Blueprint
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM 11-K
______________________
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended: December 31, 2018
Commission File No. 001-36228
Navient 401(k) Savings Plan
(Full title of the plan)
Navient Corporation
(Name of issuer of securities)
123 Justison Street, Wilmington, Delaware 19801
(Address of issuer's principal executive offices)
Navient 401(k) Savings Plan
Financial Statements and Supplemental Schedules
December 31, 2018 and 2017
Navient 401(k) Savings Plan
Table of Contents
December 31, 2018 and 2017
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Page
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|
Report of Independent Registered Public Accounting
Firm
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1
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Financial Statements
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|
|
|
Statements of Net Assets Available for Benefits
|
|
As of December 31, 2018 and 2017
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2
|
|
|
Statement of Changes in Net Assets Available for
Benefits
|
|
Year
Ended December 31, 2018
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3
|
|
|
Notes
to Financial Statements
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4
|
|
|
Supplemental Schedules*
|
|
|
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Schedule
of Delinquent Participant Contributions
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10
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Schedule
of Assets (Held at End of Year)
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11
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______________________
ERISA
have been omitted because they were not
applicable.
Report of Independent Registered Public Accounting
Firm
To the
Employee Benefits Fiduciary Committee
Navient
401(k) Savings Plan
Opinion on the Financial Statements
We have
audited the accompanying statements of net assets available for
benefits of the Navient 401(k) Savings Plan (the
“Plan”) as of December 31, 2018 and 2017, and the
related statement of changes in net assets available for benefits
for the year ended December 31, 2018, and the related notes to the
financial statements (collectively referred to as the "financial
statements"). In our opinion, the financial statements present
fairly, in all material respects, the net assets available for
benefits of the Plan as of December 31, 2018 and 2017, and the
changes in net assets available for benefits for the year ended
December 31, 2018, in conformity with accounting principles
generally accepted in the United States of America.
Basis for Opinion
These
financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on the
Plan’s financial statements based on our audits. We are a
public accounting firm registered with the Public Company
Accounting Oversight Board (United States) ("PCAOB") and are
required to be independent with respect to the Plan in accordance
with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the
PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements
are free of material misstatement, whether due to error or
fraud.
Our
audits included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis
for our opinion.
Supplemental Information
The
schedule of assets (held at end of year) as of December 31, 2018
and schedule of delinquent participant contributions have been
subjected to audit procedures performed in conjunction with the
audit of the Plan's 2018 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 financial statements as a
whole.
/s/
CohnReznick LLP
We have
served as the Plan's auditor since 2014.
Bethesda,
Maryland
June
27, 2019
Navient 401(k) Savings Plan
Statements of Net Assets Available for Benefits
As of December 31, 2018 and 2017
|
|
|
Assets
|
|
|
Investments,
at fair value
|
$525,487,478
|
$590,253,356
|
|
|
|
Receivables:
|
|
|
Notes
receivable from participants
|
14,494,261
|
14,296,842
|
Total
receivables
|
14,494,261
|
14,296,842
|
|
|
|
Net
assets available for benefits
|
$539,981,739
|
$604,550,198
|
See
Notes to Financial Statements.
2
Navient 401(k) Savings Plan
Statement of Changes in Net Assets Available for
Benefits
Year Ended December 31, 2018
Additions to net
assets attributed to:
|
|
Investment
loss:
|
|
Net
depreciation in fair value of investments
|
$(63,002,625)
|
Dividends and
interest
|
33,233,958
|
Net
investment loss
|
(29,768,667)
|
|
|
Interest on notes
receivable from participants
|
552,308
|
|
|
Contributions:
|
|
Employer
|
18,045,997
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Participant
|
23,423,338
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Rollover
|
3,018,946
|
Total contributions
|
44,488,281
|
|
|
Total
net additions
|
15,271,922
|
|
|
Deductions from net
assets attributed to:
|
|
Benefits paid to
participants
|
79,565,553
|
|
274,828
|
Total
deductions
|
79,840,381
|
|
|
|
|
Decrease in net
assets
|
(64,568,459)
|
|
|
Net assets
available for benefits
|
|
Beginning of
year
|
604,550,198
|
End of
year
|
$539,981,739
|
See
Notes to Financial Statements.
3
Navient 401(k) Savings Plan
Notes to Financial Statements
December 31, 2018 and 2017
General
The
Navient 401(k) Savings Plan (the “Plan”) is a defined
contribution plan established for the benefit of certain eligible
employees of Navient Corporation (the “Company”) and
its participating subsidiaries (the “Participants”).
The Plan is subject to the provisions of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”). The
following description of the Plan provides only general
information. Participants should refer to the Plan documents for a
more complete description of the Plan's provisions.
The
Plan covers substantially all employees of the Company and its
participating subsidiaries. Eligible employees may participate in
the Plan after one month of service.
Fidelity Management
Trust Company (“Fidelity”) is the Plan Trustee. An
affiliate of Fidelity, Fidelity Investments Institutional
Operations Company, Inc. (“FIIOC”), serves as
recordkeeper.
Contributions
and vesting
Participants are
eligible to contribute from 1 to 75 percent of their eligible
compensation to the Plan, in increments of whole percentages, up to
the Internal Revenue Service (“IRS”) annual maximum
limits. The Plan allows participants who will attain age 50 in the
current Plan year to make catch-up contributions into the Plan up
to the IRS maximum. Effective January 1, 2017, a qualified
automatic contribution arrangement (“QACA”) was added
to the Plan. Eligible employees are automatically enrolled to
contribute three percent of their eligible compensation each pay
period. This contribution amount automatically increases each year
by one percent of eligible compensation, up to a maximum employee
contribution equal to 10% of eligible compensation. Participants
have the ability to opt out of automatic enrollments and automatic
increases. Participants may also contribute amounts into the Plan
from other qualified employer plans in which they had previously
participated. Participants direct the investment of their
contributions into various investment options offered by the
Plan.
The Company makes a QACA safe harbor matching
contribution on behalf of each Participant after the Participant
has accrued six months of service. Effective January 1, 2017, this
matching contribution is 100 percent of employee contributions
(i.e., a dollar-for-dollar match) up to the first five percent
of a Participant’s compensation. These matching contributions
and related earnings vest after one year of service. In conjunction
with the match enhancement, the Company eliminated the contribution
in an amount equal to one percent of eligible compensation to each
eligible employee after one month of service, which vests after one
year of service. Employees subject to the Service Contract Act may
be eligible to receive fully-vested employer contributions based on
the service contract fringe benefit differential rate compared with
the Company cost of benefits they have elected. Effective January
1, 2019, the aforementioned benefits derived from the service
contract fringe benefit differential rate will be provided as wages
to the Participant and no longer as an employer contribution to the
Plan. Participants also direct the investments of Company
contributions.
Participants
forfeit their right to Company contributions that are unvested at
the time of their termination of service. During 2018, Company
contributions were reduced by $95,429 from previously forfeited
non-vested accounts. Unused forfeitures at December 31, 2018 and
2017 totaled $19,503 and $1,186, respectively, which will be used
to offset future Company contributions.
The
Plan also allows the Company to make a discretionary profit sharing
contribution, whereby the Company determines the amount of net
profits, if any, to contribute to the Plan. The Company did not
make any profit sharing contributions for the year ended December
31, 2018.
Navient 401(k) Savings Plan
Notes to Financial Statements
December 31, 2018 and 2017
Notes
receivable from Participants
Participants may
generally borrow up to 50 percent of their vested benefit to a
maximum of $50,000. Participants may have no more than two loans
outstanding at any time. The term of a loan will be three or five
years, at the election of the Participant, except for a loan to
purchase the Participant's principal residence, which can be repaid
over 20 years. Loans are secured by the Participant's account
balance, bear interest at the prime rate established monthly by the
Federal Reserve, and are repaid biweekly through automatic payroll
deductions. In addition, Participants may repay all or a portion
(in $500 increments) of such loans at any time. Loans allowable
under the Plan, collateralized by Participant account balances, are
due in varying installments through 2036, with interest rates
ranging from 3.25% to 9%.
Investment
elections
The
Plan offers a variety of investment options, including various
registered investment companies, a unitized employer stock fund and
a common collective trust fund. In addition, Participants have the
option to direct investments through a self-directed brokerage
account. Under the self-directed brokerage account, Participants
may direct investments in many eligible security types other than
Company stock or other investments offered by Fidelity within the
Plan. If a Participant does not make an investment election,
contributions are made to a qualified default investment. The
qualified default investment is the Fidelity Freedom Fund, based on
the Participant’s date of birth and year in which the
Participant attains age 65.
Participant
accounts
Each
Participant’s account is credited with the
Participant’s and the Company’s contributions and their
portion of the Plan’s earnings (losses). Plan earnings
(losses) are allocated based on the Participant’s designated
investments of their account balances, as defined. The benefit to
which a Participant is entitled is the benefit that can be provided
from the Participant’s vested account.
Payment
of benefits
Participants may
withdraw funds from their account upon retirement, disability,
separation from employment, attainment of age 59-1/2, and certain
other times as specified in the Plan document. Distributions shall
be made in a lump sum in cash, in the Company’s common stock,
or a combination thereof, reduced by the outstanding balance of any
loans not repaid by the Participant.
Administrative
expenses
Participants pay
fees relating to Participant’s loans and withdrawals.
Additionally, Participants may pay for commissions associated with
common stock purchases and sales and short term transaction fees in
certain funds when Participants trade in and out of the funds
within the time restriction specified for such funds. Participant
costs, including investment management fees charged by the
respective funds, are charged directly to the Participant's account
and are reflected in the statement of changes in net assets
available for benefits. The Company bears the remaining cost of
Plan administration.
Plan
administration
The
Navient Corporation Employee Benefits Fiduciary Committee
administers the Plan and is responsible for development of Plan
investment policies and guidelines. Officers of the Company or its
subsidiaries presently serve as Committee members. The Plan did not
pay the Company, its subsidiaries or the Committee members for
their services.
Navient 401(k) Savings Plan
Notes to Financial Statements
December 31, 2018 and 2017
2.
Summary
of Significant Accounting Policies
Basis
of accounting
The
financial statements of the Plan are prepared on the accrual basis
of accounting in accordance with accounting principles generally
accepted in the United States of America.
Fair
Value Measurements
Financial Accounting Standards Board’s
("FASB") Accounting Standards Codification Topic 820,
Fair Value
Measurements and Disclosures (“ASC 820”) defines fair value 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. ASC 820 specifies a fair value hierarchy
which prioritizes the inputs to valuation techniques used to
measure fair value into three broad levels. Classification is based
on the lowest level of input that is significant to the fair value
of the instrument. The three levels are as
follows:
Level 1
– Quoted prices (unadjusted) in active markets for identical
assets or liabilities that the reporting entity has the ability to
access at the measurement date. The types of financial instruments
included in level 1 are highly liquid instruments with quoted
prices.
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; 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
– Pricing inputs significant to the valuation are
unobservable. Inputs are developed based on the best information
available; however, significant judgment is required by management
in developing the inputs.
The
related disclosures are in note 3.
Investment
valuation and income recognition
Investments held by
the Plan at December 31, 2018 consist of various registered
investment companies, a unitized employer stock fund, a common
collective trust fund (“CCT”), and a self-directed
brokerage option. Common stock, securities and brokerage account
investments traded on national securities exchanges are carried at
market value based on the closing price on the last business day of
the year. The fair value of registered investment companies is
determined based on quoted market prices, which represents the net
asset value (“NAV”) for shares held at year-end. The
unit value of the Navient Stock Fund is based on the closing price
of the Company’s stock and the value of the money market
component on the last business day of the Plan year. The
Company’s stock is listed and traded on the NASDAQ Global
Select Market. Investments traded in the over-the-counter market
and listed securities for which no sale was reported on that date
are valued at the average of the last reported bid and asked
prices. Investments in CCTs are valued at the NAV of units of a
collective trust. The NAV, as provided by the CCT managers, is used
as a practical expedient to estimate fair value. The net asset
value is based on the fair value of the underlying investments held
by the fund less its liabilities.
Dividend income is
recorded on the ex-dividend date. Interest earned on investments is
recorded on the accrual basis. Purchases and sales of securities
are recorded on the trade date.
Navient
401(k) Savings Plan
Notes to Financial Statements
December 31, 2018 and 2017
Notes Receivable from Participants
Notes
receivable from participants are measured at their unpaid principal
balance plus any accrued but unpaid interest. Interest income is
recorded on the accrual basis. No allowance for credit losses has
been recorded as of December 31, 2018 or 2017. 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.
Contributions
Contributions made
by employees electing to participate in the Plan under salary
reduction agreements or by automatic enrollment and Company
contributions are recorded when payable into the Plan.
Use
of estimates
The
preparation of financial statements in accordance with accounting
principles generally accepted in the United States of America
requires 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.
Risks
and uncertainties
The
Plan provides for various investment options. Such investments are
subject to various risks such as interest rate, market and credit
risks. Due to the level of risk associated with certain investment
securities, it is reasonably possible that changes in the value of
investment securities will occur in the near term, including a
decrease in value, and that such changes could materially affect
Participants' account balances and the amounts reported in the
statement of net assets available for benefits.
Benefit
payments
Benefits are
recorded when paid.
Navient 401(k) Savings Plan
Notes to Financial Statements
December 31, 2018 and 2017
3.
Fair
Value Measurements
The
fair value of Plan investments at December 31, 2018 and 2017 are
shown in the tables below.
|
|
|
|
Fair Value
at
December 31,
2018
|
Quoted
prices
in active
markets
(Level
1)
|
Other observable
inputs
(Level
2)
|
Unobservable
inputs
(Level
3)
|
|
|
|
|
|
Mutual
Funds
|
$501,354,631
|
$501,354,631
|
$-
|
$-
|
Navient
Stock Fund
|
5,869,538
|
-
|
5,869,538
|
-
|
Self-directed
brokerage account
|
14,922,953
|
14,922,953
|
-
|
-
|
Total
Investments at Fair Value
|
522,147,122
|
$516,277,584
|
$5,869,538
|
$-
|
Investments
measured at NAV (a)
|
3,340,356
|
|
|
|
Total
Investments
|
$525,487,478
|
|
|
|
|
|
|
|
Fair Value
at
December 31,
2017
|
Quoted prices in
active markets (Level 1)
|
Other observable
inputs
(Level
2)
|
Unobservable
inputs
(Level
3)
|
|
|
|
|
|
Mutual
Funds
|
$563,984,320
|
$563,984,320
|
$-
|
$-
|
Navient Stock
Fund
|
10,098,843
|
-
|
10,098,843
|
-
|
Self-directed
brokerage account
|
16,170,193
|
16,170,193
|
-
|
-
|
Total
Investments
|
$590,253,356
|
$580,154,513
|
$10,098,843
|
$-
|
(a) In accordance with Subtopic 820-10, investments in common
collective trusts that were measured at net asset value per share
(or its equivalent) have not been classified in the fair value
hierarchy. The fair value amounts presented in this table are
intended to permit reconciliation of the fair value hierarchy to
the line items presented in the statements of net assets available
for benefits. There are no participant redemptions restrictions for
these investments; however, the Plan is required to provide a
one-year redemption notice to liquidate its entire
share.
Navient 401(k) Savings Plan
Notes to Financial Statements
December 31, 2018 and 2017
Although it has not expressed any intent to do
so, the Company has the right under the Plan to discontinue its
contributions at any time and to terminate the Plan subject to the
provisions of ERISA and the Internal Revenue Code. In the event of
Plan termination, Participants would become 100 percent vested in
their Company contributions.
5.
Related-Party
Transactions and Party-In-Interest Transactions
Certain
Plan investments are managed by Fidelity. Fidelity is the trustee
as defined by the Plan and therefore these transactions qualify as
party-in-interest transactions. Fees paid by the Plan for
administrative services to Fidelity and its affiliates were
$345,828 for the year ended December 31, 2018. Fees incurred by the
Plan for the investment management services are included in net
appreciation in fair value of investments, as they are paid through
revenue sharing, rather than a direct payment. The Plan also
receives funding from Fidelity Management Trust Company. During
2018, the Plan received $170,000 which is recorded net of
administrative expenses.
Additionally, the
Plan has investments in the Navient Stock Fund comprised
principally of Navient Corporation common stock. At December 31,
2018 and 2017, the Plan held 861,629 and 984,002 units,
respectively, valued at $5,869,538 and $10,098,843, respectively.
During 2018, 194,499 units in the amount of $1,864,958 were
purchased and 316,872 units in the amount of $3,306,823 were sold
related to the Navient Stock Fund. Such transactions qualify as
party-in-interest transactions, as Navient Corporation is the
Plan’s sponsor. During 2018, the Plan recorded dividend
income in the amount of $431,199 from Participants’
investments in the Navient Stock Fund.
The IRS
has determined and informed the Company by a letter dated August
10, 2016, that the Plan is designed in accordance with applicable
sections of the IRC. Although the Plan has been amended since
receiving the determination letter, the Plan administrator believes
that the Plan and related trust are operating in accordance with
the IRC and are qualified under Section 401(a) of the IRC.
Accordingly, no provision for income taxes has been
made.
Accounting
principles generally accepted in the United States of America
require plan management to evaluate tax positions taken by the Plan
and recognize a tax liability if the Plan has taken an uncertain
position that more likely than not would not be sustained upon
examination by the IRS. The Plan is subject to routine audits by
taxing jurisdictions for years since inception; however, there are
currently no audits for any tax periods in progress.
7.
Nonexempt
Transactions
As
reported on the supplemental schedule of delinquent participant
contributions (Schedule H, Line 4a), certain Plan contributions
were not remitted to the trust within the time frame specified by
the Department of Labor’s Regulation 29 (CFR 2510.3-102),
thus constituting nonexempt transactions between the Plan and the
Company for the period March 19, 2018 through June 8, 2018. On
August 23, 2018, the Company corrected the nonexempt prohibited
transactions outside of the Voluntary Fiduciary Correction Program
(“VFCP”) by remitting to the Plan’s trust the
Plan contributions along with earnings.
Navient
401(k) Savings Plan
Schedule
H, Line 4a – Schedule of Delinquent Participant
Contributions
EIN:
46-4054283 Plan: 001
December
31, 2018
Participant Contributions Transferred Late to the Plan
|
Check Here if Late Participant Loan Repayments are
Included
|
Contributions Not Corrected
|
Contributions Corrected Outside VFCP
|
Contributions Pending Correction Outside VFCP
|
Contributions Pending Correction in VFCP
|
Total Fully Corrected Under Voluntary Fiduciary Correction Program
("VFCP") and Prohibited Transaction Exemption 2002-51
|
|
|
|
|
|
|
|
$850
|
|
|
$850
|
|
|
|
See Report of
Independent Registered Public Accounting Firm.
10
Navient
401(k) Savings Plan
Schedule
H, Line 4i – Schedule of Assets (Held at End of
Year)
EIN:
46-4054283 Plan: 001
December
31, 2018
|
Identity of issuer, borrower of similar entity
|
|
Description of Investment
|
|
Current value
|
*
|
FID 500 INDEX
|
|
Registered Investment Company
|
|
$ 63,826,257
|
*
|
FID CONTRAFUND K
|
|
Registered Investment Company
|
|
52,528,187
|
*
|
FID OTC K
|
|
Registered Investment Company
|
|
33,044,133
|
*
|
FID FREEDOM 2030 K
|
|
Registered Investment Company
|
|
30,775,273
|
|
VANG VMMR-FED MMKT
|
|
Registered Investment Company
|
|
29,590,402
|
*
|
FID FREEDOM 2040 K
|
|
Registered Investment Company
|
|
25,243,690
|
|
METWEST TOT RTN BD I
|
|
Registered Investment Company
|
|
25,089,175
|
*
|
FID BALANCED K
|
|
Registered Investment Company
|
|
24,216,830
|
|
VICTORY S ESTB VAL Y
|
|
Registered Investment Company
|
|
22,050,470
|
|
LOOMIS SM CP GRTH IS
|
|
Registered Investment Company
|
|
21,771,622
|
*
|
FID FREEDOM 2020 K
|
|
Registered Investment Company
|
|
21,440,499
|
|
J H ENTERPRISE N
|
|
Registered Investment Company
|
|
18,415,025
|
|
ABF INTL EQUITY INST
|
|
Registered Investment Company
|
|
16,538,152
|
|
AF WASH MUTL INV R6
|
|
Registered Investment Company
|
|
15,726,015
|
|
BROKERAGELINK
|
|
Self-directed brokerage account
|
|
14,922,953
|
*
|
FID US BOND IDX
|
|
Registered Investment Company
|
|
14,630,476
|
*
|
FID FREEDOM 2025 K
|
|
Registered Investment Company
|
|
13,049,090
|
*
|
FID FREEDOM 2055 K
|
|
Registered Investment Company
|
|
11,930,718
|
*
|
FID FREEDOM 2035 K
|
|
Registered Investment Company
|
|
11,536,600
|
*
|
FID FREEDOM 2050 K
|
|
Registered Investment Company
|
|
9,705,757
|
*
|
FID FREEDOM 2045 K
|
|
Registered Investment Company
|
|
8,688,293
|
*
|
FID INTL INDEX
|
|
Registered Investment Company
|
|
8,397,878
|
|
GS SM CAP VALUE INST
|
|
Registered Investment Company
|
|
6,787,947
|
*
|
NAVIENT STOCK FUND
|
|
Common Stock Fund
|
|
5,869,538
|
*
|
FID FREEDOM 2060 K
|
|
Registered Investment Company
|
|
3,787,406
|
|
PUTNAM STABLE VALUE
|
|
Common Collective Trust
|
|
3,340,356
|
*
|
FID MID CAP IDX
|
|
Registered Investment Company
|
|
3,241,171
|
*
|
FID FREEDOM 2010 K
|
|
Registered Investment Company
|
|
3,154,028
|
*
|
FID SM CAP IDX
|
|
Registered Investment Company
|
|
2,981,657
|
*
|
FID FREEDOM INC K
|
|
Registered Investment Company
|
|
2,142,124
|
*
|
FID FREEDOM 2015 K
|
|
Registered Investment Company
|
|
1,029,353
|
*
|
FID FREEDOM 2005 K
|
|
Registered Investment Company
|
|
36,403
|
|
|
|
|
|
|
|
Participant Loans:
|
|
|
|
|
*
|
Plan Participants
|
|
Loans allowable under the plan instrument, collateralized by
Participant account balances, are due in varying installments
through 2036, with interest rates ranging from 3.25% to
9%
|
|
14,494,261
|
|
|
|
|
|
|
|
Total
|
|
|
|
$ 539,981,739
|
|
|
|
|
|
|
|
* Denotes a party-in-interest
|
|
|
|
|
|
Note: Cost information is not required for participant-directed
investments and therefore is not included.
|
|
See Report of
Independent Registered Public Accounting Firm.
11
SIGNATURES
The Plan. Pursuant to the requirements of the Securities
Exchange Act of 1934, the Plan Administrator has duly caused this
annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
NAVIENT
401(K) SAVINGS PLAN
|
|
|
|
|
|
Date: June 27, 2019
|
By:
|
/s/
TED A.
MORRIS
|
|
|
|
Ted A. Morris
|
|
|
|
Senior Vice
President and Controller
On behalf of the
Navient Corporation Employee Benefits Fiduciary
Committee
|
|
EXHIBIT INDEX
Exhibit
No.
|
|
Description
|
|
|
Consent
of Independent Registered Public Accounting Firm –
CohnReznick LLP
|
Blueprint
Exhibit
23.1
Consent of Independent Registered Public Accounting
Firm
We
consent to the incorporation by reference in the Registration
Statement of Navient Corporation on Form S-8 (No. 333-195535) of
our report dated June 27, 2019, relating to Navient 401(k) Savings
Plan statements of net assets available for benefits as of December
31, 2018 and 2017 and related statement of changes in net assets
available for benefits for the year ended December 31, 2018,
appearing in this Annual Report on Form 11-K of Navient 401(k)
Savings Plan for the year ended December 31, 2018.
/s/
CohnReznick LLP
Bethesda,
Maryland
June
27, 2019