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- Annual Report of Employee Stock Plans (11-K)

Date : 06/28/2012 @ 4:12PM
Source : Edgar (US Regulatory)
Stock : Spartan Motors, Inc. (MM) (SPAR)
Quote : 5.15  -0.11 (-2.09%) @ 8:10PM
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- Annual Report of Employee Stock Plans (11-K)

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549


FORM 11-K

ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934


(Mark One):
[x]
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
  For the fiscal year ended December 31, 2011
 
OR

[  ]
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the transition period from ______________ to _______________

Commission file number 000-13611

A.
Full title of the plan and the address of the plan, if different from that of the issuer named below:
Spartan Motors Retirement Plan

B.
Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office: Spartan Motors, Inc., 1541 Reynolds Road, P.O. Box 440, Charlotte, Michigan 48813.

 
 

 

Spartan Motors Retirement Plan

Contents

 
 
Report of Independent Registered Public Accounting Firm    3
     
Financial Statements    
     
Statements of Net Assets Available for Benefits as of  December 31, 2011 and 2010 
   4
     
Statements of Changes in Net Assets Available for Benefi ts for the Years Ended December 31, 2011 and 2010 
   5
     
Notes to Financial Statement s
    6-12
     
Supplemental Schedules    
     
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2011 
   13
     
Schedule H, Line 4a - Schedule of Deli nquent Participant Contributions for the Year Ended December 31, 2011 
   14
 
 
2

 

Report of Independent Registered Public Accounting Firm

To the Plan Administrator
Spartan Motors Retirement Plan
Charlotte, Michigan

We have audited the accompanying statements of net assets available for benefits of Spartan Motors Retirement Plan (the Plan) as of December 31, 2011 and 2010, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.   The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audits included consideration of internal control over financial reporting as a basis for designing 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 over financial reporting.  Accordingly, we express no such opinion.   An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2011 and 2010, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.   The accompanying supplemental Schedule of Assets (Held at End of Year) and Schedule of Delinquent Participant Contributions as of and for the year ended December 31, 2011, are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ BDO USA, LLP
Grand Rapid, Michigan
June 28, 2012
 
 
3

 
 
Spartan Motors Retirement Plan

Statements of Net Assets Available for Benefits


 
December 31,
 
2011
   
2010
 
             
Assets
           
             
Investments, at fair value:
           
Collective trust fund
  $ 5,849,799     $ 6,183,909  
Mutual funds
    51,056,382       53,058,354  
Spartan Motors, Inc. common stock
    1,720,771       2,297,158  
                 
Total investments
    58,626,952       61,539,421  
                 
Receivables:
               
Employee contributions
    44,162       -  
Employer contributions
    6,809       -  
Other receivable
    4,000       -  
Notes receivable from participants
    2,577,559       2,700,839  
                 
Total receivables
    2,632,530       2,700,839  
                 
Net Assets Available for Benefits, at Fair Value
    61,259,482       64,240,260  
                 
Adjustment from fair value to contract value for interest in collective trust fund relating to fully benefit-responsive investment contracts
    (144,279 )     (50,281 )
                 
Net Assets Available for Benefits
  $ 61,115,203     $ 64,189,979  
 
See accompanying notes to financial statements.
 
 
4

 
 
Spartan Motors Retirement Plan
 
Statements of Net Assets Available for Benefits

 
 
Year ended December 31,
 
2011
   
2010
 
             
Additions
           
Contributions:
           
Employer
  $ 526,636     $ 321,751  
Employee
    3,113,497       2,783,086  
Rollover
    108,887       187,874  
                 
Total contributions
    3,749,020       3,292,711  
                 
Investment income (loss):
               
Interest and dividend income
    1,608,359       1,148,119  
Net appreciation (depreciation) in fair value of investments
    (2,763,395 )     6,730,890  
                 
Total investment income (loss)
    (1,155,036 )     7,879,009  
Interest from notes receivable
    121,994       107,437  
                 
Total Additions
    2,715,978       11,279,157  
                 
Deductions
               
Distributions to participants
    5,721,351       4,775,021  
Administrative fees
    69,403       55,954  
                 
Total Deductions
    5,790,754       4,830,975  
                 
Net increase (decrease)
    (3,074,776 )     6,448,182  
                 
Transfer in from another Plan (Note 8)
    -       24,379,187  
                 
Net Assets Available for Benefits, beginning of year
    64,189,979       33,362,610  
                 
Net Assets Available for Benefits, end of year
  $ 61,115,203     $ 64,189,979  
 
See accompanying notes to financial statements.
 
5

 

Spartan Motors Retirement Plan

Notes to Financial Statements

 

1.           Plan Description

The following description of Spartan Motors Retirement Plan (the “Plan”) provides only general information. Participants should refer to the Summary Plan Description for a more complete description of the Plan’s provisions, which is available from the human resources department of Spartan Motors, Inc. (the Company). As discussed in Note 8, on July 1, 2010, the Plan was amended to facilitate the July 1, 2010 merger of the Plan with the Utilimaster Corporation 401(k) Plan.

General

The Plan is a defined contribution plan that covers substantially all employees of the Company who have at least 60 days of service and are 18 years or older. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Plan’s trustee and recordkeeper is Fidelity Management Trust Company (Fidelity).

Contributions

Each year, participants may contribute up to 60% of pretax annual compensation, as defined in the Plan, subject to limitations prescribed by the Internal Revenue Code (IRC). Participants may also contribute amounts representing distributions from other qualified retirement plans. Newly eligible employees automatically defer 3% of their compensation unless they elect a contrary salary reduction or elect not to participate. Participants may elect to make Roth deferral contributions.

The Company may make employer matching contributions based on a percentage of participant contributions to be determined annually by the Company. Throughout 2011, and the first half of 2010, the Company’s match was 25% of the participant’s contribution up to 6% of compensation. During the second half of 2010, the Company did not match participant contributions.

Vesting

Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Company’s matching contributions, plus actual earnings thereon, are based on years of continuous service. A participant is fully vested after five years of credited service.

Participant Accounts

Each participant’s account is credited with the participant’s contributions and allocations of  the Company’s contributions and  Plan earnings, and charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined.

Forfeitures

Forfeitures of nonvested employer matching contributions are used to pay administrative expenses or to reduce employer matching contributions. In 2011 and 2010, forfeitures totaling $31,911 and $27,084, respectively, were used to pay Plan expenses. In 2011, the Company determined that forfeitures were not being used in accordance with plan provisions and filed a submission under the Voluntary Correction Program (VCP) with the Internal Revenue Service (IRS) to correct this matter.  The Company received a VCP compliance statement from the IRS in April 2012 approving the Company’s proposed method of correction.  As a result, approximately $204,000 of unallocated forfeitures, which are included in net assets available for benefits as of December 31, 2011, will be used to pay administrative expenses or to reduce employer matching contributions in 2012.
 
 
6

 
 
Spartan Motors Retirement Plan

Notes to Financial Statements

 

Investment Options

Participants may direct the investment of funds in their accounts to any investment option available under the Plan.

Notes Receivable From Participants

Participants in the Plan may request a loan from their vested account balance. The minimum loan amount is $1,000 and the maximum amount is 50% of the vested account balance or $50,000, whichever is less. A participant may have no more than two loans outstanding at any time. The loans are secured by the balance in the participant’s account. These loans bear interest at a rate based on the prevailing interest rates charged by persons in the business of lending money for loans which would be made under similar circumstances. Interest rates on outstanding loans as of December 31, 2011 ranged from 4.25% to 10.50%. Principal and interest is paid ratably through payroll deductions over a period not to exceed five years unless the loan was used to purchase a primary residence, in which case the loan terms shall not exceed ten years.

Payment of Benefits

Upon separation of service, death, disability or retirement, a participant or his or her beneficiary will receive a distribution of the participant’s account as a lump-sum amount or a single or joint survivor life annuity. Additionally, under certain circumstances of financial hardship, participants are allowed to withdraw funds from the Plan.

Administrative Expenses

Certain administrative expenses are paid by the forfeited nonvested employer matching contributions. Fees incurred as a result of participant-directed transactions (e.g., participant loan origination fees) are charged directly to the participant’s account.

Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become fully vested in their accounts. Upon complete or partial termination, all remaining assets in the accounts of the participants or their beneficiaries are to be distributed to them in the same proportion as their related interests.

2.           Significant Accounting Policies

Basis of Accounting

The accompanying financial statements are prepared on the accrual basis of accounting.

 
7

 
 
Spartan Motors Retirement Plan

Notes to Financial Statements

 
 
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 amount of net assets and changes therein. Actual results could differ from those estimates.

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 participants’ account balances and the amounts reported in the financial statements.

Notes Receivable From Participants
Participant loans are classified as notes receivable from participants, and are measured at the unpaid principal balance plus unpaid accrued interest. Defaulted loans, if any, are reclassified as distributions based upon the terms of the Plan Document.

Investment Valuation and Income Recognition

The Plan’s investments are stated at fair value. Fair value is the price that would be received to sell an asset (an exit price) in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date. See Note 3 for discussion of fair value measurements.

Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

New Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2010-06, Improving Disclosures about Fair Value Measurements . This standard requires new disclosures on the amount and reason for transfers in and out of Level 1 and 2 recurring fair value measurements. The standard also requires disclosure of activities, on a gross basis, including purchases, sales, issuances and settlements, in the reconciliation of Level 3 fair value recurring measurements. The standard clarifies existing disclosure requirements on levels of disaggregation and disclosures about inputs and valuation techniques. The new disclosures regarding Level 1 and 2 fair value measurements and clarification of existing disclosures became effective for periods beginning after December 15, 2009 and did not have a material impact on the Plan’s financial statements. The disclosures regarding the reconciliation of information in Level 3 recurring fair value measurements became effective for periods beginning after December 15, 2010 and, if applicable, are included in the fair value disclosures in Note 3.

In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (ASU 2011-04). ASU 2011-04 amended ASC 820, Fair Value Measurements and Disclosures, to provide a consistent definition of fair value and improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRSs. Some of the amendments clarify the application of existing fair value measurement and disclosure requirements, while other amendments change a particular principle or requirement for measuring fair value or disclosing information about fair value measurements. The amendments are to be applied prospectively and are effective for annual periods beginning after December 15, 2011. Plan management is currently evaluating the effect that the provisions of ASU 2011-04 will have on the Plan’s financial statements.
 
 
8

 
 
Spartan Motors Retirement Plan

Notes to Financial Statements

 
 
3.           Investments

In accordance with ASC 820, Fair Value Measurements and Disclosures, the Plan utilizes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are described as follows:

Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets in active markets.

Level 2 - Inputs to the valuation methodology include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in inactive markets, other inputs that are observable or can be corroborated by observable market data.

Level 3 - Inputs to the valuation methodology are both significant to the fair value measurement and unobservable.

The following valuation methodologies were used to measure the fair value of the Plan’s investments:

Mutual funds and Spartan Motors, Inc. common stock: Valued at quoted market prices of shares held by the Plan.

Collective trust fund: Valued at the net asset value of the shares held by the Plan at year-end, which is provided by the trustee and is determined based on the fair value of the underlying investments, primarily guaranteed investment contracts (GICs), synthetic GICs and fixed income securities.

The Plan invests in investment contracts through a common/collective trust fund (CCT) (Fidelity Managed Income Portfolio). Contract value is the relevant measurement of net assets available for benefits in a defined contribution plan that holds fully benefit-responsive investment contracts, because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. As required, the statement of net assets available for benefits presents the fair value of the interest in the CCT relating to fully benefit-responsive investment contracts with an adjustment to contract value. The statement of changes in net assets available for benefits is prepared on a contract value basis. There is no restriction in place with respect to the daily redemption of the CCT at this time.

The Plan’s valuation methods may result in a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Although Plan management believes the valuation methods are appropriate and consistent with the 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.

There have been no changes in the methodologies used at December 31, 2011 and 2010, and there have been no significant transfers in or out of Levels 1, 2 or 3.
 
 
9

 

Spartan Motors Retirement Plan

Notes to Financial Statements

 

The tables below set forth by level within the fair value hierarchy the Plan’s investments.

   
Investment Assets at Fair Value
 
                         
December 31, 2011
 
Level 1
   
Level 2
   
Level 3
   
Total
 
                         
Collective trust fund
  $ -     $ 5,849,799     $       $ 5,849,799  
                                 
Mutual funds
                               
Domestic stock funds
    23,999,742                       23,999,742  
Lifecycle funds
    14,020,250                       14,020,250  
Bond funds
    8,303,533                       8,303,533  
International stock funds
    3,882,277                       3,882,277  
Other funds
    850,580                       850,580  
                                 
Total mutual funds
    51,056,382                       51,056,382  
                                 
Spartan Motors, Inc. common stock
    1,720,771                       1,720,771  
                                 
Total Investment Assets at Fair Value
  $ 52,777,153     $ 5,849,799     $       $ 58,626,952  

 
   
Investment Assets at Fair Value
 
                         
December 31, 2010
 
Level 1
   
Level 2
   
Level 3
   
Total
 
                         
Collective trust fund
  $ -     $ 6,183,909     $ -     $ 6,183,909  
                                 
Mutual funds
                               
Domestic stock funds
    24,839,322       -       -       24,839,322  
Lifecycle funds
    14,336,398       -       -       14,336,398  
Bond funds
    7,633,563       -       -       7,633,563  
International stock funds
    5,635,846       -       -       5,635,846  
Other funds
    613,225       -       -       613,225  
                                 
Total mutual funds
    53,058,354       -       -       53,058,354  
                                 
Spartan Motors, Inc. common stock
    2,297,158       -       -       2,297,158  
                                 
Total Investment Assets at Fair Value
  $ 55,355,512     $ 6,183,909     $ -     $ 61,539,421  
 
 
10

 

Spartan Motors Retirement Plan

Notes to Financial Statements

 

The fair value of individual investments that represent 5% or more of the Plan’s net assets is as follows:

December 31,
 
2011
   
2010
 
             
Collective trust fund
           
Fidelity Managed Income Portfolio
  $ 5,849,799     $ 6,183,909  
Mutual funds
               
Fidelity Freedom 2020
    4,549,296       4,899,486  
PIMCO Total Return Inst.
    4,352,843       4,324,759  
Fidelity Diversified International
    **       3,409,991  
American Century Equity Income
    3,403,656       **  
Artisan Mid Cap Inv
    3,432,354       **  
Fidelity Contrafund
    4,031,369       **  
 
** Below 5% of net assets available for benefits.

The Plan’s investments (including investments bought, sold, as well as held during the year) appreciated in fair value as follows:

Year ended December 31,
 
2011
   
2010
 
             
Mutual funds
  $ (2,351,739 )   $ 6,498,193  
Spartan Motors, Inc. common stock
    (411,656 )     232,697  
                 
Total
  $ (2,763,395 )   $ 6,730,890  
 
4.           Income Tax Status

The Company has adopted the Fidelity Basic Plan Document No. 14, a volume submitter defined contribution Plan.  In a letter dated March 31, 2008, the Internal Revenue Service stated that the volume submitter plan is in compliance with the applicable requirements of the Internal Revenue Code (IRC). The Plan document has been amended since receiving the letter; however, the Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the IRC and, therefore, believes the Plan is qualified and the related trust is tax exempt.

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 (or asset) if the Plan has taken an uncertain tax position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2011, there are no uncertain tax positions taken or expected to be taken that would require recognition of a tax liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2008.

5.           Transactions with Parties-in-Interest

Fees incurred for administrative, legal and accounting services rendered by parties-in-interest were based on customary and reasonable rates for such services. Certain Plan investments are shares of mutual funds and a collective trust fund managed by Fidelity. Fidelity is the trustee as defined by the Plan and qualifies as a party-in-interest. The Plan also invests in the stock of the Company.
 
 
11

 
 
Spartan Motors Retirement Plan

Notes to Financial Statements

 
 
6.           Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for plan benefits per the financial statements to the Form 5500:

Year ended December 31,
 
2011
   
2010
 
             
Net assets available for benefits per the financial statements
  $ 61,115,203     $ 64,189,979  
Adjustment from fair value to contract value for fully benefit-responsive investment contracts
    144,279       50,281  
                 
Net Assets Available for Benefits per the Form 5500
  $ 61,259,482     $ 64,240,260  

The following is a reconciliation of the net increase (decrease) to assets available for benefits per the financial statements to the Form 5500:

Year ended December 31,
 
2011
   
2010
 
             
Net increase (decrease) in assets available for benefits per the financial statements
  $ (3,074,776 )   $ 6,448,182  
Adjustment from fair value to contract value for fully benefit-responsive investment contracts - net
    93,998       114,648  
                 
Net Increase (Decrease) in Assets Available for Benefits per the Form 5500
  $ (2,980,778 )   $ 6,562,830  

7.           Delinquent Participant Contributions

In 2011, the Company determined that certain employee deferrals and loan repayments aggregating $208,165 had not been remitted to the Plan in a timely manner, according to Department of Labor regulations. Although these remittances were made, they fell outside the normal processing time the Company allows. An investigation was held to determine the root cause of the delinquent contributions and corrective measures were taken. The Company calculated lost earnings and is in the process of depositing these funds into the Plan in 2012. The funds were allocated to impacted participant accounts.

8.           Merger of Plan Assets

The Company acquired Utilimaster Corporation in 2009 and the merger of the Utilimaster Corporation 401(k) Plan (The Utilimaster Plan) was subsequently approved by the Company. Effective July 1, 2010, the Utilimaster Plan was merged into the Plan. Spartan Motors Retirement Plan was amended at that time to facilitate the merger of the plans. As a result of the merger, all of the Utilimaster Plan assets, totaling $24,379,187, were transferred into the Plan on July 1, 2010. Accordingly, the 2010 Statement of Changes in Net Assets Available for Benefits includes the activity of the Utilimaster Plan since the date of the merger.
 
 
12

 
 
Spartan Motors Retirement Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)


EIN: 38-2078923
Plan Number: 001
December 31, 2011
           
               
(a)
(b)
Identity of Issuer, Borrower, Lessor
or Similar Party
 
(c)
Description of Investment, Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value
(d)
Cost
 
(e)
Current
Value
 
                 
 
Collective trust fund
             
*
Fidelity Managed Income Portfolio
 
5,705,520
units
**
$
5,849,799
 
                 
 
Mutual funds
             
 
Allianz NFJ Small Cap Value
 
61,878
shares
**
 
1,805,607
 
 
American Century Equity Income
 
468,178
shares
**
 
3,403,656
 
 
Artisan Mid Cap Invs
 
104,232
shares
**
 
3,432,354
 
 
Brown Small Company Inst
 
17,942
shares
**
 
785,513
 
 
Columbia Small Cap Core Z
 
98,184
shares
**
 
1,460,001
 
*
Fidelity Balanced
 
103,284
shares
**
 
1,878,728
 
*
Fidelity Contrafund
 
59,759
shares
**
 
4,031,369
 
*
Fidelity Freedom 2000
 
7,406
shares
**
 
87,989
 
*
Fidelity Freedom 2005
 
13,442
shares
**
 
141,413
 
*
Fidelity Freedom 2010
 
85,359
shares
**
 
1,118,205
 
*
Fidelity Freedom 2015
 
85,684
shares
**
 
936,528
 
*
Fidelity Freedom 2020
 
346,745
shares
**
 
4,549,296
 
*
Fidelity Freedom 2025
 
123,399
shares
**
 
1,333,947
 
*
Fidelity Freedom 2030
 
228,476
shares
**
 
2,933,637
 
*
Fidelity Freedom 2035
 
71,128
shares
**
 
750,397
 
*
Fidelity Freedom 2040
 
167,616
shares
**
 
1,233,655
 
*
Fidelity Freedom 2045
 
50,134
shares
**
 
435,662
 
*
Fidelity Freedom 2050
 
44,905
shares
**
 
383,491
 
*
Fidelity Freedom Income
 
10,323
shares
**
 
116,029
 
*
Fidelity High Income
 
9,225
shares
**
 
79,705
 
*
Fidelity Inflation - Protected Bond
 
89,811
shares
**
 
1,147,782
 
*
Fidelity International Small Cap
 
37,080
shares
**
 
649,648
 
*
Fidelity Low Priced Stock
 
59,045
shares
**
 
2,109,691
 
*
Fidelity Real Estate Invst
 
30,796
shares
**
 
850,580
 
*
Fidelity Retirement Money Market
 
734,155
shares
**
 
734,155
 
*
Fidelity Spartan 500 Index
 
56,310
shares
**
 
2,505,226
 
*
Fidelity Spartan US Bond Index
 
150,283
shares
**
 
1,770,336
 
 
Oppenheimer Developing Markets A
 
20,814
shares
**
 
610,264
 
 
Perkins Mid Cap Value T
 
82,450
shares
**
 
1,664,671
 
 
Pimco Total Return Inst
 
400,446
shares
**
 
4,352,843
 
 
Templeton  Global Bond A
 
76,782
shares
**
 
952,868
 
 
Thornburg International Value  R4
 
109,493
shares
**
 
2,622,365
 
 
Van Eck Global Hard Assets A
 
4,356
shares
**
 
188,771
 
                 
  Total mutual funds           51,056,382  
                 
 
Common stock
             
*
Spartan Motors, Inc.
 
357,547
shares
**
 
1,720,771
 
                 
 
Total Investments
     
$
58,626,952
 
*
Notes receivable from participants
 
interest rates ranging from 4.25% to 10.50%
-
$
2,577,559
 
               
 
A party-in-interest as defined by ERISA.
**
The cost of participant-directed investments is not required to be disclosed.
 
 
13

 
 
Spartan Motors Retirement Plan

Schedule H, Line 4a - Schedule of Delinquent Participant Contributions

 
EIN: 38-2078923
Plan Number: 001
Year Ended December 31, 2011
             
                   
       
Totals That Constitute Non-Exempt Prohibited Transactions
         
                 
Participant contributions transferred late to the Plan (including loan repayments)
 
Contributions not Corrected
 
Contributions Corrected Outside VFCP*
 
Contributions Pending Corrections
in VFCP
 
Total Fully Corrected Under VDCP and PTE 2002-51
                   
2011 contributions
$
208,165
$
-
$
$
   

*Voluntary Fiduciary Correction Program (DOL)
 
 
14

 
 
SIGNATURES

The Plan .  Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


 
SPARTAN MOTORS RETIREMENT PLAN
       
       
 
By:
 
/s/ Joseph M. Nowicki
     
Joseph M. Nowicki
     
Chief Financial Officer and Administrator
     
of the Spartan Motors Retirement Plan


Date: June 28, 2012
 
 
 

 
 
EXHIBIT INDEX

Exhibit No.
Exhibit Description
   
23
Consent of Independent Registered Public Accounting Firm –BDO USA, LLP
 

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