0001157523-12-003487.txt : 20120628 0001157523-12-003487.hdr.sgml : 20120628 20120628163410 ACCESSION NUMBER: 0001157523-12-003487 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120628 DATE AS OF CHANGE: 20120628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VOLT INFORMATION SCIENCES, INC. CENTRAL INDEX KEY: 0000103872 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 135658129 STATE OF INCORPORATION: NY FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09232 FILM NUMBER: 12932965 BUSINESS ADDRESS: STREET 1: 1065 AVENUE OF THE AMERICAS STREET 2: 20TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 212-704-2400 MAIL ADDRESS: STREET 1: 1065 AVENUE OF THE AMERICAS STREET 2: 20TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 FORMER COMPANY: FORMER CONFORMED NAME: VOLT INFORMATION SCIENCES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VOLT TECHNICAL CORP DATE OF NAME CHANGE: 19680913 11-K 1 a50326153.htm VOLT INFORMATION SCIENCES, INC. 11-K a50326153.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 11-K

 
x
Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 for the plan year ended December 31, 2011
 

Or


o
Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934


 
Commission File No. 1-9232


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


Volt Information Sciences, Inc. Savings Plan


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


Volt Information Sciences, Inc.
1065 Avenue of the Americas
New York, NY  10018
 
 
 

 
 
VOLT INFORMATION SCIENCES, INC. SAVINGS PLAN
FORM 11-K 



TABLE OF CONTENTS
 

 

*
Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.
 
 
 
 

 
 
logo
One Battery Park Plaza
New York, NY 10004
 
Tel: +1 212 709 4500
Fax: + 1 212 709 4680
www.mitchelltitus.com
 

 


The Trustees of the Volt Information Sciences, Inc. Savings Plan

We have audited the accompanying statements of net assets available for benefits of the Volt Information Sciences, Inc. Savings Plan as of December 31, 2011 and 2010, and the related statements 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. We were not engaged to perform an audit of the Plan's 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, and 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 at December 31, 2011 and 2010, and the changes in its net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.

Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental Schedule of Assets (Held at End of Year) as of December 31, 2011, is presented for purposes of additional analysis and is not a required part of the 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. Such information is the responsibility of the Plan's management. The information has been subjected to the auditing procedures applied in our audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.



/s/ Mitchell & Titus LLP                                           
New York, New York
June 28, 2012
 
 
 

 
 
VOLT INFORMATION SCIENCES, INC. SAVINGS PLAN


   
December 31
 
   
2011
   
2010
 
ASSETS
           
Cash
  $ 1,025     $ 3,754  
Investments, at fair value
               
Mutual funds
    66,101,676       69,644,042  
Volt Information Sciences, Inc. Common Stock Fund
    3,508,623       6,008,904  
Common/Collective trusts
    39,216,187       36,069,725  
Self-directed brokerage accounts
    2,133,018       2,238,561  
Total investments
    110,959,504       113,961,232  
                 
Contributions receivable
               
Employer
    856,118       791,680  
Participants
    164,649       160,821  
Total contributions receivable
    1,020,767       952,501  
                 
Notes receivable from participants
    3,218,861       2,946,644  
                 
Interest and dividends receivable
    28,601       62,489  
                 
Total assets
    115,228,758       117,926,620  
                 
Assets available for benefits reflecting investments at fair value
    115,228,758       117,926,620  
                 
Adjustment from fair value to contract value for interest in collective
trusts relating to fully benefit-responsive investment contracts
    (137,850 )     (479,816 )
                 
Net assets available for benefits
  $ 115,090,908     $ 117,446,804  



See accompanying notes to financial statements.
 
 
-2-

 
 
VOLT INFORMATION SCIENCES, INC. SAVINGS PLAN


   
Year Ended December 31
 
   
2011
   
2010
 
ADDITIONS TO NET ASSETS
           
Investment income
           
Interest and dividend income
  $ 824,583     $ 1,064,676  
Net (depreciation) appreciation in fair value of investments
    (4,375,690 )     11,316,055  
Total investment (loss) gain
    (3,551,107 )     12,380,731  
                 
Interest income on notes receivable from participants
    125,511       137,299  
                 
Contributions
               
Participant
    11,368,242       10,986,634  
Employer
    1,563,473       1,294,699  
Total contributions
    12,931,715       12,281,333  
                 
Total additions
    9,506,119       24,799,363  
                 
DEDUCTIONS TO NET ASSETS
               
Benefits paid to participants
    11,832,815       10,429,541  
Transfers from plan
    -       2,391  
Administrative expenses
    29,200       25,675  
                 
Total deductions
    11,862,015       10,457,607  
                 
Net (decrease) increase
    (2,355,896 )     14,341,756  
                 
Net assets available for benefits at beginning of year
    117,446,804       103,105,048  
                 
Net assets available for benefits at end of year
  $ 115,090,908     $ 117,446,804  



See accompanying notes to financial statements.
 
 
-3-

 
 
VOLT INFORMATION SCIENCES, INC. SAVINGS PLAN
December 31, 2011 and 2010

 
NOTE 1.
PLAN DESCRIPTION

The Volt Information Sciences, Inc. Savings Plan (the “Plan”), as amended and restated, was adopted by the Board of Directors of Volt Information Sciences, Inc. (“Volt” or the “Company”) on September 29, 1980. It is a defined contribution savings plan in which eligible employees of the Company can participate. The Plan consists of employee 401(k) contributions and employer contributions.

In January 2000, the Volt Information Sciences, Inc. Employee Stock Ownership Plan (“ESOP”) was merged into the Plan. In connection therewith, all of the ESOP assets were transferred into the Plan. All ESOP benefit accruals were frozen and all ESOP accounts became fully vested effective January 1, 2000.

The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

A brief description of certain provisions of the Plan agreement is as follows. A more detailed description of the Plan provisions is maintained in the plan document.

Eligibility: Employees become eligible on their first day of employment, except as outlined in the plan document.
 
Participant contributions: Since May 2007, new employees are automatically enrolled in the Plan with a 3% contribution, with a 30-day grace period to opt out. Participants have the option of contributing up to 60% of eligible compensation, up to the Internal Revenue Service (IRS) maximum or Plan limitations, which is not currently taxable to the employee, into any of the Plan’s available core fund options. Participants who have reached age 50 on or before December 31 of any year may elect to make a catch-up contribution up to the IRS maximum.
 
Employer contributions: The Company provides a matching contribution equal to 50% of the first 2% of salary reduction contributions by eligible participants. Matching contributions vest at a rate of 20% per year over a five-year period. Company matching contributions are made semiannually. The forfeited portion of an account of an employee who leaves employment with Volt without being fully vested may be used to reduce future employer contributions. At December 31, 2011 and 2010, the balance of unused forfeitures was $83,917 and $108,975, respectively. The Plan used $205,615 and $299,439 of forfeitures to fund employer contributions in 2011 and 2010, respectively.

 
-4-

 
 
VOLT INFORMATION SCIENCES, INC. SAVINGS PLAN
Notes to Financial Statements
December 31, 2011 and 2010

 
NOTE 1.
PLAN DESCRIPTION (continued)

Rollover contributions: The Plan accepts rollover contributions by participants from other plans. Rollover contributions generally consist of lump-sum distributions received by an employee from a qualified retirement plan, an individual retirement account, or individual retirement annuity. Rollover contributions are included in participant contributions in the statements of changes in net assets available for benefits.

Investments: Upon enrollment or re-enlistment and on a daily basis thereafter, each participant can direct that his or her contributions and the Company matching contribution be invested in one or more of the available core funds. In addition, participants have the option to participate in a self-directed account and may invest 100% of their account balance outside of the core funds.

Payment of benefits: Participants may make a withdrawal from any of their vested accounts at any time on or after attaining age 59½. Participants may also make a withdrawal in case of a severe financial hardship, as defined under IRS regulations. Upon termination of employment, the participant may request a distribution of his or her vested account balance.  Benefits are recorded when paid.

Participant loans: The Plan has a loan provision which permits participating employees to borrow from their 401(k) contribution account. The minimum loan amount is $1,000. The maximum loan is 50% of the participant’s account balance (exclusive of ESOP), up to $50,000. The loan, together with interest, is repaid through payroll deductions. Interest is credited to the participant’s account. The interest rate is the prime rate at the time the loan is processed, plus 1%.
 
Plan termination:  Although it has not expressed any intent to do so, the Company has the right to terminate the Plan subject to the provisions of ERISA. Upon such termination, participants become 100% vested and Plan assets are be distributed to participants based on their individual account balances.
 
 
NOTE 2.
SIGNIFICANT ACCOUNTING POLICIES
 
Basis of Accounting

The financial statements of the Plan are prepared on the accrual basis of accounting.

Investment Valuation and Income Recognition

Investments held by the Plan are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
 
 
-5-

 
 
VOLT INFORMATION SCIENCES, INC. SAVINGS PLAN
Notes to Financial Statements
December 31, 2011 and 2010

 
NOTE 2.
SIGNIFICANT ACCOUNTING POLICIES (continued)
 
Investment Valuation and Income Recognition (continued)

between market participants at measurement date. See Note 4 for discussion and disclosures related to fair value measurements.

The Stable Value Trust Fund invests in fully benefit-responsive contracts. This fund is recorded at fair value (see Note 4); however, since these contracts are fully benefit- responsive, an adjustment is reflected in the statements of net assets available for benefits to present these investments at contract value. Contract value is the relevant measurement 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. The contract value represents contributions plus earnings, less participant withdrawals and administrative expenses.

Risks and Uncertainties

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

Administrative Expenses

The Plan’s administrative expenses are paid by either the Plan or the Company, as provided by the Plan’s provisions. Administrative expenses include recordkeeping and trustee fees paid by the Plan through a fee sharing arrangement with the various investment funds and trusts. Expenses relating to purchases, sales or transfers of the Plan’s investments are generally charged to the particular investment fund to which the expenses relate. Individual fees and expenses such as loan fees and individual brokerage accounts are charged to the related individual account at the time of the transaction. All other administrative expenses of the Plan are paid by the Company.
 
Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires Plan management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
 
 
-6-

 
 
VOLT INFORMATION SCIENCES, INC. SAVINGS PLAN
Notes to Financial Statements
December 31, 2011 and 2010

 
NOTE 2.
SIGNIFICANT ACCOUNTING POLICIES (continued)
 
Notes Receivable from Participants

Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2011 or 2010. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced and a benefit payment is recorded.

New Accounting Pronouncements
 
In January 2010, the FASB issued Accounting Standards Update 2010-06, Improving Disclosures about Fair Value Measurements, (ASU 2010-06). ASU 2010-06 amended ASC 820 to clarify certain existing fair value disclosures and require a number of additional disclosures.  The requirement to present changes in Level 3 measurements on a gross basis is effective for reporting periods beginning after December 15, 2010. Since ASU 2010-06 only affects fair value measurement disclosures, adoption of ASU 2010-06 did not have an effect on the Plan’s net assets available for benefits or its changes in net assets available for benefits.

In May 2011, the FASB issued Accounting Standards Update 2011-04, Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRSs, (ASU 2011-04). ASU 2011-04 amended ASC 820, Fair Value Measurements and Disclosures, to converge the fair value measurement guidance in US generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). Some of the amendments clarify the application of existing fair value measurement requirements, while other amendments change a particular principle in ASC 820.
 
In addition, ASU 2011-04 requires additional fair value disclosures (although certain of these new disclosures will not be required for nonpublic entities). The amendments are to be applied prospectively and are effective for annual periods beginning after December 15, 2011. Plan management is currently evaluating the effect that the provisions of ASU 2011-04 will have on the Plan’s financial statements.
 
 
-7-

 

VOLT INFORMATION SCIENCES, INC. SAVINGS PLAN
Notes to Financial Statements
December 31, 2011 and 2010

 
NOTE 3.
INVESTMENTS
 
The fair value of investments held by the Plan as of December 31, 2011 and 2010 were as follows:

Investments at fair value
 
December 31
 
   
2011
   
2010
 
             
Common/collective trusts
           
Schwab Managed Retirement 2010
  2,217,136     2,427,834  
Schwab Managed Retirement 2020
    4,329,649       3,993,920  
Schwab Managed Retirement 2030
    4,773,063       4,307,479  
Schwab Managed Retirement 2040
    3,977,994       3,274,868  
Schwab Managed Retirement 2050
    3,158,453       2,329,666  
Schwab Managed Retirement Inc
    643,721       658,631  
Schwab Stable Value Fund
    20,116,170 *     19,077,327 *
Mutual funds
               
Alger Small Cap Growth Fund
    3,612,419       3,846,029  
American Beacon Large Cap Value Fund
    4,764,262       4,844,470  
Davis New York Venture Fund(1)
    -       1,420,376  
Dreyfus Bond Market Index Inc
    2,142,603       1,532,725  
GE S&P 500 Index(1)
    -       18,120,852 *
Goldman Sachs Mid-Cap Value Fund
    11,390,318 *     13,402,363 *
Morgan Stanley Mid Cap Growth Fund
    4,208,692       4,605,549  
Northern Small Cap Value Fund
    1,447,777       1,351,967  
T Rowe Price Growth Stock Fund
    3,471,719       3,604,221  
Thornburg Intl Value R4
    7,863,387 *     9,084,382 *
TIAA Creff S&P 500 Index(1)
    18.953,703 *     -  
Western Asset Core Plus Port Fund
    8,246,796 *     7,831,108 *
Volt Information Sciences, Inc. Common Stock Fund
    3,508,623       6,008,904 *
Self-directed accounts
    2,133,018       2,238,561  
Total investments at fair value
  $ 110,959,504     $ 113,961,232  
 
* Individual investment representing 5% or more of net assets available for benefits.
(1)
 In August 2011, the Davis New York Venture fund and the GE S&P 500 fund assets were transferred into the TIAA Creff  S&P 500 fund.
 
 
-8-

 
 
VOLT INFORMATION SCIENCES, INC. SAVINGS PLAN
Notes to Financial Statements
December 31, 2011 and 2010

 
NOTE 3.
INVESTMENTS (continued)
 
During the years ended December 31, 2011 and 2010, the Plan’s investments (including investments purchased, sold and held during the year) (depreciated) appreciated in fair value as follows:

   
December 31
 
   
2011
   
2010
 
             
Mutual funds
  $ (3,018,900 )   $ 9,622,602  
Volt Information Sciences, Inc. Common Stock Fund
    (1,522,761 )     (806,372 )
Common/collective trusts
    165,971       2,499,825  
Net change in fair value
  $ (4,375,690 )   $ 11,316,055  
 
 
NOTE 4.
FAIR VALUE MEASUREMENTS
 
Fair value is defined 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 (i.e., exit price). The fair value hierarchy 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 and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

 
Level 1:
Quoted market prices in active markets for identical assets or liabilities

 
Level 2:
Quoted prices in active markets for similar assets and liabilities, quoted prices for identically similar assets or liabilities in markets that are not active and models for which all significant inputs are observable either directly or indirectly.

 
Level 3:
Unobservable inputs reflecting the reporting entity's own assumptions or external inputs for inactive markets.

The fair value measurement level of assets and liabilities within the fair value hierarchy is based on the lowest level of 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.

 
-9-

 
 
VOLT INFORMATION SCIENCES, INC. SAVINGS PLAN
Notes to Financial Statements
December 31, 2011 and 2010

 
NOTE 4.
FAIR VALUE MEASUREMENTS (continued)
 
The following is a description of the valuation methodologies used for assets measured at fair value.

Common stocks fund: Valued at the closing price reported on the active market in which the individual securities are traded.

Common/collective trusts: Valued at the NAV per unit as reported by the respective funds.  NAV is valued either based on the fair values of the underlying investments as determined by quoted market prices or the fair value of the collective trust’s underlying investments as based on information reported by the investment advisor using the audited financial statements of the trust at year-end.

Mutual funds: Valued at the NAV of units held by the Plan as reported on the active market at year-end.
 
The preceding methods described may produce a fair value calculation that may not be indicative of 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 fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following table sets forth, by level within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2011 and December 31, 2010:

   
Assets at Fair Value as of December 31, 2011
 
   
Level 1
   
Level 2
   
Total
 
         
 
       
Mutual funds
                 
U.S. equities
  $ 58,238,289     $ -     $ 58,238,289  
International equities
    7,863,387       -       7,863,387  
Volt common stock
    3,508,623       -       3,508,623  
Lifecycle funds(a)
            19,100,017       19,100,017  
Stable value fund(b)
            20,116,170       20,116,170  
Self-directed brokerage accounts
                       
U.S. common stock
    884,069       -       884,069  
International common stock
    136,614       -       136,614  
Cash equivalents
    453,255       -       453,255  
Mutual funds
    432,211       -       432,211  
Other
    226,869       -       226,869  
Total assets at fair value
  $ 71,743,317     $ 39,216,187     $ 110,959,504  

 
-10-

 
 
VOLT INFORMATION SCIENCES, INC. SAVINGS PLAN
Notes to Financial Statements
December 31, 2011 and 2010


NOTE 4.
FAIR VALUE MEASUREMENTS (continued)
 
   
Assets at Fair Value as of December 31, 2010
 
   
Level 1
   
Level 2
   
Total
 
         
 
       
Mutual funds
                 
U.S. equities
  $ 60,559,660     $ -     $ 60,559,660  
International equities
    9,084,382       -       9,084,382  
Volt common stock
    6,008,904       -       6,008,904  
Lifecycle funds(a)
            16,992,398       16,992,398  
Stable value fund(b)
            19,077,327       19,077,327  
Self-directed brokerage accounts
                       
U.S. common stock
    1,053,803       -       1,053,803  
International common stock
    174,765       -       174,765  
Cash equivalents
    324,656       -       324,656  
Mutual funds
    453,050       -       453,050  
Other
    232,287       -       232,287  
Total assets at fair value
  $ 77,891,507     $ 36,069,725     $ 113,961,232  
 
(a) This category includes investments in highly diversified funds designed to remain appropriate for investors in terms of risk throughout a variety of life circumstances. These common/collective trust funds share the common goal of first growing and then later preserving principal and contain a mix of domestic equities, international equities, fixed income and stable value. There are currently no redemption restrictions on these investments. The fair values of the investments in this category have been estimated using the NAV per unit based on the fair values of the underlying investments as determined by quoted market prices.
   
(b)
This category includes a common/collective trust fund that is designed to provide a stable rate of return with preservation of principal and liquidity. This fund invests primarily in investment contracts issued by insurance companies, banks and other financial institutions. Participant-directed redemptions have no restrictions; however, the Plan is required to provide a one-year redemption notice to liquidate its entire share in the fund. The fair value of this fund has been estimated based on the fair value of the underlying investments as based on information reported by the investment advisor using the audited financial statements of the trust at year-end.
 
 
-11-

 
 
VOLT INFORMATION SCIENCES, INC. SAVINGS PLAN
Notes to Financial Statements
December 31, 2011 and 2010

 
NOTE 5.
TAX STATUS
 
The Plan has received a determination letter from the IRS, dated October 7, 2008, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the “Code”) and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The Plan Administrator believes that the Plan is currently being operated in compliance with the applicable requirements of the Code and, therefore, believes the Plan, as amended, is qualified and the related trust is tax-exempt.

Accounting principles generally accepted in the United States require plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2011, there are no uncertain positions taken or expected to be taken. The Plan has recognized no 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. The plan administrator believes it is no longer subject to income tax examinations for years prior to 2008.

 
NOTE 6.
RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
 
The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2011 and 2010 to the Form 5500:

   
December 31
 
   
2011
   
2010
 
Net assets available for benefits per the financial statements
  $ 115,090,908     $ 117,446,804  
Add:  adjustment from contract value to fair value for fully  benefit-responsive investment contracts
    137,850       479,816  
Less:  amounts allocated to withdrawing participants
    (305,437 )     (293,487 )
Net assets available for benefits per the Form 5500
  $ 114,923,321     $ 117,633,133  

 
-12-

 

VOLT INFORMATION SCIENCES, INC. SAVINGS PLAN
Notes to Financial Statements
December 31, 2011 and 2010

 
NOTE 6.
RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 (continued)

The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500 for the year ended December 31, 2011:
 
       
Benefits paid to participants per the financial statements
  $ 11,832,815  
Add:  amounts allocated to withdrawing participants at year end
    305,437  
Less:  amounts allocated to withdrawing participants at prior year end
    (293,487 )
Benefits to participants per the Form 5500
  $ 11,844,765  

Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to the Plan year-end but not yet paid as of that date.

Fully benefit-responsive investment contracts are recorded at fair value on Form 5500 and contract value is recognized in net assets available for benefits in the financial statements. Consequently, the reported NAVs on Form 5500 and in the financial statements will differ and total additions in the financial statements may differ from the total income reported on the Form 5500.


NOTE 7.
RELATED-PARTY TRANSACTIONS

Certain Plan investments are shares of mutual funds managed by Investment Management Inc. (Charles Schwab). Charles Schwab Trust Company is the trustee, as defined by the Plan, and, therefore, these transactions qualify as party-in-interest transactions. These transactions qualify as related party transactions; however, they are exempt from the prohibited transactions rules under ERISA.


NOTE 8.
SUBSEQUENT EVENT
 
The Plan has evaluated events occurring after December 31, 2011 through the date the financial statements were issued. The Plan has determined that there are no subsequent events or transactions that require recognition or disclosure in the financial statements other than the following.
 
Effective February 10, 2012, the Schwab Stable Value Fund assets were transferred into the Morley Stable Value Fund.

 
-13-

 
EIN: #13-5658129
Plan: #001

VOLT INFORMATION SCIENCES, INC. SAVINGS PLAN
December 31, 2011



 
Description
 
Units/Shares
   
Current
Value
 
             
Schwab Managed Retirement 2010*
    134,290     $ 2,217,136  
Schwab Managed Retirement 2020*
    254,237       4,329,649  
Schwab Managed Retirement 2030*
    274,788       4,773,063  
Schwab Managed Retirement 2040*
    230,742       3,977,994  
Schwab Managed Retirement 2050*
    356,484       3,158,453  
Schwab Managed Retirement Inc*
    48,546       643,721  
Schwab Stable Value Fund*
    1,007,795       20,116,170  
Alger Small Cap Growth Fund
    139,529       3,612,419  
American Beacon Large Cap Value Fund
    270,083       4,764,262  
Dreyfus Bond Market Index Inv
    195,315       2,142,603  
Goldman Sachs Mid-Cap Value Fund
    341,436       11,390,318  
Morgan Stanley Mid Cap Growth Fund
    132,474       4,208,692  
Northern Small Cap Value Fund
    96,583       1,447,777  
T Rowe Price Growth Stock Fund
    110,178       3,471,719  
Thornburg International Value R4
    328,325       7,863,387  
TIAA Creff S&P 500 Index
    1,353,836       18,953,703  
Western Asset Core Plus Port Fund
    742,955       8,246,796  
Personal Choice Retirement (1)
    2,133,018       2,133,018  
Volt Information Sciences, Inc Common Stock Fund*
    565,907       3,508,623  
Participants loans**
            3,218,861  
            $ 114,178,365  
 
 
  *
Indicates party-in interest to the Plan.
   
**
All loans mature within 10 years; interest rates range from 4.25% to 9.25%.
   
(1)
Personal Choice Retirement, the participants’ self-directed accounts, consists of various investments.
 
 
 
-14-

 

Volt Information Sciences, Inc. Savings Plan


 



Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrative Committee for the Volt Information Sciences, Inc. Savings Plan have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.

 


 
 
VOLT INFORMATION SCIENCES, INC. SAVINGS PLAN
   
   
   
  By: /s/ James Whitney
 
For the Administrative Committee
 
James Whitney, Chief Financial Officer, Volt Information Sciences

 
Date: June 28, 2012

 
-15-

 
 
Volt Information Sciences, Inc. Savings Plan
 
 
EXHIBIT




We consent to the incorporation by reference in Registration Statements (Form S-8 No. 333-45903, No. 333-106245, and No. 333-152661), pertaining to the Volt Information Sciences, Inc. Savings Plan, of our report dated June 28, 2012, with respect to the financial statements and supplemental schedule of the Volt Information Sciences, Inc. Savings Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2011.
 


/s/ Mitchell Titus LLP
New York, New York
June 28, 2012
 
 
-16-
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