-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, G1l+DDS/bFJrdlZESPuGi8oipr7HG8hdo1hCOxBRfdhuJXHXanoR48Yk/OOkNK6j GuZq8j+HRnX1i7twwrMJlQ== 0000950128-95-000109.txt : 199506300000950128-95-000109.hdr.sgml : 19950630 ACCESSION NUMBER: 0000950128-95-000109 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950629 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTINGHOUSE ELECTRIC CORP CENTRAL INDEX KEY: 0000106413 STANDARD INDUSTRIAL CLASSIFICATION: AIR COND & WARM AIR HEATING EQUIP & COMM & INDL REFRIG EQUIP [3585] IRS NUMBER: 250877540 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00977 FILM NUMBER: 95551040 BUSINESS ADDRESS: STREET 1: WESTINGHOUSE BLDG STREET 2: 11 STANWIX STREET CITY: PITTSBURGH STATE: PA ZIP: 15222 BUSINESS PHONE: 4122442000 FORMER COMPANY: FORMER CONFORMED NAME: WESTINGHOUSE ELECTRIC & MANUFACTURING CO DATE OF NAME CHANGE: 19710510 11-K 1 WESTINGHOUSE 11-K (THE KNOLL GROUP RETIREMENT) 1 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, 1994 Commission File Number 1-977 THE KNOLL GROUP RETIREMENT SAVINGS PLAN (Full title of the Plan) Westinghouse Electric Corporation Westinghouse Building, 11 Stanwix Street Pittsburgh, Pennsylvania 15222 (Name of issuer of the securities held pursuant to the Plan and the address of its principal executive office) 2 THE KNOLL GROUP RETIREMENT SAVINGS PLAN FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES YEARS ENDED DECEMBER 31, 1994 AND 1993 [LOGO] 3 THE KNOLL GROUP RETIREMENT SAVINGS PLAN FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES YEARS ENDED DECEMBER 31, 1994 AND 1993 4 THE KNOLL GROUP RETIREMENT SAVINGS PLAN CONTENTS INDEPENDENT AUDITORS' REPORT 3 FINANCIAL STATEMENTS Statements of Net Assets Available for Benefits with Fund Information 4-5 Statements of Changes in Net Assets Available for Benefits with Fund Information 6-7 Notes to Financial Statements 8-15 SUPPLEMENTAL SCHEDULES Schedule of Assets Held for Investment Purposes 17 Schedule of Reportable Transactions 18 2 5 INDEPENDENT AUDITORS' REPORT To the Board of Directors of the The Knoll Group Retirement Savings Plan We have audited the accompanying statement of net assets available for benefits of the Knoll Group Retirement Savings Plan (the Plan) as of December 31, 1994, and the related statement of changes in net assets available for benefits for the year then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of The Knoll Group Retirement Savings Plan as of December 31, 1993 were audited by other auditors whose report, dated June 17, 1994, expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 the Plan as of December 31, 1994, and the changes in net assets available for benefits for the year then ended in conformity with generally accepted accounting principles. Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in the supplemental schedules is presented for purposes of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statement of net assets available for benefits and the statement of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for Plan benefits and changes in net assets available for Plan benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. BDO SEIDMAN June 26, 1995 3 6
Westinghouse MAS Vanguard Fixed Income Balanced Windsor II December 31, 1994 Fund Fund Equity Fund - ------------------------------------------------------------------------------------------------------------ ASSETS Investments Investments and loans receivable $26,542,693 $5,136,048 $8,748,199 Transfers in process 40,481 (81,072) 15,617 Loan repayments in progress 32,207 7,078 10,677 Loans in progress (27,685) (13,582) (11,603) - ------------------------------------------------------------------------------------------------------------ 26,587,696 5,048,472 8,762,890 Receivables Employer's contribution 23,314 23,608 44,425 Participants' contribution 178,878 59,591 103,924 - ------------------------------------------------------------------------------------------------------------ 202,192 83,199 148,349 - ------------------------------------------------------------------------------------------------------------ NET ASSETS AVAILABLE FOR BENEFITS $26,789,888 $5,131,671 $8,911,239 ============================================================================================================
7 THE KNOLL GROUP RETIREMENT SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
Westinghouse Equitable Equitable Equitable Common Fixed Balanced Common Loan Stock Fund Fund Fund Stock Fund Fund Total - ------------------------------------------------------------------------------------------------- $1,571,400 $ - $ - $ - $2,487,198 $44,485,538 24,974 - - - - - 2,163 - - - (52,125) - (530) - - - 53,400 - - ------------------------------------------------------------------------------------------------- 1,598,007 - - - 2,488,473 44,485,538 5,231 - - - - 96,578 13,445 - - - - 355,838 - ------------------------------------------------------------------------------------------------- 18,676 - - - - 452,416 - ------------------------------------------------------------------------------------------------- $1,616,683 $ - $ - $ - $2,488,473 $44,937,954 =================================================================================================
See accompanying notes to financial statements. 4 8
Westinghouse MAS Vanguard Fixed Income Balanced Windsor II December 31, 1993 Fund Fund Equity Fund - ------------------------------------------------------------------------------------------------------------ ASSETS Investments and loans receivable $ 18,590,177 $ 3,742,618 $ 5,719,171 Transfers in process 29,283 (16,729) 29,876 Loan repayments in progress 42,537 12,350 11,664 Loans in progress (27,276) (16,888) (8,381) - ------------------------------------------------------------------------------------------------------------ 18,634,721 3,721,351 5,752,330 LIABILITIES Other (15,674) - - - ------------------------------------------------------------------------------------------------------------ NET ASSETS AVAILABLE FOR BENEFITS $ 18,619,047 $ 3,721,351 $ 5,752,330 ============================================================================================================
9 THE KNOLL GROUP RETIREMENT SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
Westinghouse Equitable Equitable Equitable Common Fixed Balanced Common Loan Stock Fund Fund Fund Stock Fund Fund Total - ---------------------------------------------------------------------------------------------- $ 1,686,506 $ 5,668,497 $ 642,428 $ 1,312,573 $ 2,122,226 $ 39,484,196 (42,430) 35,969 (13,156) (22,813) - - 2,058 - - - (68,609) - (346) (14,427) (4,537) (3,145) 75,000 - - ---------------------------------------------------------------------------------------------- 1,645,788 5,690,039 624,735 1,286,615 2,128,617 39,484,196 (2,250) - - - (8,054) (25,978) - ---------------------------------------------------------------------------------------------- $ 1,643,538 $ 5,690,039 $ 624,735 $ 1,286,615 $ 2,120,563 $ 39,458,218 ==============================================================================================
See accompanying notes to financial statements. 5 10
Westinghouse MAS Vanguard Fixed Income Balanced Windsor II December 31, 1994 Fund Fund Equity Fund - ------------------------------------------------------------------------------------------------------------- ADDITIONS Contributions Employer $ 775,072 $ 326,489 $ 420,962 Employee, pre- and post-tax 2,867,508 1,100,689 1,491,379 Rollover 47,459 53,723 6,288 - ------------------------------------------------------------------------------------------------------------- 3,690,039 1,480,901 1,918,629 Interest 9,823 128 25 Dividends 1,061,439 326,884 505,214 Realized gain (loss) from sale of assets - (61,562) 28,423 Unrealized appreciation (depreciation) 447,869 (352,642) (642,020) - ------------------------------------------------------------------------------------------------------------- Total Additions 5,209,170 1,393,709 1,810,271 DEDUCTIONS Plan distributions 1,673,156 443,981 495,810 Administrative expenses 7,113 3 1 - ------------------------------------------------------------------------------------------------------------- Total Deductions 1,680,269 443,984 495,811 - ------------------------------------------------------------------------------------------------------------- Net Increase (Decrease) Prior to Interfund Transfers 3,528,901 949,725 1,314,460 Interfund transfers 4,641,940 460,595 1,844,449 - ------------------------------------------------------------------------------------------------------------- NET INCREASE (DECREASE) 8,170,841 1,410,320 3,158,909 NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 18,619,047 3,721,351 5,752,330 - ------------------------------------------------------------------------------------------------------------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 26,789,888 $ 5,131,671 $ 8,911,239 ============================================================================================================
11 THE KNOLL GROUP RETIREMENT SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
Westinghouse Equitable Equitable Equitable Common Fixed Balanced Common Loan Stock Fund Fund Fund Stock Fund Fund Total ----------------------------------------------------------------------------------------------- $ 44,670 $ - $ - $ - $ - $ 1,567,193 161,321 - - - - 5,620,897 2,347 - - - - 109,817 ----------------------------------------------------------------------------------------------- 208,338 - - - - 7,297,907 1,247 - - - 144,438 155,661 23,822 190,018 - - - 2,107,377 (28,393) - 11,272 174,569 - 124,309 (187,197) - (53,408) (222,698) - (1,010,096) ----------------------------------------------------------------------------------------------- 17,817 190,018 (42,136) (48,129) 144,438 8,675,158 143,844 292,631 13,203 18,143 82,095 3,162,863 34 16,788 2,787 5,833 - 32,559 ----------------------------------------------------------------------------------------------- 143,878 309,419 15,990 23,976 82,095 3,195,422 ----------------------------------------------------------------------------------------------- (126,061) (119,401) (58,126) (72,105) 62,343 5,479,736 99,206 (5,570,638) (566,609) (1,214,510) 305,567 - ----------------------------------------------------------------------------------------------- (26,855) (5,690,039) (624,735) (1,286,615) 367,910 5,479,736 1,643,538 5,690,039 624,735 1,286,615 2,120,563 39,458,218 ----------------------------------------------------------------------------------------------- $ 1,616,683 $ - $ - $ - $ 2,488,473 $ 44,937,954 ===============================================================================================
See accompanying notes to financial statements. 6 12
Westinghouse MAS Vanguard Fixed Income Balanced Windsor II December 31, 1993 Fund Fund Equity Fund - ------------------------------------------------------------------------------------------------------------ ADDITIONS Contributions Employer $ 861,106 $ 320,304 $ 334,891 Employee, pre- and post-tax 3,000,857 1,114,949 1,285,041 Rollover 342,796 34,360 58,314 - ------------------------------------------------------------------------------------------------------------ 4,204,759 1,469,613 1,678,246 Interfund transfers (295,121) (45,324) 412,895 Earnings from investments 1,227,492 399,724 301,519 Realized gain (loss) from sale of assets - 33,116 55,327 Unrealized appreciation (depreciation) - (134,927) 189,809 Changes in outstanding loan balances (140,181) 27,234 (78,307) - ------------------------------------------------------------------------------------------------------------ Total Additions 4,996,949 1,749,436 2,559,489 DEDUCTIONS Plan distributions (1,375,171) (341,552) (353,837) Administrative expenses (5,976) - - Other (4,689) (8,320) (12,477) - ------------------------------------------------------------------------------------------------------------ Total Deductions (1,385,836) (349,872) (366,314) Net Increase (Decrease) 3,611,113 1,399,564 2,193,175 NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 15,007,934 2,321,787 3,559,155 - ------------------------------------------------------------------------------------------------------------ NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 18,619,047 $ 3,721,351 $ 5,752,330 ============================================================================================================
13 THE KNOLL GROUP RETIREMENT SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
Westinghouse Equitable Equitable Equitable Common Fixed Balanced Common Loan Stock Fund Fund Fund Stock Fund Fund Total - ------------------------------------------------------------------------------------------------- $ 33,508 $ - $ - $ - $ - $ 1,549,809 123,964 - - - - 5,524,811 2,789 500 - - - 438,759 - ------------------------------------------------------------------------------------------------- 160,261 500 - - - 7,513,379 (66,060) (46,475) (51,491) 91,576 - - 47,522 392,448 - - 143,970 2,512,675 (20,827) - - - - 67,616 108,980 - 76,639 210,205 - 450,706 (27,041) (252,891) (4,537) (3,145) 478,868 - - ------------------------------------------------------------------------------------------------- 202,835 93,582 20,611 298,636 622,838 10,544,376 (128,852) (442,608) (22,171) (52,366) (55,956) (2,772,513) - (25,817) (5,513) (9,827) - (47,133) (14,223) - - - (21,824) (61,533) - ------------------------------------------------------------------------------------------------- (143,075) (468,425) (27,684) (62,193) (77,780) (2,881,179) 59,760 (374,843) (7,073) 236,443 545,058 7,663,197 1,583,778 6,064,882 631,808 1,050,172 1,575,505 31,795,021 - ------------------------------------------------------------------------------------------------- $1,643,538 $5,690,039 $624,735 $1,286,615 $2,120,563 $39,458,218 =================================================================================================
See accompanying notes to financial statements. 7 14 THE KNOLL GROUP RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS 1. DESCRIPTION OF PLAN The following brief description of The Knoll Group Retirement Savings Plan (the Plan) is provided for general information purposes only. Participants should refer to the Summary Plan Description or the Plan agreement for a more complete description of the Plan's provisions. GENERAL The Plan, established January 1, 1992, is a defined contribution plan for all U.S. employees of The Knoll Group (the Company) who are not covered by a collective bargaining agreement and who have completed 30 days of service. The Plan merged assets of Company employees covered under the former Knoll International, Inc., Employees Savings and Protection Plan, the former Shaw-Walker Gain Plan and Company employees who previously participated in the Westinghouse Personal Investment Plan. Participants in these former plans were eligible for the Plan on January 1, 1992. The Company is a wholly-owned subsidiary of Westinghouse Electric Corporation (Westinghouse). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). CONTRIBUTIONS Plan participants can elect to defer up to 16 percent of their compensation, subject to certain limitations, for the purpose of making contributions to the Plan. The Company will match 40 percent of the first 6 percent of such participant contributions. Participants may also make after-tax contributions to the Plan, subject to provisions in the Plan. In addition, the Company may make discretionary contributions based on the Company's performance. No such contributions were made during 1994 and 1993. 8 15 THE KNOLL GROUP RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS PARTICIPANT ACCOUNTS Each participant's account is credited with the participant's contribution, the Company's matching contribution, and allocation of Plan earnings. Administrative expenses not paid by the Company are allocated to each participant's account. Allocations are based on participant earnings or account balances, as defined in the Plan Agreement. Forfeitures of participants' nonvested Company contributions are used to reduce future Company contributions to the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. VESTING Amounts contributed by participants are fully vested and nonforfeitable. Company contributions are vested in accordance with years of services. A participant is 100 percent vested after five years of service. Plan participants in the former Shaw-Walker Gain Plan and the Westinghouse Personal Investment Plan are 100 percent vested in their accumulated Company contributions as of January 1, 1992. Thereafter, vesting for Company contributions is subject to the aforementioned vesting schedule. INVESTMENT OPTIONS Upon enrollment in the Plan, a participant may direct contributions in any of four investment options. Westinghouse Fixed Income Fund - Funds are invested in shares of a trust that invests in a variety of U.S. government securities and guaranteed investment contracts (GIC) with insurance companies or other financial institutions that guarantee a fixed rate. MAS Balanced Fund - Funds are invested in shares of a registered investment company that invests primarily in a diversified portfolio of common stocks and fixed income securities. 9 16 THE KNOLL GROUP RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS Vanguard Windsor II Equity Fund - Funds are invested in shares of a registered investment company that invests primarily in common stocks. Westinghouse Common Stock Fund - Funds are invested in common stock of Westinghouse Electric Corporation. Effective August 1, 1994, three funds, Equitable Fixed Fund, Equitable Balanced Fund and the Equitable Common Stock Fund, which represented investment options under the former Knoll International, Inc. Employees' Savings and Protection Plan and merged with the Plan effective January 1, 1992, were transferred to their similar investment options noted above. ADMINISTRATION The Knoll Group Retirement Plans Administration Committee (the Plan Administrator) establishes rules for the administration of the Plan and has the exclusive right to interpret the Plan and to decide any matters arising in connection with the administration of the Plan. BENEFITS Any benefits provided by the Plan are paid by the trustee from assets available for benefits. Plan members are entitled to benefits to the extent of the balance of their account on any applicable valuation date. Each participant's account is credited with the participant's contribution plus his or her pro rata share of earnings (losses). 10 17 THE KNOLL GROUP RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS LOANS Subject to limitations of the Plan agreement, the Plan may make loans to participants. Principal and interest must be repaid over a period not to exceed five years, unless the loan is used for a residential purchase. Interest rates are established based on the prime rate provided by the Plan's trustee on the last business day of the prior calendar quarter when the loan is requested, plus 2 percent. All loans are collateralized by the participants' vested account balance in the Plan and are repaid from payroll deductions. 2. SUMMARY OF ACCOUNTING POLICIES BASIS OF ACCOUNTING The financial statements of the Plan are prepared using the accrual basis of accounting. INVESTMENTS All of the Plan investments, with the exception of the Westinghouse Fixed Income Fund, are presented at fair market value. The Westinghouse Fixed Income Fund, composed of guaranteed investment contracts with insurance companies and banks, is presented at contract value. Market value is determined from market quotations and other sources as reported to the Plan by Wachovia Bank of North Carolina, N.A., the Plan trustee. Interest income and dividend income are recorded in the period earned. ADMINISTRATIVE EXPENSES Administrative expenses are paid by Knoll North America, Inc., with the exception of management investment fees for the three Equitable Funds and the Westinghouse Fixed Income Fund, which are paid from Plan assets. 11 18 THE KNOLL GROUP RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS INVESTMENT IN BANK COMMON AND COMMINGLED TRUST FUNDS The Plan's Fixed Income Fund net assets are commingled in a separate trust fund with other Corporation employer benefit plan net assets. Units of participation are assigned to the various plans by Bankers' Trust (the trustee) based on the beneficial interest of each plan to the beneficial interests of the participating plans at the beginning of each month and daily as of October 9, 1994. 3. PLAN TERMINATION Although it has not expressed any intent to do so, the Company has the right to terminate the Plan at any time subject to the provisions of ERISA. In the event of termination of the Plan, the trustee shall hold the funds for distribution and distribute to the participants the full amount standing to their credit on the date of such termination, less the administrative costs to the trustee for such distribution, in accordance with the Plan provisions. 4. BENEFITS AND WITHDRAWALS-IN-PROCESS Withdrawals-in-process at December 31, 1994 and 1993 are not included in the respective years' statement of net assets available for benefits or the statement of changes in net assets available for benefits. These December withdrawals-in-process are as follows:
December 31, 1994 1993 ----------------------------------------------------------------------- Westinghouse Fixed Income Fund $ 165,023 $ 121,555 MAS Balanced Fund 42,868 16,942 Vanguard Windsor II Equity Fund 110,081 21,929 Westinghouse Common Stock Fund 7,720 135 Equitable Fixed Fund - 16,889 Equitable Balanced Fund - 1,981 Equitable Common Stock Fund - 11,197 ----------------------------------------------------------------------- $ 325,692 $ 190,628 =======================================================================
12 19 THE KNOLL GROUP RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS 5. 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:
December 31, 1994 1993 Net assets available for benefits per the financial statements $ 44,937,954 $ 39,458,218 Amounts allocated to withdrawing participants (325,692) (190,628) - ----------------------------------------------------------------------- Net Assets Available for Benefits Per the Form 5500 $ 44,612,262 $ 39,267,590 =======================================================================
The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500:
Year ended December 31, 1994 - ----------------------------------------------------------------------- Benefits paid to participants per the financial statements $ 3,162,863 Add: Amounts allocated to withdrawing participants at December 31 of current year 325,692 Less: Amounts allocated to withdrawing participants at December 31 of prior year (190,628) - ----------------------------------------------------------------------- Benefits Paid to Participants Per Form 5500 $ 3,297,927 =======================================================================
13 20 THE KNOLL GROUP RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, 1994, but not yet paid as of that date. 6. INVESTMENTS The Plan's investments are held in a bank-administered trust fund. The following table presents investments. Investments that represent 5% or more of the Plan's net assets are separately identified.
December 31, 1994 1993 ----------------------------------------------------------------------- INVESTMENTS AT FAIR VALUE AS DETERMINED BY QUOTED MARKET PRICE Common Stocks Equitable Common Stock Fund $ -- $ 1,312,573 MAS Equity Fund 2,792,065 2,185,227 Vanguard Windsor II Equity 8,748,199 5,719,171 Fund, Inc. Bonds MAS Special Purpose Fund 2,343,983 1,557,391 Equitable Fixed Fund -- 5,668,497 Equitable Balanced Fund -- 642,428 INVESTMENT AT CONTRACT VALUE Westinghouse Fixed Income Fund 26,542,693 18,590,177
7. INVESTMENT IN MASTER TRUST At, December 31, 1993, the Knoll Group Retirement Savings Plan had a beneficial interest in the assets of the Westinghouse Savings Program Master Trust. In 1994, Knoll's parent, Westinghouse Electric Corporation, restructured its Westinghouse Personal Savings Plan and Westinghouse Personal Investment Plan into the Westinghouse Savings Plan. Upon completion of the restructuring on September 30, 1994, the operations of the Westinghouse Savings Program Master Trust were discontinued. The Knoll Group Retirement Savings Plan continues to have a beneficial interest in the Fixed 14 21 THE KNOLL GROUP RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS Income Fund maintained by Bankers Trust, through its trustee, Wachovia Bank of North Carolina, N.A. (see note 2). 8. TAX STATUS The Plan obtained its latest determination letter on September 18, 1986, in which the Internal Revenue Service (IRS) stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code (IRC). The Plan has been amended, effective January 1, 1992, since receiving the 1986 determination letter. An application for an updated determination letter has been filed. The Plan administrator believes that the Plan, as is currently designed and being operated, is in compliance with the applicable requirements of the IRC, and, as such, believes the Plan was qualified and the related trust was tax-exempt as of December 31, 1994. 15 22 SUPPLEMENTAL SCHEDULES 23 THE KNOLL GROUP RETIREMENT SAVINGS PLAN ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
EIN: 36-2645676 December 31, 1994 Plan Number: 510 - ------------------------------------------------------------------------------------------------------------ Current Description Cost Value - ------------------------------------------------------------------------------------------------------------ Common Stocks MAS Equity Fund $ 3,070,497 $ 2,792,065 Vanguard Windsor II Equity Fund Inc. 9,038,693 8,748,199 Westinghouse Electric Corporation* 2,125,134 1,548,258 Bonds Westinghouse Fixed Income Fund 25,941,268 26,389,137 MAS Special Purpose Fund 2,531,126 2,343,983 Miscellaneous Wachovia Bank Diversified Trust Fund - Short-Term Investment Fund 176,698 176,698 Participant loans, 8.0% - 11.5% 2,847,198 2,487,198 - ------------------------------------------------------------------------------------------------------------ $45,730,614 $44,485,538 ============================================================================================================
*Party-in-interest 17 24 THE KNOLL GROUP RETIREMENT SAVINGS PLAN ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
EIN: 36-2645676 Year ended December 31, 1994 Plan Number: 510 - ------------------------------------------------------------------------------------------------------------ Current Value of Asset on Purchase Selling Cost Transaction Gain Description of Asset Price Price of Asset Date (Loss) - ------------------------------------------------------------------------------------------------------------ Sales Wachovia Bank Diversified Trust Fund - Short-Term Investment Fund $ - $4,983,943 $4,983,943 $4,983,943 $ - Equitable Fixed Fund - 5,998,059 5,998,059 5,998,059 - Purchases Wachovia Bank Diversified Trust Fund - Short-Term Investment Fund 4,911,870 - 4,911,870 4,911,870 - Westinghouse Fixed Income Fund 7,639,025 - 7,639,025 7,639,025 - MAS Equity Fund 1,586,055 - 1,586,055 1,586,055 - Vanguard Windsor II Equity Fund, Inc. 4,406,205 - 4,406,205 4,406,205 -
18 25 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed on behalf of the Plan by the undersigned thereunto duly authorized. The Knoll Group Retirement Savings Plan Dated: June 29, 1995 By: /S/ BARBARA E. ELLIXSON _______________________ Name: Barbara E. Ellixson Title: Plan Administrator 26 EXHIBIT INDEX
Sequential Exhibit No. Description Page No. 23 Consent of Independent Accountants 27
EX-23 2 WESTINGHOUSE 11-K 1 EXHIBIT 23 Consent of Independent Accountants ---------------------------------- We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 33-46051) of our report dated June 26, 1995, included in the Annual Report of The Knoll Group Retirement Savings Plan on Form 11-K for the year ended December 31, 1994. /s/ BDO Seidman 801 West Norton Avenue Muskegon, Michigan June 28, 1995 -----END PRIVACY-ENHANCED MESSAGE-----