Document

11-K 1 fss-202111k.htm FORM 11-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 11-K

___________________________________

(Mark One)


x			ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021


¨			TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 1-6003

___________________________________

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

FEDERAL SIGNAL CORPORATION RETIREMENT SAVINGS PLAN

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

FEDERAL SIGNAL CORPORATION

1415 West 22nd Street, Suite 1100

Oak Brook, Illinois 60523

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FEDERAL SIGNAL CORPORATION RETIREMENT SAVINGS PLAN

TABLE OF CONTENTS


						Page
Report of Independent Registered Public Accounting Firm						1
Required Information						2
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2021 and 2020						3
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 202 1						4
Notes to Financial Statements						5
Supplemental Information:
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 202 1						10
EXHIBIT INDEX						11
SIGNATURES						12

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FEDERAL SIGNAL CORPORATION

RETIREMENT SAVINGS PLAN

FINANCIAL STATEMENTS AND

SUPPLEMENTAL INFORMATION

December 31, 2021 and 2020

and the

Year Ended December 31, 2021

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Participants, Benefits Administration Committee and Benefits Planning Committee

FEDERAL SIGNAL CORPORATION RETIREMENT SAVINGS PLAN

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Federal Signal Corporation Retirement Savings Plan (the “Plan”) as of December 31, 2021 and 2020, and the related statement of changes in net assets available for benefits for the year ended December 31, 2021, and the related notes (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, 2021 and 2020, and the changes in net assets available for benefits for the year ended December 31, 2021, 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 supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2021 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 have 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.

We have served as the Plan’s auditor since 1995.

/s/ MAYER HOFFMAN McCANN P.C.

Chicago, Illinois

June 24, 2022

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REQUIRED INFORMATION

Federal Signal Corporation is the Plan Sponsor of the Federal Signal Corporation Retirement Savings Plan (the “Plan”). The Plan is subject to the Employee Retirement Income Security Act of 1974 (“ERISA”). Therefore, in lieu of the requirements of Items 1-3 of Form 11-K, the financial statements of the Plan as of December 31, 2021 and 2020, and for the year ended December 31, 2021, and the supplemental information as of December 31, 2021, have been prepared in accordance with the financial reporting requirements of ERISA.

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FEDERAL SIGNAL CORPORATION RETIREMENT SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS


	As of December 31,
	2021		2020
ASSETS
Investments, at fair value	$	480,353,020	$	429,552,203
Receivables:
Employer contributions	1,951,018		1,926,099

Notes receivable from participants	6,300,271		6,220,538

NET ASSETS AVAILABLE FOR BENEFITS	$	488,604,309	$	437,698,840

See Notes to Financial Statements

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FEDERAL SIGNAL CORPORATION RETIREMENT SAVINGS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS


	Year Ended December 31, 2021
ADDITIONS
Investment income:
Net appreciation in fair value of investments	$	40,506,260
Interest and dividend income	21,444,564

Total investment income	61,950,824
Interest income on notes receivable from participants	299,689
Contributions:
Employer	8,663,079
Participants	13,921,533
Rollovers	1,638,368
Total contributions	24,222,980
TOTAL ADDITIONS	86,473,493

DEDUCTIONS
Benefits paid to participants	(35,160,524)
Administrative expenses	(407,500)
TOTAL DEDUCTIONS	(35,568,024)
NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS	50,905,469
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year	437,698,840
End of year	$	488,604,309

See Notes to Financial Statements

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FEDERAL SIGNAL CORPORATION RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – DESCRIPTION OF PLAN

The following description of the Federal Signal Corporation Retirement Savings Plan (the “Plan”) provides only general information. Participants should refer to the Plan document or Summary Plan Description for a more complete description of the Plan’s provisions, which are available from the Plan administrator.

General

The Plan is a defined contribution plan covering the majority of the U.S. employees of Federal Signal Corporation (the “Company”). All eligible employees may commence participation in the Plan on their date of hire unless their participation in the Plan is governed by a collective bargaining agreement, in which case they are eligible to participate in the Plan on the first day following completion of their waiting period. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). The Plan was amended and restated as of January 1, 2020.

The Plan is sponsored by the Company and administered by the Company’s Benefits Administration Committee (the “Committee”), which is comprised of Company-designated management. The Committee has overall responsibility for the operation and administration of the Plan and reports to the Benefits Planning Committee and the Compensation and Benefits Committee of the Board of Directors.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted. The CARES Act includes certain provisions applicable to retirement plans that temporarily provide relief to individuals that may have been adversely impacted by the coronavirus pandemic. The Committee has evaluated the relief provisions available to participants under the CARES Act and has implemented the provisions that permit coronavirus-related distributions up to $100,000 and extend the period of loan repayments, if applicable, up to one year. Written amendments to the Plan to reflect these operational changes will be adopted at a later date in accordance with applicable law and IRS guidance.

Contributions

Most participants can contribute up to 40% of pre-tax annual compensation, as defined in the Plan, and can make Roth contributions. A participant’s aggregate pre-tax contributions and Roth contributions for any pay period may not exceed 40% of the participant’s compensation for that pay period.

In most circumstances, if an employee does not affirmatively enroll or decline enrollment in the Plan within 30 days of first becoming eligible to participate in the Plan, the employee will be automatically enrolled in the Plan with contributions set at 2% of pre-tax annual compensation to the Vanguard Target Retirement Fund whose “target” year is closest to the year in which the employee will turn age 65. The Plan offers an automatic increase feature that will increase the pre-tax contribution rate of participants by one percentage point each January up to 10% of base pay not to exceed the IRS contribution limit. The automatic enrollment and automatic increase features apply to employees covered by certain collective bargaining agreements. Participants may also transfer amounts representing distributions from other qualified defined benefit or defined contribution plans. Additionally, participants age 50 or older, who are making contributions to the Plan, are allowed to make catch-up contributions as defined in the Plan. Contributions are subject to certain Internal Revenue Code of 1986, as amended (the “IRC”), limitations.

For most participants, Company contributions are based on a percentage of participant contributions and years of service. The Company makes a safe harbor matching contribution equal to 100% of the first 3%, and 50% of the next 2%, of base compensation that a participant contributes to the Plan each pay period. Many participants also receive an annual service-based contribution, which is based on years of service. Unless notified, this service-based contribution is made into the Plan.

The Plan provides for an employee stock ownership feature wherein participants have the option of receiving Company stock dividends in cash instead of having the dividends automatically reinvested in the Plan. During the year ended December 31, 2021, the Plan recorded income from dividends paid on Company stock of $267,513.

Participant Accounts

Each participant’s account is credited with the participant’s contribution and allocations of (a) the Company’s contributions and (b) the Plan’s earnings in the fund(s) selected by the participant and is charged with an allocation of investment management fees, administrative expenses and/or losses. 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.

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FEDERAL SIGNAL CORPORATION RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS — (CONTINUED)

Vesting

Participants are immediately vested in their contributions plus actual earnings thereon. Effective January 1, 2018, most participants are also immediately vested in Company contributions. Participants are immediately vested in the dividends from Company stock that were paid to the Plan and reinvested in Company stock at the participant’s election.

Participant Investment Account Options

Participants direct the investment of all contributions into various investment options offered by the Plan. Upon enrollment in the Plan, a participant may direct employee contributions in 1% increments in a variety of investment choices at Vanguard Fiduciary Trust Company (“Vanguard”) or into the Federal Signal Stock Fund, an investment fund consisting primarily of the Company’s common stock and some cash. Participants may change their investment by contacting Vanguard.

Notes Receivable from Participants

Participants generally may borrow from their vested contributions a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan transactions are treated as a transfer to (from) the investment fund from (to) the participant loan fund. Loans are required to be repaid within five years, with the exception that a loan which is used to acquire a principal residence may be repaid within ten years. The loans are secured by the balance in the participant’s account and bear interest at a rate of prime plus one percent. Principal and interest are paid ratably through payroll deductions. Upon distribution of a participant’s balance before a loan is repaid in full, the unpaid loan balance, together with the loan interest, shall become due and payable, and the trustee will first satisfy the indebtedness of the participant’s account before making any distribution to the participant. If a participant ceases to make loan repayments and the Plan administrator deems the participant loan to be in default, foreclosure on the note and attachment of security on such loan will not occur until a distributable event occurs under the Plan.

The loan origination fee for non-automated loans is $85. The loan origination fee for automated loans is $35.

Payment of Benefits

Participants are eligible to receive the vested portion of their plan account upon retirement, termination of employment, or total and permanent disability. Payment will generally be made in a lump sum.

Forfeited Accounts

As of December 31, 2021 and 2020, forfeited non-vested accounts totaled $179,674 and $214,762, respectively. These accounts are used to reduce employer contributions and/or to pay plan expenses. Employer contributions were reduced by $24,519, and plan administrative expenses of $91,088 were paid using forfeited non-vested accounts in the year ended December 31, 2021.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The financial statements of the Plan are prepared under the accrual method of accounting.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and changes therein, and disclosures of contingent assets and liabilities. Accordingly, actual results may differ from those estimates.

Investment Valuation and Income Recognition

The Plan’s 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. The Plan’s Investment Committee determines the Plan’s valuation policies utilizing information provided by the asset custodian. See Note 3 – Fair Value Measurement for further discussion.

The Federal Signal Stock Fund (the “Fund”) is tracked on a unitized basis. The Fund consists of the Company’s common stock and the Vanguard Prime Money Market Fund sufficient to meet the Fund’s daily cash needs. Unitizing the Fund allows for

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FEDERAL SIGNAL CORPORATION RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS — (CONTINUED)

daily trades. The Fund is valued at its year-end unit closing price (composed of year-end market price plus the un-invested cash portion). As of December 31, 2021, 1,640,355 units were outstanding with a value of $19.40 per unit. As of December 31, 2020, 1,667,623 units were outstanding with a value of $14.89 per unit.

Purchases and sales of securities are recorded on a trade-date basis. In the event there is an extraordinary event related to the Fund resulting in a material trading impact, the transaction will be re-priced. A material trading impact is defined as activity which causes more than negative 10 basis points of price differential. Trading impact becomes material when (a) net participant activity exceeds 2% of the Fund’s holdings of Company stock, (b) trade execution prices are significantly different from the closing price used to value the participant’s trade date unit value, or (c) a combination of both occurs.

Dividend income is recorded on the ex-dividend date. Interest income is recognized when earned. Net appreciation includes gains and losses on the investments bought and sold, as well as held during the year. Contributions are recognized based on payroll dates and accrued if applicable.

Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus accrued but unpaid interest. Interest income is recorded on an accrual basis. 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 upon occurrence of a distributable event. No allowance for credit losses has been recorded as of December 31, 2021 or 2020.

Unit Values

Individual participant accounts for the common/collective trust fund is maintained on a unit value basis. Participants do not have beneficial ownership in the specific underlying securities or other assets in the fund but do have an interest therein represented by units valued daily. The fund earns dividends and interest which are automatically reinvested in additional units. Generally, contributions to and withdrawals from the fund are converted to units by dividing the amounts of such transactions by the unit values as last determined, and the participants’ accounts are charged or credited with the number of units properly attributable to each participant.

Payment of Benefits

Benefits are recorded when paid.

Administrative Expenses

Certain expenses of the Plan are paid by the Company and are not included in the statement of changes in net assets available for benefits. Certain fees paid by the Plan to Vanguard (as trustee) related to the administration of notes receivable from participants are charged directly to the participant’s account and are not included in the administrative expenses. Investment related expenses that are structured as a revenue-sharing arrangement are paid directly from fund earnings and are included in net appreciation in fair value of investments.

NOTE 3 – FAIR VALUE MEASUREMENTS

ASC 820, Fair Value Measurements and Disclosures, provides the framework for measuring fair value. That framework 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 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 and liabilities in active markets; quoted prices for identical or similar assets and liabilities in inactive markets; inputs other than quoted market 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 term of the asset or liability.

•Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

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FEDERAL SIGNAL CORPORATION RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS — (CONTINUED)

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 as of December 31, 2021 and 2020.

Mutual funds

Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily Net Asset Value (“NAV”) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

Federal Signal Corporation common stock fund

Valued at the closing price reported on the active market on which the security is traded plus a small balance held in the Vanguard Prime Money Market Fund.

Common/collective trust fund

A stable value fund that is composed of certain investments which invest in fully benefit-responsive investment contracts and is valued at the NAV of units of the bank collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimating fair value. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trust, the investment advisor reserves the right to temporarily delay withdrawal from the trust to ensure that securities liquidations will be carried out in an orderly business manner.

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’s management 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 investments at fair value as of December 31, 2021:


	Level 1		Level 2		Level 3		Total
Mutual funds	$	393,807,354	$	—	$	—	$	393,807,354
Common stock fund	31,844,721		—		—		31,844,721
Total investments categorized within fair value hierarchy	$	425,652,075	$	—	$	—	$	425,652,075
Investments measured at net asset value:
Common/collective trust fund*							54,700,945
Total Investments at fair value							$	480,353,020

The following table sets forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2020:


	Level 1		Level 2		Level 3		Total
Mutual funds	$	346,355,880	$	—	$	—	$	346,355,880
Common stock fund	24,737,112		—		—		24,737,112
Total investments categorized within fair value hierarchy	$	371,092,992	$	—	$	—	$	371,092,992
Investments measured at net asset value:
Common/collective trust fund*							58,459,211
Total Investments at fair value							$	429,552,203

* This fund is measured at fair value using the net asset value per share (or its equivalent) practical expedient and has not been categorized in the fair value hierarchy. The fair value amount presented in this table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statements of net assets available for benefits. The common/collective trust provides for daily redemption by the Plan at reported NAV, provided notice is received at Vanguard before 4:00 pm Eastern time on days the market is open. Additionally, there are no unfunded commitments.

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FEDERAL SIGNAL CORPORATION RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS — (CONTINUED)

NOTE 4 – RELATED PARTY AND PARTY-IN-INTEREST TRANSACTIONS

Certain Plan investments are shares of mutual funds and a common/collective trust fund managed by Vanguard. Vanguard is the trustee as defined by the Plan, and therefore, these transactions qualify as party-in-interest transactions. Fees incurred by the Plan for investment management services are included in net appreciation in fair value of the investments, as they are paid through revenue sharing, rather than a direct payment. The Plan made direct payments to the trustee of $367,092 for the year ended December 31, 2021, which was not covered by revenue sharing. The payments to the trustee included $11,030 of loan origination fees paid by participants that are not included in administrative expenses. The Plan also paid certain expenses related to the Plan’s operations to various service providers. These transactions are party-in-interest transactions under ERISA. Participants or the Plan sponsor directly pay any other fees related to the Plan’s operations.

Certain Plan investments are shares of the Fund. The Company is the Plan sponsor; therefore these transactions are considered party-in-interest transactions. Certain receivables are loans to participant employees of the Company, and therefore these transactions are considered party-in-interest transactions.

These party-in-interest transactions are exempt from the prohibited transactions rules under ERISA.

NOTE 5 – TAX STATUS

The IRS has determined and informed the Company, by a letter dated April 12, 2017, that the Plan (as restated January 1, 2015) and related trust are designed in accordance with applicable requirements of the IRC. Although the Plan has been amended and restated since receiving the determination letter, the Plan administrator believes that the Plan and related trust are currently designed and being operated in compliance with the applicable requirements of the IRC.

The Company has analyzed the tax positions taken by the Plan and has concluded that, as of December 31, 2021, there are no uncertain 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.

NOTE 6 – PLAN TERMINATION

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. In the event of Plan termination, participants would become 100% vested in their accounts.

NOTE 7 – RISKS AND UNCERTAINTIES

The Plan invests in various investment securities, which are exposed to various risks such as interest rate, credit and market risks, including the economic volatility and uncertainty resulting from the ongoing coronavirus pandemic and emerging geopolitical conflicts. 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.

NOTE 8 – SUBSEQUENT EVENTS

The Plan has evaluated subsequent events through June 24, 2022, the date that the financial statements were filed with the Securities and Exchange Commission, and determined that no additional disclosures are required.

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SUPPLEMENTAL INFORMATION

FEDERAL SIGNAL CORPORATION RETIREMENT SAVINGS PLAN

SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2021

EIN: 36-1063330

Plan Number: 004

(a)

(b)

(c)

(d)

(e)

Identity of issue, borrower, lessor or similar party

Description of investments including maturity date, rate of interest, collateral, par or maturity value

Cost

Current value

Vanguard PRIMECAP Fund

Registered investment company

(1)

80,543,881

Vanguard Institutional Index Fund

Registered investment company

(1)

57,319,601

Vanguard Retirement Savings Trust III

Common/collective trust

(1)

54,700,945

Vanguard Institutional Target Retirement 2025 Fund

Registered investment company

(1)

41,354,262

Vanguard Institutional Target Retirement 2030 Fund

Registered investment company

(1)

33,397,521

Federal Signal Stock Fund

Common stock fund

(1)

31,844,721

Vanguard Explorer Fund

Registered investment company

(1)

23,484,207

Vanguard Institutional Target Retirement 2035 Fund

Registered investment company

(1)

22,956,341

Vanguard Institutional Target Retirement 2045 Fund

Registered investment company

(1)

20,606,775

Vanguard Institutional Target Retirement 2040 Fund

Registered investment company

(1)

19,405,303

Vanguard Institutional Target Retirement 2020 Fund

Registered investment company

(1)

15,341,799

Vanguard International Growth Fund

Registered investment company

(1)

13,892,472

Vanguard Total Bond Market Index Fund

Registered investment company

(1)

13,662,349

Vanguard Institutional Target Retirement 2050 Fund

Registered investment company

(1)

12,306,567

Vanguard Small-Cap Value Index Fund

Registered investment company

(1)

8,952,864

Vanguard Institutional Target Retirement 2055 Fund

Registered investment company

(1)

7,490,944

Vanguard Institutional Target Retirement Income Fund

Registered investment company

(1)

6,145,803

Vanguard Institutional Target Retirement 2015 Fund

Registered investment company

(1)

5,622,186

Vanguard Institutional Target Retirement 2060 Fund

Registered investment company

(1)

4,258,872

DFA Emerging Markets Core Equity Portfolio Institutional Class

Registered investment company

(1)

1,920,532

Vanguard Mid-Cap Index Fund Admiral Shares

Registered investment company

(1)

1,675,409

Vanguard Institutional Target Retirement 2065 Fund

Registered investment company

(1)

1,597,803

Dodge & Cox Income Fund

Registered investment company

(1)

1,578,314

Vanguard Cash Reserve Federal Money Market Fund

Registered investment company

(1)

293,549

480,353,020

Participants’ loans

Interest rates from 4.25% to 6.5%

—

6,300,271

486,653,291

* Party-in-interest as defined by ERISA

(1) Cost information may be omitted for plan assets which are participant-directed.

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EXHIBIT INDEX


Exhibit No.						Description
23						CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Benefits Administration Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


		Federal Signal Corporation Retirement Savings Plan

Date:	June 24, 2022	/s/ Shirley Paulson
		Shirley Paulson
		Vice President, Human Resources (Benefits Administration Committee)

		/s/ Diane I. Bonina
		Diane I. Bonina
		Vice President, General Counsel and Secretary (Federal Signal Corporation)