UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
__________________________________
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK
PURCHASE SAVINGS AND SIMILAR PLANS
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One):
ý | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2016
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: 0-25370
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
Rent-A-Center East, Inc. Retirement Savings Plan for Puerto Rico Employees
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Rent-A-Center, Inc.
5501 Headquarters Drive
Plano, Texas 75024
Financial Statements and Report of Independent Registered Public Accounting Firm
Rent-A-Center East, Inc. Retirement Savings Plan for Puerto Rico Employees
December 31, 2016 and 2015
Report of Independent Registered Public Accounting Firm
Plan Administrative Committee
Rent-A-Center East, Inc. Retirement Savings Plan for Puerto Rico Employees
Plano, Texas
We have audited the accompanying statement of net assets available for benefits of Rent-A-Center East, Inc. Retirement Savings Plan for Puerto Rico Employees (the Plan) as of December 31, 2016, and the related statement of changes in net assets available for benefits for the year ended December 31, 2016. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. 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 audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Rent-A-Center East, Inc. Retirement Savings Plan for Puerto Rico Employees as of December 31, 2016, and the changes in net assets available for benefits for the year ended December 31, 2016 in conformity with accounting principles generally accepted in the United States of America.
The supplemental schedule of assets (held at end of year) has been subjected to audit procedures performed in conjunction with the audit of the Plan's 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/ CliftonLarsonAllen LLP
Minneapolis, Minnesota
June 29, 2017
Rent-A-Center East, Inc. Retirement Savings Plan for Puerto Rico Employees
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2016 and 2015
2016 | 2015 | ||||||
ASSETS | |||||||
Investments, at fair value: | |||||||
Mutual funds | $ | 2,268,962 | $ | 1,908,772 | |||
Common stock | 262,991 | 420,388 | |||||
Stable value fund | 304,248 | 282,897 | |||||
Total investments, at fair value | 2,836,201 | 2,612,057 | |||||
Cash | 1,856 | 15,657 | |||||
Receivables: | |||||||
Participant contributions | 10,527 | 8,548 | |||||
Employer contributions | 4,704 | 3,379 | |||||
Notes receivable from participants | 485,907 | 413,431 | |||||
Due from broker | 820 | 598 | |||||
Accrued income | 883 | — | |||||
Total receivables | 502,841 | 425,956 | |||||
Total assets | 3,340,898 | 3,053,670 | |||||
LIABILITIES | |||||||
Due to broker | 1,500 | — | |||||
Operating payables | 4,712 | — | |||||
Total liabilities | 6,212 | — | |||||
NET ASSETS AVAILABLE FOR BENEFITS | $ | 3,334,686 | $ | 3,053,670 | |||
The accompanying notes are an integral part of these statements.
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Rent-A-Center East, Inc. Retirement Savings Plan for Puerto Rico Employees
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the year ended December 31, 2016
Additions to net assets available for benefits attributable to: | |||
Dividends | $ | 106,125 | |
Net depreciation in fair value of investments | (26,624 | ) | |
79,501 | |||
Interest income on notes receivable from participants | 13,677 | ||
Contributions | |||
Participants | 524,712 | ||
Employer | 225,679 | ||
Total contributions | 750,391 | ||
Transfer to plan | 346 | ||
Total additions, net | 843,915 | ||
Deductions from net assets available for benefits attributed to: | |||
Benefits paid to participants | 529,818 | ||
Administrative expenses | 33,081 | ||
Total deductions | 562,899 | ||
Net increase in net assets | 281,016 | ||
Net assets available for benefits | |||
Beginning of year | 3,053,670 | ||
End of year | $ | 3,334,686 | |
The accompanying notes are an integral part of these statements.
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Rent-A-Center East, Inc. Retirement Savings Plan for Puerto Rico Employees
NOTES TO FINANCIAL STATEMENTS
NOTE A - PLAN DESCRIPTION AND BENEFITS
General
The following description of the Rent-A-Center East, Inc. Retirement Savings Plan for Puerto Rico Employees (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
The Plan was originally effective January 1, 2010, has been amended throughout the years, and most recently amended effective January 1, 2016 to adjust the matching contribution percentage and vesting criteria as detailed in the Contributions and Vesting sections below. The Plan is a defined contribution plan covering all Puerto Rico employees of Rent-A-Center East, Inc. (the Company or Plan Sponsor) who have completed three months of service. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).
The Company serves as the Plan Sponsor and is responsible for all administrative duties described in the Plan document. Additionally, the Plan is governed by the Plan Administrative Committee, which monitors and determines the Plan's structure, participant demographics, investment offerings and performance, and other administrative issues. INTRUST Bank, N.A. (INTRUST) is the Custodian, NestEgg Consulting Inc. (NestEgg) is the Recordkeeper and Banco Popular De Puerto Rico (Banco Popular) is the Trustee of the Plan.
Contributions
The Plan permits participants to defer, on a pre-tax basis, up to 50% of their annual compensation, as defined under the Plan. These deferrals are not to exceed $18,000 of their annual compensation (plus a $6,000 catch-up deferral for employees over 50 years of age) for 2016. Participants may also contribute amounts representing rollovers from other qualified defined benefit or defined contribution plans. The Company made matching contributions equal to $0.50 for each $1.00 on the first 6% of eligible employee compensation in 2016. The Company, at its sole discretion, may make a profit sharing contribution at the end of each Plan year. The Company did not make profit sharing contributions for the plan year ending December 31, 2016.
Participant Accounts
Each participant’s account is credited with the participant’s contributions, Company’s matching contributions and Plan earnings or losses and charged with an allocation of administrative expenses. Allocations are based on participant earnings or 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.
Vesting
Participants immediately vest in their salary deferral contributions to the Plan plus allocated earnings thereon. Effective January 1, 2016, the Plan changed the previous vesting schedule for new participants in regards to Company matching and profit sharing contributions and allocated earnings thereon as follows:
Each participant who is employed by the Company as of December 31, 2015 will vest:
0% Less than one year;
25% at one year, but less than two years;
100% at two years or more of vesting service as defined by the plan
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Rent-A-Center East, Inc. Retirement Savings Plan for Puerto Rico Employees
NOTES TO FINANCIAL STATEMENTS — (Continued)
All other participants in the Plan whose employment with the Company begins after January 1, 2016, will vest:
0% Less than two years;
100% at two or more years of vesting service as defined by the plan
Additionally, a participant becomes 100% vested if employment is terminated due to death or full and permanent disability.
Forfeitures
Upon termination of employment, a participant’s unvested account balance forfeits to the Plan to be used to pay restoration contributions, replace abandoned accounts, reduce Plan expenses, or offset employer contributions as defined in the Plan document. The balance of forfeited nonvested accounts to be used in future periods totaled approximately $8,000 and $2,000 as of December 31, 2016 and 2015, respectively. Forfeitures of $1,754 were used to pay plan administrative expenses during the year ended December 31, 2016.
Benefits
Upon retirement, death, disability, or separation from service, a participant (or the participant’s beneficiary, if applicable) will receive a lump sum amount equal to the value of the participant’s vested interest in the participant’s account, or to the extent a participant’s or beneficiary’s account is invested in at least five whole shares of Rent-A-Center, Inc. stock, the participant or beneficiary may elect to receive a distribution in whole shares of such stock, rather than in cash. The Plan allows participants to make hardship withdrawals subject to certain limitations, as defined in the Plan document.
Notes Receivable from Participants
Participants may be granted loans from their fund accounts secured by their account balances. The limitation on the amount that can be borrowed at any time is the lesser of $50,000 or 50% of the participant’s vested account balance; the minimum loan amount is $500. The repayment period of the loan cannot exceed five years, except for loans relating to the purchase of a primary residence for which the repayment period is fifteen years. The notes are secured by the balance in the participant's account and bear interest at a rate commensurate with local prevailing rates as determined quarterly by the Plan administrator. Principal and interest is paid ratably through payroll deductions Interest rates on such loans range from 3.25% to 3.75% at December 31, 2016. Loans bear interest at the prime rate fixed at the time of the loan. Participant loans have various maturity dates ranging from 2017 to 2021.
Termination of the Plan
While the Company has not expressed any intent to discontinue the Plan, it may, by action of the Board of Directors, terminate the Plan. In the event the Plan is terminated, the participants become 100% vested in their accounts.
Administrative Expenses
In accordance with the applicable agreement, expenses for services relating to funds management and administrative expenses to the recordkeeper for distribution, valuation and mailing services related to plan administration are paid by the Plan to the trustee of the assets primarily using forfeitures.
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Rent-A-Center East, Inc. Retirement Savings Plan for Puerto Rico Employees
NOTES TO FINANCIAL STATEMENTS — (Continued)
NOTE B - SUMMARY OF ACCOUNTING POLICIES
The financial statements of the Plan have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP). A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows.
Basis of Accounting
The financial statements of the Plan are prepared using the accrual method of accounting.
Change in Accounting Principles
In June 2015, the FASB issued ASU No. 2015-10, "Technical Corrections and Improvements." The update clarified the definition of "readily determinable fair value" to include “the fair value of an equity security that is an investment in a mutual fund or in a structure similar to a mutual fund (that is, a limited partnership or a venture capital entity) is readily determinable if the fair value per share (unit) is determined and published and is the basis for current transactions." Based on this definition, it was determined that the NAV of the stable value fund is the fair value and will be disclosed as such. The update was adopted for the year ended December 31, 2016 with retrospective application.
In July 2015, the FASB issued ASU No. 2015-12, “Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient.” This ASU simplifies the required disclosures related to employee benefit plans. Part I of the guidance designates contract value as the only required measure for direct investments in fully benefit-responsive investment contracts. Part II simplifies the investment disclosure requirements, including eliminating the disclosure of: (1) individual investments that represent five percent or more of net assets available for benefits; and (2) the net appreciation or depreciation for investments by general type. Part III allows plans to measure investments using values from the end of the calendar month closest to the plan’s fiscal year end. This ASU is effective for fiscal years beginning after December 15, 2015, with early adoption permitted, and should be applied retrospectively. The plan has adopted Parts I and II for the year ended December 31, 2016 with retrospective application. Part III is not applicable to this Plan. The adoption of the new standard resulted in the elimination of the adjustment from fair value to contract value in the Statement of Net Assets Available for Benefits, historical disclosure of investments that represented five percent or more of its net assets available for benefits and the removal of the disaggregation of plan investments by investment class.
Use of Estimates
The preparation of financial statements in conformity with US GAAP 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.
Valuation of Investments and Income Recognition
The Plan’s investments are stated at fair value. See Note C for further discussion of the Plan’s valuation methods under fair value accounting standards.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded when earned and dividends are recorded on the ex-dividend date. Net appreciation or depreciation includes gains and losses on investments bought and sold as well as held during the year.
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Rent-A-Center East, Inc. Retirement Savings Plan for Puerto Rico Employees
NOTES TO FINANCIAL STATEMENTS — (Continued)
Payment of Benefits
Benefits are recorded when paid.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed as incurred. No allowance for credit losses has been recorded as of December 31, 2016 and 2015. Delinquent loans are reclassified as distributions based upon the terms of the Plan document.
Reclassifications
During the period ended December 31, 2016, the Plan reclassified the prior period on its Statements of Net Assets Available for Benefits to conform to its current presentation. The reclassification had no impact on net assets available for benefits as of December 31, 2015.
NOTE C - FAIR VALUE MEASUREMENTS
The Plan uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described as follows:
•Level 1 - Readily accessible and unadjusted quoted prices in an active market for identical assets or liabilities.
•Level 2 - Significant observable inputs other than Level 1 inputs, such as quoted prices for similar assets or liabilities in active markets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 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 - Significant unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
An asset or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to its fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
The following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis and recognized in the accompanying statements of net assets available for benefits, as well as the general classification of such instruments pursuant to the valuation hierarchy. Other than the change in presentation resulting from the adoption of new accounting standards during 2016, as described further in Note B, Summary of Accounting Policies, the Plan did not change its valuation techniques associated with fair value measurements from prior periods, and there were no transfers between levels during the years ended December 31, 2016 and 2015.
When quoted market prices are available in an active market, investments in securities are classified within Level 1 of the valuation hierarchy. These securities include the Plan’s mutual funds and Rent-A-Center, Inc. common stock, which is valued at the closing price reported by the exchange on which it is traded.
The stable value fund is a collective trust, and is valued at the NAV of units of the bank collective trust. NAV is a readily determinable fair value and is the basis for current transactions. Participant transactions (purchases and
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Rent-A-Center East, Inc. Retirement Savings Plan for Puerto Rico Employees
NOTES TO FINANCIAL STATEMENTS — (Continued)
sales) may occur daily. If the Plan initiates a full redemption of the collective trust, the issuer reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner. The NAV is provided by the administrator of the fund, which is based on the value of the underlying assets owned by the fund minus applicable liabilities and then divided by the number of shares outstanding. There are no redemption restrictions on the stable value fund.
The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2016.
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Mutual funds | $ | 2,268,962 | $ | — | $ | — | $ | 2,268,962 | |||||||
Common stock | 262,991 | — | — | 262,991 | |||||||||||
Collective trust investment, Stable value fund | — | 304,248 | — | 304,248 | |||||||||||
Subtotal | $ | 2,531,953 | $ | 304,248 | $ | — | $ | 2,836,201 | |||||||
The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2015.
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Mutual funds | $ | 1,908,772 | $ | — | $ | — | $ | 1,908,772 | |||||||
Common stock | 420,388 | — | — | 420,388 | |||||||||||
Collective trust investment, Stable value fund | — | 282,897 | — | 282,897 | |||||||||||
Subtotal | $ | 2,329,160 | $ | 282,897 | $ | — | $ | 2,612,057 | |||||||
NOTE D - INCOME TAX STATUS
The Plan obtained its latest determination letter effective January 1, 2016, in which the Puerto Rico taxing authority, Departamento de Hacienda, stated that the Plan, as then designed, was in compliance with the applicable requirements of the Puerto Rico Internal Revenue Code (Code) Section 1165(a). The plan administrator and the Plan's tax counsel believe the Plan is designed and is currently being operated in compliance with the applicable requirements of the Code, and therefore believe that the Plan is qualified and the related trust is tax-exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
US GAAP requires Plan management to evaluate tax positions taken by the plan and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the Departamento de Hacienda. The Plan has concluded that it has no material uncertain tax liabilities to be recognized as of December 31, 2016. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
NOTE E - PARTY-IN-INTEREST TRANSACTIONS
Certain Plan investments are shares of the Rent-A-Center, Inc.’s common stock; therefore, these transactions qualify as party-in-interest transactions. In addition, loans made to participants in the Plan are considered party-in-interest transactions.
During the year ended December 31, 2016, the Plan incurred approximately $4,000 and $29,000 of fees associated with services provided by INTRUST Bank, N.A. and NestEgg Consulting Inc., respectively, both of which qualify as party-in-interest transactions.
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Rent-A-Center East, Inc. Retirement Savings Plan for Puerto Rico Employees
NOTES TO FINANCIAL STATEMENTS — (Continued)
NOTE F - RISKS AND UNCERTAINTIES
The Plan invests in various types of 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 the participants’ account balances and amounts reported in the statements of net assets available for benefits.
NOTE G - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 at December 31:
2016 | 2015 | ||||||
Net assets available for benefits per the financial statements | $ | 3,334,686 | $ | 3,053,670 | |||
Amounts allocated to withdrawing participants | (600 | ) | (15,119 | ) | |||
Loans deemed as distributed | (27,697 | ) | — | ||||
Adjustment from contract value to fair value for underlying fully benefit-responsive investment contracts | — | 1,403 | |||||
Net assets available for benefits per the Form 5500 | $ | 3,306,389 | $ | 3,039,954 | |||
The following is a reconciliation of net increase in the net assets per the financial statements to net income per the Form 5500 for the year ended December 31, 2016:
Net increase in net assets per the financial statements | $ | 281,016 | |
Net adjustments from amounts allocated to withdrawing participants | 14,519 | ||
Net adjustment from loans deemed as distributed | (27,697 | ) | |
Adjustment from contract value to fair value for underlying fully benefit-responsive investment contracts at December 31, 2015 | (1,403 | ) | |
Net income per the Form 5500 | $ | 266,435 | |
NOTE H - SUBSEQUENT EVENTS
The Plan has evaluated subsequent events through June 29, 2017, the date the financial statements were issued. No adjustments or additional disclosures were made to the financial statements as a result of this evaluation.
9
SUPPLEMENTAL SCHEDULE
10
Rent-A-Center East, Inc. Retirement Savings Plan for Puerto Rico Employees
SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2016
EIN: 68-1024367
Plan No: 001
(b) | (c) | (e) | ||||||
(a) | Identity of issuer or borrower | Description of investment | Current Value | |||||
Invesco Funds | Small Cap Value Fund | $ | 20,803 | |||||
Eagle Funds | Small Cap Growth Fund | 41,135 | ||||||
JP Morgan Funds | Small Cap Equity Fund | 57,300 | ||||||
Vanguard Funds | Small Cap Index Fund | 5,664 | ||||||
PRIMECAP Odyssey Funds | Aggressive Growth Fund | 101,049 | ||||||
Principal Funds | Mid Cap Value Fund | 10,702 | ||||||
Vanguard Funds | Mid Cap Index Fund | 5,934 | ||||||
John Hancock Funds | Disciplined Value Fund | 53,835 | ||||||
T. Rowe Price Funds | Growth Stock Fund | 77,302 | ||||||
Vanguard Funds | 500 Index Fund | 127,328 | ||||||
Harbor Funds | International Fund | 107,023 | ||||||
Oppenheimer Funds | Developing Markets Fund | 4,190 | ||||||
Vanguard Funds | Total International Stock Index Fund | 2,835 | ||||||
MFS Funds | Lifetime 2055 Fund | 113,215 | ||||||
MFS Funds | Lifetime 2045 Fund | 150,286 | ||||||
MFS Funds | Lifetime 2035 Fund | 49,578 | ||||||
MFS Funds | Lifetime 2025 Fund | 12,731 | ||||||
JP Morgan Funds | Core Plus Bond Fund | 246,859 | ||||||
Vanguard Funds | Total Bond Market Index Fund | 4,191 | ||||||
MFS Funds | Lifetime 2050 Fund | 425,797 | ||||||
MFS Funds | Lifetime 2040 Fund | 396,923 | ||||||
MFS Funds | Lifetime 2030 Fund | 155,252 | ||||||
MFS Funds | Lifetime 2020 Fund | 67,745 | ||||||
MFS Funds | Lifetime Retirement Income Fund | 31,285 | ||||||
* | Rent-A-Center, Inc. | Common Stock | 262,991 | |||||
Wells Fargo Funds | Stable Value Fund | 304,248 | ||||||
Total investments | 2,836,201 | |||||||
Cash | 1,856 | |||||||
* | Participant Loans | Notes receivable from participants, interest rates at 3.25% minimum, 3.75% maximum and maturing from 2017 to 2021 | 485,907 | |||||
Total, at fair value | $ | 3,323,964 | ||||||
* Represents a party-in-interest.
Note: Cost has been omitted as investments are all participant-directed and the cost basis for participant loans was zero.
See accompanying report of independent registered public accounting firm.
11
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
RENT-A-CENTER EAST, INC. RETIREMENT | ||||
SAVINGS PLAN FOR PUERTO RICO | ||||
EMPLOYEES | ||||
By: | RENT-A-CENTER, INC. | |||
Plan Administrator | ||||
Date: | June 29, 2017 | By: | /s/ Dawn M. Wolverton | |
Dawn M. Wolverton | ||||
Vice President - Assistant General Counsel and Secretary | ||||
12
EXHIBIT INDEX
Exhibit Exhibit
Number Description
23.1* Consent of CliftonLarsonAllen LLP
23.2* Consent of KPMG LLP
23.3* Report from KPMG LLP
______________________________________________________________________________________________________
* Filed herewith.
13
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement No. 333-171926 on Form S-8 of Rent-A-Center, Inc. our report dated June 29, 2017 appearing in this Annual Report on Form 11-K of Rent-A-Center East, Inc. Retirement Savings Plan for Puerto Rico Employees for the year ended December 31, 2016.
/s/ CliftonLarsonAllen LLP
Minneapolis, Minnesota
June 29, 2017
Exhibit 23.2
Consent of Independent Registered Public Accounting Firm
The Plan Administrative Committee
Rent‑A‑Center East, Inc. Retirement Savings Plan for Puerto Rico Employees:
We consent to the incorporation by reference in the registration statement (No. 333‑171926) on Form S‑8 of Rent‑A‑Center, Inc., of our report dated June 24, 2016, with respect to the statements of net assets available for benefits of the Rent‑A‑Center East, Inc. Retirement Savings Plan for Puerto Rico Employees as of December 31, 2015 and 2014, the related statement of changes in net assets available for benefits for the year ended December 31, 2015, and the supplemental schedule H, Part IV, Line 4i - schedule of assets (held at end of year) as of December 31, 2015, before the effects of the adoption of Accounting Standards Update No. 2015-10, and before the effects of the adoption of Accounting Standards Update No. 2015-12, as more fully described in Note B to the financial statements for the year ended December 31, 2015, which report appears in the December 31, 2016 annual report on Form 11‑K of the Rent‑A‑Center East, Inc. Retirement Savings Plan for Puerto Rico Employees.
/s/KPMG LLP
Dallas, Texas
June 29, 2017
Exhibit 23.3
Exhibit 23.3
