is not subject to the minimum funding requirements of section of 412 of the Internal Revenue Code or ERISA section 32, skip this Part) 4 Is the plan administrator making an election under Code section 412(d)(2) or ERISA section 32(d)(2)?... X Yes X No X N/A If the plan is a defined benefit plan, go to line 8. 5 If a waiver of the minimum funding standard for a prior year is being amortized in this plan year, see instructions and enter the date of the ruling letter granting the waiver. Date: Month Day Year If you completed line 5, complete lines 3, 9, and 1 of Schedule MB and do not complete the remainder of this schedule. 6 a Enter the minimum required contribution for this plan year (include any prior year accumulated funding If you completed line 6c, skip lines 8 and 9. 7 Will the minimum funding amount reported on line 6c be met by the funding deadline?... X Yes X No X N/A 8 If a change in actuarial cost method was made for this plan year pursuant to a revenue procedure or other authority providing automatic approval for the change or a class ruling letter, does the plan sponsor or plan administrator agree with the change?... X Yes X No X N/A Part III deficiency not waived)... Amendments 9 If this is a defined benefit pension plan, were any amendments adopted during this plan year that increased or decreased the value of benefits? If yes, check the appropriate box. If no, check the No box.... X Increase X Decrease X Both X No Part IV ESOPs (see instructions). If this is not a plan described under Section 49(a) or 4975(e)(7) of the Internal Revenue Code, skip this Part. 1 Were unallocated employer securities or proceeds from the sale of unallocated securities used to repay any exempt loan?... X Yes X No 11 a Does the ESOP hold any preferred stock?... X Yes X No b If the ESOP has an outstanding exempt loan with the employer as lender, is such loan part of a back-to-back loan? (See instructions for definition of back-to-back loan.) Does the ESOP hold any stock that is not readily tradable on an established securities market?... X Yes X No For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 55. Schedule R (Form 55) 215 v X Yes a b Enter the amount contributed by the employer to the plan for this plan year... 6b c 8/31/216 Subtract the amount in line 6b from the amount in line 6a. Enter the result (enter a minus sign to the left of a negative amount)... 6c X 6 X No

22 Part V Schedule R (Form 55) 215 Page 2-1 x Additional Information for Multiemployer Defined Benefit Pension Plans 13 Enter the following information for each employer that contributed more than 5% of total contributions to the plan during the plan year (measured in dollars). See instructions. Complete as many entries as needed to report all applicable employers. a Name of contributing employer b EIN c Dollar amount contributed by employer d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box X and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month Day Year e Contribution rate information (If more than one rate applies, check this box X and see instructions regarding required attachment. Otherwise, complete lines 13e(1) and 13e(2).) (1) Contribution rate (in dollars and cents) (2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): a Name of contributing employer b EIN c Dollar amount contributed by employer d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box X and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month Day Year e Contribution rate information (If more than one rate applies, check this box X and see instructions regarding required attachment. Otherwise, complete lines 13e(1) and 13e(2).) (1) Contribution rate (in dollars and cents) (2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): a Name of contributing employer b EIN c Dollar amount contributed by employer d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box X and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month Day Year e Contribution rate information (If more than one rate applies, check this box X and see instructions regarding required attachment. Otherwise, complete lines 13e(1) and 13e(2).) (1) Contribution rate (in dollars and cents) (2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): a Name of contributing employer b EIN c Dollar amount contributed by employer d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box X and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month Day Year e Contribution rate information (If more than one rate applies, check this box X and see instructions regarding required attachment. Otherwise, complete lines 13e(1) and 13e(2).) (1) Contribution rate (in dollars and cents) (2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): a Name of contributing employer b EIN c Dollar amount contributed by employer d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box X and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month Day Year e Contribution rate information (If more than one rate applies, check this box X and see instructions regarding required attachment. Otherwise, complete lines 13e(1) and 13e(2).) (1) Contribution rate (in dollars and cents) (2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): a Name of contributing employer b EIN c Dollar amount contributed by employer 1 d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box X and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month Day Year e Contribution rate information (If more than one rate applies, check this box X and see instructions regarding required attachment. Otherwise, complete lines 13e(1) and 13e(2).) (1) Contribution rate (in dollars and cents) (2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify):

23 Schedule R (Form 55) 215 Page 3 14 Enter the number of participants on whose behalf no contributions were made by an employer as an employer of the participant for: a The current year... 14a b The plan year immediately preceding the current plan year... 14b c The second preceding plan year... 14c Enter the ratio of the number of participants under the plan on whose behalf no employer had an obligation to make an employer contribution during the current plan year to: a The corresponding number for the plan year immediately preceding the current plan year... 15a b The corresponding number for the second preceding plan year... 15b Information with respect to any employers who withdrew from the plan during the preceding plan year: a Enter the number of employers who withdrew during the preceding plan year... 16a b If line 16a is greater than, enter the aggregate amount of withdrawal liability assessed or estimated to be assessed against such withdrawn employers... 16b If assets and liabilities from another plan have been transferred to or merged with this plan during the plan year, check box and see instructions regarding supplemental information to be included as an attachment.... X Part VI Additional Information for Single-Employer and Multiemployer Defined Benefit Pension Plans 18 If any liabilities to participants or their beneficiaries under the plan as of the end of the plan year consist (in whole or in part) of liabilities to such participants and beneficiaries under two or more pension plans as of immediately before such plan year, check box and see instructions regarding supplemental information to be included as an attachment... X 19 If the total number of participants is 1, or more, complete lines (a) through (c) a b c Part VII Enter the percentage of plan assets held as: Stock: % Investment-Grade Debt: % High-Yield Debt: % Real Estate: % Other: % Provide the average duration of the combined investment-grade and high-yield debt: X -3 years X 3-6 years X 6-9 years X 9-12 years X years X years X years X 21 years or more What duration measure was used to calculate line 19(b)? X Effective duration X Macaulay duration X Modified duration X Other (specify): IRS Compliance Questions 2a Is the plan a 41(k) plan?... X Yes X No 2b If Yes, how does the 41(k) plan satisfy the nondiscrimination requirements for employee deferrals and employer matching contributions (as applicable) under sections 41(k)(3) and 41(m)(2)?... 2c If the ADP/ACP test is used, did the 41(k) plan perform ADP/ACP testing for the plan year using the "current year testing method" for nonhighly compensated employees (Treas. Reg sections 1.41(k)-2(a)(2)(ii) and 1.41(m)-2(a)(2)(ii))?... 21a Check the box to indicate the method used by the plan to satisfy the coverage requirements under section 41(b):... 21b Does the plan satisfy the coverage and nondiscrimination tests of sections 41(b) and 41(a)(4) by combining this plan with any other plans under the permissive aggregation rules?... X Design-based safe harbor method X Yes X Ratio percentage test X Yes X ADP/ACP test X No X X No Average benefit test 22a Has the plan been timely amended for all required tax law changes?... X Yes X No X N/A 22b Date the last plan amendment/restatement for the required tax law changes was adopted / /. Enter the applicable code (See instructions for tax law changes and codes). 22c If the plan sponsor is an adopter of a pre-approved master and prototype (M&P) or volume submitter plan that is subject to a favorable IRS opinion or advisory letter, enter the date of that favorable letter / / and the letter s serial number. 22d If the plan is an individually-designed plan and received a favorable determination letter from the IRS, enter the date of the plan s last favorable determination letter / /. 23 Is the Plan maintained in a U.S. territory (i.e., Puerto Rico (if no election under ERISA section 122(i)(2) has been made), American Samoa, Guam, the Commonwealth of the Northern Mariana Islands or the U.S. Virgin Islands)?... X Yes X No

24 NEW JERSEY EDUCATION ASSOCIATION EMPLOYEES RETIREMENT PLAN FINANCIAL STATEMENTS AUGUST 31, 216

25 NEW JERSEY EDUCATION ASSOCIATION EMPLOYEES RETIREMENT PLAN FINANCIAL STATEMENTS WITH SUPPLEMENTAL INFORMATION AUGUST 31, 216 AND 215 CONTENTS PAGE Independent Auditor s Report 1 Statements of Net Assets Available for Benefits 3 Statements of Changes in Net Assets Available for Benefits 4 Notes to Financial Statements 5 Supplemental Information Schedule of Assets Held for Investment Purposes 14 Schedule of Reportable (5%) Transactions 16

26 INDEPENDENT AUDITOR S REPORT To the Participants and Board of Retirement Plan Directors of the New Jersey Education Association Employees Retirement Plan We have audited the accompanying financial statements of the New Jersey Education Association Employees Retirement Plan (the Plan), which comprise the statements of net assets available for benefits as of August 31, 216 and 215, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes to the financial statements. Management s Responsibility for the Financial Statements 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 our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Plan s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

27 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, information regarding the Plan s net assets available for benefits as of August 31, 216, and the changes therein for the year then ended, and its financial status as of August 31, 215, and the changes therein for the year then ended, in accordance with accounting principles generally accepted in the United States of America. Change in Accounting Principle As discussed in Note 9 to the financial statements, the Plan early adopted Part II ASU , new accounting guidance. Our opinion is not modified with respect to this matter. Report on Supplemental Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The supplemental Schedule of Assets Held for Investment Purposes and Schedule of Reportable (5%) Transactions, together referred to as supplemental information, are presented for the purpose of additional analysis and are not a required part of the financial statements. The supplemental Schedule of Assets Held for Investment Purposes and Schedule of Reportable (5%) Transactions represent supplemental information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended. Supplemental information is the responsibility of the Plan's management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. June 9,

28 New Jersey Education Association Employees' Retirement Plan Statements of Net Assets Available for Benefits August 31, 216 and Assets Investments - at fair value United States Government and Government Agency obligations $ 41,581,319 $ 33,81,24 Fixed income mutual funds 171,157, ,61,541 Balanced mutual fund 13,26,553 14,175,648 Equity mutual funds 42,692,28 42,143,545 International mutual funds 39,217,513 35,261,988 Common collective trust fund - real estate 29,521,577 26,462,199 Common collective trust fund - hedge fund of funds 26,358,544 22,994,883 Money market mutual fund - 1,129,46 Total investments 363,555, ,588,414 Cash 1,334,579 - Receivables Accrued interest and dividends 8 14 Employee contributions 45,173 45,629 Total receivables 45,253 45,643 Total assets 364,935,43 322,634,57 Liabilities and Net Assets Liabilities Accounts payable and accrued expenses 438,33 285,889 Total liabilities 438,33 285,889 Net assets available for benefits $ 364,497,73 $ 322,348,168 See accompanying notes to financial statements

29 New Jersey Education Association Employees' Retirement Plan Statements of Changes in Net Assets Available for Benefits Years Ended August 31, 216 and Additions Investment income Net appreciation (depreciation) in fair value of investments $ 33,682,33 $ (15,466,529) Interest and dividends 8,573,288 15,198,729 42,255,321 (267,8) Less investment expenses (1,74,685) (1,725,3) Investment income - net 4,55,636 (1,993,1) Contribution income Employer 15,, 15,, Participant 1,113,484 1,94,485 Total contribution income 16,113,484 16,94,485 Total additions 56,664,12 14,11,385 Deductions Pension benefits 14,25,969 13,647,219 Administrative expenses Professional fees 233,88 114,825 PBGC insurance 3,438 25,97 Total administrative expenses 264,246 14,795 Total deductions 14,515,215 13,788,14 Net increase 42,148,95 313,371 Net assets available for benefits Beginning of year 322,348, ,34,797 End of year $ 364,497,73 $ 322,348,168 See accompanying notes to financial statements

30 NEW JERSEY EDUCATION ASSOCIATION EMPLOYEES RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS AUGUST 31, 216 AND 215 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Method of Accounting - The financial statements are prepared using the accrual basis of accounting. Investments - Investments in United States Government and Government Agency obligations and the fixed income, equity, balanced and international mutual funds are carried at fair value which generally represents reported market value as of the last business day of the year. The short-term security is carried at cost which approximates fair value. The common collective trusts are carried at the net asset value per unit as reported by the management of the respective funds. Contributions Receivable - Employer and employee contributions received subsequent to year end, but applicable thereto, are recorded as a receivable at year end. Allowance for uncollectible accounts is considered unnecessary and is not provided. Actuarial Present Value of Accumulated Plan Benefits - Accumulated plan benefits are those future periodic payments, including lump-sum distributions, that are attributable under the Plan s provisions to the service which employees have rendered. Accumulated plan benefits include benefits expected to be paid to (a) retired or terminated employees or their beneficiaries; (b) beneficiaries of employees who have died; and (c) present employees or their beneficiaries. Payment of Benefits - Benefits are recorded when paid. Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures in financial statements. Actual results could differ from those estimates. NOTE 2. DESCRIPTION OF PLAN The following brief description of the New Jersey Education Association Employees Retirement Plan (the Plan) is provided for general information purposes only. Participants should refer to the summary plan description and recent Plan amendments for more complete information

31 NOTE 2. DESCRIPTION OF PLAN (continued) The Plan is a single-employer, defined benefit pension plan, which provides pension benefits to eligible employees or their beneficiaries of the New Jersey Education Association (NJEA), and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended. The Plan was established pursuant to an agreement entered into by and between Wells Fargo Bank (the trustee) and NJEA on August 27, Trustee administrative fees and custodial fees paid to Wells Fargo Bank totaled $116,34 and $115,214 for the years ended August 31, 216 and 215, respectively. The administrator of the Plan is the Board of Retirement Plan Directors (the Directors), as established in the Plan document. Participants become fully vested immediately in their earned pension provided by their own contributions and become 1% vested after five years of credited service in the portion of their earned pension provided by the NJEA s contributions. Benefits are funded through employer and employee contributions. The participant contribution rate for the fiscal years ended August 31, 216 and 215 was three and one-half percent of base contractual salary. NJEA s contributions are actuarially determined in order to maintain the fully funded status of the Plan on a current basis. The Plan provides for normal, early, deferred, and disability pensions. Normal retirement is at age fifty-five. During the year ended August 31, 25, the Plan was amended to change the normal retirement age to the later of age sixty-two or the attainment of five years of continuous service for participants first eligible on or after September 1, 24. Early retirement is permitted at completion of at least twenty years of continuous and prior service, including at least fifteen years of credited service with NJEA. During the year ended August 31, 25, the Plan was amended for participants first eligible on or after September 1, 24 to change unreduced early retirement to age fifty-five with twenty years total service and at least fifteen years of credited service with NJEA. The Plan was also amended to allow early retirement with a reduced pension for participants under age fifty-five with twenty years total service and at least fifteen years of credited service with NJEA or for participants age fifty-five with five years of credited service with NJEA. The Plan allows participants to purchase prior service credits. The Plan and the participant share the cost equally. During the year ended August 31, 25, the Plan was amended to allow a maximum prior service credit of five years for participants who were first eligible on or after September 1, 24. Refer to the Plan document for further information. NOTE 3. PRIORITIES UPON TERMINATION It is the intent of the Directors to continue the Plan in full force and effect; however, the right to discontinue the Plan is reserved to the Directors. Termination shall not permit any part of the Plan assets to be used for or diverted to purposes other than the exclusive benefit of the pensioners, beneficiaries and participants. In the event of termination, the net assets of the Plan will be allocated to pay benefits in priorities as prescribed by ERISA and its related regulations. Whether or not a particular participant will receive full benefits should the Plan terminate at some future time will depend on the sufficiency of the Plan s net assets at that time and the priority of those benefits

32 NOTE 3. PRIORITIES UPON TERMINATION (continued) In addition, certain benefits under the Plan are insured by the Pension Benefit Guaranty Corporation (PBGC) if the Plan terminates. Generally, the PBGC guarantees most vested normal age retirement benefits, early retirement benefits, and certain disability and survivor s pensions. The PBGC does not guarantee all types of benefits and the amount of any individual participant s benefit protection is subject to certain limitations, particularly with respect to benefit increases as a result of plan amendments in effect for less than five years. Some benefits may be fully or partially provided for while other benefits may not be provided at all. NOTE 4. TAX STATUS The Plan obtained its latest determination letter on January 7, 212 in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements under Section 41(a) of the Internal Revenue Code and was, therefore, exempt from federal income taxes under the provisions of Section 51(a). The Plan has been amended since receiving the determination letter. The Directors and the Plan s counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Accounting principles generally accepted in the United States of America require 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 U.S. Federal, state, or local taxing authorities. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Typically, plan tax years will remain open for three years; however, this may differ depending upon the circumstances of the Plan. NOTE 5. ACTUARIAL INFORMATION Actuarial valuations of the Plan were made by a consulting actuary as of September 1, 215 and 214. Information shown in its reports included the following: Actuarial present value of accumulated plan benefits: Vested benefits: September 1, Participants currently receiving benefits $ 161,191,628 $ 147,848,166 Other participants 71,565,484 67,464,737 Total 232,757, ,312,93 Nonvested benefits 3,61,56 2,686,648 Total actuarial present value of accumulated plan benefits $ 235,818,618 $ 217,999,

33 NOTE 5. ACTUARIAL INFORMATION (continued) As reported by the actuary, the changes in the present value of accumulated plan benefits during the year ended August 31, 215 were as follows: Actuarial present value of accumulated plan benefits at beginning of year $ 217,999,551 Increase (decrease) during the year attributable to: Benefits accumulated and actuarial experience 5,231,323 Interest due to the decrease in discount period 16,349,966 Benefits paid (13,647,219) Change in actuarial assumptions 9,884,997 Net increase 17,819,67 Actuarial present value of accumulated plan benefits at end of year $ 235,818,618 Some of the more significant actuarial assumptions used in the September 1, 215 and 214 valuations were: a. Mortality - 215: RP-214 healthy annuitant and employee tables projected generationally using The Social Security Administration mortality improvement scale. 214: RP-2 separate annuitant and non-annuitant tables with static projection using scale AA. b. Spouses - 85% of male members and 5% of female members assumed to be married with the husband four years older than his wife. c. Investment rate of return - 7.5% for 215 and 214. d. Cost of living assumption % per year for 215 and 214. e. Administrative expenses - $275, for 215 and $275, for 214. f. Actuarial value of assets - As selected by the plan sponsor, assets are determined by averaging the market value as of the valuation date and the adjusted market values as of the preceding two years. The resulting value is limited to between 9% to 11% of market value of assets. The adjusted market value reflects cash flow and expected earnings to the valuation date. The expected earnings are based on an assumed rate of return of 7.5%. g. Actuarial cost method - Unit Credit Actuarial Cost Method - 8 -

34 NOTE 5. ACTUARIAL INFORMATION (continued) h. Weighted average retirement age - 6 i. Retirement age - Active employees - Retirement from active employment was assumed to be in accordance with retirement rates shown below: Age Retirement Rate Age Retirement Rate % % The above actuarial assumptions are based on the presumption that the Plan will continue. Were the Plan to terminate, different actuarial assumptions and other factors might be applicable in determining actuarial results. Since information on the actuarial present value of accumulated plan benefits as of August 31, 216 and the changes therein for the year then ended are not included above, these financial statements do not purport to present a complete presentation of the financial status of the Plan as of August 31, 216 and the changes in its financial status for the year then ended, but a presentation of the net assets available for benefits and the changes therein as of and for the year ended August 31, 216. The complete financial status is presented as of August 31, 215. The actuary reported that the Plan has met minimum funding standards. NOTE 6. SERVICES AND OTHER EXPENSES PROVIDED BY PLAN SPONSOR The New Jersey Education Association, the Plan s sponsor, pays legal and certain insurance expenses of the Plan. Indirect expenses of the Plan, including the portion of the sponsor s personnel costs applicable to the Plan, are also absorbed by the sponsor. NOTE 7. 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 are described as follows: - 9 -

35 NOTE 7. FAIR VALUE MEASUREMENTS (continued) Basis of Fair Value Measurement: Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access. Level 2 - Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; 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 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The asset s or liability s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. For the years ended August 31, 216 and 215, there were no transfers in or out of levels 1, 2, or 3. Fair Value Measurement at August 31, 216 Total Level 1 Level 2 Level 3 U.S. Government and Government Agency obligations $ 41,581,319 $ 41,581,319 $ - $ - Common collective trusthedge fund of funds 26,358, ,358,544 Common collective trustreal estate 29,521, ,521,577 Mutual funds 266,94, ,94, $ 363,555,571 $ 37,675,45 $ - $ 55,88,

36 NOTE 7. FAIR VALUE MEASUREMENTS (continued) Level 3 Fair Value Measurements - August 31, 216 Beginning Realized Unrealized Sales / Ending Balance gains (losses) gains (losses) Purchases Repayments Balance Common collective trust - hedge fund of funds $ 22,994,883 $ (1,1,857) $ 358,544 $ 26,, $ (21,984,26) $ 26,358,544 Common collective trust - real estate 26,462,199-3,59, ,521,577 Total $ 49,457,82 $ (1,1,857) $ 3,417,922 $ 26,, $ (21,984,26) $ 55,88,121 The SEI Special Situations Collective Fund and SEI Core Property Collective Investment Fund are measured at fair value, without adjustment by the Plan, based on the net asset value (NAV) or NAV equivalent as of August 31, 216 and 215. In accordance with relevant accounting standards, the unfunded commitments and redemption frequency information and redemption notice periods are as follows at August 31, 216: Common collective trust - hedge fund of funds: SEI Special Situations Unfunded Redemption Redemption Fair Value Commitments Frequency Notice Period Collective Fund $ 26,358,544 $ - Biannually 95 days* Common collective trust - real estate SEI Core Property Collective Investment Trust 29,521,577 - Quarterly 65 days# Total $ 55,88,121 $ - * - Withdrawals may be limited to 2% of the net asset value of the fund on any given redemption date in circumstances where the fund s Trustee believe that any such redemption could compromise the ongoing performance or operations of the fund. # - Withdrawals may be limited to 25% of the net asset value of the fund on any given redemption date in circumstances where the fund s Trustee believe that any such redemption could compromise the ongoing performance or operations of the fund. The investment objective of the SEI Special Situations Collective Fund is to invest in a diversified strategy of hedge fund of funds. The investment objective of the SEI Core Property Collective Investment Trust is to invest in funds that acquire, manage, and dispose of commercial real estate properties

37 NOTE 7. FAIR VALUE MEASUREMENTS (continued) Fair Value Measurement at August 31, 215 Total Level 1 Level 2 Level 3 U.S. Government and Government Agency obligations $ 33,81,24 $ 33,81,24 $ - $ - Common collective trusthedge fund of funds 22,994, ,994,883 Common collective trustreal estate 26,462, ,462,199 Mutual funds 239,321, ,321, $ 322,588,414 $ 273,131,332 $ - $ 49,457,82 Level 3 Fair Value Measurements - August 31, 215 Beginning Realized Unrealized Sales / Ending Balance gains (losses) gains (losses) Purchases Repayments Balance Common collective trust - hedge fund of funds $ 22,985,193 $ - $ 9,69 $ - $ - $ 22,994,883 Common collective trust - real estate 23,92,387-3,369, ,462,199 Total $ 46,77,58 $ - $ 3,379,52 $ - $ - $ 49,457,82 NOTE 8. RISKS AND UNCERTAINTIES The Plan invests in various investments. Investments are exposed to various risks such as economic, interest rate, market and sector risks. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the values of investments will occur in the near term and that such changes could materially affect the amounts reported in the Statements of Net Assets Available for Benefits. Plan contributions are made and the actuarial present value of accumulated plan benefits are reported based on certain assumptions pertaining to interest rates, inflation rates, and participant demographics, all of which are subject to change. Due to uncertainties inherent in the estimations and assumptions process, it is at least reasonably possible that changes in these estimates and assumptions in the near term would be material to the financial statements

38 NOTE 9. CHANGE IN ACCOUNTING PRINCIPLE In July 215, the FASB issued ASU , Plan Accounting: Defined Benefit Pension Plans (Topic 96), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965); (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, and (Part III) Measurement Date Practical Expedient. Part I eliminates the requirements to measure the fair value of fully benefit-responsive investment contracts and provide certain disclosures. Part II eliminates the requirement to disclose individual investments that represent 5 percent or more of net assets available for benefits and the net appreciation or depreciation in fair value of investments by general type. Part II also simplifies the level of disaggregation of investments that are measured using fair value. Plans will continue to disaggregate investments that are measured using fair value by general type; however, plans are no longer required to also disaggregate investments by nature, characteristics and risks. Further, the disclosure of information about fair value measurements shall be provided by general type of plan asset. Part III allows a Plan to measure its investments and investment-related accounts using the month-end closest to its fiscal year-end, when the fiscal period does not coincide with a month-end. Part I and III are not applicable to the Plan. The ASU is effective for fiscal years beginning after December 15, 215, with early adoption permitted. Part II is to be applied retrospectively. Management has elected to adopt Part II early. NOTE 1. SUBSEQUENT EVENTS The Plan has evaluated subsequent events through June 9, 217, the date the financial statements were available to be issued, and they have been evaluated in accordance with relevant accounting standards. NOTE 11. PARTY-IN-INTEREST Certain plan investments are shares of mutual funds managed by SEI Investments. SEI Investments is the investment consultant, and, therefore, these transactions qualify as party-ininterest transactions. These transactions have been denoted as such on the supplemental schedules of assets held for investment purposes at end of year and schedule of reportable (5%) transactions. The transactions above qualify as party-in-interest transactions which are exempt from the prohibited transactions rules and ERISA

39 SUPPLEMENTAL INFORMATION

40 New Jersey Education Association Employees' Retirement Plan Schedule of Assets Held for Investment Purposes August 31, 216 (a) (b) (c) Description of Investment Including Maturity Date, (d) (e) Current Issuer, Borrower Rate of Interest, Collateral, Par or Maturity Value Cost Value Shares/ Interest Maturity Type Principal Rate Date United States Government and Government Agency obligations: United States Treasury Bond Bond 49,17, 11/15/44 $ 22,547,97 $ 25,648,586 United States Treasury STRIPS Bond 2,375, 11/15/29 1,679,838 1,847,489 United States Treasury STRIPS Bond 5,936, 2/15/3 4,171,821 4,586,45 United States Treasury STRIPS Bond 2,375, 5/15/3 1,658,21 1,823,478 United States Treasury STRIPS Bond 3,61, 8/15/3 2,122,681 2,331,931 United States Treasury STRIPS Bond 7,938, 2/15/35 4,88,523 5,343,385 Total United States Government and Government Agency obligations 36,989,34 41,581,319 Equity mutual funds: * SIIT Large Cap Index A Fund 11,935 15,1,185 16,946,71 * SIIT Large Cap A Fund 812,434 16,46,566 15,74,358 * SEI Small Cap II 856,753 1,23,141 1,41,149 Total equity mutual funds 41,7,892 42,692,28 Fixed income mutual funds: * SEI Long Duration Corp Bond 14,58,222 14,77, ,778,613 * SEI High Yield Bond 1,386,254 12,831,135 12,379,244 Total fixed income mutual funds 153,538, ,157,857 International mutual funds: * SIIT World Equity Ex-US 2,723,292 3,458,41 3,582,566 * SIIT Emerging Markets Debt 858,345 8,375,894 8,634,947 Total international mutual funds 38,834,295 39,217,513 Balanced mutual fund: * SIIT Dynamic Asset Allocation 794,787 11,172,961 13,26,

41 (a) (b) (c) Description of Investment Including Maturity Date, (d) (e) Current Issuer, Borrower Rate of Interest, Collateral, Par or Maturity Value Cost Value Shares/ Interest Maturity Type Principal Rate Date Common collective trust fund-real estate: * SEI Core Property Collective Investment Fund 15,532 $ 22,, $ 29,521,577 Common collective trust fundhedge fund of funds: * SEI Special Situations Collective Fund 21,232 26,, 26,358,544 Total investments $ 33,235,929 $ 363,555,571 * A party-in-interest as defined by ERISA

42 New Jersey Education Association Employees' Retirement Plan Schedule of Reportable (5%) Transactions Year Ended August 31, 216 (a) (b) (c) (d) (g) (h) (i) Current Net Gain Purchase Selling Cost of Value of (Loss) on Description Price Price Asset Asset Transaction * Wells Fargo Adv Heritage $ 67,742,198 N/A N/A $ 67,742,198 N/A Money Market Fund N/A $ 68,871,64 $ 68,871,64 68,871,64 $ - * SIIT World Equity Ex-US 13,46,59 N/A N/A 13,46,59 N/A N/A 1,362,493 1,87,88 1,362,493 (445,315) * SEI Opportunity Collective Fund N/A 21,984,26 22,, 21,984,26 (15,974) * SEI Special Situations Collective Fund 26,, N/A N/A 26,, N/A * A party-in-interest as defined by ERISA

43 Attachment to 215 Schedule SB of Form 55 Schedule SB, Part V Summary of Plan Provisions New Jersey Education Association Employees Retirement Plan EIN / PN 1 Summary of Plan Provisions This subsection summarizes the major provisions of the Plan as included in the valuation. It is not intended to be, nor should it be interpreted as, a complete statement of all plan provisions. PLAN STATUS: Ongoing Normal retirement: Age requirement: For employees hired before 9/1/24: 55 For employees hired on or after 9/1/24: 62 Service requirement: Amount: For employees hired before 9/1/24: None For employees hired on or after 9/1/24: 5 years The benefit is determined to be the sum of A plus a combination of B and C as described below, plus D: A. 1/5 of Final Salary multiplied by years of Credited Service; B. 1/2 of Final Salary multiplied by the number of years of Continuous Service up to August 31, 2, but not in excess of 5 years; C. 1/15 of Final Salary multiplied by the number of years of Continuous Service between years 16 and 2, inclusive; D. 1/15 of Final Salary multiplied by the participant s 26 th year of Continuous Service if applicable. For components B and C, no more than 5 years of Continuous Service shall be taken into account in total. To the extent, however, that a Member has fewer than 5 years of Continuous Service under component C, first, the formula applicable in C shall apply to such years of Continuous Service and, second, the formula applicable in B shall apply to excess years of Continuous Service. The benefits presented in B, C, and D are effective for Eligible Employees on or after November 3, Beginning at age 63, the benefit accrued above shall be reduced by any benefit payable under Annuity Contracts. Final Salary is defined as the average of basic salary earned during the last 3 years of employment prior to termination, but not greater than $2, adjusted for inflation. Continuous Service is defined as all employment including leave of absence.

44 Attachment to 215 Schedule SB of Form 55 Schedule SB, Part V Summary of Plan Provisions New Jersey Education Association Employees Retirement Plan EIN / PN 1 Summary of Plan Provisions continued Early retirement: Early retirement for employees hired before 9/1/24: Age requirement: Service requirement: Amount: None 2 years of total service and at least 15 years of credited service with NJEA. Unreduced accrued pension. Early retirement for employees hired on or after 9/1/24: Age requirement: Age 55 Service requirement: 2 years of total service and at least 15 years of credited service with NJEA. Amount: Unreduced accrued pension. Age requirement: None (under age 55) Service requirement: 2 years of total service and at least 15 years of credited service with NJEA. Amount: Accrued pension reduced.1% for each month actual retirement precedes age 55. Age requirement: Age 55 Service requirement: 5 years of credited service with NJEA. Amount: Accrued pension reduced.25% for each month actual retirement precedes age 62. Late retirement: Amount: Additional accruals to actual retirement date. Disability: Ordinary Disability: Age requirement: None Service requirement: 1 years of continuous service. Amount: 9% of normal pension based on service and final average compensation at date of disability.

45 Attachment to 215 Schedule SB of Form 55 Schedule SB, Part V Summary of Plan Provisions New Jersey Education Association Employees Retirement Plan EIN / PN 1 Summary of Plan Provisions continued Accidental Disability: Age requirement: Service requirement: Amount: Vesting: Age requirement: Service requirement: None None 66.66% of actual annual salary for which contribution was being made at the time of accidental disability. None 5 years of service Amount: Normal pension accrued payable at age 65. Vesting percentage: 1% after 5 years of service. However, a participant will be fully vested upon attaining normal retirement age. Pre-retirement death benefits: Eligibility: Earlier of early retirement age and completion of 5 years of vesting service. Amount: Supplemental benefit: Eligibility: Amount: Employee contribution: Amount: 5% of the benefit the employee would have received had he/she retired the day before he/she died and elected the joint and survivor option. Benefit commences immediately if participant was eligible for early retirement at time of death. Otherwise, benefit commences no earlier than the participant s first eligibility for early retirement. Participants in receipt of pension benefit. Shall be a percentage of pension benefit; the percentage shall be determined on or before April 1 in each year, and is equal to the ratio of the Consumer Price Index for Urban Wage Earners and Clerical workers, All Items Series A, of the United States Department of Labor ( =1), or the latest subsequent reference base of said index, for the calendar year preceding the date of review, to such index for the year of retirement. For employees hired on or after September 1, 24, the supplemental benefit starts at the later of age 62 and benefit commencement, and the annual percentage is limited to 5%. 3.5% of employee s salary

46 Attachment to 215 Schedule SB of Form 55 Schedule SB, Part V Summary of Plan Provisions New Jersey Education Association Employees Retirement Plan EIN / PN 1 Summary of Plan Provisions continued Participation: Age requirement: Service requirement: Year of Service: Vesting credit: Benefit credit: Forms of Benefit: Normal Form: For Unmarried Participants: For Married Participants: Optional Forms: Statutory Limits: None None Years of employment with New Jersey Education Association. Years of contribution to the Plan and, as provided in Plan provisions, any additional purchased service. A monthly benefit payable for the life of the participant. An actuarially reduced monthly benefit payable for the life of the participant with 5% of such benefit payable for the life of the spouse after the participant s death. Actuarially equivalent optional forms available: 5% joint and survivor annuity (with and without pop-up) 75% joint and survivor annuity (with and without pop-up) 1% joint and survivor annuity (with and without pop-up) Single life annuity Modified cash refund Lump sum (employee-provided portion only) Section 415 limit: $21, (previously, $21,) Section 41(a)(17) limit: $265, (previously, $26,)

47 Attachment to 215 Schedule SB of Form 55 Schedule SB, Part V Summary of Plan Provisions New Jersey Education Association Employees Retirement Plan EIN / PN 1 Summary of Plan Provisions continued Most Recent Plan Amendments Plan Amendment Revised provisions for employees hired on or after September 1, 24, including normal retirement, early retirement, supplemental benefit, and service purchase provisions. Revised methodology for applying Section 415 limit in conjunction with the Plan s automatic post retirement COLA Effective Date September 1, 24 January 1, 29 Reflected in 215 Actuarial Valuation Yes Yes

48 THE FINANCIAL STATEMENTS WILL BE PLACED IN THE ATTACHMENT FOR THE ACCOUNTANT S OPINION

49 SEE ACCOUNTANT S OPINION FOR SCHEDULE OF ASSETS HELD

50 Attachment to 215 Schedule SB of Form 55 Schedule B, Line 26 Schedule of Active Participant Data New Jersey Education Association Employees Retirement Plan EIN / PN 1 Years of Benefit Service Age Less than & Over Under & Over

51 Attachment to 215 Schedule SB of Form 55 Schedule SB, Part V Statement of Actuarial Assumptions/Methods New Jersey Education Association Employees Retirement Plan EIN / PN 1 Actuarial Assumptions and Methodologies Interest: Mortality rates: Cost of living adjustment: Employee contributions annuity conversion rate: The interest rates used for the 215 plan year are the 24-month average corporate bond segment rates for April 215 (a four-month lookback) subject to funding stabilization. Under stabilization, the interest rates used for funding purposes are calculated in the usual manner (24-month average corporate bond rates) but are then constrained to be within a corridor around a 25-year average of those same bond rates. For 215, the stabilization corridor is 1%. It will remain at 1% through 22, then increase by 5% per year until it reaches 3% for 224. The rates are as follows: Current Year, reflecting stabilization (under HATFA) Current Year, without stabilization Prior Year, reflecting stabilization (under MAP-21) Prior Year, without stabilization Payments in the First 5 Years Payments in Years 6 2 Payments Thereafter Effective Interest Rate 4.72% 6.11% 6.81% 6.27% 1.28% 4.7% 5.11% 4.36% 4.99% 6.32% 6.99% 6.47% 1.18% 4.5% 5.11% 4.35% RP2 separate annuitant and non-annuitant healthy mortality tables (sex-specific) with static projection using Scale AA and no collar-adjustment. Mortality is projected from 2 through the valuation date plus another 7 years for annuitants, and through the valuation date plus another 15 years for non-annuitants. This assumption is one of the choices allowed by the regulations. 2.75% per year 5.5% per year

52 Attachment to 215 Schedule SB of Form 55 Schedule SB, Part V Statement of Actuarial Assumptions/Methods New Jersey Education Association Employees Retirement Plan EIN / PN 1 Actuarial Assumptions and Methodologies continued Salary increases: Sample termination rates: Age Annual Increases % Includes allowance for inflation of 3.% per year. Age Rates %

53 Attachment to 215 Schedule SB of Form 55 Schedule SB, Part V Statement of Actuarial Assumptions/Methods New Jersey Education Association Employees Retirement Plan EIN / PN 1 Actuarial Assumptions and Methodologies continued Sample disability rates: Retirement (from active status) rates: Description of Weighted Average Retirement Age: Retirement (from inactive status) rates: Age Ordinary Accidental 25.3%.4% Age Service Retirement Rate % Age 6, determined as follows: The weighted-average retirement age is calculated as the sum of the product of each potential past or future retirement age times the probability of surviving to that age and then retiring at that age, assuming no other decreemnts. Age 55 for members with credited service on or after September 1, 1995; Age 6 for all others

54 Attachment to 215 Schedule SB of Form 55 Schedule SB, Part V Statement of Actuarial Assumptions/Methods New Jersey Education Association Employees Retirement Plan EIN / PN 1 Actuarial Assumptions and Methodologies continued Percent married: Age difference: Form of payment: Administrative expenses: Purchased service: Asset method: Funding method: Assumption changes since prior valuation: 85% for males, 5% for females. Spouse is assumed to be the opposite gender. Male spouses are assumed to be four years older than female spouses. Life annuity for unmarried participants 5% joint and survivor for married participants An expense assumption is required under the funding rules. Plan-related expenses of $275, are expected to be paid by the plan during the year. For participants who have elected to purchase additional years of service, the accrued benefit for funding purposes includes only those years of additional service that are deemed to have been paid for as of the valuation date. As selected by the plan sponsor, assets are determined by averaging the market value as of the valuation date and the adjusted market values as of the preceding two years. The resulting value is limited to between 9% to 11% of market value of assets. The adjusted market values reflect cash flow and expected earnings to the valuation date. The expected earnings are based on an assumed rate of return of 7.5%, not to exceed the applicable third segment rate of 6.76% for 213 and 6.99% for 214. Funding method is unit credit actuarial cost method, as prescribed by law. The liability is measured on an accrual-to-date basis using mandated mortality tables and interest rates with no salary projection past the end of the year. If all assumptions are met (including the investment earnings implicitly assumed by the interest rate), funding the plan at the minimum required contribution level is generally designed to achieve a 1% funded status within seven years. Once that is achieved, or for overfunded plans, the required contribution will generally equal the target normal cost reduced by any overfunding. None

55 Attachment to 215 Schedule SB of Form 55 Schedule SB, Line 18(c) Contributions Made by Employees New Jersey Education Association Employees Retirement Plan EIN / PN 1 Date Amount 9/21/215 47,15 1/5/215 47,455 1/19/215 47,597 11/9/215 47,455 11/17/215 47,72 11/3/215 46,627 12/28/215 92,151 1/25/216 47,88 2/1/216 47,38 2/19/216 46,889 3/7/216 47,31 3/22/216 46,911 4/6/216 46,89 4/18/216 46,423 5/2/216 45,838 5/17/216 45,937 5/31/216 45,48 6/2/216 45,675 7/11/216 45,675 7/18/216 45,532 8/1/216 45,353 8/22/216 45,161 45,173 Receivable as of 8/31/16 Total $ 1,113,484

56 Attachment to 215 Schedule SB of Form 55 Schedule SB, Line 22 Description of Weighted Average Retirement Age New Jersey Education Association Employees Retirement Plan EIN / PN 1 Retirement Assumed # Assumed # Weighting Age Rate Retired this Year Still Working Of each age % % % % % % % % % % % % % % % % , % , % , % , % , % , % , % , % , % , % ,545 Weighted Average: 6.

57 SEE ACCOUNTANT S OPINION FOR SCHEDULE OF FIVE PERCENT TRANSACTIONS

58 SCHEDULE SB (Form 55) Department ot the Trêasury lntemal Rewnue Service Oepartment ot Labor Employee Bere b Secur ty Admin stration Pens o Benefi t Guaranty Corporation Single-Employer Defined Benefit Plan Actuarial lnformation This schedule is required to be filed under section 14 of the Employee Retirement lncome Security Act of 1974 (ERISA) and section 659 of the lnternal Revenue Code (the Code). ) File as an attachment to Form 55 or 55-SF. For calendar 215 or fiscal 9 21,5 and 8 31 ) Round off amounts to nearest dollar. ) Caution: A penalty of $1, will be assessedfor late of this unless reasonable cause is established B Three-digit A Name of plan NEI T.JERSEY EDUCATION ASSOCTATTON EMPLOYEES I RETTREMENT AND TRUST FUND plan number (PN) OMB No '1 215 This Form is Open to Public lnspection ) 21,6 1 C Plan sponsor's name as shown on line 2a of Form 55 or 55-SF NEV' JERSÊY EDUCATION ASSOCTATION D Employer ldentification Number (ElN) 21, -O52439 E t pe of pan: Single Multiple-A Multiple-B Part I Basic lnformation 1 Enterthe valuation date: Month 9 Day 1 Year Assets: 3 Funding targevparticipant count breakdown a For retired part c pants and beneficiaries receiving payment... b For terminated vested particípants.... C For active padicipants..... d Totat... 4 lf the plan is in aþrisk staius, check the box and complele lines (a) and (b) F Pria year plan size: 1 or fever 11-5 More than 5 a Funding target disregarding prescribed at-risk assumptions b Funding target reflecting at-risk assumptions, but disregarding transition rule for plans that have been in at-risk status for fewer than five consecutive and loadi factor Statement by Enrolled Actuary lo the best accddeme cmb net on, ofiet my best ælimate of anticipated SIGN ( HERE.fARRED D, WILSON JARRED D. Í'TILSON, MAÄA, EA SIBSON CONSULTING 333 WEST 34TH STREET NEW YORK NY 11 and Type or print name of actuary Firm name Address of the firm (1) Number of participants 2a 2h (2) Vested Funding Tarqet 266 L73,361, O1i L2 714,4O1 256 '77,846, , 922,27 4a 4b ,928, ,L74,247 (3) Total Funding Target r'73,36l, ,44 81, 535, ,6-J.7,6 6.2'Ìo/o 5,689,28 schedul6, statemenb and attactments, f any, is (mdele and aæuete. Eæh pre$ribed æmptis was applþd in reæonable (tating nto æcent flìe e)perienæ of the dan and reasqahe epætatim) and srch oìher aswplitrs, in 6/7/2]-7 Date a7737l Mo6t recent enrollment number 21, Telephone number (including area code) lf the actuary has not fully reflected any regulation or ruling promulgated under the statute in completing this schedule, check the box and see instructions v.15'123

59 Schedule SB (Form 55) 215 Page2 Part ll nni of Year Ca and Prefundi Balances 7 Balance at beginning of prior year after applicable adjustments (line 13 from prior balance 14,232,5rB balance 42,254, 47 I Portion elected for use to offset prior year's funding requirement (line 35 from 9 Amount remaining (line 7 minus line 8)... 1 lnterest on line 9 using prior year's actual return of -. 5 % 11 Prior year's excess contributions to be added to prefunding balance: a Present value of excess contributions (line 38a from prior year) b(1 ) tnterest on the excess, if any, of line 38a over line 38b from prior year Schedule SB, using prior year's effective interest rate oí 6 ' 4V/o b(2) tnterest on line 38b frorn prior year Schedule SB, using prior yea/s actual return c Tdal available at beginning cf cunent plan year to add to prefunding balance d portion of (c) to be added to prefunding bâlance. 12 Ottrer reductions in balances due to elections or deemed elections Balance at beginning oú current year (line g + line 1 + l ne 11d - line 12) Part lll 14 Funding atta nment Part lv F I 5 Ad usted funding target attainment pereentage C a4,232,5ie -7r, l.63 14, 161, 355 l6 pr or year's funding percentage for purposes of determining whether caryover/prefunding balances may be used to reduce cunent requirement 17 tt ttre current value d the assets of the plan is less than 7 percent of the funding tãget, enter such percentage. Contributions and L Shortfalls 18 Contr butions made to the plan for the plan year by employer(s) and employees: {a) Date 1 1 {b} Amount paid by (c! Arnount paid by employees {a} Date (MM-DD-YYYY) (b) Amount paid by employer(s) ,254, 47-2rL,272!3, 694, , 14 1, ,58,227 56,623,362 L6.56y" o/o o/o (e) Amount paid by o/o /3/21,7 3/3/2]-7 5/12/2oL7 2,,r 2,,( 2,, ( 5, oo, o( L,17_3, 484 Totals Þ 18(b) 1s. ooo. oool te(c) 19 Discounied employer contributions - see instructions for small plan with a valuation date after the beginning of the year: l9a a Contributions allocated toward unpaid minimum required contributions from prior years... b Contributions made to avoid restrictions adjusted to valuation date G Contributions allocated toward minimum contribution for cunent to valuation date Quarterly contributions and liquidity shortfalls: a Did the plan have a Tunding shortfall" for the prior year? b f l ne 2a is "Yes," were required quarterly instaflments for the current year made in a timely manner? G If line 2a is "Yes," see instructions and complete the following table as applicable: (1) 1st shortfall as of end of of this (2\ 2nd (3) 3rd 19b 19c ,7L7,928 I ves 4th Yes No No

60 Schedule SB (Form 55) 215 Page 3 Part V Assum ons Used to Determine Fundi and T Normal Cost 21 Discount rate: a Segment rates: 1st segment: 4.i2o/o 2nd segment: 6.I7o/o 3rd segment: 6.9IU b Applicable month 21b 22 WeighteO average retirement H4ortatity table(s) (see inslructions) Prescribed - combined Prescribed - separate Substitute fi! run, tutt yietd curve used 4 Part Vl Miscellaneous ltems 24 Has a change been made in the non-prescribed actuarial assumptions for the curent plan year? lf -Yes," see instructions regarding reguired attachment. 25 nas a method change been made for the current plan year? lf "Yes," see instructions regarding required attachment. 26 ls the plan reguired to provide a Schedule of Active Participants? lf "Yes," see instructions regard ng required attachment. 27 f tne plan is subject to altemative funding rules, enter applicable code and see instruct ons regarding 27 Yes Yes Yes No No No 6 Part Vll Reconciliation of U Minimum ired Gontribut ons For Prior Years 28 Unpaid min mum required contributions for all prior years Discounted employer contributions allocated toward unpaid minimum required contributions from prior years 3 Remaining amount of unpaid min mum required contributions (line 28 minus line 2s) Part Vlll Minimum Required Gontribution For Gurrent Year 31 Target normal cæt and excess æsets (see instruclions): a larget namal cost (line 6),.. b Excess assets, if applicable, but not greater than line 31a 32 Amortizatioil installments: â Net shortfdl amortization instdlment Carryover balance Outstanding Balance b Wa ver amortization installment 33 f a waiver has been approved fr this plan year, enter the dale of the ruling letter granting the approval (Month _ Day _ Year_ ) and the waived amount 34 fcëa funding requirement before reflecting canyover/prefunding balances (lines 3'la - 31b + 32a + 32b - 33) Prefunding balance 35 Bdances elected for use to otfset fundíng reguirement 36 Add t onat cash rement (l ne 34 minus line 37 Contribut ons allocated toward minimum reguired contribution for cunent year adjusted to valuatíon date (line 19c) 38 Present value of excess contributions for cunent year (see instruclion â Total (excess, íf any, of line 37 over line b Port on included in line 38a athibutable to use of prefunding and 39 minimum required contribution for cunent 4 mrntmum Part lx contributions for all years la 3lb standard balances... of line 36 over line 37) Pension Funding Relief Under Pension Relief Act of 21 (See lnstructions) a 38b 39 4 lnstallment Total balance 5, 689,28 5, 689,28O r'l L3,777,928 13,717, tt an election was made to use PRA 21 funding relief for this plan 2 plus 7 years 1 5 years b etiginte plan yea(s) for which the electlon in line 41a was made Amount of acceleration adjustment Excess installment acceleratíon amount to be carried over to future plan years 43