11-K 1 form11-k_2014plan.htm 2014 PLAN YEAR 11-K form11-k_2014plan.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 fiscal year ended: December 31, 2014
OR
 
 
  o
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the transition period from  _______ to _______
 
 
 
Commission file number  1-12454
 



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

RUBY TUESDAY, INC. SALARY DEFERRAL PLAN

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

RUBY TUESDAY, INC.
150 West Church Avenue
Maryville, TN 37801

 

 
Exhibit index appears at page 16.  This report contains a total of 17 pages.

 
 
 
 

 
RUBY TUESDAY, INC. SALARY DEFERRAL PLAN
 
Financial Statements
and Supplemental Schedule
 
December 31, 2014 and 2013
 
(With Report of Independent Registered Public Accounting Firm Thereon)
 
 
 

 
2
 
 

RUBY TUESDAY, INC. SALARY DEFERRAL PLAN
 
 
Table of Contents
 
 
 
 

 
3
 
Report of Independent Registered Public Accounting Firm
 
Participants and Plan Committee of Ruby Tuesday, Inc. Salary Deferral Plan:
 
We have audited the accompanying statements of net assets available for benefits of the Ruby Tuesday, Inc. Salary Deferral Plan (the “Plan”) as of December 31, 2014 and 2013, and the related statement of changes in net assets available for benefits for the year ended December 31, 2014. 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2014 and 2013, and the changes in net assets available for benefits for the year ended December 31, 2014, in conformity with U.S. generally accepted accounting principles.
 
The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2014 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s 2014 financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but include supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. 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 in the accompanying schedule of assets (held at end of year) as of December 31, 2014 is fairly stated in all material respects in relation to the 2014 financial statements as a whole.
 

/s/ KPMG LLP
 
Knoxville, Tennessee
June 10, 2015
 
 
4
 
 
RUBY TUESDAY, INC. SALARY DEFERRAL PLAN
 
Statements of Net Assets Available for Benefits
 
December 31, 2014 and 2013
 
 

   
2014
    
2013
  
           
Investments at fair value:
            
Company stock fund
   $ 1,724,584     $ 1,813,180  
Mutual funds
     29,607,290       29,940,756  
Common/collective trust
     3,278,587       3,750,982  
Total investments at fair value
     34,610,461       35,504,918  
Notes receivable from participants
     1,219,323       1,462,535  
Employee contributions receivable
     6,668       7,732  
Net assets available for benefits before
                
   adjustment to contract value
     35,836,452       36,975,185  
                 
Adjustment to contract value:
                
Adjustment from fair value to contract value for fully benefit-
    responsive investment contracts
     (45,266 )     (29,770 )
Net assets available for benefits
   $ 35,791,186     $ 36,945,415  
                 
See accompanying notes to financial statements.
                
 
 
5
 
 
RUBY TUESDAY, INC. SALARY DEFERRAL PLAN
 
Statement of Changes in Net Assets Available for Benefits
 
Year ended December 31, 2014
 

     
Investment income:
      
Net depreciation in fair value of investments
   $ (158,702 )
Dividends
     1,793,194  
Interest income
     138,331  
Other income-loan interest
     52,973  
Total investment income
     1,825,796  
Participant contributions
     2,607,817  
Total additions
     4,433,613  
Deductions:
        
         
Distributions to participants
     (5,412,660 )
Administrative expenses
     (175,182 )
Total deductions
     (5,587,842 )
Decrease in net assets available for benefits
     (1,154,229 )
Net assets available for benefits at beginning of year
     36,945,415  
Net assets available for benefits at end of year
   $ 35,791,186  
 
See accompanying notes to financial statements.
        
 
 
(1)  
 Description of the Plan
 
The following description of the Ruby Tuesday, Inc. Salary Deferral 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.
 
(a)  
General
 
The Plan is a voluntary, defined contribution plan covering all employees of Ruby Tuesday, Inc. (the “Company”), other than union employees, leased employees and highly compensated employees.  Employees are eligible to participate in the Plan after six months of service and age twenty-one or older.  The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
 
The general administration of the Plan is the responsibility of the Plan Committee (the “Committee”) which consists of at least two persons and not more than seven persons appointed by the Company’s Board of Directors.
 
(b)  
Contributions
 
Participants may contribute up to 50% of their annual pre-tax compensation as defined in the Plan subject to certain limits.  Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans and up to 10% of their annual compensation as after-tax contributions.  Participants age 50 and older may contribute catch-up contributions.  Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan currently offers a Company stock fund, twenty six mutual funds and a stable return fund as investment options for participants.  The Company will make matching contributions in an amount equal to a discretionary percentage to be determined by the Company.  Matching contributions shall not be made with respect to a participant’s deferrals that exceed the first six percent of the participant’s annual compensation.  Matching contributions may vary based on classes of participants and on the percentage of a participant’s deferral amount.  No matching contributions are made on either catch-up contributions or after-tax contributions.  Company contributions may be made in cash or in-kind, including shares of Company stock, at the discretion of the Company.  The maximum employee contribution to the Plan for the 2014 Plan year was $17,500.
 
(c)  
Participant Accounts
 
Each participant’s account is credited with the participant’s contributions and allocations of the Company’s contribution and a pro rata allocation of the earnings and losses of the investment options, and charged with an allocation of administrative expenses, whether or not pro rata, in accordance with ERISA.  The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
 
(d)  
Vesting
 
Participants are immediately 100% vested in their own contributions plus any earnings thereon and become 100% vested in the matching Company contributions plus actual earnings thereon after the completion of 3 years of service or, if earlier, in the event of a termination of service due to death, disability, or retirement on or after age 65.
 
 
7
 
 
 
RUBY TUESDAY, INC. SALARY DEFERRAL PLAN
 
Notes to Financial Statements
 
December 31, 2014 and 2013
 
 
(e)  
Payment of Benefits
 
On termination of service, whether due to death, disability, retirement, or otherwise, the participant or the beneficiary of the participant shall receive a lump-sum payment in cash.  A participant invested in the Company stock fund may request a distribution in-kind from that fund.  The participant may withdraw at any time all or a portion of rollover amounts and after-tax contributions and related earnings.  The participant may request a withdrawal of all or a portion of deferral amounts and catch-up contributions if able to demonstrate hardship.
 
(f)  
Participant Loans
 
Participants may borrow from their fund accounts a minimum of $500 up to a maximum equal to the lesser of $50,000, subject to reduction for certain prior outstanding loan balances, or 50% of their vested account balance at a reasonable rate of interest, currently prime +1%. The loans are secured by one-half of the balance in the participant’s account. Loans outstanding at December 31, 2014 and 2013 had interest rates ranging from 4.25% to 9.50% with maturities through 2024 and 2022, respectively.
 
(g)  
Forfeited Accounts
 
At December 31, 2014 and 2013, forfeited nonvested accounts totaled $10 respectively.  At December 31, 2014 and 2013, the Plan’s net assets available for benefits included $76,870 and $77,158 of unclaimed checks that have been distributed to participants or former participants of the Plan.  This balance is restricted and may not be used to pay certain administrative expenses or to reduce future employer contributions.
 
(2)   
 Summary of Significant Accounting Policies
 
(a)  
Basis of Accounting
 
   The accompanying financial statements of the Plan are presented under the accrual basis of accounting in accordance with
accounting principles generally accepted in the United States of America (“GAAP”).
 
(b)  
Use of Estimates
 
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of net assets available for benefits and the reported changes in such net assets available for benefits during the reported period. Accordingly, actual results may differ from those estimates.
 
(c)  
Investment Valuation and Income Recognition
 
Investments are reported 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 between market participants at the measurement date.  See note 4 for discussion of fair value measurements.
 
Net appreciation/(depreciation) in the fair value of investments is reflected in the statement of changes in net assets available for benefits and includes realized gains and losses on investments bought and sold and unrealized gains and losses on investments held at year end.  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.
 
8
 
 
RUBY TUESDAY, INC. SALARY DEFERRAL PLAN
 
Notes to Financial Statements
 
December 31, 2014 and 2013
 
 
Acquisitions costs are included in the cost of investments purchased, and sales are recorded net of selling expenses.
 
(d) 
Participant loans
 
Participant loans are valued at amortized cost.  Amortized cost represents unpaid loan principal plus accrued interest at year end.
 
(e) 
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 statements of net assets available for benefits.
 
(f) 
Plan Expenses
 
  Administrative expenses of the Plan are paid by the Company to the extent not paid with Plan assets.
 
(g) 
Payment of Benefits
 
  Benefits are recorded when paid.
 
(h) 
Subsequent Events
 
 The Plan has evaluated subsequent events and determined that no disclosure is necessary.
 
(3)  
 Investments
 
 The Plan’s investments are held by a trust that is administered by Wells Fargo Bank N.A.
 
 The fair value of individual investments that represent 5% or more of the Plan’s net assets available for benefits at December 31, 2014 and 2013 are as follows:
 
   
2014
    
2013
  
Investments at fair value as determined by quoted market prices:
            
             
Mutual funds:
            
     Wells Fargo Advantage Small Cap Value Fund
   $ 3,720,372     $ 3,791,480  
     Wells Fargo Advantage Dow Jones Target 2040
     2,966,175       2,939,977  
     American Capital World Growth and Income Fund
     2,785,629       2,725,123  
     Wells Fargo Advantage Dow Jones Target 2030
     2,397,417       2,398,077  
     American Funds Fundamental Investors
     2,328,788       2,572,661  
                 
Investments at estimated fair value:
                
Common/collective trust:
                
     Wells Fargo Stable Return Fund N35
     3,278,587       3,750,982  

 
9
 
 
 
 
RUBY TUESDAY, INC. SALARY DEFERRAL PLAN
 
Notes to Financial Statements
 
December 31, 2014 and 2013
 
 
During the year ended December 31, 2014, the Plan’s investments (including realized gains and losses on investments bought and sold and unrealized gains and losses on investments held at year end) depreciated in value by $158,702 as follows:
 
Company stock fund
   $ (40,969 ) 
Mutual funds
     (153,733 ) 
Common/collective trust
     36,000  
Total
   $ (158,702 )
 
(4)  
Fair Value Measurements
 
Financial Accounting Standards Board Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value, which 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 under ASC 820 are described below:

 
 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:
 
·  
Quoted prices for similar assets or liabilities in active markets;
 
·  
Quoted prices for identical or similar assets or liabilities in inactive markets;
 
·  
Inputs other than quoted prices that are observable for the asset or liability; and
 
·  
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
   
      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.
 
Following is a description of the valuation methodologies used for assets measured at fair value.  There have been no changes in the methodologies used at December 31, 2014 and 2013.
 
Company stock fund:  Ruby Tuesday, Inc. common stock is valued on a unitized basis using the closing price reported on the active market.
 
10
 
 
 
 
RUBY TUESDAY, INC. SALARY DEFERRAL PLAN
 
Notes to Financial Statements
 
December 31, 2014 and 2013
 
Mutual funds:  Stated at fair value based on quoted market prices on the last business day of the plan year.
 
Common/collective trust:  Valued in accordance with ASC 946, Financial Services – Investment Companies, which states that investment contracts held in a defined-contribution plan are required to be reported at fair value.  Fair value for these investments is reported at the net asset value by the underlying funds. However, contract value is the relevant measurement attribute for that 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 would receive if they were to initiate permitted transactions under terms of the Plan.  The Statement of Net Assets Available for Benefits presents the fair value of these investment contracts as well as their adjustment from fair value to contract value.
 
The methods described above may produce a fair calculation that may not be indicative of net realizable value or reflective of future fair values.  Furthermore, while 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 table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2014 and 2013:
 
   
Fair Value Measurements at December 31, 2014
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Stable value funds
   $ −     $ 3,278,587     $ −     $ 3,278,587  
  Ruby Tuesday, Inc. common stock
     1,724,584       −       −       1,724,584  
  Large cap funds
     6,131,001       −       −       6,131,001  
  Mid cap funds
     3,384,807       −       −       3,384,807  
  Small cap funds
     4,214,053       −       −       4,214,053  
  Target date funds
     8,099,989       −       −       8,099,989  
  International equity
     4,761,832       −       −       4,761,832  
  International fixed income bond funds
     277,334       −       −       277,334  
  Fixed income bond funds
     2,738,274       −       −       2,738,274  
Total investments
   $ 31,331,874     $ 3,278,587     $ −     $ 34,610,461  

   
Fair Value Measurements at December 31, 2013
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Stable value funds
   $ −     $ 3,750,982     $ −     $ 3,750,982  
  Ruby Tuesday, Inc. common stock
     1,813,180       −       −       1,813,180  
  Large cap funds
     6,258,501       −       −       6,258,501  
  Mid cap funds
     3,216,720       −       −       3,216,720  
  Small cap funds
     4,370,435       −       −       4,370,435  
  Target date funds
     8,126,596       −       −       8,126,596  
  International equity
     4,865,924       −       −       4,865,924  
  International fixed income bond funds
     222,361       −       −       222,361  
  Fixed income bond funds
     2,880,219       −       −       2,880,219  
Total investments
   $ 31,753,936     $ 3,750,982     $ −     $ 35,504,918  
 
 
11
 
 
 
 
RUBY TUESDAY, INC. SALARY DEFERRAL PLAN
 
Notes to Financial Statements
 
December 31, 2014 and 2013
 
 
The Plan has $3,278,587 and $3,750,982 of investments in alternative investment funds as of December 31, 2014 and 2013, respectively, which are reported at fair value.  The Plan has concluded that the net asset value reported by the underlying funds approximates the fair value of the investment.  These investments are redeemable with the underlying funds at net asset value under the original terms of the partnership agreements and/or subscription agreements and operations of the underlying funds.  However, it is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements.  Due to the nature of the investments held by the funds, changes in market conditions and the economic environment may significantly impact the net asset value of the funds and, consequently, the fair value of the Plan’s interests in the funds.  Furthermore, changes to the liquidity provisions of the funds may significantly impact the fair value of the Plan’s interest in the funds.
 
Although a secondary market exists for these investments, it is not active and individual transactions are typically not observable.  When transactions occur in this limited secondary market, they may occur at discounts to the reported net asset value.  Therefore, if the redemption rights in the funds were restricted or eliminated and the Plan were to sell these investments in the secondary market, it is reasonably possible that a buyer in the secondary market may require a discount to the reported net asset value, and the discount could be significant.
 
There were no transfers within the fair value hierarchy in 2014 or 2013.
 
(5)  
Plan Termination
 
Although it has not expressed any intent to do so, the Plan may be terminated at any time by the Company’s Board of Directors. Upon termination, all assets are to be distributed to Plan participants or their beneficiaries in due course. Each participant would become 100% vested in their employer contributions on the date of termination.
 
(6)  
Income Tax Status
 
The Internal Revenue Service has determined and informed the Company by a letter dated February 26, 2013, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (the “IRC”). Although the Plan has been amended since receiving the determination letter, a timely filed application for an updated determination is pending before the Internal Revenue Service.  The Committee believes that the Plan is currently designed and being operated, in compliance with the applicable requirements of the IRC.
 
U.S. generally accepted accounting principles require plan management to evaluate tax positions taken by the Plan.  The financial statement effects are recognized when the Plan has taken an uncertain position that more likely than not would be sustained upon examination by the Internal Revenue Service. The Committee has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2014, there are no uncertain tax positions taken or expected to be taken.  The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.  The Committee believes the Plan is no longer subject to income tax examinations for years prior to 2011.
 
(7)  
Transactions with Parties In Interest
 
The Company stock fund invests in Company stock.  At December 31, 2014 and 2013, this fund held 244,045 and 252,722 shares of Company stock, respectively, with market values of $1,674,876 or $6.86 per share and $1,775,022 or $7.02 per share, respectively.  The Company stock fund also held $49,708 and
 
 
12
 
 
 
 
RUBY TUESDAY, INC. SALARY DEFERRAL PLAN
 
Notes to Financial Statements
 
December 31, 2014 and 2013
 
 
 $38,158 in the Wells Fargo Advantage Money Market Fund as of December 31, 2014 and 2013, respectively.
 
Certain Plan investments are shares of mutual funds, a common/collective trust, and a money market fund managed by Wells Fargo Bank, N.A.  Wells Fargo Bank, N.A. is the trustee as defined by the Plan, and therefore, transactions involving these investments qualify as party-in-interest transactions. Fees paid by the Plan for investment management services amounted to $157,482 for the year ended December 31, 2014.
 
(8)  
Reconciliation of Financial Statements to Form 5500
 
The following is a reconciliation of net assets available for benefits per the accompanying financial statements to Form 5500 as of December 31, 2014 and 2013:
 
   
2014
    
2013
  
Net assets available for benefits per the accompanying financial statements
   $ 35,791,186     $ 36,945,415  
Adjustment from fair value to contract value for fully
                
benefit - responsive investments contracts
     45,266       29,770  
Net assets available for benefits per Form 5500
   $ 35,836,452     $ 36,975,185  
                 
 
The following is a reconciliation of investment income per the accompanying financial statements to Form 5500:
 
Total investment income per the accompanying financial statements
   $ 1,825,796  
 Adjustment from fair value to contract value for fully benefit-
        
responsive investment contracts
     15,496  
Total investment income per Form 5500
   $ 1,841,292  
         
 
 
13
 
 
Schedule of Assets (Held at End of Year)
  
Form 5500 Schedule H, line 4i
  
EIN: 63-0475239
  
Plan Number 001
  
December 31, 2014
  
Identity of Issuer, Borrower,
        
Current
  
Lessor or Similar Party
Description of investment
  
Cost
  
Value
  
Investments:
          
Company Stock Fund: **
          
Ruby Tuesday, Inc. common stock pool*
244,045 units of common stock
   $ 2,085,477   $ 1,724,584
                 
Mutual Funds:
                
Wells Fargo Advantage Small Cap Value Fund*
127,760 shares of mutual fund
     3,947,600     3,720,372
Wells Fargo Advantage Dow Jones Target 2040*
152,247 shares of mutual fund
     2,271,840     2,966,175
American Capital World Growth and Income Fund
60,570 shares of mutual fund
     1,847,996     2,785,629
Wells Fargo Advantage Dow Jones Target 2030*
143,129 shares of mutual fund
     1,947,895     2,397,417
American Funds Fundamental Investors
44,819 shares of mutual fund
     1,857,296     2,328,788
Wells Fargo Advantage Index Fund*
26,940 shares of mutual fund
     1,306,076     1,764,547
Dodge & Cox International Stock Fund
38,289 shares of mutual fund
     1,405,412     1,612,347
Ridgeworth Mid Cap Value Equity Fund
117,331 shares of mutual fund
     1,416,368     1,606,264
Pimco Total Return
139,527 shares of mutual fund
     1,529,986     1,487,362
American Growth Fund of America Class
32,118 shares of mutual fund
     1,045,876     1,360,851
Prudential Jennison Mid Cap/ Growth Fund
35,136 shares of mutual fund
     1,113,683     1,339,029
Wells Fargo Advantage Total Return Bond Fund*
97,804 shares of mutual fund
     1,266,398     1,250,912
Wells Fargo Advantage Dow Jones Target 2010*
76,088 shares of mutual fund
     1,008,726     1,002,073
Wells Fargo Advantage Dow Jones Target 2050*
87,464 shares of mutual fund
     836,123     956,851
MFS Value Fund Class R3
19,426 shares of mutual fund
     499,024     676,815
Wells Fargo Advantage Emer Growth Fund*
31,687 shares of mutual fund
     439,611     493,681
Wells Fargo Advantage Dow Jones Target 2020*
32,214 shares of mutual fund
     434,290     489,981
Vanguard Extend Market Index
6,598 shares of mutual fund
     372,109     439,514
Oppenheimer Developing Market Fund
10,244 shares of mutual fund
     360,750     363,856
Templeton Global Bond Fund
22,258 shares of mutual fund
     293,086     277,334
Wells Fargo Advantage Dow Jones Target 2035*
6,888 shares of mutual fund
     73,736     75,907
Wells Fargo Advantage Dow Jones Target 2045*
6,483 shares of mutual fund
     71,703     74,680
Wells Fargo Advantage Dow Jones Target Today*
6,093 shares of mutual fund
     67,316     66,656
Wells Fargo Advantage DJ 2055 Admin*
3,549 shares of mutual fund
     42,540     45,468
Wells Fargo Advantage Dow Jones Target 2025*
2,057 shares of mutual fund
     20,811     21,621
Wells Fargo Advantage Dow Jones Target 2015*
303 shares of mutual fund
     3,129     3,160
Total Mutual Funds
       25,479,380     29,607,290
Common/collective trust:
                
Wells Fargo Stable Return Fund N35*
66,561 shares of common/collective trust fund
     3,124,042     3,278,587
                 
Participant Loans
Interest rates ranging from
4.25% to 9.50%
     -     1,219,323
Total Assets
     $ 30,688,899     35,829,784
*  Represents a party-in-interest
              
               
** Includes Wells Fargo Advantage Money Market balance of $49,708.
              
               
See accompanying independent registered public accounting firm’s report.
              
 
 
14
 
 

 

 
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Plan Committee of the Ruby Tuesday, Inc. Salary Deferral Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 

 
 
RUBY TUESDAY, INC. SALARY DEFERRAL PLAN
 

 

 
Date: 6/10/15
/s/ Jill M. Golder                                                  
 
Jill M. Golder
 
Chair, Plan Committee of the Ruby Tuesday, Inc. Salary Deferral Plan

 

 
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Exhibit Number
Description
Page Number
23.1
Consent of KPMG LLP, Independent Registered
17
 
Public Accounting Firm, dated June 10, 2015
  

 

 

 

 

 

 
 
16
 


Exhibit 23.1
 
 
 
Participants and Plan Committee of Ruby Tuesday, Inc. Salary Deferral Plan:
 
We consent to the incorporation by reference in the registration statements (Nos. 033-20585 and 333-03153) on Form S-8 of Ruby Tuesday, Inc. of our report dated June 10, 2015 with respect to the statements of net assets available for benefits of the Ruby Tuesday, Inc. Salary Deferral Plan as of December 31, 2014 and 2013, the related statement of changes in net assets available for benefits for the year ended December 31, 2014, and the supplemental schedule of assets (held at end of year) as of December 31, 2014, which report appears in the December 31, 2014 annual report on Form 11-K of the Ruby Tuesday, Inc. Salary Deferral Plan.
 
 
/s/ KPMG LLP
 
Knoxville, Tennessee
 
 
June 10, 2015
 

 
17