HomeMy WebLinkAboutLansing Lansing Board of Water and Light Defined Contribution Pension final FS Lansing Board of Water and Light
Employees' Defined Contribution
Pension Plan and Trust
Financial Report
with Required Supplementary Information
As of and for the Years Ended June 30, 2018 and 2017
Lansing Board of Water and Light
Employees' Defined Contribution Pension Plan and Trust
Contents
Independent Auditors' Report 1 -2
Required Supplementary Information
Management's Discussion and Analysis 3-4
Financial Statements
Statement of Fiduciary Net Position 5
Statement of Changes in Fiduciary Net Position 6
Notes to Financial Statements 7-1 7
MP
BAKER TI LLY
INDEPENDENT AUDITORS' REPORT
To the Honorable Mayor, Members of the City Council,
and Commissioners of the Board of Water and Light
Lansing Board of Water and Light Employees' Defined
Contribution Pension Plan and Trust
City of Lansing, Michigan
Report on the Financial Statements
We have audited the accompanying financial statements of the Lansing Board of Water and Light Employees'
Defined Contribution Pension Plan and Trust ("Plan"), as of and for the years ended June 30, 2018 and 2017,
and the related notes to the financial statements as listed in the table of contents.
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.
Auditors'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 audits 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 auditors'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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
a dePede, memee Page 1
BAKER TILLY
INTERNATIONAL
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the fiduciary
position of the Plan as of June 30, 2018 and 2017, and the respective changes in fiduciary position for the years
then ended in accordance with accounting principles generally accepted in the United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the required
supplementary information as listed in the table of contents be presented to supplement the financial
statements. Such information, although not a part of the financial statements, is required by the Governmental
Accounting Standards Board who considers it to be an essential part of financial reporting for placing the
financial statements in an appropriate operational, economic, or historical context. We have applied certain
limited procedures to the required supplementary information in accordance with auditing standards generally
accepted in the United States of America, which consisted of inquiries of management about the methods of
preparing the information and comparing the information for consistency with management's responses to our
inquiries, the financial statements, and other knowledge we obtained during our audit of the financial
statements. We do not express an opinion or provide any assurance on the information because the limited
procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
dUk��I*X"OCVAIZAW) 4Z40
Madison, Wisconsin
September 11, 2018
Page 2
Lansing Board of Water and Light
Employees' Defined Contribution Pension Plan and Trust
Required Supplementary Information (Unaudited)
Management's Discussion and Analysis
Using this Annual Report
This annual report consists of two parts: (1) management's discussion and analysis (this
section) and (2) the financial statements. The financial statements also include notes that
explain some of the information in the financial statements and provide more detailed data.
Condensed Financial Information
The table below compares key financial information in a condensed format between the current
year and the prior two years:
2018 2017 2016
Assets held in trust:
Mutual funds $ 145,098,563 $ 136,451,476 $ 124,001,268
Stable value 35,135,911 35,270,975 34,193,741
Guaranteed income fund 8,638,662 8,491,010 7,735,485
Participant notes receivable and other 5,794,428 5,726,432 5,300,821
Net position $ 194,667,564 $ 185,939,893 $ 171,231,315
Changes in plan assets:
Net investment income/(loss) $ 17,630,692 $ 19,491,557 $ (1,505,961)
Employer and participant contributions 8,183,397 7,103,752 7,688,472
Benefits paid to participants (16,928,587) (11,877,805) (7,946,117)
Loan defaults and other changes (157,831) (8,926) (125,715)
Changes in net position $ 8,727,671 $ 14,708,578 $ (1,889,321)
Investment Objectives
The principal purpose of the Lansing Board of Water and Light Employees' Defined Contribution
Pension Plan ("Plan") is to provide benefits at a normal retirement age; the Plan's funds are
selected to optimize return on a risk-adjusted basis within each asset class, to provide an
opportunity to create a well-diversified portfolio, to control administrative and management
cost, and to comply with relevant Michigan and federal law.
3
Lansing Board of Water and Light
Employees' Defined Contribution Pension Plan and Trust
Management's Discussion and Analysis (Continued)
The Plan allows each participant to direct the investment of the funds in his or her plan
accounts. The Lansing Board of Water and Light ("BWL") will offer various investment options
(consistent with the investment policy statement), among which participants may choose to
invest their respective interests in the Plan. The BWL periodically reviews the performance of
investment options available to participants to ensure that each such option is meeting its
investment objectives.
Investment Results
The fiscal year ended June 30, 2018 saw a net investment gain of $17.6 million. Total assets
held in trust at the end of the fiscal year were $194.7 million.
Future Events
The BWL has no current plans to revise the terms of its defined contribution pension plan.
Contacting the Plan's Management
This financial report is intended to provide a general overview of the Plan's finances and to
show accountability for the money it receives. If you have questions about this report or need
additional information, you may write the Board of Water and Light, Chief Financial Officer, P.O.
Box 13007, Lansing, Michigan 48901-3007.
4
Lansing Board of Water and Light
Employees' Defined Contribution Pension Plan and Trust
Statement of Fiduciary Net Position
As of June 30
2018 2017
Assets
Participant-directed investments (Note 1):
Mutual funds $ 145,098,563 $ 136,451,476
Stable value 35,135,911 35,270,975
Guaranteed income fund 8,638,662 8,491,010
Self-directed brokerage account 2,144,556 1,826,494
Total participant-directed investments 191,017,692 182,039,955
Participant notes receivable 3,649,872 3,899,938
Net Position Restricted for Pensions $ 194,667,564 $ 185,939,893
See Notes to Financial Statements. 5
Lansing Board of Water and Light
Employees' Defined Contribution Pension Plan and Trust
Statement of Changes in Fiduciary Net Position
For the Year Ended June 30
2018 2017
Additions
Investment income:
Net appreciation in fair
value of investments $ 8,851,973 $ 15,347,096
Dividend income 8,778,719 4,144,461
Total investment income 17,630,692 19,491,557
Employer contributions (Note 1) 6,534,888 6,052,720
Participant rollover contributions 1,648,509 1,051,032
Interest from participant notes receivable 156,090 156,466
Total additions 25,970,179 26,751,775
Deductions
Benefits paid to participants 16,928,587 11,877,805
Loan defaults 209,514 72,325
Participants' note and administrative fees 104,407 93,067
Total deductions 17,242,508 12,043,197
Net Increase in Net Position 8,727,671 14,708,578
Net Position Restricted for Pensions
Beginning of year 185,939,893 171,231,315
End of year $ 194,667,564 $ 185,939,893
See Notes to Financial Statements. 6
Lansing Board of Water and Light
Employees' Defined Contribution Pension Plan and Trust
Notes to Financial Statements
As of and for the Years Ended June 30, 2018 and 2017
Note 1 - Description of the Plan
The following description of Lansing Board of Water and Light Employees' Defined
Contribution Pension Plan ("Plan") provides only general information. Participants
should refer to the Plan agreement for a more complete description of the Plan's
provisions.
General - The Plan was established by the BWL in 1997 under Section 5-203 of the City
Charter. Prior to its establishment, the BWL sponsored a defined benefit plan (Plan for
Employees' Pensions of the Board of Water and Light - City of Lansing, Michigan -
Defined Benefit Plan) in which substantially all employees of the BWL were participants.
Effective December 1 , 1997, all active participants of the defined benefit plan were
required to make an irrevocable choice to either remain in the defined benefit plan or
move to the newly established defined contribution plan (Lansing Board of Water and
Light Employees' Defined Contribution Plan). Those participants who elected to move to
the defined contribution plan received lump-sum distributions from the defined benefit
plan, which were rolled into their accounts in the new defined contribution plan. Of the
760 active participants who were required to make this election, 602 elected to convert
their retirement benefits to the newly established defined contribution plan. As a result
of this action, effective December 1 , 1997, the Board of Commissioners transferred
$75,116,470 to the newly established defined contribution plan, reflecting the plan
participants' accumulated benefits as of said date.
ICMA-RC, the Plan recordkeeper, is responsible for plan administration and processing
of participant investments.
Contributions - For employees hired before January 1 , 1997, the BWL is required to
contribute 15 percent of the employees' compensation. For employees hired on or after
January 1 , 1997, the BWL is required to contribute 9.5 percent of the employees'
compensation. In addition, the BWL is required to contribute an additional 3.0 percent
of the employees' compensation for all employees who are not eligible to receive
overtime pay and 0.5 percent of the employees' compensation for all non-bargaining
employees. The Board of Commissioners of the Board of Water and Light - City of
Lansing may amend the Plan's provisions and contribution requirements.
7
Lansing Board of Water and Light
Employees' Defined Contribution Pension Plan and Trust
Notes to Financial Statements
As of and for the Years Ended June 30, 2018 and 2017
Note 1 - Description of the Plan (Continued)
Participant Accounts - Each participant's account is credited with the participant's
rollover contributions and withdrawals, as applicable, and allocations of the BWL's
contributions and plan earnings. Allocations are based on participants' earnings or
account balances, as defined in the plan document. Forfeited balances of terminated
participants' non-vested accounts are used to reduce future BWL contributions. The
benefit to which a participant is entitled is the benefit that can be provided from the
participant's account.
As of June 30, 2018, there were 918 participants in the Plan, of which 679 were active
employees. As of June 30, 2017, there were 924 participants in the Plan, of which 661
were active employees.
Vesting - Participants start to become vested in the BWL contribution and related
earnings after completing two years of service, at a rate of 25 percent each year.
Participants become fully vested after six years of service or upon obtaining 55 years of
age.
Investment Options - Participants may direct contributions in any of the following
investment options, which are administered by ICMA-RC. Since ICMA-RC is the
custodian as defined by the Plan, transactions in the ICMA funds qualify as transactions
with parties in interest.
Stable Value - Seeks safety of principal, adequate liquidity, and returns superior to
shorter maturity alternatives by actively managing a diversified portfolio of assets
issued by highly rated financial institutions and corporations as well as obligations of
the U.S. government or its agencies.
Balanced - Seeks both current income and capital appreciation by investing in a
combination of stocks, bonds, and money market instruments.
Growth - Seeks long-term capital appreciation by investing primarily in equity
securities of companies with above-average growth prospects. Current income is a
secondary concern.
8
Lansing Board of Water and Light
Employees' Defined Contribution Pension Plan and Trust
Notes to Financial Statements
As of and for the Years Ended June 30, 2018 and 2017
Note 1 - Description of the Plan (Continued)
International - Seeks long-term capital appreciation by investing primarily in equity
securities of issuers located outside of the U.S.
Stock Funds - Seeks long-term growth through capital gains, although historically
dividends have been an important source of total return. These funds primarily invest
in the common stocks of companies based in the United States. There are many options
for diversification within this category.
Bond and Equity Funds- Seeks to maximize current income with capital appreciation as
a secondary consideration by investing primarily in debt securities issued by the U.S.
government or its agencies and domestic and foreign corporations. They are not fixed-
income investments. Even when a mutual fund's portfolio is composed entirely of
bonds, the fund itself has neither a fixed yield nor a contractual obligation to give
investors back their principal at some later maturity date - the two key fixed
characteristics of individual bonds.
Guaranteed Lifetime Income fund. The Retirement Income Advantage Fund seeks both
moderate capital growth and current income. It invests in a separate account under a
group variable annuity. The separate account, in turn, invests in a mix of registered
funds and a collective trust fund with an allocation of approximately 60% domestic and
foreign equities and 40% fixed income.
Self-directed Brokerage Account - Participants with a minimum account balance of
$35,000 may transfer from their fund accounts a minimum of $5,000 to a self-directed
brokerage account. Eligible investments are equity securities traded on U.S. exchanges
valued at greater than $5 and over 400 mutual funds from 18 investment management
companies. Participants pay a one-time set-up fee of $50.
Participant Notes Receivable - Participants may borrow from their fund accounts a
minimum of $1 ,000 up to a maximum of the lesser of $50,000 or 50 percent of their
account balances. Notes receivable are treated as transfers between the investment
fund and the notes receivable fund. Note terms range from one to five years or up to 20
years for the purchase of a primary residence. The notes receivable are secured by the
balance in the participant's account and bear interest at a rate commensurate with
prevailing rates as determined periodically by the plan administrator. Principal and
interest are paid ratably through payroll deductions.
9
Lansing Board of Water and Light
Employees' Defined Contribution Pension Plan and Trust
Notes to Financial Statements
As of and for the Years Ended June 30, 2018 and 2017
Note 1 - Description of the Plan (Continued)
Payment of Benefits - Upon termination of service, a participant may elect to receive
either a lump-sum amount equal to the value of the participant's vested interest in his
or her account, or choose from a variety of periodic payment options. Upon reaching
normal retirement age, a participant may elect to receive in service distributions.
Note 2 - Summary of Significant Accounting Policies
Basis of Accounting - Fiduciary funds use the economic resources measurement focus
and the full accrual basis of accounting. Revenue is recorded when earned and
expenses are recorded when a liability is incurred, regardless of the timing of related
cash flows. Plan member contributions are recognized in the period in which the
contributions are due. Employer contributions to the plan are recognized when due
pursuant to legal requirements. Benefits and refunds are recognized when due and
payable in accordance with the terms of the plan.
Use of 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 the reported amounts of
assets and liabilities and disclosures of contingent assets and liabilities at the date of
the financial statements and the reported amounts of additions and deductions during
the reporting period. Actual results could differ from those estimates.
Valuation of Investments and Income Recognition - The investments are stated at fair
value based on closing sales prices reported on recognized securities exchanges on the
last business day of the year, or for listed securities having no sales reported, and for
unlisted securities, upon the last reported bid prices on that date. The mutual funds are
valued at quoted market prices, which represent the net asset values of shares held by
the Plan at year end.
Purchases and sales of investments are recorded on a trade-date basis. Interest income
is accrued when earned. Dividend income is recorded on the ex-dividend date.
10
Lansing Board of Water and Light
Employees' Defined Contribution Pension Plan and Trust
Notes to Financial Statements
As of and for the Years Ended June 30, 2018 and 2017
Note 2 - Summary of Significant Accounting Policies (Continued)
Participant Notes Receivable - Participant notes receivable are recorded at their unpaid
principal balances plus any accrued interest. Participant notes receivable are written off
when deemed uncollectible.
Expenses - The Plan's expenses are paid by the BWL as provided by the Plan document.
Regulatory Status - The Plan is not subject to the reporting requirements of the
Employee Retirement Income Security Act of 1974 (ERISA) as it has been established for
the benefit of a governmental unit.
Effect of New Accounting Standards on Current Period Financial Statements - GASB has
approved GASB Statement No. 84, Fiduciary Activities. When it becomes effective,
application of this standard may restate portions of these financial statements.
Note 3 - Investments
The pension trust fund is authorized by Michigan Public Act 314 of 1965, as amended,
to invest in certain reverse repurchase agreements, stocks, diversified investment
companies, annuity investment contracts, real estate leased to public entities,
mortgages, real estate, debt or equity of certain small businesses, certain state and
local government obligations, and certain other specified investment vehicles.
The Plan's deposits and investment policies are in accordance with PA 196 of 1997 and
have authorized the investments according to Michigan PA 314 of 1965, as amended.
Custodial Credit Risk of Bank Deposits - As of,June 30, 2018 and 2017, the Plan has no
bank deposits.
Credit Risk - State law limits investments in commercial paper to the top two ratings
issued by nationally recognized statistical rating organizations. The Plan has no
investment policy that would further limit its investment choices. As of June 30, 2018,
the credit quality ratings of debt securities are as follows:
Rating
Investment Fair Value Rating Organization
Mutual funds $ 145,098,563 Not rated Not rated
Stable value 35,1 35,91 1 AA- S&P
11
Lansing Board of Water and Light
Employees' Defined Contribution Pension Plan and Trust
Notes to Financial Statements
As of and for the Years Ended June 30, 2018 and 2017
Note 3 - Investments (Continued)
As of June 30, 2017, the credit quality ratings of debt securities are as follows:
Rating
Investment Fair Value Rating Organization
Mutual funds $ 1 36,451,476 Not rated Not rated
Stable value 35,270,975 AA- S&P
Interest Rate Risk - Interest rate risk is the risk that the value of investments will
decrease as a result of a rise in interest rates. The Plan's investment policy does not
address this risk. At June 30, 2018, the average maturities of investments are as
follows:
Weighted
Investment Fair Value Average Maturity
Mutual funds - Bond funds $18,870,972 4.8 years
At June 30, 2017, the average maturities of investments are as follows:
Weighted
Investment Fair Value Average Maturity
Mutual funds - Bond funds $19,198,075 5.5 years
12
Lansing Board of Water and Light
Employees' Defined Contribution Pension Plan and Trust
Notes to Financial Statements
As of and for the Years Ended June 30, 2018 and 2017
Note 4 - Plan Termination
Although it has not expressed any intention to do so, the BWL has the right under the
Plan to terminate the Plan subject to the provisions set forth in Article 14 of the Plan. In
the event of any termination of the Plan, or upon complete or partial discontinuance of
contributions, the accounts of each affected participant shall become fully vested.
Note 5 - Tax Status
The Plan is a prototype plan. The prototype plan has received a favorable opinion letter
from the Internal Revenue Service (IRS) that the prototype plan, as designed, is qualified
for federal income tax-exempt status. The Plan has not individually sought its own
determination letter.
Note 6 — Fair Value Measurements
The framework for measuring fair value provides a fair value hierarchy that prioritizes
the inputs to valuation techniques used to measure fair value. The hierarchy gives the
highest priority to unadjusted quoted prices in active markets for identical assets or
liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The three
levels of the fair value hierarchy under authoritative guidance are described as follows:
Level 1 - Inputs to the valuation methodology are unadjusted quoted market prices
for identical assets 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; and
> 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.
13
Lansing Board of Water and Light
Employees' Defined Contribution Pension Plan and Trust
Notes to Financial Statements
As of and for the Years Ended June 30, 2018 and 2017
Note 6 - Fair Value Measurements (Continued)
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 observables and minimize the use of
unobservable inputs.
The following is a description of the valuation methodologies used for assets measured
at fair value. There have been no changes in the methodologies used at June 30, 2018
and 201 7:
Money market fund, growth funds, and international funds: Valued at the quoted net
asset value ("NAV") of shares held by the Plan at year end.
Common stock and bond and equity funds: Valued at the most recent closing price
reported on the market on which individual securities are traded.
Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds
held by the Plan are open-end mutual funds that are registered with the Securities and
Exchange Commission. These funds are required to publish their daily NAV and to
transact at that price. The mutual funds held by the Plan are deemed to be actively
traded.
Stable value fund:The Plus Fund is a collective fund that seeks to maintain a stable net
asset value. It invests primarily in a diversified portfolio of stable-value investments,
including traditional guaranteed investment contracts (traditional GICs), separate
account GICs, synthetic GICs backed by fixed income securities or investments, and
short-term investment funds, including money market mutual funds.
Guaranteed Lifetime Income fund:The Retirement Income Advantage Fund seeks both
moderate capital growth and current income. It invests in a separate account under a
group variable annuity. The separate account, in turn, invests in a mix of registered
funds and a collective trust fund with an allocation of approximately 60% domestic and
foreign equities and 40% fixed income.
14
Lansing Board of Water and Light
Employees' Defined Contribution Pension Plan and Trust
Notes to Financial Statements
As of and for the Years Ended June 30, 2018 and 2017
Note 6 - Fair Value Measurements (Continued)
Self-directed ,brokerage account: The self-directed brokerage account allows
participants of the Plan the option of selecting a more personalized and broad range of
investment choices. The investments within the account consist of corporate stocks,
which are valued at the most recent closing price reported on the market on which
individual securities are traded.
The preceding methods may produce a fair value calculation that may not be indicative
of net realizable value or reflective of future fair values. Furthermore, while the Plan
believes its valuation methods are appropriate and consistent with other market
participants, the use of different methodologies or assumptions to determine the fair
value of certain financial instruments could result in a different fair value measurement
at the reporting date.
The following table sets forth by level, within the fair value hierarchy, the Plan's assets
at fair value as of June 30, 2018 and 201 7:
June 30, 2018
Investment Type Level 1 Level 2 Level 3 Total
Mutual funds:
Money market $ 303,087 $ - $ - $ 303,087
Bond and equity funds 18,870,972 - - 18,870,972
Stock funds 70,845,546 - - 70,845,546
Balanced funds 30,528,873 - - 30,528,873
Growth funds 6,933,676 - - 6,933,676
International funds 17,616,409 - - 17,616,409
Self-directed brokerage account 2,144,556 - - 2,144,556
Total Investments by Fair Value
Level $ 147,243,119 $ - $ - $ 147,243,119
Investments measured at the net
asset value (NAV)
Stable value $ 35,1 35,91 1
Guaranteed Lifetime Income 8,638,662
Total Investments Measured
at Fair Value $ 191,01 7,692
15
Lansing Board of Water and Light
Employees' Defined Contribution Pension Plan and Trust
Notes to Financial Statements
As of and for the Years Ended June 30, 2018 and 2017
Note 6 — Fair Value Measurements (Continued)
June 30, 2017
Investment Type Level 1 Level 2 Level 3 Total
Mutual funds:
Money market $ 598,132 $ - $ - $ 598,132
Bond and equity funds 19,198,075 - - 19,198,075
Stock funds 64,71 5,339 - - 64,71 5,339
Balanced funds 29,103,168 - - 29,103,168
Growth funds 6,306,873 - - 6,306,873
International funds 16,529,889 - - 16,529,889
Self-directed brokerage account 1,826,494 - - 1,826,494
Total Investments by Fair Value
Level $ 138,277,970 $ - $ - $ 138,277,970
Investments measured at the net
asset value (NAV)
Stable value $ 35,270,975
Guaranteed Lifetime Income 8,491,010
Total Investments Measured
at Fair Value $ 182,039,955
Investments Measured Using NAV per Share Practical Expedient: The stable value fund
and guaranteed lifetime income fund use NAV per share as a practical expedient to
measuring fair value. The stable value fund had a fair value of $35,135,911 and
$35,270,975 as of June 30, 2018 and 2017, respectively and the guaranteed lifetime
income fund had a fair value of $8,638,662 and $8,491 ,010, respectively. These funds
have no unfunded commitments, the redemption frequency is daily, and there is no
redemption notice period.
Note 7 — Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to
various risks such as interest rate, market, and credit risks. Due to the level of risk
associated with certain investment securities, it is at least reasonably possible that
changes in the values of investment securities will occur in the near term and that such
changes could materially affect the amounts reported in the Statement of Fiduciary Net
Position.
16
Lansing Board of Water and Light
Employees' Defined Contribution Pension Plan and Trust
Notes to Financial Statements
As of and for the Years Ended June 30, 2018 and 2017
Note 8 - Subsequent Events
The Plan has evaluated subsequent events occurring through the date that the Plan's
financial statements were approved and available to be issued, for events requiring
recording or disclosure in the Plan's financial statements. There are no subsequent
events warranting disclosures.
17