UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ý ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2018
OR
o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 001-12907
A. Full title of the plan and address of the plan, if different from that of the issuer named below:
KNOLL RETIREMENT SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
KNOLL, INC.
1235 Water Street
East Greenville, PA 18041
Knoll Retirement Savings Plan
Financial Statements and Supplementary Schedule
Years ended December 31, 2018 and 2017
Table of Contents
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| Financial Statements | |
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| Supplementary Schedule | |
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Report of Independent Registered Public Accounting Firm
Plan Participants and Plan Administrator of the Knoll Retirement Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the Knoll Retirement Savings Plan (the “Plan”) as of December 31, 2018 and 2017, and the related statements of changes in net assets available for benefits for the years ended December 31, 2018 and 2017, and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits for the Plan as of December 31, 2018 and 2017, and the changes in net assets available for benefits for the years ended December 31, 2018 and 2017, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.
Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental information in the accompanying Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2018 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Kronick Kalada Berdy & Co., P.C.
We have served as the Plan’s auditor since 2016.
Kingston, Pennsylvania
June 21, 2019
Knoll Retirement Savings Plan
Statements of Net Assets Available for Benefits
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| | | | | | | | |
| | | December 31, |
| | | 2018 | | 2017 |
| Assets: | | |
| | |
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| Investments, at fair value | | $ | 316,898,383 |
| | $ | 327,331,212 |
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| Notes receivable from participants | | 4,690,318 |
| | 4,640,904 |
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| Employer contribution receivable | | — |
| | 1,673,542 |
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| Total assets | | 321,588,701 |
| | 333,645,658 |
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| Liabilities: | | — |
| | — |
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| Net assets available for benefits | | $ | 321,588,701 |
| | $ | 333,645,658 |
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See accompanying notes to the financial statements.
Knoll Retirement Savings Plan
Statements of Changes in Net Assets Available for Benefits
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| | | | | | | | |
| | | Year ended December 31, |
| | | 2018 | | 2017 |
| Investment income | | |
| | |
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| Interest and dividends | | $ | 15,127,900 |
| | $ | 13,873,919 |
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| Net (depreciation) appreciation in fair value of investments | | (30,276,802 | ) | | 31,105,000 |
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| Total investment (loss) income | | (15,148,902 | ) | | 44,978,919 |
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| Interest income on notes receivable from participants | | 268,952 |
| | 257,567 |
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| Contributions | | |
| | |
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| Participants | | 12,816,634 |
| | 11,182,551 |
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| Rollovers | | 2,887,227 |
| | 7,664,791 |
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| Employer | | 3,998,844 |
| | 6,901,613 |
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| Total contributions | | 19,702,705 |
| | 25,748,955 |
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| Benefits paid to participants | | (32,802,424 | ) | | (25,856,806 | ) |
| Other deductions | | (382,073 | ) | | (329,317 | ) |
| Net (decrease) increase | | (28,361,742 | ) | | 44,799,318 |
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| Assets transferred in | | 16,304,785 |
| | — |
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| Net assets available for benefits: | | |
| | |
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| Beginning of year | | 333,645,658 |
| | 288,846,340 |
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| End of year | | $ | 321,588,701 |
| | $ | 333,645,658 |
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See accompanying notes to the financial statements.
Knoll Retirement Savings Plan
Notes to Financial Statements
December 31, 2018 and 2017
1. Description of Plan
The following description of the Knoll Retirement Savings 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. Copies are available from the Knoll Retirement Plan's Administration Committee. Effective January 1, 2018, Holly Hunt Enterprises, Inc. ("Holly Hunt") became a participating employer in the Plan. Effective May 8, 2018, Muuto, Inc. ("Muuto") became a participating employer in the Plan. The aggregate plan assets transferred in for these two participating employers was $16,304,785.
General
The Plan is a defined contribution plan covering all U.S. employees of Knoll, Inc. (the Company or employer). All employees are eligible at their date of hire. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions
Participants can elect to contribute up to 50% of their compensation, as defined, on a pretax basis, after-tax basis, Roth basis, or a combination subject to Internal Revenue Service (IRS) limitations. Participants who are over the age of 50 can elect to make catch-up contributions, subject to Internal Revenue Code limitations. Additionally, participants may contribute amounts representing distributions from other qualified plans.
The Company matches 50% of participant contributions up to a maximum amount of 6% of the participants’ compensation (their “fixed” match) for those participants who are U.S. employees, and no longer participate in any other of the Company’s pension plans. The fixed match is made to the participants’ pretax contributions first, then applied to the participants’ after-tax contributions, if the pretax contributions are less than 6% of compensation.
The Company also, at its discretion, makes an annual profit sharing contribution based on the Company’s financial performance. The amount of the contribution, if made, is equal to a percentage of the participant’s compensation, but in no event will exceed 3% of compensation. To receive a profit sharing contribution, participants must be actively employed at the end of the plan year and no longer accruing additional benefits under any of the Company’s pension plans. There were no discretionary contributions recognized in either 2018 and 2017.
In addition, the Company also makes transitionary contributions to former pension plan participants, calculated based on age and completed years of service. However, these contributions will end with respect to Plan years beginning on or after January 1, 2018.
Participant Accounts
Each participant’s account is credited with the participant’s contributions, the Company’s fixed match, discretionary profit sharing, and transitionary contributions (when applicable), and an allocation of Plan earnings or losses (including unrealized appreciation or depreciation of Plan assets). Participant accounts are charged with an allocation of administrative expenses that are paid by the Plan. Allocations are based on participant earnings, account balances, or specific participant transactions, as defined. Forfeited balances of terminated participants’ nonvested accounts are typically used to reduce future Company contributions to the Plan and administrative expenses. The benefit to which a participant is entitled is the vested portion of the participant’s account balance.
Vesting
Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Company contributions plus actual earnings thereon is based on years of service. Under a graded vesting schedule, a participant is 100% vested after five years of credited service.
Notes Receivable from Participants
Participants may borrow from their vested account balance a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or one-half of their vested account balance. Principal and interest must be repaid over a period not to exceed five years, unless the loan is used for a residential purchase. Interest rates are established based on the prime rate provided by the Plan’s trustee on the last business day of the calendar quarter preceding or coinciding with the loan request, plus 2%. All loans are collateralized by the participants’ vested account balance in the Plan and are repaid through payroll deductions.
Knoll Retirement Savings Plan
Notes to Financial Statements
December 31, 2018 and 2017
Administrative Costs
The Plan’s administrative costs, other than those related to the management of investments and transaction fees, which totaled $382,073 and $329,317 for the years ended December 31, 2018 and 2017 respectively, are paid by the Company. Expenses related to the management of investments and transaction fees are allocated to each participant’s account. Allocations are based on participant earnings or account balances, as defined in the Plan Agreement.
Forfeited Accounts
As of December 31, 2018 and 2017 forfeited employer matching non-vested accounts amounted to $105,944 and $130,650 respectively. Forfeitures of employer matching non-vested accounts are used for administrative expenses and to reduce the employer’s matching contributions. During the years ended December 31, 2018 and 2017, forfeitures applied against administrative expenses amounted to $122,489 and $93,800 respectively. Forfeitures applied against employer matching contributions during the years ended December 31, 2018 and 2017 amounted to $230,962 and $263,492, respectively.
Payment of Benefits
On termination of service, a participant will receive a lump-sum amount if the total of their vested account balance does not exceed $1,000. If the vested account balance exceeds $1,000, the assets will generally continue to be held in the Plan until the participants’ normal or early retirement date, however, terminated participants may elect to receive their vested account balance at any time. Upon death, permanent disability, or retirement, a participant or beneficiary may elect to receive a lump-sum payment or periodic installments over a specified period that does not exceed the longest of: ten years, the participant’s life expectancy, or the beneficiary’s life expectancy.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts.
2. Summary of Significant Accounting Policies
A summary of the significant accounting policies consistently applied in the preparation of the accompanying financial statements follows:
Basis of Accounting
The financial statements of the Plan are prepared on the accrual basis of accounting.
Investment Valuation
Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan's administrative committee determines the Plan's valuation policies utilizing information provided by the investment advisers and trustee. See Note 4 for a discussion of fair value measurements.
The Plan's investments are composed of the following:
Mutual funds and equity securities: The Plan’s investments in mutual funds and equity securities are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4 for a discussion of fair value measurements.
Common collective trusts: The Plan’s interest in the Northern Trust common collective trusts is valued at the net asset value (NAV) per unit as determined by the collective trusts as of the valuation date. They are valued on the basis of the relative interest of each participating investor at the fair value of the underlying assets. The objective of these funds is to seek high total return with a shift to current income and capital appreciation over time by replicating benchmark indices. The Collective Trust Funds attempt to achieve this objective by investing in a combination of marketable equity securities, fixed income securities and cash. The NAV is used as a practical expedient to estimate fair value. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. There are no unfunded commitments with respect to these investments. Participant-directed redemptions of these investments have no restrictions.
Knoll Retirement Savings Plan
Notes to Financial Statements
December 31, 2018 and 2017
The Vanguard Retirement Savings Trust III (“VRST”), a common collective trust, invests primarily in synthetic guaranteed investment contracts and short-term money market funds. The VRST is valued at the NAV as provided by the trustee, which is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities and then divided by number of shares outstanding. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. The Plan has no unfunded commitments to the VRST, which allows for daily transactions. The Plan may be subject to a 12-month notice period for redemptions, and redemptions are allowed daily for participants.
Investment Income Recognition
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 or depreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.
Investment Fees
Net investment returns reflect certain fees paid by the investment funds to their affiliated investment advisors, transfer agents, and others as further described in each fund prospectus or other published documents. These fees are deducted prior to allocation of the Plan’s investment earnings activity and are not separately identifiable as an expense.
Use of Estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are charged directly to the borrowing participant's account and are included in administrative expenses when incurred. As of December 31, 2018 and 2017, no allowance for credit losses has been recorded. If a participant does not make loan repayments and the plan administrator considers the participant loan to be in default, the loan balance is reduced, and the delinquent participant note receivable is recorded as a benefit payment based on the terms of the Plan document. Interest rates for outstanding notes receivable ranged from 4.25% to 10.25% as of December 31, 2018.
Loan origination fees are included in gross loan withdrawals. Origination fees totaled $7,625 and $7,850 for the years ended December 31, 2018 and 2017, respectively.
Payment of Benefits
Benefit payments to participants are recorded when paid.
Recent Accounting Pronouncements
The Plan's management continuously monitors and reviews all current accounting pronouncements and standards from the Financial Accounting Standards Board (FASB) and other authoritative sources of U.S. GAAP for applicability to the Plan's operations. As of December 31, 2018, there were no new pronouncements, interpretations or staff positions that had or were expected to have, including those not yet adopted, a significant impact on the financial statements of the Plan.
Reclassification of Prior Year Presentation
Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the Statements of Net Assets Available for Benefits or the Statements of Changes in Net Assets Available for Benefits.
Subsequent Events
The Plan has evaluated the effects of events that occurred subsequent to December 31, 2018, through the filing date of this Form 11-K.
Knoll Retirement Savings Plan
Notes to Financial Statements
December 31, 2018 and 2017
3. Investments
During 2018 and 2017, the Plan’s investments appreciated (depreciated) in fair value (including gains and losses on investments bought, sold, as well as held during the year) as follows:
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| | | | | | | | |
| | | Year ended December 31, |
| | | 2018 | | 2017 |
| Mutual Funds | | $ | (27,219,963 | ) | | $ | 25,372,930 |
|
| Common/Collective Trusts | | (2,291,074 | ) | | 6,331,598 |
|
| Knoll Common Stock Fund | | (765,765 | ) | | (599,528 | ) |
| | | $ | (30,276,802 | ) | | $ | 31,105,000 |
|
Investments that represent 10% or more of the Plan’s net assets available for benefits are as follows:
|
| | | | | | | | |
| | | December 31, |
| | | 2018 | | 2017 |
| Vanguard Retirement Savings Trust III | | $ | 54,592,262 |
| | $ | 54,070,268 |
|
| Vanguard Windsor II Fund | | 47,857,496 |
| | 54,409,325 |
|
| Harbor Cap Appr Ret Cl | | 35,622,831 |
| | 38,079,975 |
|
4. Fair Value Measurements
The fair value framework provides a 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 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below:
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| | |
| 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 are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. |
| | |
| Level 3 | | Inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
The asset’s or liability’s fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used during the years ended December 31, 2018 and 2017.
Knoll Common Stock Fund: Valued at the closing price reported on the active market on which the 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-ended mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
Common collective trusts: Valued at the NAV per unit, as a practical expedient to estimate fair value, as determined by the common collective trust as of the valuation date. The net asset value of the funds are calculated daily and distributions from net investment income and net realized gains are retained by and reinvested in the fund.
Knoll Retirement Savings Plan
Notes to Financial Statements
December 31, 2018 and 2017
The methods described above 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 tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2018 and 2017.
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| | | | | | | | | | | | | | | | |
| | | Assets at fair value as of December 31, 2018 |
| Description | | Level 1 | | Level 2 | | Level 3 | | Total |
| Knoll Common Stock Fund | | $ | 1,947,454 |
| | $ | — |
| | $ | — |
| | $ | 1,947,454 |
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| Mutual funds | | 225,104,670 |
| | — |
| | — |
| | 225,104,670 |
|
| Total assets in the fair value hierarchy | | 227,052,124 |
| | — |
| | — |
| | 227,052,124 |
|
Investments measured at net asset value (1) | | — |
| | — |
| | — |
| | 89,846,259 |
|
| Investments at fair value | | $ | 227,052,124 |
| | $ | — |
| | $ | — |
| | $ | 316,898,383 |
|
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| | | | | | | | | | | | | | | | |
| | | Assets at fair value as of December 31, 2017 |
| Description | | Level 1 | | Level 2 | | Level 3 | | Total |
| Knoll Common Stock Fund | | $ | 2,765,724 |
| | $ | — |
| | $ | — |
| | $ | 2,765,724 |
|
| Mutual funds | | 232,549,522 |
| | — |
| | — |
| | 232,549,522 |
|
| Total assets in the fair value hierarchy | | 235,315,246 |
| | — |
| | — |
| | 235,315,246 |
|
Investments measured at net asset value (1) | | — |
| | — |
| | — |
| | 92,015,966 |
|
| Investments at fair value | | $ | 235,315,246 |
| | $ | — |
| | $ | — |
| | $ | 327,331,212 |
|
(1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statements of net assets available for benefits.
5. Related Party Transactions
At December 31, 2018 and 2017, the Plan held investments totaling $1,947,454 and $2,765,724 respectively, in shares of common stock of the Company. Dividend income on Company stock totaled $70,921 and $72,485 for the years ended December 31, 2018 and 2017, respectively. Total shares at December 31, 2018 and 2017 equaled 118,187 and 120,180, respectively.
Shares held in the Knoll Common Stock Fund may be sold at any time at participant discretion at the closing price of the Knoll, Inc. common stock on the New York Stock Exchange.
Certain Plan investments are shares of registered investment companies (mutual funds) managed by Vanguard Fiduciary Trust Company, the trustee as defined by the Plan. Additionally, the Plan issues loans to participants, which are secured by the balances in participant’s accounts. These transactions qualify as party-in-interest transactions. All other transactions which may be considered party-in-interest transactions relate to normal plan management and administrative services, and the related payment of fees.
Certain administrative functions of the plan are performed by officers or employees of the Company. No such officer or employee receives compensation from the Plan.
6. Income Tax Status
The Plan has been operating under a determination letter from the IRS dated May 15, 2013, stating that the Plan and the related trust is qualified under Section 401(a) of the Internal Revenue Code (the Code) and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.
Knoll Retirement Savings Plan
Notes to Financial Statements
December 31, 2018 and 2017
U.S. GAAP requires plan management to evaluate tax positions taken by the plan and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2018 and 2017, there are no uncertain positions taken, or expected to be taken, that would require recognition of a liability 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 2015.
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 participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
Supplemental Schedule
Knoll Retirement Savings Plan
EIN 13-3873847, Plan 002
Schedule H, Line 4(i)—
Schedule of Assets (Held at End of Year)
December 31, 2018
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| | | | | | | |
| (a) | (b) Identity of Issue, 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 |
| | | | | | |
| * | Vanguard Retirement Savings Trust III | Common/Collective Trust | ** | | $ | 54,592,262 |
|
| * | Vanguard Windsor II Fund Adm | Registered Investment Company | ** | | 47,857,496 |
|
| | Harbor Cap Appr Ret Cl | Registered Investment Company | ** | | 35,622,831 |
|
| * | Vanguard Inst Target Ret 2025 Fund | Registered Investment Company | ** | | 21,490,185 |
|
| | NT C SP500 DC NL T3 | Common/Collective Trust | ** | | 20,338,520 |
|
| * | Vanguard Inst Target Ret 2020 Fund | Registered Investment Company | ** | | 18,522,724 |
|
| * | Vanguard Inst Target Ret 2030 Fund | Registered Investment Company | ** | | 13,968,675 |
|
| | Amer Funds EuroPacific Gr | Registered Investment Company | ** | | 12,929,448 |
|
| | Met West Total Ret Bond P | Registered Investment Company | ** | | 12,850,212 |
|
| | NT C Ext Mkt Ind DC NL T3 | Common/Collective Trust | ** | | 11,509,773 |
|
| * | Vanguard Inst Target Ret 2035 Fund | Registered Investment Company | ** | | 11,450,595 |
|
| * | Vanguard Explorer Adm | Registered Investment Company | ** | | 10,701,334 |
|
| * | Vanguard Inst Target Ret 2040 Fund | Registered Investment Company | ** | | 8,252,074 |
|
| * | Vanguard Inst Target Ret Income Fund | Registered Investment Company | ** | | 7,257,537 |
|
| * | Vanguard Inst Target Ret 2015 Fund | Registered Investment Company | ** | | 7,195,162 |
|
| * | Vanguard Inst Target Ret 2045 Fund | Registered Investment Company | ** | | 5,943,208 |
|
| * | Vanguard Inst Target Ret 2050 Fund | Registered Investment Company | ** | | 4,131,028 |
|
| | NT C Agg Bd NL T3 | Common/Collective Trust | ** | | 2,230,330 |
|
| * | Vanguard Inst Target Ret 2055 Fund | Registered Investment Company | ** | | 1,992,825 |
|
| * | Knoll Common Stk | Company Stock Fund | ** | | 1,947,454 |
|
| | MM Sel MdCp Gro Eq II C I | Registered Investment Company | ** | | 1,720,038 |
|
| | GS Sm Cap Val R6 | Registered Investment Company | ** | | 1,264,770 |
|
| | NT C ACWI ex-US IMI T3 | Common/Collective Trust | ** | | 1,175,373 |
|
| | MFS Mid Cap Value R6 | Registered Investment Company | ** | | 1,050,356 |
|
| * | Vanguard Inst Target Ret 2060 Fund | Registered Investment Company | ** | | 517,100 |
|
| * | Vanguard Inst Target Ret 2065 Fund | Registered Investment Company | ** | | 230,682 |
|
| * | Vanguard Fed Money Mkt | Registered Investment Company | ** | | 156,391 |
|
| * | Participant loans | 4.25% - 10.25% and maturity dates through 2028 | $0 | | 4,690,318 |
|
| | | | | | $ | 321,588,701 |
|
* Party-in-interest to the Plan, as defined by ERISA.
** Cost is not required for participant-directed investments.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Knoll Retirement Plans Administration Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
|
| | | |
| | KNOLL RETIREMENT SAVINGS PLAN |
| | | |
| | | |
| Date: June 21, 2019 | By: | /s/ Brian J. Reuter |
| | | |
| | | Brian J. Reuter |
| | | |
| | | Authorized Committee Member |
| | | |
| | | |
| Date: June 21, 2019 | By: | /s/ Charles W. Rayfield |
| | | |
| | | Charles W. Rayfield |
| | | |
| | | Authorized Committee Member |
EXHIBIT INDEX
Exhibit 23.1 Consent of Independent Registered Public Accounting Firm
