Spartan Motors, Inc. Form 11-K for Spartan Motors Retirement Plan
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, DC 20549
_________________
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION
15(d) OF THE
SECURITIES EXCHANGE ACT
OF 1934
| [x] |
ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December
31, 2008
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., 1000 Reynolds Road,
P.O. Box 440, Charlotte, Michigan 48813. |
|
Spartan Motors
Retirement Plan |
|
Contents |
|
|
|
|
| Report of Independent Registered Public Accounting Firm |
|
|
| |
|
| BDO Seidman, LLP | | |
| 3 |
|
| | | |
| | | |
| Financial Statements | | |
| Statements of Net Assets Available for Benefits | | |
| as of December 31, 2008 and 2007 | | |
| 4 |
|
| Statements of Changes in Net Assets Available for Benefits | | |
| for the Years Ended December 31, 2008 and 2007 | | |
| 5 |
|
| Notes to Financial Statements | | |
| 6-13 |
|
| | | |
| | | |
| Supplemental Schedules | | |
| Schedule H, Line 4i - Schedule of Assets (Held at End of Year) | | |
| as of December 31, 2008 | | |
| 14 |
|
| | | |
| Signatures | | |
| | | |
| Exhibit Index | | |
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, 2008 and 2007, and the related statement 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, 2008 and 2007, 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 performed for the
purpose of forming opinions on the basic financial statements taken as a whole. The
accompanying supplemental Schedule of Assets (Held at End of Year) as of December 31, 2008
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
Labor’s Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. This supplemental schedule is the responsibility
of the Plan’s 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/ BDO SEIDMAN, LLP
Grand Rapids, Michigan
June
23, 2009
|
Spartan Motors
Retirement Plan |
|
Statements
of Net Assets Available for Benefits |
| December 31, |
2008 | |
2007 | |
Assets |
|
|
| |
|
| |
|
| | | |
| Participant directed investments and loans, at fair value | | |
| (Notes 3 and 4) | | |
| Collective trust fund (Note 2) | | |
$ | 3,520,290 |
|
$ | 2,731,827 |
|
| Mutual funds | | |
| 17,361,574 |
|
| 24,401,628 |
|
| Spartan Motors, Inc. common stock | | |
| 1,780,771 |
|
| 2,057,904 |
|
| Participant loans | | |
| 1,088,629 |
|
| 1,019,125 |
|
| | | |
| Total investments | | |
| 23,751,264 |
|
| 30,210,484 |
|
| | | |
| Contributions receivable | | |
| Employer | | |
| 19,906 |
|
| 63,536 |
|
| Employee | | |
| 58,007 |
|
| 157,733 |
|
| Other receivables | | |
| 10,071 |
|
| -- |
|
| | | |
| Total receivables | | |
| 87,984 |
|
| 221,269 |
|
| | | |
| Total Assets | | |
| 23,839,248 |
|
| 30,431,753 |
|
| | | |
| Net Assets Available for Benefits at Fair Value | | |
| 23,839,248 |
|
| 30,431,753 |
|
| | | |
| Adjustment from fair value to contract value for interest in | | |
| collective trust fund relating to fully benefit-responsive | | |
| investment contracts (Note 2) | | |
| 189,892 |
|
| 29,688 |
|
| | | |
| Net Assets Available for Benefits | | |
$ | 24,029,140 |
|
$ | 30,461,441 |
|
See accompanying notes to financial statements. |
|
Spartan Motors
Retirement Plan |
|
Statements
of Changes in Net Assets Available for Benefits |
| Year ended December 31, |
2008 | |
2007 | |
Additions |
|
|
| |
|
| |
|
| Contributions: | | |
| Employer | | |
$ | 1,239,814 |
|
$ | 954,606 |
|
| Employee | | |
| 3,341,403 |
|
| 2,635,832 |
|
| Rollover | | |
| 378,487 |
|
| 592,200 |
|
| | | |
| Total contributions | | |
| 4,959,704 |
|
| 4,182,638 |
|
| | | |
| Investment income (loss): | | |
| Interest and dividend income | | |
| 1,099,328 |
|
| 1,885,840 |
|
| Net depreciation in fair value of | | |
| investments (Note 3) | | |
| (10,572,471 |
) |
| (1,118,882 |
) |
| | | |
| Total investment income (loss) | | |
| (9,473,143 |
) |
| 766,958 |
|
| | | |
| Total Additions | | |
| (4,513,439 |
) |
| 4,949,596 |
|
| | | |
| Deductions | | |
| Distributions to participants | | |
| 1,872,261 |
|
| 1,709,719 |
|
| Administrative fees | | |
| 46,601 |
|
| 28,092 |
|
| | | |
| Total Deductions | | |
| 1,918,862 |
|
| 1,737,811 |
|
| | | |
| Net increase (decrease) | | |
| (6,432,301 |
) |
| 3,211,785 |
|
| | | |
| Net Assets Available for Benefits, beginning of year | | |
| 30,461,441 |
|
| 27,249,656 |
|
| | | |
| Net Assets Available for Benefits, end of year | | |
$ | 24,029,140 |
|
$ | 30,461,441 |
|
See accompanying notes to financial statements. |
|
Spartan Motors
Retirement Plan |
|
Notes to Financial Statements |
| |
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). |
| |
The
Plan is a defined contribution plan that covers substantially all employees of the Company
who have at least 90 days of service and are 21 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). |
| |
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. In 2008 and 2007, the
Company’s match was 50% of the participant’s contribution up to 6% of
compensation. |
| |
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. |
|
Spartan Motors
Retirement Plan |
|
Notes to Financial Statements |
| |
Each
participant’s account is credited with the participant’s contributions and
allocations of (a) the Company’s contributions and (b) plan earnings, and
charged with an allocation of administrative expenses. Allocations are based on
participant earnings or account balances, as defined. Forfeitures of nonvested employer
matching contributions are used to pay administrative expenses or to reduce employer
matching contributions. In 2008 and 2007, forfeitures totaling $29,124 and $12,880,
respectively, were used to pay plan expenses. At December 31, 2008 and 2007, forfeited
nonvested accounts totaled $111,112 and $107,438, respectively. |
| |
Participants
may direct the investment of funds in their accounts to any investment option available
under the Plan. |
| |
A
participant 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 only one loan 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 in effect as of December 31, 2008 ranged from 5.0% to 10.5%. Principal and interest
is paid ratably through payroll deductions over a period not to exceed five years, unless
the loans were used to purchase a primary residence, in which case the loan terms shall
not exceed ten years. |
| |
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. |
|
Spartan Motors
Retirement Plan |
|
Notes to Financial Statements |
| |
Substantially
all administrative expenses are paid by the forfeited nonvested employer matching
contributions. |
| |
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 |
| |
The
accompanying financial statements are prepared on the accrual basis of accounting. |
| |
New
Accounting Pronouncements |
| |
In
September 2006, the Financial Accounting Standards Board issued Statement of Financial
Accounting Standards (SFAS) No. 157, Fair Value Measurements (SFAS
No. 157). SFAS No. 157 defines fair value, establishes a framework for
measuring fair value, and expands disclosures about fair value measurements. SFAS
No. 157 applies to reporting periods beginning after November 15, 2007. As of January 1,
2008, the Plan has adopted SFAS No. 157. See Note 4, Fair Value Measurements. There
was no material impact to the financial statements of the Plan upon adoption of SFAS No.
157. |
| |
The
preparation of financial statements in conformity with generally accepted accounting
principles 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 form those estimates. |
|
Spartan Motors
Retirement Plan |
|
Notes to Financial Statements |
| |
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. |
| |
Investment
Valuation and Income Recognition |
| |
The
Plan’s investments in mutual funds and Spartan Motors, Inc. common stock are stated
at fair value based on quoted market prices of shares held by the Plan. The investment in
the collective trust fund (Fidelity Managed Income Portfolio) is stated according to
Financial Accounting Standards Board Staff Position, FSP AAG INV — 1 and SOP 94-4-1,
Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain
Investment Companies Subject to the AICPA Investment Company Guide and
Defined-Contribution Health and Welfare and Pension Plans (FSP), which became
effective and was adopted by the Plan in 2006. The FSP states that contract value is the
relevant measurement attribute for that portion of the net assets available for benefits
and a defined-contribution plan attributable to 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 by the FSP, the
Statement of Net Assets Available for Benefits presents the fair value of the investment
contracts as well as the adjustment of the fully benefit-responsive investment contracts
from fair value to contract value. The Statement of Changes in Net Assets Available for
Benefits is prepared on a contract value basis. Participant loans are stated at cost,
which approximates fair value. Purchases and sales of investments are recorded on a
trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded
on the ex-dividend date. |
|
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, |
2008 | |
2007 | |
|---|
|
Collective trust fund |
|
|
| |
|
| |
|
|
Fidelity Managed Income Portfolio* | | |
$ | 3,520,290 |
|
$ | 2,731,827 |
|
|
Mutual funds | | |
|
Fidelity Freedom 2020* | | |
| 2,378,483 |
|
| 2,983,663 |
|
|
Fidelity US Bond Index | | |
| 1,810,946 |
|
| 1,450,087 |
|
|
Fidelity Freedom 2030* | | |
| 1,463,572 |
|
| 1,792,175 |
|
|
Fidelity Spartan US Equity Index* | | |
| 1,304,197 |
|
| 2,137,387 |
|
|
Fidelity Diversified International* | | |
| 1,280,446 |
|
| 2,551,791 |
|
|
ABF Large Cap Value | | |
| ** |
|
| 2,124,210 |
|
|
Fidelity Low Pr Stock* | | |
| ** |
|
| 1,975,721 |
|
|
Columbia Acorn USA Z | | |
| ** |
|
| 1,560,549 |
|
|
Fidelity Cap Appreciation* | | |
| ** |
|
| 1,966,588 |
|
|
Common stock | | |
|
Spartan Motors, Inc. common stock* | | |
| 1,780,771 |
|
| 2,057,904 |
|
|
* Party-in-interest to the Plan | | |
|
** Below 5% of net assets available for benefits | | |
| |
The
Plan's investments (including investments bought, sold, as well as held during the
year) depreciated in fair value as follows: |
|
Years ended December 31, |
2008 | |
2007 | |
|
Mutual funds |
|
|
$ | (9,861,279 |
) |
$ | (105,406 |
) |
|
Spartan Motors, Inc. common stock | | |
| (711,192 |
) |
| (1,013,476 |
) |
|
| | |
|
| | |
$ | (10,572,471 |
) |
$ | (1,118,882 |
) |
| 4. |
Fair
Value Measurements |
| |
As
of January 1, 2008, the Plan adopted SFAS No. 157. SFAS No. 157 establishes a fair value
hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for
identical assets or liabilities (Level 1 measurements) and the lowest priority |
|
Spartan Motors
Retirement Plan |
|
Notes to Financial Statements |
| |
to
unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy
under SFAS No. 157 are described below: |
| |
Basis
of Fair Value Measurement |
| |
Level
1 — Unadjusted quoted prices in active markets that are accessible at the
measurement date for identical, unrestricted assets or liabilities; |
| |
Level
2 — Quoted prices in markets that are not considered to be active or financial
instruments for which all significant inputs are observable, either directly or
indirectly; |
| |
Level
3 — Prices or valuations that require inputs that are both significant to the
fair value measurement and unobservable. |
| |
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
following table sets forth, by level within the fair value hierarchy, the Plan investment
assets at fair value as of December 31, 2008. There were no investment liabilities as of
December 31, 2008. |
|
|
Investment Assets at Fair Value as of December 31, 2008 | |
|
|
Level 1 | |
Level 2 | |
Level 3 | |
Total | |
|
Collective trust fund |
|
|
$ | - |
|
$ | 3,520,290 |
|
$ | - |
|
$ | 3,520,290 |
|
|
Mutual funds | | |
| 17,361,574 |
|
| - |
|
| - |
|
| 17,361,574 |
|
|
Spartan Motors Inc. common stock | | |
| 1,780,771 |
|
| - |
|
| - |
|
| 1,780,771 |
|
|
Participant loans | | |
| - |
|
| 1,088,629 |
|
| - |
|
| 1,088,629 |
|
|
| | |
|
Total Investment Assets at Fair Value | | |
$ | 19,142,345 |
|
$ | 4,608,919 |
|
$ | - |
|
$ | 23,751,264 |
|
| |
The
Plan has received a determination letter from the Internal Revenue Service dated May 16,
2005, stating that the Plan is qualified under Section 401(a) of the IRC and, therefore,
the related trust is exempt from taxation. Subsequent to this determination by the
Internal Revenue Service, the Plan was amended. Once qualified, the Plan is required to
operate in conformity with the IRC to maintain its qualification. The Plan |
|
Spartan Motors
Retirement Plan |
|
Notes to Financial Statements |
| |
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. |
| 6. |
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. |
| 7. |
Delinquent
Participant Contributions |
| |
During
the Plan year ended December 31, 2007, the Company failed to remit employee deferrals,
totaling $33,840, in a timely manner according to DOL regulations. These transactions
constituted prohibited transactions as defined by ERISA. The Company has calculated lost
earnings of $618 related to these remittances and deposited these funds into the Plan.
There were no delinquent participant contributions for the year ended December 31, 2008. |
| 8. |
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: |
|
Years ended December 31, |
2008 | |
2007 | |
|
Net assets available for benefits per the
financial statements |
|
|
$ | 24,029,140 |
|
$ | 30,461,441 |
|
|
Adjustment from fair value to contract value for fully
benefit-responsive investment contracts | | |
| (189,892 |
) |
| (29,688 |
) |
|
| | |
|
Net Assets Available for Benefits per the Form 5500 | | |
$ | 23,839,248 |
|
$ | 30,431,753 |
|
|
Spartan Motors
Retirement Plan |
|
Notes to Financial Statements |
| |
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, |
2008 | |
2007 | |
|
Net increase (decrease) in assets available for benefits per the
financial statements |
|
|
$ | (6,432,301 |
) |
$ | 3,211,785 |
|
|
Adjustment from fair value to contract value for fully
benefit-responsive investment contracts | | |
| (160,204 |
) |
| (284 |
) |
|
| | |
|
Net Increase (Decrease) in Assets Available per the
Form 5500 | | |
$ | (6,592,505 |
) |
$ | 3,211,501 |
|
|
Spartan Motors
Retirement Plan |
|
Schedule
H, Line 4i — Schedule of Assets (Held at End of Year) |
EIN: 38-2078923
Plan Number: 001 | |
| December 31, 2008 | |
| (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 | | |
3,710,182 shares | | |
** | | |
$ | 3,520,290 |
|
| | | |
Mutual funds | | |
| | | |
ABF Large Cap Value | | |
86,131 shares | | |
** | | |
| 1,129,171 |
|
| | | |
Allianz NFJ Small Cap Value | | |
16,637 shares | | |
** | | |
| 316,931 |
|
| | | |
Artisan Mid Cap Investment | | |
48,609 shares | | |
** | | |
| 826,832 |
|
| | | |
Columbia Acorn USA Z | | |
57,021 shares | | |
** | | |
| 934,569 |
|
| * | | |
Fidelity Convertible Securities | | |
19,820 shares | | |
** | | |
| 277,482 |
|
| * | | |
Fidelity Diversified International | | |
59,528 shares | | |
** | | |
| 1,280,446 |
|
| * | | |
Fidelity Emerg Mrkts | | |
1,857 shares | | |
** | | |
| 24,126 |
|
| * | | |
Fidelity Freedom 2000 | | |
16,765 shares | | |
** | | |
| 168,490 |
|
| * | | |
Fidelity Freedom 2005 | | |
8,698 shares | | |
** | | |
| 72,973 |
|
| * | | |
Fidelity Freedom 2010 | | |
43,871 shares | | |
** | | |
| 454,500 |
|
| * | | |
Fidelity Freedom 2015 | | |
25,324 shares | | |
** | | |
| 216,772 |
|
| * | | |
Fidelity Freedom 2020 | | |
236,665 shares | | |
** | | |
| 2,378,483 |
|
| * | | |
Fidelity Freedom 2025 | | |
19,941 shares | | |
** | | |
| 164,117 |
|
| * | | |
Fidelity Freedom 2030 | | |
149,956 shares | | |
** | | |
| 1,463,572 |
|
| * | | |
Fidelity Freedom 2035 | | |
21,839 shares | | |
** | | |
| 175,370 |
|
| * | | |
Fidelity Freedom 2040 | | |
115,876 shares | | |
** | | |
| 647,749 |
|
| * | | |
Fidelity Freedom 2045 | | |
13,982 shares | | |
** | | |
| 92,002 |
|
| * | | |
Fidelity Freedom 2050 | | |
14,933 shares | | |
** | | |
| 96,465 |
|
| * | | |
Fidelity Freedom Income | | |
7,965 shares | | |
** | | |
| 76,142 |
|
| * | | |
Fidelity Inflation - Protected Bond | | |
24,116 shares | | |
** | | |
| 253,222 |
|
| * | | |
Fidelity International Small Cap | | |
27,444 shares | | |
** | | |
| 338,938 |
|
| * | | |
Fidelity Low Pr Stock | | |
44,655 shares | | |
** | | |
| 1,032,420 |
|
| * | | |
Fidelity Real Estate Investment | | |
15,974 shares | | |
** | | |
| 249,359 |
|
| * | | |
Fidelity Spartan US Equity Index | | |
40,884 shares | | |
** | | |
| 1,304,197 |
|
| * | | |
Fidelity US Bond Index | | |
167,836 shares | | |
** | | |
| 1,810,946 |
|
| * | | |
Fidelity Value | | |
9,799 shares | | |
** | | |
| 390,571 |
|
| | | |
Rainier Large Cap EQ | | |
64,584 shares | | |
** | | |
| 1,139,261 |
|
| | | |
TMPL Global Bond A | | |
4,149 shares | | |
** | | |
| 46,468 |
|
| | | |
| | | |
Total mutual funds | | |
| | |
| | |
| 17,361,574 |
|
| | | |
| | | |
Common stock | | |
| * | | |
Spartan Motors, Inc. | | |
376,286 shares | | |
** | | |
| 1,780,771 |
|
| | | |
| * | | |
Participant loans | | |
183 loans with interest rates ranging from 5.0% to 10.5% | | |
- | | |
| 1,088,629 |
|
| | | |
| | | |
Total Investments | | |
| | |
| | |
$ | 23,751,264 |
|
* A party-in-interest as defined by
ERISA.
** The cost of participant-directed investments
is not required to be disclosed.
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.
| Dated: June 25, 2009 |
|
SPARTAN MOTORS RETIREMENT PLAN
By: /s/ James W. Knapp
——————————————
James W. Knapp
Chief Financial Officer and Administrator of the
Spartan Motors Retirement Plan |
Exhibit Index
| Exhibit No. |
Exhibit Description |
| 23 |
Consent
of Independent Registered Public Accounting Firm -
BDO Seidman, LLP |