FORM 11-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
[FEE REQUIRED] |
For the fiscal year ended December 31, 2008.
OR
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o |
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
[NO FEE REQUIRED] |
For the transition period from to
Commission
File Number: 1-4639
CTS CORPORATION RETIREMENT SAVINGS PLAN
(Title of Plan)
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CTS Corporation
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905 West Boulevard North
Elkhart, IN 46514 |
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(Issuer of Securities)
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(Address of Principal
Executive Offices) |
CTS Corporation Retirement Savings Plan
Index
December 31, 2008 and 2007
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*Note: |
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Other supplementary schedules required by Section 2520.103-10 of the Department of Labors
Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974 have been omitted because they are not applicable. |
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8001 Broadway, Suite 400
Merrillville, IN 46410-5552
219.769.3900 Fax 219.769.3906 www.bkd.com |
Report of Independent Registered Public Accounting Firm
Plan Administrator
CTS Corporation Retirement Savings Plan
Elkhart, Indiana
We have audited the accompanying statements of net assets available for
benefits of CTS Corporation Retirement Savings Plan (the Plan) as of
December 31, 2008 and 2007, and the related statement of changes in net assets
available for benefits for the year ended December 31, 2008. The Plans
management is responsible for these financial statements. 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 audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes 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 CTS
Corporation Retirement Savings Plan as of December 31, 2008 and 2007, and the
changes in its net assets available for benefits for the year ended December
31, 2008, in conformity with accounting principles generally accepted in the
United States of America.
As discussed in Note 9, the Plan changed its method of accounting for fair
value measurements in accordance with Statement of Financial Accounting
Standards No. 157 in 2008.
The accompanying supplemental schedule is presented for the purpose of
additional analysis and is not a required part of the basic financial
statements, but is supplementary information required by the Department of
Labors Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. This supplemental schedule is the
responsibility of the Plans management. The supplemental schedule has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
/s/ BKD, LLP
Merrillville, Indiana
June 12, 2009
Federal Employer Identification Number: 44-0160260
1
CTS Corporation Retirement Savings Plan
Statements of Net Assets Available for Benefits
December 31, 2008 and 2007
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2008 |
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2007 |
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Assets |
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Investments, at fair value |
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$ |
85,054,296 |
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$ |
116,807,886 |
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Net assets available for benefits |
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$ |
85,054,296 |
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$ |
116,807,886 |
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See Notes to Financial Statements.
2
CTS Corporation Retirement Savings Plan
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2008
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Additions |
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Investment Income (Loss) |
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Net depreciation in fair value of investments |
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$ |
(33,567,397 |
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Interest |
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143,521 |
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Dividends |
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2,982,658 |
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Net Investment Loss |
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$ |
(30,441,218 |
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Contributions |
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Employer |
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1,513,134 |
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Employee |
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3,835,297 |
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Rollover |
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179,348 |
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Total Contributions |
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5,527,779 |
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Assets
merged from other plans
CTS Electronics Manufacturing Solutions, Inc. |
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4,903,571 |
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Tusonix, Inc. |
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4,511,920 |
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Total Assets Merged |
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9,415,491 |
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Total Additions |
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$ |
(15,497,948 |
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Deductions |
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Benefits paid to participants |
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$ |
16,244,250 |
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Administrative expenses |
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10,365 |
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Other disbursements |
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1,027 |
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Total Deductions |
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$ |
16,255,642 |
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Net Decrease |
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$ |
(31,753,590 |
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Net assets available for benefits, beginning of year |
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116,807,886 |
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Net assets available for benefits, end of year |
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$ |
85,054,296 |
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See Notes to Financial Statements.
3
CTS Corporation Retirement Savings Plan
Notes to Financial Statements
December 31, 2008 and 2007
Note 1: Description of the Plan
The following brief description of the CTS Corporation Retirement Savings Plan (the Plan) is
provided for general information purposes only. More detailed information about the Plan is
contained in the Summary Plan Description which is available from the CTS Corporation (the
Company or Employer) Human Resources Department.
General
The Plan was established January 1, 1983 and provides the opportunity for eligible employees to
make regular and systematic savings through salary reductions and to share a portion of the profits
of the Company. The Plan is a defined contribution plan and is subject to Section 401(k) of the
Internal Revenue Code (IRC) and the provisions of the Employee Retirement Income Security Act of
1974 (ERISA). On July 1, 2008, the CTS Electronics Manufacturing Solutions, Inc., 401(k) Plan
was merged into the Plan. On August 1, 2008, the Tusonix, Inc., Profit Sharing Pension Plan was
merged into the Plan.
Participation
In general, employees are eligible to participate upon employment with the Company. Active
employees can enroll in the Plan at any time. Employees hired after July 1, 2008 are automatically
enrolled in the Plan after 30 days of continuous service at a contribution level of 3 percent
unless the employee elects a different amount.
Contributions
Employees hired prior to April 1, 2006 (non-bargaining unit employees) or prior to July 1, 2008
(bargaining unit employees) and all employees of the Moorpark CA, San Jose CA and Tucson AZ
facilities may elect to contribute to the Plan, in 1 percent increments, amounts ranging from 1
percent to 70 percent of their gross pay. The Company made matching contributions of 50 percent of
the participants voluntary contribution up to 6 percent of the participants eligible
compensation. No Company matching contributions are made on employee contributions in excess of 6
percent.
Employees hired after March 31, 2006, other than bargaining unit employees at the Elkhart IN
facility and other than employees at the Moorpark CA, San Jose CA, Santa Clara CA and Tucson AZ
facilities may elect to contribute to the Plan, in 1 percent increments, amounts ranging from 1
percent to 70 percent of their gross pay. The Company made matching contributions of 100 percent
of the participants voluntary contribution up to 3 percent of the participants eligible
compensation and 50 percent of the participants voluntary contribution up to the next 2 percent of
the participants eligible compensation. No Company matching contributions are made on employee
contributions in excess of 5 percent. Bargaining unit employees hired at the Elkhart IN facility
after June 30, 2008 have this same Company matching contribution.
The Company provides supplemental contributions at the rate of 3 percent of compensation to
non-exempt salaried and hourly employees not covered by a defined benefit plan who were hired
before April 1, 2006 (non-bargaining unit employees) or July 1, 2008 (bargaining unit employees)
and who were not employed at the Moorpark CA, San Jose CA, Santa Clara CA or Tucson AZ facilities.
The Employer may also make an incentive contribution at the discretion of Company management. All
contributions are invested according to the elections specified by each participant. The Plan
currently offers a money market fund, twenty-seven mutual funds and Company common stock as
investment options for participants.
Vesting
Participants are immediately vested in their contributions plus actual earnings thereon.
Effective July 1, 2008, all participants are immediately vested in the Company matching and
supplemental contributions. All participants whose Company matching and supplemental contributions
were not fully vested as of July 1, 2008 (August 1, 2008 for Tusonix plan participants) had those
contributions made fully vested.
4
CTS Corporation Retirement Savings Plan
Notes to Financial Statements
December 31, 2008 and 2007
Payment of Benefits
Following termination of service, if the participants account balance is less than $5,000, the
participants account must be distributed. If the account balance is less than $1,000, the
participant must take a lump-sum distribution of their account balance. Account balances between
$1,000 and $5,000 are automatically rolled-over into an IRA managed by The Vanguard Group.
Otherwise, the terminated participant may elect to receive a distribution of their vested account
balance at any time. Active participants who have attained age 59-1/2 or meet certain hardship
criteria may elect an in-service distribution. Distributions under the Plan are in the form of a
lump-sum payment. If the participants account contains money purchase funds from a prior plan,
those funds may be paid in the form of a lump sum or an annuity.
Participant Accounts
Each participants account is credited (charged) with the participants contribution and
allocations of (a) the Companys contributions and (b) Plan earnings (losses), and may be charged
with an allocation of administrative expenses. Allocations are based on participant earnings or
account balances, as defined by the Plan. Forfeited balances of terminated employees non-vested
accounts before July 1, 2008 were used to reduce future Company contributions. For the years ended
December 31, 2008 and 2007, there were $113,000 and $74,468, respectively, of non-vested forfeited
accounts, which were used to reduce Company contributions. At December 31, 2008 and 2007, $90 and
$1,536, respectively, of non-vested forfeitures were available to reduce future Company
contributions.
Participant Loans
Participants may borrow from their accounts a minimum of $1,000 to a maximum amount equal to the
lesser of $50,000 or 50 percent of the vested portion of their account balance. The maximum term
of a loan is five years. However, the Plan Administrator may extend the loan term beyond five
years if the loan is used for the purpose of purchasing a principal residence. The loans bear
interest at the prime rate, as conveyed by Reuters to The Vanguard Group, as of the first day of
the month in which the loan is granted, plus 2 percent. The loans are collateralized by the
participants vested account balance.
Note 2: Summary of Significant Accounting Policies
The following is a summary of the significant accounting policies followed in the preparation of
the Plans financial statements:
Basis of Accounting
The accounts of the Plan are maintained on the accrual basis of accounting.
Investments
Investments in securities traded on a national securities exchange are valued at their quoted
market price on the last trading day of the Plan year. Investments in mutual funds are credited
with actual earnings on the underlying investments and are valued at the net asset value of shares
as determined primarily by quoted market prices. Cash and cash equivalents are valued at cost,
plus earnings. Participant loans are valued at cost which approximates fair value.
The Plan presents in its statement of changes in net assets available for benefits the net
appreciation (depreciation) in the fair value of its investments which consists of the realized
gains or losses and the unrealized appreciation (depreciation) on those investments.
Payment of Benefits
Benefits are recorded when paid.
Expenses of the Plan
Beginning July 1, 2008, administrative expenses of the Plan are paid primarily by the Company.
Prior to July 1, 2008, administrative expenses of the Plan were paid primarily by the Plan.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with accounting principles generally accepted
in the United States of America requires the Plan Administrator to make significant estimates and
assumptions that affect the reported amounts of net assets available for benefits and disclosures
of contingent assets and liabilities at the date of the financial statements and the reported
amounts of additions to and deductions from net assets available for benefits during the reporting
period. Actual results could differ from those estimates.
5
CTS Corporation Retirement Savings Plan
Notes to Financial Statements
December 31, 2008 and 2007
Note 3: Administration of the Plan
The Plan Administrator is the CTS Corporation Benefit Plan Administration Committee. In February
2008, the CTS Corporation Benefit Plan Administration Committee and the CTS Corporation Benefit
Plan Investment Committee together decided to change the trustee to the Vanguard Fiduciary Trust
Company and the plan record keeper to The Vanguard Group effective July 1, 2008. The prior trustee
was JP Morgan Chase Bank and the prior record keeper was JP Morgan Retirement Plan Services.
Beginning July 1, 2008, The Vanguard Group, an agent of Vanguard Fiduciary Trust Company, became
the depository for the Plans assets and invests funds in accordance with the Trust Agreement.
Note 4: Plan Amendments
Effective August 1, 2008, the Plan was amended and restated (Plan Amendment) and a new trustee,
administrator and custodian (Trustee) of the Plan were appointed. The new Trustee is Vanguard
Fiduciary Trust Company. Plan assets transferred to the new Trustee were transferred into funds
comparable to those offered by the previous custodian. The conversion initiated a Black Out
period beginning June 23, 2008 and continued through July 16, 2008. During this period, funds
could not be applied to the employee-selected funds with the Trustee or withdrawn from the Plan
until the Trustee had time to accurately complete the conversion. During this period, employee
contributions continued to be made through payroll deductions and the contributions were
transferred to the new Trustee and deposited and held in a special interest bearing account until
the completion of the Black Out period. At the end of the Black Out period, the contributions and
interest were invested in funds comparable to those that the participant requested their
contributions be invested in at the previous Trustee.
In addition, the Plan was amended to change the Plans Record Keeper to The Vanguard Group.
Several other amendments were made to the Plan including:
1. |
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Increased the number of investment funds in which participant contributions to the Plan may
be invested to 29. |
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2. |
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Merged the CTS Electronics Manufacturing Solutions, Inc., 401(k) Plan and its participants
into the Plan on July 1, 2008. |
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3. |
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Merged the Tusonix, Inc., Profit Sharing Pension Plan and its participants into the Plan on
August 1, 2008. |
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4. |
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Changed the date eligible employees may join the Plan to immediately upon hire. |
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5. |
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Changed the Default Investment Fund to an age appropriate Vanguard Target Date Retirement
Fund. |
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6. |
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Increased the limit on contributions to the Plan to 70 percent of the participants eligible
compensation. |
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7. |
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Placed a limit on the percentage of the CTS Corporation Common Stock Fund that makes up a
participants account. The limit is 20 percent of the participants total account balance.
Participant contributions that go beyond this limit are redirected to the Default Investment
Fund. |
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8. |
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Raised the minimum account balance that terminated participants must maintain in order to
keep their account in the Plan to $5,000. |
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9. |
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Eliminated certain distribution options. |
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10. |
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Changed the vesting schedule for Company matching and supplemental contributions to vest
immediately. |
6
CTS Corporation Retirement Savings Plan
Notes to Financial Statements
December 31, 2008 and 2007
Note 5: Investments
The investments reflected in the Statements of Net Assets Available for Benefits represent the
total assets in the Plan as of December 31, 2008 and 2007. The following is a summary of the
Plans participant-directed investments, at fair value, which were 5 percent or more of the Plans
net assets at December 31:
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Investments |
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2008 |
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2007 |
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Vanguard Prime Money Market Fund |
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$ |
22,197,851 |
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$ |
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JP Morgan Prime Money Market Fund |
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19,874,378 |
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Mutual Funds: |
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PIMCO Total Return Fund |
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8,170,106 |
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American Funds Growth Fund of American R4 Fund |
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7,162,191 |
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Oakmark Equity and Income Fund |
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7,094,129 |
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7,484,642 |
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American Funds Fundamental R4 Fund |
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6,458,962 |
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GAMCO Growth Fund |
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5,603,680 |
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13,821,344 |
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American Funds EuroPacific Growth R4 Fund |
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5,206,532 |
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JP Morgan US Equity Fund |
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13,938,562 |
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American Century Ultra Fund |
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13,768,554 |
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America Century International Growth Fund |
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10,782,099 |
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JP Morgan Diversified Equity Fund |
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7,637,436 |
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JP Morgan Intermediate Bond Fund |
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7,073,562 |
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During 2008, the Plans investments (including gains and losses and investments bought and sold, as
well as held during the year) depreciated in value as follows:
Depreciation of investments at fair value, as determined by quoted market prices
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CTS Corporation common stock |
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$ |
(1,871,058 |
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Mutual funds |
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(31,696,339 |
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$ |
(33,567,397 |
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Note 6: 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.
Note 7: Tax Status
The Internal Revenue Service has determined and informed the Company by a letter dated August 21,
2002 that the Plan and related trust are designed in accordance with applicable sections of the
IRC. The Plan has been amended and restated since receiving the determination letter. However,
the Plan Administrator believes that the Plan is designed and is currently being operated in
compliance with the applicable requirements of the IRC.
Note 8: Party-In-Interest Transactions
Certain Plan investments held at December 31, 2008 are shares of mutual funds managed by Vanguard
Fiduciary Trust Company. Vanguard Fiduciary Trust Company is the trustee as defined by the Plan
and, therefore, these transactions qualify as party-in-interest transactions. Likewise, certain
Plan investments held at December 31, 2007 were shares of mutual funds managed by JP Morgan Chase
Bank. JP Morgan Chase Bank was the trustee as defined by the Plan and, therefore, these
transactions qualify as party-in-interest transactions.
In addition, certain Plan investments at December 31, 2008 and 2007 are shares of CTS Corporation
common stock. At December 31, 2008 and 2007, fair value of the shares of common stock was
$2,638,846 and $5,360,735, respectively. CTS Corporation is the Plan Sponsor as defined by the
Plan and, therefore, transactions related to the common stock qualify as party-in-interest
transactions.
7
CTS Corporation Retirement Savings Plan
Notes to Financial Statements
December 31, 2008 and 2007
The Company provides certain accounting, recordkeeping and administrative services to the Plan for
which it receives no compensation.
Certain Plan investments at December 31, 2008 and 2007 were managed by agents of the trustee.
Note 9: Fair Value of Plan Assets and Liabilities
Effective January 1, 2008, the Plan adopted Statement of Financial Accounting Standards No. 157,
Fair Value Measurements (FAS No. 157). FAS No. 157 defines fair value, establishes a framework
for measuring fair value and expands disclosures about fair value measurements. FAS No. 157 has
been applied prospectively as of the beginning of the year.
FAS No. 157 defines fair value as 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.
FAS No. 157 also establishes a fair value hierarchy which requires a plan to maximize the use of
observable inputs and minimize the use of unobservable inputs when measuring fair value. The
standard describes three levels of inputs that may be used to measure fair value:
Level 1 |
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Quoted prices in active markets for identical assets or liabilities |
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Level 2 |
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Observable inputs other than Level 1 prices, such as quoted prices for similar assets or
liabilities; quoted prices in markets that are not active; or other inputs that are observable
or can be corroborated by observable market data for substantially the full term of the assets
or liabilities |
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Level 3 |
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Unobservable inputs that are supported by little or no market activity and that are
significant to the fair value of the assets or liabilities |
The following is a description of the valuation methodologies used for assets measured at fair
value on a recurring basis and recognized in the accompanying statements of net assets available
for benefits, as well as the general classification of such assets pursuant to the valuation
hierarchy.
Investments
Where quoted market prices are available in an active market, securities are classified within
Level 1 of the valuation hierarchy. Level 1 securities include common stock, mutual funds, and
money market funds. If quoted market prices are not available, then fair values are estimated by
using pricing models, quoted prices of securities with similar characteristics or discounted cash
flows. The Plan does not hold any Level 2 securities. In certain cases where Level 1 or Level 2
inputs are not available, securities are classified within Level 3 of the hierarchy, which includes
participant loans.
The following table presents the fair value measurements of assets recognized in the accompanying
statements of net assets available for benefits measured at fair value on a recurring basis and the
level within the FAS No. 157 fair value hierarchy in which the fair value measurements fall at
December 31, 2008:
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Fair Value Measurements Using |
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Quoted Prices |
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Significant |
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in Active |
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Other |
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Significant |
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Markets for |
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Observable |
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Unobservable |
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Identical Assets |
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Inputs |
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Inputs |
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Fair Value |
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(Level 1) |
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(Level 2) |
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(Level 3) |
Common stock |
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$ |
2,638,846 |
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$ |
2,638,846 |
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$ |
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$ |
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Mutual funds |
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58,412,127 |
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58,412,127 |
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Participant loans |
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1,805,472 |
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1,805,472 |
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Money market funds |
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22,197,851 |
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22,197,851 |
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8
CTS Corporation Retirement Savings Plan
Notes to Financial Statements
December 31, 2008 and 2007
The following is a reconciliation of the beginning and ending balances of recurring fair value
measurements recognized in the accompanying statements of net assets available for benefits using
significant unobservable (Level 3) inputs:
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Participant |
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Loans |
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Balance, January 1, 2008 |
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$ |
1,902,438 |
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Loan proceeds less repayments, etc. |
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(96,966 |
) |
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Balance, December 31, 2008 |
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$ |
1,805,472 |
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Note 10: Current Economic Conditions
The current economic environment presents retirement plans with unprecedented circumstances and
challenges, which in some cases have resulted in large declines in the fair value of investments.
The financial statements have been prepared using values and information currently available to the
Plan.
Given the volatility of current economic conditions, the values of assets recorded in the financial
statements could change rapidly, resulting in material future adjustments in investment values that
could negatively impact the Plan.
Note 11: 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
participants account balances and the amounts reported in the statement of net assets available
for benefits.
Subsequent to year-end, the fair value of the Plans investments in marketable securities declined
by approximately 23 percent through May 31, 2009.
Note 12: Subsequent Event Suspension of Company Match
The Plan Sponsor began a temporary suspension of the Company matching contributions for all
non-bargaining unit employees on February 27, 2009. At this time, it is undetermined how long the
suspension will last.
9
CTS Corporation Retirement Savings Plan
Schedule H, line 4i Schedule of Assets (Held at End of Year)
December 31, 2008
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Description of Investments |
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Identify of Issue |
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Including Maturity Date, |
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Borrower, Lessor |
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Rate of Interest, Collateral, |
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or Similar Party |
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Par or Maturity Value |
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Fair Value |
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*
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Vanguard Prime Money Market Fund
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Money Market Fund (22,197,851 units)
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$ |
22,197,851 |
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*
|
|
CTS Corporation
|
|
CTS Corporation Common Stock, no
par value (478,919 shares)
|
|
|
2,638,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds EuroPacific Growth R4 Fund
|
|
Mutual Fund (188,916 units)
|
|
|
5,206,532 |
|
|
|
American Funds Fundamental R4 Fund
|
|
Mutual Fund (258,876 units)
|
|
|
6,458,962 |
|
|
|
American Funds Growth Fund of America R4 Fund
|
|
Mutual Fund (352,470 units)
|
|
|
7,162,191 |
|
|
|
Fidelity Value Fund
|
|
Mutual Fund (585 units)
|
|
|
23,314 |
|
|
|
GAMCO Growth Fund
|
|
Mutual Fund (286,487 units)
|
|
|
5,603,680 |
|
|
|
Morgan Stanley Institutional Mid Cap Growth Fund
|
|
Mutual Fund (13,992 units)
|
|
|
239,269 |
|
|
|
Oakmark Equity and Income Fund
|
|
Mutual Fund (329,041 units)
|
|
|
7,094,129 |
|
|
|
Royce Pennsylvania Mutual Investment Fund
|
|
Mutual Fund (13,913 units)
|
|
|
96,554 |
|
|
|
PIMCO Total Return Fund
|
|
Mutual Fund (805,730 units)
|
|
|
8,170,106 |
|
|
|
Royce Premier Fund
|
|
Mutual Fund (235,839 units)
|
|
|
2,863,085 |
|
|
|
T. Rowe Price Equity Income Fund
|
|
Mutual Fund (173,773 units)
|
|
|
2,968,037 |
|
*
|
|
Vanguard 500 Index Fund
|
|
Mutual Fund (35,282 units)
|
|
|
2,931,598 |
|
*
|
|
Vanguard International Value Fund
|
|
Mutual Fund (18,707 units)
|
|
|
438,303 |
|
*
|
|
Vanguard Mid-Cap Index Fund
|
|
Mutual Fund (15,470 units)
|
|
|
182,550 |
|
*
|
|
Vanguard Small-Cap Index Fund
|
|
Mutual Fund (78,088 units)
|
|
|
1,593,000 |
|
*
|
|
Vanguard Target Retirement 2005 Fund
|
|
Mutual Fund (51,342 units)
|
|
|
497,509 |
|
*
|
|
Vanguard Target Retirement 2010 Fund
|
|
Mutual Fund (32,971 units)
|
|
|
580,621 |
|
*
|
|
Vanguard Target Retirement 2015 Fund
|
|
Mutual Fund (187,047 units)
|
|
|
1,786,301 |
|
*
|
|
Vanguard Target Retirement 2020 Fund
|
|
Mutual Fund (98,703 units)
|
|
|
1,635,513 |
|
*
|
|
Vanguard Target Retirement 2025 Fund
|
|
Mutual Fund (134,736 units)
|
|
|
1,248,998 |
|
*
|
|
Vanguard Target Retirement 2030 Fund
|
|
Mutual Fund (37,021 units)
|
|
|
575,307 |
|
*
|
|
Vanguard Target Retirement 2035 Fund
|
|
Mutual Fund (47,628 units)
|
|
|
440,557 |
|
*
|
|
Vanguard Target Retirement 2040 Fund
|
|
Mutual Fund (5,024 units)
|
|
|
76,006 |
|
*
|
|
Vanguard Target Retirement 2045 Fund
|
|
Mutual Fund (4,422 units)
|
|
|
42,319 |
|
*
|
|
Vanguard Target Retirement 2050 Fund
|
|
Mutual Fund (1,881 units)
|
|
|
28,558 |
|
*
|
|
Vanguard Target Retirement Income Fund
|
|
Mutual Fund (37,793 units)
|
|
|
359,793 |
|
*
|
|
Vanguard Total International Stock Index Fund
|
|
Mutual Fund (10,133 units)
|
|
|
109,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mutual Funds
|
|
|
58,412,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Participant loans
|
|
Interest rates ranging from 6.00%
to 11.50%, due from January 4, 2002
to October 12, 2018 (310 Loans)
|
|
|
1,805,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$ |
85,054,296 |
|
|
|
|
|
|
|
|
|
*
|
|
Party-in-interest |
|
|
|
|
|
|
10
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
|
CTS CORPORATION
Retirement Savings Plan
|
|
|
By: |
/s/ James L. Cummins
|
|
|
|
Name: |
James L. Cummins, Chairman |
|
|
|
CTS Corporation
Benefit Plan Administration Committee |
|
|
Date:
June 18, 2009
11
EXHIBIT INDEX
|
|
|
Exhibit No. |
|
Exhibit Description |
|
|
|
23(a)
|
|
Consent of BKD, LLP |
12