Hill International, Inc.
Hill International, Inc. (Form: 11-K, Received: 07/11/2017 16:04:21)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 


 

FORM 11-K

 


 

(Mark One)

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

 

For the year ended December 31, 2016

 

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

 

For the transition period from          to

 

Commission file number 001-33961

 


 

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

 

HILL INTERNATIONAL, INC. 401(k)

RETIREMENT SAVINGS PLAN

 

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

Hill International, Inc.

One Commerce Square

2005 Market Street, 17th Floor

Philadelphia, PA 19103

 

 

 



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REQUI RED INFORMATION

 

The following financial statements of Hill International, Inc. 401(k) Retirement Savings Plan are being filed herewith:

 

Description 

 

Page No.

 

 

 

Reports of Independent Registered Public Accounting Firms

 

3

 

 

 

Financial Statements:

 

 

 

 

 

Statements of Net Assets Available for Benefits as of December 31, 2016 and 2015

 

5

 

 

 

Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2016

 

6

 

 

 

Notes to Financial Statements

 

7

 

 

 

Supplemental Schedule:

 

 

Schedule H, Line 4i — Schedule of Assets (Held at End of Year) as of December 31, 2016

 

14

 

 

 

Signature

 

15

 

 

 

Index to Exhibits

 

16

 



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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Plan Administrator and Participants

Hill International, Inc. 401(k) Retirement Savings Plan

 

We have audited the accompanying statement of net assets available for benefits of the Hill International, Inc. 401(k) Retirement Savings Plan (the “Plan”) as of December 31, 2016, and the related statement of changes in net assets available for benefits for the year 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 audit.

 

We conducted our audit 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 audit 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 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 audit provides 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, 2016, and the changes in net assets available for benefits for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

 

The supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2016 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s 2016 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, 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 2016 financial statements as a whole.

 

/s/ Kreischer Miller

 

 

Horsham, Pennsylvania

July 11, 2017

 

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Plan Administrator and Participants

of the Hill International, Inc. 401(k) Retirement Savings Plan

 

We have audited the accompanying statement of net assets available for benefits of the Hill International, Inc. 401(k) Retirement Savings Plan (the “Plan”) as of December 31, 2015. The financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the financial statement based on our audit.

 

We conducted our audit 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 audit 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 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 audit provides a reasonable basis for our opinion.

 

In our opinion, the financial statement referred to above presents fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2015, in conformity with accounting principles generally accepted in the United States of America.

 

 

/s/ EisnerAmper LLP

 

Iselin, New Jersey

June 24, 2016

 

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HILL INTERNATIONAL, INC. 401(k) RETIREMENT SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2016 and 2015

 

 

 

2016

 

2015

 

ASSETS

 

 

 

 

 

Investments at fair value

 

$

66,062,805

 

$

59,706,034

 

Investments at contract value

 

15,878,542

 

12,069,968

 

Total investments

 

81,941,347

 

71,776,002

 

 

 

 

 

 

 

Non-interest bearing cash

 

87

 

213

 

 

 

 

 

 

 

Notes receivable from participants

 

1,528,816

 

1,459,714

 

 

 

 

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS

 

$

83,470,250

 

$

73,235,929

 

 

See accompanying notes to financial statements.

 

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HILL INTERNATIONAL, INC. 401(k) RETIREMENT SAVINGS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 2016

 

ADDITIONS TO/(DEDUCTIONS FROM) NET ASSETS AVAILABLE FOR BENEFITS

 

Investment income:

 

 

 

Net appreciation in fair value of investments

 

$

4,800,795

 

Interest

 

426,078

 

Dividends

 

791,845

 

 

 

6,018,718

 

 

 

 

 

Interest income on notes receivable from participants

 

50,926

 

 

 

 

 

Contributions:

 

 

 

Employer

 

1,005,852

 

Participants

 

7,709,544

 

Rollovers

 

963,481

 

 

 

9,678,877

 

 

 

 

 

Benefits paid to participants

 

(5,412,177

)

Administrative expenses

 

(102,023

)

 

 

(5,514,200

)

 

 

 

 

NET INCREASE

 

10,234,321

 

 

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS

 

 

 

Beginning of year

 

73,235,929

 

 

 

 

 

END OF YEAR

 

$

83,470,250

 

 

See accompanying notes to financial statements.

 

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HILL INTERNATIONAL, INC 401(k) RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2016

 

NOTE 1 — DESCRIPTION OF PLAN

 

The following brief description of the Hill International, Inc. 401(k) Retirement Savings Plan (the “Plan”) is provided for general information purposes only.  Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

 

General

 

The Plan is a defined contribution plan covering all domestic employees of Hill International, Inc. (the “Plan Sponsor”) who have one month of service and are age twenty-one or older, excluding bona fide residents of Puerto Rico, as defined in Internal Revenue Code (“IRC”) Section 937, who do not have to pay U.S. income taxes on their Puerto Rico source income. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). After meeting eligibility requirements, an employee can begin participating on the first day of the month coinciding with or next following the date on which the employee meets these requirements.

 

Contributions

 

Contributions from eligible participants and employer matching contributions are recorded in the month the related payroll deductions are made.  For the 2016 Plan year, each participant could contribute up to 75% of pre-tax annual compensation up to a maximum contribution of $18,000.  Participants who have attained the age of 50 before the end of the Plan year are eligible to make catch-up contributions up to an additional $6,000. These limits may change each year to correspond with the IRC.  The Plan includes an automatic deferral feature. The amount that is automatically contributed to eligible employees’ accounts is equal to 3% of eligible compensation unless the employee selects an alternative deferral amount or elects not to defer under the Plan.  The Plan permits the Plan Sponsor to make a discretionary matching contribution equal to a uniform percentage or dollar amount of the participants’ elective contributions; each year, the Plan Sponsor will determine the formula for the discretionary matching contribution. Effective January 1, 2016, the Plan Sponsor elected to make matching contributions which equaled 50% of the first 2% of the participant’s contribution, up to a maximum contribution of $2,650.  Half of the Plan Sponsor’s contribution is used for open market purchases of the Plan Sponsor’s common stock, which may be sold immediately by the participant.  The Plan limits participant investments in the Plan Sponsor’s common stock to 50% of their account balance. Contributions to the Plan by highly compensated employees are subject to certain limitations. Plan assets are maintained at Prudential Trust Company and The Prudential Insurance Company of America (“Prudential”) and are invested at the election of the participants.

 

Participant Accounts

 

Each participant’s account is credited with the participant’s contribution and allocations of (a) the Plan Sponsor’s contribution and (b) Plan earnings, and is charged with an allocation of certain administrative expenses. Allocations are based on participant earnings (losses) or account balances, as defined by the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.

 

Vesting

 

Participants are immediately 100% vested in both employee and employer contributions, plus actual earnings (losses) thereon.

 

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HILL INTERNATIONAL, INC 401(k) RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2016

 

Notes Receivable from Participants

 

The Plan includes a loan provision that permits participants to borrow a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of the participant’s vested account balance.  Notes receivable from participants are measured at their unpaid principal balance, plus any accrued but unpaid interest.  These loans are secured by the balance in the participant’s account.  Interest is based on the prime rate at the time of the loan’s initiation and is fixed for the term of the loan.  Loans may not exceed five years unless they are used to buy a participant’s principal residence, in which case the loan term cannot exceed ten years.  The loans are repaid ratably through payroll deductions.  If a participant ceases to make loan repayments and the Plan administrator deems the participant loan to be in default, the participant loan balance is reduced and a benefit payment is recorded.  At December 31, 2016, the loans mature at various dates through 2026 and bear interest at 3.25% to 3.50%.

 

Payment of Benefits

 

Distributions under the Plan are allowed for termination of employment, hardship (as defined by the Plan), retirement, or attainment of age 59 ½.  Distribution may also be made to the participant in the event of physical or mental disability or to a named beneficiary if the participant dies.  Distributions are made in a lump sum payment or by installment payments.

 

Administrative Expenses

 

Certain of the Plan’s administrative expenses are paid by the Plan Sponsor, and certain Plan expenses are paid by the Plan.  A Plan expense account (the “ERISA account”) is maintained to hold revenue sharing funds the Plan receives from Prudential pursuant to an agreement between Prudential and the Plan.  These revenue sharing funds are available to pay qualified Plan administrative expenses.  At December 31, 2016 and 2015, the ERISA account balance was $34,610 and $18,309, respectively.  During 2016, $102,023 was used to pay Plan expenses.

 

Plan Termination

 

Although it has not expressed any intent to do so, the Plan Sponsor has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.

 

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Accounting

 

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”).  The financial statements of the Plan are prepared using the accrual basis of accounting.

 

Investments held by a defined-contribution plan are required to be reported at fair value, except for fully benefit-responsive investment contracts.   Contract value is the relevant measure for the portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts, because contract value is the amount participants normally would receive if they were to initiate permitted transactions under the terms of the Plan.

 

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HILL INTERNATIONAL, INC 401(k) RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2016

 

Use of Estimates

 

The preparation of the financial statements in accordance with US GAAP requires the Plan administrator to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and when applicable, disclosure of contingent assets and liabilities at the date of the financial statements.  Actual results could differ from these estimates.

 

Investment Valuation and Income Recognition

 

The Plan’s investments are reported at fair value, except for fully benefit-responsive investment contracts, which are reported at contract 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 3 “Fair Value Measurements” for a discussion of fair value measurements.

 

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

 

Payment of Benefits

 

Benefits are recorded when paid.

 

NOTE 3 — FAIR VALUE MEASUREMENTS

 

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, provides the framework for measuring fair value.  The framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements), and the lowest priority to unobservable inputs (Level 3 measurements).  The three levels of the fair value hierarchy are described as follows:

 

Level 1 — Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

 

Level 2 — Inputs to the valuation methodology include: (1) quoted prices for similar assets or liabilities in active markets; (2) quoted prices for identical or similar assets or liabilities in inactive markets; (3) inputs other than quoted prices that are observable for the asset or liability; or (4) inputs that are derived principally from or corroborated by observable market data by correlation or other means.  If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

 

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

 

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.  Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

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HILL INTERNATIONAL, INC 401(k) RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2016

 

Following is a description of the valuation methodologies used for investment assets measured at fair value.  There have been no changes in the methodologies used as of December 31, 2016 and 2015.

 

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 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.

 

Plan Sponsor common stock — Valued at the closing price reported on the active market on which the individual securities are traded.

 

The preceding methods described may produce a fair value calculation that may not be indicative of the net realizable value or reflective of future fair values.  Furthermore, although 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 present by level, within the fair value hierarchy, the Plan’s investment assets measured at fair value at December 31, 2016 and 2015:

 

Investment Assets at Fair Value at December 31, 2016

 

 

 

Level 1

 

Total

 

 

 

 

 

 

 

Mutual funds

 

$

60,846,996

 

$

60,846,996

 

Plan Sponsor common stock

 

5,215,809

 

5,215,809

 

Total investment assets in the fair value hierarchy

 

$

66,062,805

 

$

66,062,805

 

 

Investment Assets at Fair Value at December 31, 2015

 

 

 

Level 1

 

Total

 

 

 

 

 

 

 

Mutual funds

 

$

55,409,281

 

$

55,409,281

 

Plan Sponsor common stock

 

4,296,753

 

4,296,753

 

Total investment assets in the fair value hierarchy

 

$

59,706,034

 

$

59,706,034

 

 

Investment gains and losses (realized and unrealized) are reported in net appreciation in fair value of investments in the statement of changes in net assets available for benefits.

 

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HILL INTERNATIONAL, INC 401(k) RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2016

 

NOTE 4 — GUARANTEED INVESTMENT CONTRACT

 

The Plan has a fully benefit-responsive traditional investment contract with Prudential. As of December 31, 2016 and 2015, the contract value of the traditional fully benefit-responsive contract with Prudential was $15,878,542 and $12,069,968, respectively.  Prudential maintains the contributions in a general account, which is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses.  Prudential may not terminate the contract at any amount less than contract value.

 

Prudential is contractually obligated to pay the principal and specified interest rate that is guaranteed to the Plan.  Interest is credited on contract balances using an old money/new money or “bucketed” approach.  Under this methodology, different interest crediting rates are applied to contributions based on the calendar quarter in which the contributions were made.  An interest crediting rate (“New Money Rate”) is established at the beginning of each calendar quarter.  The New Money Rate is applied to all contributions made to the product during that quarter.  Four New Money Rates and corresponding buckets are established each year.  These New Money Rates are guaranteed through December 31 of the following calendar year.  Upon the expiration of the New Money Rate guarantees, the rates for each of these buckets are reset and are then known as “Old Money Rates”.  Old Money Rates for each bucket are reset on an annual basis thereafter.  When establishing interest crediting rates for this product, Prudential considers many factors, including current economic and market conditions, the general interest rate environment, and both the expected and actual experience of a reference portfolio within the issuer’s general account. These rates are established without the use of a specific formula.  The minimum crediting rate under the contract is 3.00%.  Withdrawals and transfers out are made on a pro-rata basis from all buckets.  The Plan may terminate the contract at any time subject to a market value adjustment as specified in the contract, however, under certain emergency conditions, the issuer may defer payment for a period of up to 365 days.  Additionally, the Plan may also terminate the contract without a market value adjustment by making withdrawals of the entire amount over a four-year period.

 

Because the guaranteed interest contract is fully benefit-responsive, contract value is the relevant measurement attribute.  Contract value, as reported to the Plan by Prudential, represents contributions made under the contract, plus earnings, minus participant withdrawals and administrative expenses.  Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.

 

Certain events may limit the ability of the Plan to transact at contract value with Prudential.  Such events include the following: (1) amendments to the Plan documents (including complete or partial Plan termination or merger with another plan), (2) changes to the Plan’s prohibition on competing investment options or deletion of equity wash provisions, (3) bankruptcy of the Plan Sponsor or other Plan Sponsor events (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal for the Plan, or (4) the failure of the trust to qualify for exemption under ERISA.  The Plan administrator does not believe that the occurrence of any such events, which would limit the Plan’s ability to transact at contract value with participants, is probable.

 

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HILL INTERNATIONAL, INC 401(k) RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2016

 

NOTE 5 — RELATED PARTIES AND PARTIES IN INTEREST TRANSACTIONS

 

Certain Plan investments are shares of mutual funds managed by Prudential Trust Company along with a guaranteed investment contract with the Prudential Insurance Company of America. The Prudential Trust Company is the trustee as defined by the Plan. These transactions qualify as exempt party-in-interest transactions.

 

As of December 31, 2016 and 2015, the Plan owned 1,199,037 and 1,107,411 shares, respectively, of the Plan Sponsor’s common stock, and the fair value of this common stock was $5,215,809 and $4,296,753, respectively.  The Plan Sponsor does not pay dividends on its common stock.

 

NOTE 6 — TAX STATUS

 

The Plan has adopted the Prudential Retirement Defined Contribution Prototype and Volume Submitter Plan.  On April 29, 2014, the Internal Revenue Service stated in an opinion letter that the prototype adopted by the Plan, as then designed, was in compliance with applicable requirement of the IRC and therefore, the related trust is exempt from taxation.  The Plan has been amended since receiving the letter.  However, the Plan administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC.  Therefore, the Plan administrator believes that the Plan is qualified and the related trust is tax-exempt.

 

US GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain tax position that “more likely than not” (i.e., a likelihood greater than 50%) would not be sustained upon examination by the Internal Revenue Service.  The Plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2016, there are no uncertain tax positions taken or expected to be taken.  Accordingly, the Plan has recognized no interest or penalties associated with any liability for unrecognized tax benefits.  The Plan is subject to routine examinations by taxing jurisdictions; however, there are currently no examinations for any tax periods in progress.

 

NOTE 7 — RISKS AND UNCERTAINTIES

 

The Plan invests in various investment securities.  Investments in general are exposed to various risks, such as interest rate, credit, and overall volatility risk.  Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the values of investments will occur in the near term and that such changes could materially affect the participants’ account balances and the amounts reported in the statements of net assets available for benefits.

 

Users of these financial statements should be aware that the financial markets’ volatility may significantly impact the subsequent valuation of the Plan’s investments.  Accordingly, the valuation of investments at December 31, 2016 may not necessarily be indicative of the amounts that could be realized in a current market exchange.

 

NOTE 8 — MUTUAL FUND FEES

 

Investments in mutual funds are subject to sales charges in the form of front-end loads, back-end loads or 12b-1 fees.  12b-1 fees are ongoing fees allowable under Section 12b-1 of the Investment Company Act of 1940.  These annual fees are used to pay for marketing and distribution costs of the funds.  These fees are deducted prior to the allocation of the Plan’s investment earnings activity, and thus not separately identifiable as an expense.

 

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HILL INTERNATIONAL, INC 401(k) RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2016

 

NOTE 9 — SUBSEQUENT EVENTS

 

The Plan has evaluated subsequent events through July 11, 2017, the date the financial statements were available to be issued. On May 5, 2017, the Plan Sponsor closed the sale of its Construction Claims Group. In connection with the sale, the Plan Sponsor amended the Plan to discontinue contributions to former employees of the Construction Claims Group and authorize the transfer of related participant accounts from the Plan. On June 26, 2017, Plan assets totaling $9,001,723 (including outstanding loan balances) were transferred from the Plan to the new defined contribution plan established by the purchaser.

 

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Hill International, Inc. 401(k) Retirement Savings Plan

As of December 31, 2016

EIN # 20-0953973

Plan # 003

 

Schedule H, Line 4i, SCHEDULE OF ASSETS (HELD AT END OF YEAR)

 

a. Parties
in
interest

 

b. Identity of issuer,
borrower, lessor,
or similar party 

 

c. Description
of
investment

 

d. Cost

 

e. Current
value

 

 

 

Mutual Funds

 

 

 

 

 

 

 

*

 

Prudential Mutual Funds

 

Prudential QMA Stock Index Fund Z

 

**

 

$

13,800,250

 

*

 

Prudential Mutual Funds

 

Prudential Jennison Mid Cap Growth Fund Z

 

**

 

3,612,079

 

 

 

PIMCO

 

PIMCO Total Return Fund A

 

**

 

3,319,515

 

 

 

American Funds

 

AMCAP Fund

 

**

 

8,045,418

 

 

 

Invesco Ltd.

 

Invesco Small Cap Value Fund A

 

**

 

5,453,518

 

 

 

MFS Funds

 

MFS Total Return Fund A

 

**

 

5,049,413

 

 

 

Oppenheimer Funds

 

Oppenheimer Global Opportunities Fund A

 

**

 

7,640,568

 

 

 

Wells Fargo & Co.

 

Wells Fargo Adv Growth Class A

 

**

 

4,665,975

 

 

 

Ivy Funds

 

Ivy Small Cap Growth I

 

**

 

635,292

 

 

 

Hotchkis & Wiley Funds

 

Hotchkis & Wiley Value Opportunities A

 

**

 

525,927

 

 

 

Harbor

 

Harbor Mid Cap Value Fund A

 

**

 

60,763

 

 

 

BlackRock

 

BlackRock Lifepath Retirement Investor A

 

**

 

1,120,382

 

 

 

BlackRock

 

BlackRock Lifepath Index 2020 A

 

**

 

1,012,727

 

 

 

BlackRock

 

BlackRock Lifepath Index 2025 A

 

**

 

1,541,933

 

 

 

BlackRock

 

BlackRock Lifepath Index 2030 A

 

**

 

1,025,910

 

 

 

BlackRock

 

BlackRock Lifepath Index 2035 A

 

**

 

791,659

 

 

 

BlackRock

 

BlackRock Lifepath Index 2040 A

 

**

 

662,576

 

 

 

BlackRock

 

BlackRock Lifepath Index 2045 A

 

**

 

632,985

 

 

 

BlackRock

 

BlackRock Lifepath Index 2050 A

 

**

 

638,335

 

 

 

BlackRock

 

BlackRock Lifepath Index 2055 A

 

**

 

611,771

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

*

 

Hill International, Inc.

 

Common stock

 

**

 

5,215,809

 

 

 

 

 

 

 

 

 

 

 

 

 

Guaranteed Investment Contract

 

 

 

 

 

 

 

*

 

The Prudential Insurance Co of America

 

Guaranteed Interest Account

 

**

 

15,878,542

 

 

 

 

 

 

 

 

 

*

 

Notes Receivable from Participants

 

 

 

 

 

 

 

Notes receivable from participants, with interest at 3.25% to 3.50% maturing through 2026

 

**

 

1,528,816

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing cash

 

**

 

87

 

 

 

 

 

 

 

 

 

 

 

Total assets per Schedule H, Line 1f

 

 

 

$

83,470,250

 

 


*

Indicates party-in-interest to the Plan, as defined by ERISA

 

 

 

 

 

**

Not required for participant-directed investments

 

 

 

 

 

 

14



Table of Contents

 

SIGNATURE

 

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.

 

 

HILL INTERNATIONAL, INC. 401(K) RETIREMENT SAVINGS PLAN

 

Dated:  July 11, 2017

By:

/s/ Catherine H. Emma

 

 

Printed Name:

Catherine H. Emma

 

 

Title:

Plan Administrator

 

15



Table of Contents

 

Hill International, Inc. 401(k) Retirement Savings Plan

Annual Report on Form 11-K

For the Year Ended December 31, 2016

 

INDEX TO EXHIBITS

 

Exhibit No.

 

Description

 

 

 

23.1

 

Consent of Kreischer Miller, Independent Registered Public Accounting Firm

 

 

 

23.2

 

Consent of EisnerAmper LLP, Independent Registered Public Accounting Firm

 

16


Exhibit 23.1

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference in Registration Statement No. 333-137512 on Form S-8 of our report dated July 11, 2017, appearing in this Annual Report on Form 11-K of the Hill International, Inc. 401(k) Retirement Savings Plan for the year ended December 31, 2016.

 

/s/ Kreischer Miller

 

 

Horsham, Pennsylvania

July 11, 2017

 

1


Exhibit 23.2

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference in the Registration Statement of Hill International, Inc. on Form S-8 (No. 333-137512) of our report dated June 24, 2016, on our audit of the financial statement of Hill International, Inc. 401(k) Retirement Savings Plan as of December 31, 2015, which report is included in this Annual Report on Form 11-K to be filed on or about July 11, 2017.

 

 

/s/ EisnerAmper LLP

 

Iselin, New Jersey

July 11, 2017

 

2