SEC Filings

MEDTRONIC PLC filed this Form 11-K on 10/26/2017
Entire Document

5. Related Party Transactions and Party-In-Interest Transactions
The Plan’s investments consist of the Plan's interest in the Master Trust, which includes shares of registered investment companies, collective trusts, and Medtronic plc common stock. All investment transactions were managed by the BNY Mellon and Aon Hewitt, the Plan's Trustee and Recordkeeper, respectively, during the year ended April 30, 2017. These transactions are allowed by the Plan and the IRC and qualify as party-in-interest transactions, which are exempt from the prohibited transactions rules. In addition, as previously noted, the Master Trust invests in the ordinary shares of the Company. The Plan's investment in ordinary shares of Medtronic plc at April 30, 2017 and 2016 was $807,556, and $813,718, respectively.

At April 30, 2017 and 2016, the Plan had notes receivable from participants of $90,099 and $94,455, respectively. These transactions qualify as party-in-interest transactions, which are exempt from prohibited transaction rules.

6. Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
April 30
(in thousands)
Net assets available for benefits per the financial statements


Differences in:




Notes receivable from participants
Net assets available for benefits per the Form 5500


7. Tax Status
The Plan received a favorable determination letter, effective October 22, 2014, from the Internal Revenue Service (IRS). The IRS has determined that the Plan and the related trust are designed in accordance with the applicable sections of the IRC and are, therefore, exempt from income taxes. Although the Plan document that the IRS reviewed in issuing its most recent determination letter has since been amended and restated, the Plan Administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan has not recognized any interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

8. Subsequent Events

Effective May 1, 2017, Aon plc, Aon Hewitt's parent company, sold its benefits administration business to Blackstone. As a result, they have changed their name from Aon Hewitt to Alight Solutions.