-----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, A9hUXYsYDL4FVv7MYt/Q3LdnsYcV/+Cj+mhV6H0099Jvy2drzWTGg7R2IxvMuM90 grOyHT0gmkAW3p6Yobp4+g== 0000022606-94-000027.txt : 19940707 0000022606-94-000027.hdr.sgml : 19940707 ACCESSION NUMBER: 0000022606-94-000027 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMONWEALTH EDISON CO CENTRAL INDEX KEY: 0000022606 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 360938600 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01839 FILM NUMBER: 94536169 BUSINESS ADDRESS: STREET 1: ONE FIRST NATIONAL PLZ 37TH FL STREET 2: P O BOX 767 CITY: CHICAGO STATE: IL ZIP: 60690 BUSINESS PHONE: 3122944321 - - -----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, YuQNj6Js/e/cxW33a8kueK+MIxeESjz6WMIs1AFQRqbG7eyjMBnxGsvOFiFN1vR6 v+U2Elj/h9hpaIO7QfcT1g== 0000022606-94-000027.txt : 19940701 0000022606-94-000027.hdr.sgml : 19940701 ACCESSION NUMBER: 0000022606-94-000027 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMONWEALTH EDISON CO CENTRAL INDEX KEY: 0000022606 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 360938600 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01839 FILM NUMBER: 94536169 BUSINESS ADDRESS: STREET 1: ONE FIRST NATIONAL PLZ 37TH FL STREET 2: P O BOX 767 CITY: CHICAGO STATE: IL ZIP: 60690 BUSINESS PHONE: 3122944321 11-K 1 FORM 11-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 1993 [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-1839 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN (Full title of the Plan) COMMONWEALTH EDISON COMPANY 37th Floor, 10 South Dearborn Street Post Office Box 767, Chicago, Illinois 60690-0767 (Name of issuer of the securities held pursuant to the Plan and address of its principal executive offices) COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN INDEX TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991 Page No. Independent Auditor's Report 1 Statements of Net Assets Available for Benefits - December 31, 1993 and 1992 2 Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1993, 1992 and 1991 3 Notes to Financial Statements 4-24 Schedule I - Investments as of December 31, 1993 Schedule II - Transactions in Excess of 5% of the Current Value of Plan Assets for the Year Ended December 31, 1993 Note: There were no loans, fixed income obligations or leases in default at December 31, 1993, and there were no reportable transactions with any non-exempt party-in-interest during the year then ended. WASHINGTON,PITTMAN & McKEEVER CERTIFIED PUBLIC ACCOUNTANTS 819 South Wabash Avenue Suite 600 Chicago, Illinois 60605 (312) 786-0330 FAX (312) 786-0323 INDEPENDENT AUDITOR'S REPORT To the Commonwealth Edison Employe Savings and Investment Plan: We have audited the accompanying statements of net assets available for benefits of the COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN as of December 31, 1993 and 1992, and the related statements of changes in net assets available for benefits for the years ended December 31, 1993, 1992 and 1991. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. These standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN as of December 31, 1993 and 1992, and the changes in net assets available for benefits for the years ended December 31, 1993, 1992 and 1991, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of investments as of December 31, 1993, and transactions in excess of 5% of the current value of plan assets for the year ended December 31, 1993, are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended. The supplemental schedules have been subjected to the auditing procedures applied in the audits 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. WASHINGTON, PITTMAN & McKEEVER Chicago, Illinois June 24, 1994 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1993 AND 1992
1993 1992 ______________ ______________ ASSETS INVESTMENTS, AT CURRENT VALUE (Note 2): Commonwealth Edison Company Common Stock $ 61,063,594 $ 45,384,581 The First National Bank of Chicago Group Trust for Pension and Profit Sharing Trusts (Note 5)- Institutional Cash Management Fund 1,429,969 1,653,110 Collective Trust Funds of The Northern Trust Company (Note 6)- Short Term Investment Fund 50,471 401,527 Intermediate Term Bond Fund 51,545,001 44,538,767 Brinson Trust Company Collective Investment Trust for Pension and Profit Sharing Trusts (Note 7)- U.S. Cash Management Fund 3,519,554 1,938,297 Multi-Asset Portfolio Fund 202,582,418 159,049,826 Guaranteed Investment Contracts (Note 8) 121,887,114 104,575,291 Banker's Trust Company BT Pyramid Trust (Note 9)- BT Pyramid Discretionary Cash Fund 84 - BT Pyramid Equity Index Fund 22,161,911 14,555,151 Loans Receivable from Participants 29,758,563 22,868,321 ______________ ______________ Total Investments $ 493,998,679 $ 394,964,871 ______________ ______________ RECEIVABLES: Accrued Dividends and Interest $ 1,568,301 $ 1,449,657 Contributions Receivable 3,982 3,279 ______________ ______________ $ 1,572,283 $ 1,452,936 ______________ ______________ TOTAL ASSETS $ 495,570,962 $ 396,417,807 ______________ ______________ LIABILITIES Payable to Participants $ 2,747,349 $ 4,412,602 Accrued Administrative Expenses 467,176 285,635 ______________ ______________ TOTAL LIABILITIES $ 3,214,525 $ 4,698,237 ______________ ______________ NET ASSETS AVAILABLE FOR BENEFITS $ 492,356,437 $ 391,719,570 ______________ ______________ ______________ ______________
The accompanying Notes to Financial Statements are an integral part of the above statements - 2 - COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
1993 1992 1991 ______________ ______________ ______________ ADDITIONS TO NET ASSETS ATTRIBUTED TO: INVESTMENT INCOME: Dividends on Commonwealth Edison Company Common Stock $ 3,352,699 $ 4,193,690 $ 4,765,703 Income from Investment in Group and Collective Investment Trust Funds 21,067,789 18,278,649 15,982,391 Income from Participants' Loans 2,450,443 2,185,908 1,689,716 ______________ ______________ ______________ Total Investment Income $ 26,870,931 $ 24,658,247 $ 22,437,810 ______________ ______________ ______________ Net Realized Gain on Investments $ 19,107 $ 27,604,907 $ 1,203,111 Net Unrealized Appreciation (Depreciation) of Investments 22,038,152 (51,183,311) 24,216,281 ______________ ______________ ______________ NET APPRECIATION (DEPRECIATION) OF INVESTMENTS (NOTES 3 AND 4) $ 22,057,259 $ (23,578,404) $ 25,419,392 ______________ ______________ ______________ CONTRIBUTIONS: Participants $ 44,898,697 $ 43,840,111 $ 34,815,334 Employers 22,004,465 20,147,216 14,692,447 Rollovers 779,456 842,484 1,211,991 ______________ ______________ ______________ Total Contributions $ 67,682,618 $ 64,829,811 $ 50,719,772 ______________ ______________ ______________ TOTAL ADDITIONS $ 116,610,808 $ 65,909,654 $ 98,576,974 ______________ ______________ ______________ DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: WITHDRAWALS BY PARTICIPANTS $ 14,255,934 $ 14,930,823 $ 11,138,804 ADMINISTRATIVE EXPENSES 1,718,007 1,450,188 1,268,475 ______________ ______________ ______________ TOTAL DEDUCTIONS $ 15,973,941 $ 16,381,011 $ 12,407,279 ______________ ______________ ______________ NET INCREASE $ 100,636,867 $ 49,528,643 $ 86,169,695 NET ASSETS AVAILABLE FOR BENEFITS BEGINNING OF YEAR 391,719,570 342,190,927 256,021,232 ______________ ______________ ______________ END OF YEAR $ 492,356,437 $ 391,719,570 $ 342,190,927 ______________ ______________ ______________ ______________ ______________ ______________
The accompanying Notes to Financial Statements are an integral part of the above statements. - 3 - COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (1) Description of Plan. The following description of the Commonwealth Edison Employe Savings and Investment Plan (the "Plan") is provided for general information purposes only. The official text of the Plan, as amended, should be read for more complete information. a. General. The Plan was established by Commonwealth Edison Company (the "Company"), effective March 1, 1983, to provide a systematic savings program for eligible employees and to supplement such savings with Employer contributions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The Plan provides that any regular employee of the Company or Commonwealth Edison Company of Indiana, Inc., and any regular salaried employee of Cotter Corporation, excluding any such employee on an approved leave of absence, who has completed three months of service with any of such companies or any subsidiary of the Company, is eligible to become a participant. Effective July 30, 1993, employees who were formerly employed by Edison and who transferred employment from Edison to Northwind Inc. at the request of Edison are eligible to become participants. These companies are hereinafter referred to as "Employers." The Company is the administrator of the Plan and has the sole authority to appoint and remove members of the Plan Committee, the Trustee, and any investment manager which may be provided for under the Trust. The Plan Committee has the responsibility for day-to-day administration of the Plan, including authorization of disbursements. The First National Bank of Chicago is the Trustee (the "Trustee") under the Plan. The Company and the Trustee have executed a trust agreement which provides, among other things, that all amounts received by the Trustee thereunder shall be held, managed, invested and distributed by the Trustee in accordance with the Plan and the Trust Agreement. Metropolitan Life Insurance Company, as recordkeeper, maintains the records of participants' accounts under the Plan. b. Contributions. The Plan permits a participant to establish a Basic Savings Account by authorizing payroll deductions per payroll period of 1% to 10%, in whole percentages only, of Compensation, as defined in the Plan, and having such amounts contributed to the participant's Basic Savings Account. A participant may also establish a Compensation Conversion Account by electing to reduce Compensation per payroll period in an amount equivalent to 1% to 10%, in whole percentages only, and having such amounts contributed to the participant's Compensation Conversion Account. Employer contributions to a participant's Employer Contribution Account shall be equal to 70% of the participant's contributions for each payroll period to the participant's Basic Savings Account and Compensation Conversion Account, but shall not exceed 70% of 5% of the participant's Compensation. Employer contributions shall be invested in the same 4 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) investment funds and in the same percentages as specified by the participant for the participant's employee accounts. The Plan Committee is authorized to establish and maintain a Rollover Account for a participant to record a qualified total distribution or direct trust transfer made by or on behalf of the participant including distributions made to or on behalf of a participant upon the termination of the Commonwealth Edison Company Employe Stock Ownership Plan. The total contributions allocated to a participant's accounts for any calendar year are limited to meet the requirements of the Internal Revenue Code. c. Investment Funds. The Plan provides for five investment funds described as follows: Fund A is the Commonwealth Edison Company Common Stock Fund. This fund is invested primarily in Common Stock of the Company. Each purchase of Common Stock is made from the Company on the day contributions are transferred to the Trustee at a price which is the average of the high and low sales prices of the Company's Common Stock, as reported as New York Stock Exchange - Composite Transactions, on the day preceding the day of transfer. Dividends are reinvested in the Company's Common Stock under the Company's Dividend Reinvestment and Stock Purchase Plan. Fund B is a Fixed Income Securities Fund. This fund is invested in major portion in high grade debt securities with expected maturities of five years or less from the date of purchase. Such investments may be made directly, or indirectly through investment in common, collective or pooled investment funds. Fund C is a Diversified Fund. This fund is invested primarily in corporate equity securities and corporate debt securities. Investments may also be made in other appropriate investments, including, but not limited to, real estate, foreign securities and venture capital opportunities. Such investments may be made directly, or indirectly through investment in common, collective or pooled investment funds. Fund D is a Stated Return Fund. This fund is invested primarily in one or more investment contracts issued by either one or more insurance carriers, banks or trust companies. The investment contracts will stipulate rates of return to be credited to funds invested in the contracts for specified periods of time. The actual rate of return of Fund D will depend on the weighted average return of all the contracts in which such amounts are invested, and is determined by the level of contributions to, and withdrawals from, Fund D. Fund E is a Stock Index Fund. This fund is invested primarily to perform as closely as possible to the Standard and Poor's 500 Stock Price Index. Such investments may be made directly, or indirectly through investment in common, collective or pooled investment funds. 5 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) Amounts in each of the investment funds may temporarily be held in cash or invested in short-term cash equivalents pending investment or other disposition. A participant elects the investment of contributions to the participant's accounts in Fund A, Fund B, Fund C, Fund D and Fund E in specified multiples of 10%. A participant may change investment elections effective as of any January 1, April 1, July 1 or October 1 by filing a change form at least 30 days prior to the effective date of the change. Changes may be made in multiples of 10% for amounts already contributed to and held in the participant's accounts or for future contributions, or for both. Certain restrictions relate to the transfer of investments between Funds B and D. At December 31, 1993, the number of participants in Fund A, Fund B, Fund C, Fund D and Fund E was 8,749, 6,724, 13,459, 9,337 and 3,849, respectively. d. Participant Loans. A participant may upon written application to the Plan Committee, together with payment of an application fee, borrow from the Plan in accordance with the following rules established in the Plan and by the Plan Committee: (1) only one loan is permitted to a participant in any calendar year and the aggregate number of outstanding loans to a participant may not exceed five; (2) a loan acceptance fee may be required by the Plan Committee on each loan in addition to the required application fee; (3) the amount of a loan shall not be less than $1,000, and the aggregate amount of all outstanding loans to a participant may not exceed the lesser of (i) 50% of a participant's vested balance in the Plan and (ii) $50,000 minus the excess of the highest outstanding balance of all loans from the Plan to the participant during the previous 12-month period over the outstanding balance of all loans from the Plan to the participant on the day the loan is made; (4) the amount of a loan will be charged against the participant's plan accounts and an investment fund or funds in accordance with rules established by the Plan Committee; (5) the period for repayment of a loan may not exceed five years from the date of such loan. A loan may be prepaid in its entirety, without penalty, after 12 months by delivering cash to the Plan Committee in an amount equal to the entire unpaid balance of such loan including interest. No partial prepayment is permitted. A loan will be made only if the participant consents to have substantially equal installments deducted from the participant's regular payroll checks during the term of such loan; (6) a loan must be evidenced by the participant's collateral promissory note, in the form prescribed by the Plan Committee, for the amount of the loan and secured by an assignment of the participant's Plan accounts; (7) each loan will bear interest at the rate established by The First National Bank of Chicago for loans secured by certificates of deposit and in effect on the last business day of the month preceding the issuance of the loan; and (8) the outstanding balance of all loans made to the participant generally becomes immediately due and payable upon termination of employment. No distribution from the Plan will be made to a participant who has received a loan, or to a beneficiary of any such participant, until the loan, including interest, has been repaid out of the funds otherwise distributable. e. Vesting and Forfeiture of Participants' Accounts. A participant's Basic Savings Account, Compensation Conversion Account and Rollover Account are fully vested at all times. A participant who remains in employment with an Employer or any subsidiary of the 6 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) Company becomes vested in the Employer Contribution Account at the rate of 20% per year (as of each January 1) after the participant first becomes a participant. A participant also becomes fully vested in the Employer Contribution Account upon retirement (as defined in the Plan), total disability or death. If a participant terminates employment, other than by reason of retirement, total disability or death, before being fully vested in the participant's Employer Contribution Account, the non-vested portion of the participant's Employer Contribution Account will be segregated from such Account and will continue to be invested in accordance with the participant's investment election then in effect until December 31 of the year in which the participant's termination of employment occurs. As of December 31 of such year, the non-vested amount shall be invested in Fund D until the non-vested amount is again credited to the participant's account or reallocated among participants' accounts. If the participant is not rehired by an Employer or a subsidiary of the Company within five years of the date on which employment was terminated, the portion so segregated will become a forfeiture at the end of such period. Such forfeitures generally will be allocated per capita among the active and inactive participants who are employees of such Employer and credited to their Employer Contribution Accounts as of the end of the Plan year in which the forfeitures occur. f. Withdrawals by Participants While Employed. A participant may withdraw up to the entire balance of the participant's Basic Savings Account once each calendar year, except that while any loan to the participant remains outstanding, the amount available for withdrawal shall be the balance in such Account less twice the balance of any loan subaccount. A withdrawal from the participant's Basic Savings Account suspends the participant's right to make contributions to the Plan for six months. A participant may make withdrawals from the participant's Compensation Conversion Account, but only if the participant has attained age 59-1/2 or, prior to that age, only in an amount required to alleviate financial hardship as determined by the Plan Committee. While any loan to the participant remains outstanding, the amount available for withdrawal shall be the balance in the Compensation Conversion Account less twice the balance of any loan subaccount. Financial hardship withdrawals from a Compensation Conversion Account suspend the participant's right to make contributions to the Plan for six months. A participant may withdraw up to an amount equal to the balance in his Rollover Account, except that while any loan to the participant remains outstanding, the amount available for withdrawal shall be the balance in such Account less twice the balance of any loan subaccount. g. Distributions Upon Termination of Employment. Upon termination of employment, retirement, total disability or death of a participant, distribution of the balances of the participant's Basic Savings Account, Compensation Conversion Account, Rollover Account and the vested portion of the Employer Contribution Account is made to the participant or, in the event of the participant's death, to the participant's designated 7 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) beneficiary or beneficiaries. Such distribution will be made, as elected by the participant, in the form of either a lump-sum payment or, if the participant's account exceeds $3,500, in substantially equal annual installments over a period not exceeding the lesser of 15 years or the life expectancy of the participant or beneficiary, as the case may be. If payment is to be made in annual installments, the unpaid balance of the participant's Accounts will be invested as selected by the participant or beneficiary in accordance with the rules of the Plan as described previously under "Investment Funds." Distributions will be made in cash, except that, if the participant's Accounts are to be paid in a lump sum, then the participant may request that all of the vested portion of the participant's Accounts invested in Fund A be distributed in whole shares of Company Common Stock with any fractional share being paid in cash. If distribution is to be made in periodic payments, such payments shall include net income or loss allocable to the participant for each year. If such periodic payments have begun to be paid to a participant and the participant dies before all such payments have been made, the length of the period over which the remaining payments are to be made to the participant's beneficiary may not exceed the number of years for which payments remain to be made to the participant. A participant who has elected distribution in periodic payments may, at any time after such election is made, elect to receive a distribution of the remaining amount of his benefits in a lump sum. Distribution will be made or commence within 60 days following the valuation date coincident with or next following the participant's termination of employment unless the participant's Plan Accounts to be distributed exceed $3,500 and either (a) the participant elects prior to termination of employment to defer receipt of the distribution and have such distribution made or commence within 60 days following the end of the Plan year in which the participant attains age 70-1/2 or (b) the participant has not reached age 65. In the latter case, distribution will be deferred and will be made or commence within 60 days following the valuation date coincident with or following the date on which the participant reaches age 65, unless the participant elects the option described in (a). If distribution is deferred, the unpaid balance of the participant's Plan Accounts will be invested in any of the funds as directed by the participant and such investments may be changed in accordance with the rules of the Plan as described previously under "Investment Funds." In the case of a distribution of a lump sum payment, interest on the amount of such lump sum payment (other than the portion, if any, of the distribution that consists of shares of Company Common Stock) shall be paid to the recipient thereof by the Fund or Funds from which such distribution is made for the period from the valuation date on which the amount of such lump sum distribution is determined to and including the day preceding the date on which such distribution is made. Interest for such period shall be calculated at the Tier 1 rate payable by The First National Bank of Chicago on its First Money Market Account for the week within which occurs the valuation date on which the amount of the distribution is determined. Such interest shall be paid within fifteen days after the date on which distribution of the lump sum payment is made. To the extent a distribution consists of shares of Company Common Stock, any declared dividends having a record date after the valuation date on which the number of shares is determined and prior to the date of distribution of the shares shall be paid to the participant as soon as possible after the dividends are received by the Trustee. 8 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) Each participant has the right at any time to designate, or to rescind or change any designation of, a beneficiary to receive distribution in the event of the participant's death. If no beneficiary is designated, or if the designated beneficiary does not survive the participant, the distribution will be made to the participant's surviving spouse or, if the participant has no surviving spouse, to the participant's estate. No designation of a beneficiary other than a surviving spouse is or will be effective under the Plan unless the Plan Committee receives (with certain exceptions) the written consent of the participant's spouse to such designation. (2) Summary of Significant Accounting Policies. The significant accounting policies followed by the Plan are as follows: a. General. The Plan follows the accrual method of accounting for recording contributions from participants and Employers, income from investments, purchases and sales of investments, withdrawals by participants and administrative expenses. b. Valuation of Investments. Investments are stated at current value. (3) Realized Gain (Loss) on Investments. The realized gain on investments in Fund A for the years ended December 31, 1993 and 1991 were $12,531 and $572,574, respectively, and resulted from proceeds of $900,031 and $2,613,209, respectively, from disposition of investments having costs of $887,500 and $2,040,635, respectively. The realized loss on investments in Fund A for the year ended December 31, 1992 was $486,076 and resulted from proceeds of $3,450,542 from disposition of assets having costs of $3,936,618. The realized gains on investments in Fund B for the years ended December 31, 1992 and 1991 were $2,325 and $509, respectively, and resulted from proceeds of $100,109 and $21,517, respectively, from disposition of investments having costs of $97,784 and $21,008, respectively. The realized gain on investments in Fund C for the years ended December 31, 1993, 1992 and 1991 were $6,576, $26,951,008 and $630,028, respectively, and resulted from proceeds of $200,203, $147,965,106 and $3,992,634, respectively, from disposition of investments having costs of $193,627, $121,014,098 and $3,362,606, respectively. The realized gain on investments in Fund E for the year ended December 31, 1992 was $1,137,650 and resulted from proceeds of $11,708,904 from disposition of assets having costs of $10,571,254. The cost of investments sold was determined on an average cost basis. 9 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) (4) Appreciation (Depreciation) of Investments. a. Net Unrealized Appreciation (Depreciation) of Investments. The net unrealized appreciation (depreciation) in the current value of investments for the years ended December 31, 1991, 1992 and 1993 was as follows:
Fund A Fund B Fund C Fund D Fund E _____________ ___________ _____________ ________ ____________ Commonwealth Fixed Edison Company Income Stated Stock Common Stock Securities Diversified Return Index Fund Fund Fund Fund Fund Total _____________ ___________ _____________ ________ ____________ _____________ Balance at January 1, 1991 $ 7,030,749 $ (193,000) $ 10,888,527 $ - $ (155,591) $ 17,570,685 Net change in unrealized appreciation (depreciation) during the year 7,432,939 1,810,184 13,655,810 - 1,317,348 24,216,281 _____________ ___________ _____________ ________ ___________ _____________ Balance at December 31, 1991 $ 14,463,688 $1,617,184 $ 24,544,337 $ - $1,161,757 $ 41,786,966 Net change in unrealized appreciation (depreciation) during the year (29,320,870) 378,567 (21,951,759) - (289,249) (51,183,311) _____________ ___________ _____________ ________ ___________ _____________ Balance at December 31, 1992 $(14,857,182) $1,995,751 $ 2,592,578 $ - $ 872,508 $ (9,396,345) Net change in unrealized appreciation (depreciation) during the year 9,590,173 (420,035) 11,111,255 - 1,756,759 22,038,152 _____________ ___________ _____________ ________ ___________ _____________ Balance at December 31, 1993 $ (5,267,009) $1,575,716 $ 13,703,833 $ - $2,629,267 $ 12,641,807 _____________ ___________ _____________ ________ ___________ _____________ _____________ ___________ _____________ ________ ___________ _____________
b. Realized and Unrealized Appreciation (Depreciation) of Investments - Revalued Cost Method. The net appreciation (depreciation) in current value of investments between realized and unrealized gains (losses) on investments as determined in accordance with the "current value" reporting requirements of the Department of Labor and the Internal Revenue Service instructions for Form 5500 was as follows. The realized gains or losses are the difference between the proceeds received and the current value cost (fair value at the beginning of the year or at the time of purchase if acquired during the current year). 1993 1992 _____________ _____________ Net realized gains on investments $ 217,241 $ 924,969 Net unrealized gains (losses) on investments 21,840,018 (24,503,373) _____________ _____________ Net appreciation (depreciation) in current value of investments $ 22,057,259 $(23,578,404) _____________ _____________ _____________ _____________ 10 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) (5) Participation in The First National Bank of Chicago Group Trust. a. Group Trust Institutional Funds. As of December 31, 1993, Funds A, B, D and E had equity in the Institutional Cash Management Fund which is part of The First National Bank of Chicago Group Trust for Pension and Profit Sharing Trusts (the "First Chicago Group Trust"). The Institutional Cash Management Fund can invest no more than 20% of its assets in securities having maturity dates exceeding 91 days and have no less than 20% of its assets comprised of cash, demand obligations and other assets capable of liquidation on the next business day. All income is credited to each participating trust. b. Valuation of Investments. Investments of the Cash Management Fund are valued at amortized cost plus accrued interest which approximates current value. (6) Participation in Collective Trust Funds of The Northern Trust Company. a. Collective Trust Funds. As of December 31, 1993, Fund B had equity in the Short Term Investment Fund and the Intermediate Term Bond Fund of the Collective Trust Funds of The Northern Trust Company. The Short Term Investment Fund is composed of high grade money market investments having maturities averaging less than three months. The Intermediate Term Bond Fund invests in major portion in high grade securities having expected maturities of five years or less. The equity of participants in the Collective Trust Funds is represented by fund units. At the end of each valuation period, the unit values are adjusted to give effect to net gains or losses, changes in the current value of assets and receipt of income. b. Valuation of Investments. Temporary investments in short-term securities are carried at cost which approximates current value. Investments held by the Short Term Investment Fund are stated at cost. Accreted discount on investments is included in accrued income receivable. The value of investments at cost plus the amount of accreted discount approximates current value. Investments in the Intermediate Term Bond Fund are stated at current value. Securities traded on security exchanges are valued at the latest sales price on the valuation date or, in the absence of any sales, at the bid price on the valuation date. Securities traded over-the-counter are valued at the final bid price on the valuation date. (7) Participation in Brinson Trust Company Collective Investment Trust. a. Collective Trust Funds. As of December 31, 1993, Fund C had equity in the U. S. Cash Management Fund and the Multi-Asset Portfolio Fund, both of which are part of 11 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) the Brinson Trust Company Collective Investment Trust (the "Brinson Trust"). The U. S. Cash Management Fund can invest no more than 20% of its assets in securities having maturity dates exceeding 91 days and have no less than 20% of its assets comprised of cash, demand obligations and other assets capable of liquidation on the next business day. The Multi-Asset Portfolio Fund invests in assets of the U.S. Bond Fund, U.S. Cash Management Fund, Non-U.S. Equity Fund, U.S. Stock Only Fund, Post-Venture Fund, International Dollar Bond Fund, Non-U.S. Bond Fund, U.S. High Yield Fund, Brinson MAP Venture Capital Fund III, and Institutional Venture Capital Fund, all of which are also part of the Brinson Trust. In addition, the Multi-Asset Portfolio Fund also has investments in units of the Institutional Real Estate Fund F and the Institutional Venture Capital Fund II which are part of the First National Bank of Chicago Group Trust for Pension and Profit Sharing Trusts, and in U.S. Treasury Bills. The equity of participants in the Brinson Trust is represented by fund units. At the end of each valuation period, the Trustee of the Brinson Trust adjusts unit values to give effect to net gains or losses, changes in current value of the assets and receipt of income. All income is retained in the various funds, except the U.S. Cash Management Fund where income is credited to each participating trust. b. Valuation of Investments. Short-term investments held by various institutional funds of the Brinson Trust are stated at cost which approximates current value. Investments of the U.S. Cash Management Fund are valued at amortized cost plus accrued interest which approximates current value. Investments of the U.S. High Yield Fund, the U.S. Bond Fund, the U.S. Stock Only Fund, the Non-U.S. Equity Fund, the Post-Venture Fund, the International Dollar Bond Fund, the Non-U.S. Bond Fund, the Brinson MAP Venture Capital Fund III, the Institutional Venture Capital Fund and the Institutional Venture Capital Fund II are valued at the latest reported sale price on the valuation date used for securities traded on United States and foreign stock exchanges. Investments valued in foreign currencies are converted into U.S. dollars based on quoted foreign exchange rates on the valuation date. Securities not listed on such exchanges or for which no sale has been reported on that date are valued at the latest quoted bid price or at estimated current value as determined by the fund trustee. Investments of Real Estate Fund F are stated at estimated current values as determined by the First Chicago Group Trust trustee. 12 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) (8) Guaranteed Investment Contracts. Fund D had equity in the following guaranteed investment contracts as of December 31, 1993 and 1992, respectively:
December 31, 1993 December 31, 1992 Table _____________________________ _____________________________ Footnote Current Current Issuer Reference Cost Value Cost Value ________________________ _________ _____________ _____________ _____________ _____________ Metropolitan Life Insurance Company (a) $ 3,956,100 $ 3,956,100 $ 11,603,331 $ 11,603,331 Continental Assurance Company (b) 19,391,747 19,391,747 26,772,856 26,772,856 Connecticut General Life Insurance Company (c) 14,509,275 14,509,275 15,043,057 15,043,057 Metropolitan Life Insurance Company (d) 12,789,536 12,789,536 17,952,050 17,952,050 Principal Mutual Life Insurance Company (e) 14,093,426 14,093,426 14,978,602 14,978,602 American International Life Assurance Company of New York (f) 9,352,959 9,352,959 9,977,944 9,977,944 Aetna Life Insurance Company (g) 6,991,022 6,991,022 8,247,451 8,247,451 Allstate Life Insurance Company (h) 10,381,467 10,381,467 - - The Prudential Insurance Company of America (i) 12,306,022 12,306,022 - - John Hancock Mutual Life Insurance Company (j) 18,115,560 18,115,560 - - _____________ _____________ _____________ _____________ Total $121,887,114 $121,887,114 $104,575,291 $104,575,291 _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________
FOOTNOTES: (a) Participation in the Metropolitan Life Insurance Company ("Metropolitan") Group Annuity Contract. Effective October 1, 1989, the Trustee established an account with Metropolitan to invest amounts contributed by participants and employers to Fund D from October 1, 1989 through September 30, 1990. Also, on October 2, 1989, 100% of the amount remaining in a contract issued in July 1986 by the John Hancock Mutual Life Insurance Company was transferred to Metropolitan. The account is equal to the amount of contributions invested plus credited interest, less any amount withdrawn or transferred. The interest on the account is computed at an effective annual rate of 8.70%, and is credited at the end of each day on the amount in the account at the end of the preceding day. The account will remain open and continue to credit interest at the annual rate of 8.70% until September 30, 1994. The amount in the account in excess of $4,000,000 at September 30, 1993 was transferred to an account established with John Hancock Mutual Life Insurance Company (see Note (j)). The remaining balance will be transferred on 13 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) September 30, 1994. Withdrawals from and transfers to and from the account are subject to certain restrictions specified in the contract between Metropolitan and the Trustee which was executed to establish the account. (b) Participation in the Continental Assurance Company ("CNA") Guaranteed Return Annuity Contract. Effective October 1, 1990, the Trustee established an account with CNA to invest amounts contributed by participants and employers to Fund D from October 1, 1990 through September 30, 1991, subject to a maximum contribution amount of $26,000,000. The contribution limit was reached in July 1991 and no further contributions were made to the account after July 14, 1991. The account is equal to the amount of contributions invested, plus credited interest, less the guaranteed expense charge and any amounts withdrawn or transferred. The interest on the account is computed at an effective annual rate of 9.30% and is credited to the balance in the account on each annual accounting date. The guaranteed expense charge is computed at an effective annual rate of 0.25% and is charged annually on each accounting date. The account will remain open and continue to credit interest at the annual rate of 9.30% and incur the guaranteed expense charge at the annual rate of 0.25% until April 1, 1996. Twenty-five percent (25%) of the amount remaining in the account on April 1, 1993 was transferred to an account established with Allstate Life Insurance Company (see Note (h)). The amount remaining in the account will be transferred to the Trustee or to another account at the direction of the Trustee in the following increments: one- third (33.3%) of the account balance on March 31, 1995, one- half (50%) of the account balance on October 2, 1995, and all (100%) of the account balance on April 1, 1996. Withdrawals from and transfers to and from the account are subject to certain restrictions specified in the contract between CNA and the Trustee which was executed to establish the account. (c) Participation in the Connecticut General Life Insurance Company ("Connecticut General") Group Annuity Contract. Effective July 15, 1991, the Trustee established an account with Connecticut General to invest amounts contributed by participants and employers to Fund D from July 15, 1991 through September 30, 1992. Twenty-five percent (25%) of the contributions during this time period are deposited in the account. Also, on October 1, 1991, the entire amount remaining in a contract issued in October 1985 by The Prudential Insurance Company of America, and which expired on September 30, 1991, was transferred to Connecticut General. The account is equal to the amount of contributions invested, plus credited interest, less the expense charge and any amounts withdrawn or transferred. The interest on the account is computed at an effective annual rate of 9.48% and is credited monthly. The annual expense charge is 1.16% of the account balance and is charged monthly. The account will remain open and continue to credit interest at the annual rate of 9.48% and incur the expense charge at the annual rate of 1.16% until September 30, 1996. The amount remaining in the account will be transferred to the Trustee or to another account at the direction of the Trustee in fifty percent (50%) increments on April 1, 1996 and September 30, 1996. Withdrawals from and transfers to and from the account are subject to certain restrictions specified in the contract between Connecticut General and the Trustee which was executed to establish the account. (d) Participation in the Metropolitan Life Insurance Company ("Metropolitan") Group Annuity Contract. Effective July 23, 1991, the Trustee established an account with Metropolitan to invest amounts contributed by participants and employers to Fund D from July 23, 1991 through September 30, 1992. Seventy-five percent (75%) of the contributions during this time period are deposited in the account. The account is equal to the amount of contributions invested plus credited interest, less any amounts withdrawn or transferred. The interest on the account is computed at an effective annual rate of 8.37% and is credited daily. The account will remain open and continue to credit interest at the annual rate of 8.37% until March 31, 1997. The amount remaining in the account will be transferred to the Trustee or to another account at the direction of the Trustee in twenty-five percent (25%) increments on March 31, 1994, March 31, 1995, March 31, 1996, and March 31, 1997. On March 31, 1993 the amount remaining in the account which was in excess of $13,500,000 as of October 31, 1992 was transferred to an account established with Allstate Life Insurance Company (see Note (h)). Withdrawals from and transfers to and from the account are subject to certain restrictions specified in the contract between Metropolitan and the Trustee which was executed to establish the account. 14 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) (e) Participation in the Principal Mutual Life Insurance Company ("Principal Mutual") Group Annuity Contract. Effective August 26, 1992, the Trustee established an account with Principal Mutual to invest sixty percent (60%) of the value of investment contracts which matured September 30, 1992. The account is equal to the amount of contributions invested plus credited interest, less any amounts withdrawn or transferred. The interest on the account is computed at an effective annual rate of 5.70% and is credited daily. The account will remain open and continue to credit interest at the annual rate of 5.70% until September 30, 1997. Any amount remaining in the account in excess of $12,000,000 on April 1, 1994, $10,000,000 on October 3, 1994, $8,000,000 on October 2, 1995, and $5,000,000 on April 1, 1997, will be transferred to the Trustee or to another account at the direction of the Trustee on those respective dates. Withdrawals from and transfers to and from the account are subject to certain restrictions specified in the contract between Principal Mutual and the Trustee which was executed to establish the account. (f) Participation in the American International Life Assurance Company of New York ("American International") Group Annuity Contract. Effective October 1, 1992, the Trustee established an account with American International to invest a portion of the value of investment contracts which matured September 30, 1992. The account is equal to the amount of contributions invested plus credited interest, less any amounts withdrawn or transferred. The interest on the account is computed at an effective annual rate of 5.30% and is credited daily. The account will remain open and continue to credit interest at the annual rate of 5.30% until March 31, 1997. The amount remaining in the account will be transferred to the Trustee or to another account at the direction of the Trustee in twenty percent (20%) increments on March 31, 1994, September 30, 1994, September 29, 1995, September 30, 1996, and March 31, 1997. Withdrawals from and transfers to and from the account are subject to certain restrictions specified in the contract between American International and the Trustee which was executed to establish the account. (g) Participation in the Aetna Life Insurance Company ("Aetna") Guaranteed Investment Contract. Effective October 15, 1992, the Trustee established an account with Aetna to invest amounts contributed by participants and employers to Fund D from October 1, 1992 through March 31, 1993. The account is equal to the amount of contributions invested plus credited interest, less any amounts withdrawn or transferred. The interest on the account is computed at an effective annual rate of 6.31% and is credited daily. The account will remain open and continue to credit interest at the annual rate of 6.31% until March 31, 1998. The amount remaining in the account will be transferred to the Trustee or to another account at the direction of the Trustee in one-third (33-1/3%) increments on March 31, 1997, September 30, 1997, and March 31, 1998. On September 30, 1993 the amount remaining in the account which was in excess of $7,300,000 as of March 31, 1993 was transferred to an account established with John Hancock Mutual Life Insurance Company (see Note (j)). Withdrawals from and transfers to and from the account are subject to certain restrictions specified in the contract between Aetna and the Trustee which was executed to establish the account. (h) Participation in the Allstate Life Insurance Company ("Allstate") Guaranteed Investment Contract. Effective March 18, 1993, the Trustee established an account with Allstate to invest a portion of the value of investment contracts which matured March 31, 1993. The maturing contracts were issued in 1990 and 1991 by CNA and Metropolitan (see Notes (b) and (d)). The account is equal to the amount of contributions invested plus credited interest, less any amounts withdrawn or transferred. The interest on the account is computed at an effective annual rate of 5.76% (net of expenses) and is credited daily. The account will remain open and continue to credit interest at the annual rate of 5.76% until September 30, 1998. The amount remaining in the account will be transferred to the Trustee or to another account at the direction of the Trustee in one-third (33-1/3%) increments on September 30, 1997, March 31, 1998, and September 30, 1998. Withdrawals from and transfers to and from the account are subject to certain restrictions specified in the contract between Allstate and the Trustee which was executed to establish the account. 15 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) (i) Participation in The Prudential Insurance Company of America ("Prudential") Group Pension Annuity Contract. Effective April 1, 1993, the Trustee established an account with Prudential to invest amounts contributed by participants and employers to Fund D from April 1, 1993 through September 30, 1993. The account is equal to the amount of contributions invested plus credited interest, less any amounts withdrawn or transferred. The interest on the account is computed at an effective annual rate of 5.72% (net of expenses) and is credited daily. The account will remain open and continue to credit interest at the annual rate of 5.72% until September 30, 1998. The amount remaining in the account will be transferred to the Trustee or to another account at the direction of the Trustee in one-third (33-1/3%) increments on September 30, 1997, March 31, 1998, and September 30, 1998. Withdrawals from and transfers to and from the account are subject to certain restrictions specified in the contract between Prudential and the Trustee which was executed to establish the account. (j) Participation in the John Hancock Mutual Life Insurance Company ("John Hancock") Group Annuity Contract. Effective August 23, 1993, the Trustee established an account with John Hancock to invest amounts contributed by participants and employers to Fund D from October 1, 1993 through March 31, 1994, as well as a portion of the value of investment contracts which matured September 30, 1993. The maturing contracts were issued in 1989 and 1992 by Metropolitan and Aetna (see Notes (a) and (g)). The account is equal to the amount of contributions invested plus credited interest, less any amounts withdrawn or transferred. The interest on the account is computed at an effective annual rate of 5.30% and is credited daily. The account will remain open and continue to credit interest at the annual rate of 5.30% until October 1, 1998. The amount remaining in the account will be transferred to the Trustee or to another account at the direction of the Trustee in twenty-five percent (25%) increments on October 1, 1996, April 1, 1997, April 1, 1998, and October 1, 1998. Withdrawals from and transfers to and from the account are subject to certain restrictions specified in the contract between John Hancock and the Trustee which was executed to establish the account. (9) Participation in Bankers Trust Company BT Pyramid Trust. a. Collective Trust Funds. As of December 31, 1993, Fund E had equity in the BT Pyramid Discretionary Cash Fund and the BT Pyramid Equity Index Fund, both of which are part of the Bankers Trust Company BT Pyramid Trust. The BT Pyramid Discretionary Cash Fund invests primarily in income producing short-term investments. The BT Pyramid Equity Index Fund consists principally of a portfolio of common stocks constructed and maintained with the objective of providing investment results which approximate the overall performance of the common stocks included in Standard & Poor's Composite Index of 500 stocks. The fund may also hold Standard & Poor's Composite Index Futures contracts. Periodically, the fund may hold other investments including preferred stocks, corporate notes, convertible debentures and other corporate investments as a result of corporate reorganizations, distributions or other transactions initiated by investee corporations. 16 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) The equity of participants in the BT Pyramid Trust is represented by fund units. At the end of each valuation period, the trustee of the fund adjusts unit values to give effect to net gains or losses, changes in current value of the assets and receipt of income. All income is retained in the various funds, except the BT Pyramid Discretionary Cash Fund where income is credited to each participating trust. b. Valuation of Investments. Investments of the BT Pyramid Discretionary Cash Fund are stated at cost which approximates fair value. Equity securities traded on a national securities exchange are valued at the last reported sales price on the valuation date; securities traded in the over-the-counter market and listed securities for which no sales were reported on the valuation date are valued at the last reported bid price. Fixed income securities are valued at fair value by the trustee of the fund based on current market yields for investments with similar characteristics such as maturity, coupon, and quality as determined by an independent source. Securities representing units of other funds are valued at net asset value as reported by such funds. Security transactions are accounted for on the trade date and dividend income is recorded on the ex-dividend date. Futures contracts are valued daily with the resulting adjustments recorded as realized gains and losses. Realized gains and losses on transactions are determined using the average cost method. 17 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) (10) Fund Balances. The individual fund balances as of December 31, 1993 are as follows:
Fund A Fund B Fund C Fund D Fund E Loans Total ___________ ___________ _____________ ____________ ___________ ___________ ____________ ASSETS INVESTMENTS, AT CURRENT VALUE: Commonwealth Edison Company Common Stock $61,063,594 $ - $ - $ - $ - $ - $ 61,063,594 The First National Bank of Chicago Group Trust for Pension and Profit Sharing Trusts- Institutional Cash Management Fund 428,012 356,962 - 133,745 511,250 - 1,429,969 Collective Trust Funds of The Northern Trust Company- Short Term Investment Fund - 50,471 - - - - 50,471 Intermediate Term Bond Fund - 51,545,001 - - - - 51,545,001 Brinson Trust Company Collective Investment Trust for Pension and Profit Sharing Trusts- U.S. Cash Management Fund - - 3,519,554 - - - 3,519,554 Multi-Asset Portfolio Fund - - 202,582,418 - - - 202,582,418 Guaranteed Investment Contracts - - - 121,887,114 - - 121,887,114 Banker's Trust Company BT Pyramid Trust- BT Pyramid Discretionary Cash Fund - - - - 84 - 84 BT Pyramid Equity Index Fund - - - - 22,161,911 - 22,161,911 Loans Receivable from Participants - - - - - 29,758,563 29,758,563 ___________ ___________ _____________ ____________ ___________ ___________ ____________ Total Investments $61,491,606 $51,952,434 $206,101,972 $122,020,859 $22,673,245 $29,758,563 $493,998,679 ___________ ___________ _____________ ____________ ___________ ___________ ____________ RECEIVABLES: Accrued Dividends and Interest $ 870,386 $ 2,440 $ 5,960 $ 689,236 $ 279 $ - $ 1,568,301 Contributions Receivable 1,184 78 2,037 353 330 - 3,982 ___________ ___________ _____________ ____________ ___________ ___________ ____________ $ 871,570 $ 2,518 $ 7,997 $ 689,589 $ 609 $ - $ 1,572,283 ___________ ___________ _____________ ____________ ___________ ___________ ____________ TOTAL ASSETS $62,363,176 $51,954,952 $206,109,969 $122,710,448 $22,673,854 $29,758,563 $495,570,962 ___________ ___________ _____________ ____________ ___________ ___________ ____________ LIABILITIES Payable to Participants $ 428,894 $ 317,749 $ 873,773 $ 981,004 $ 145,929 $ - $ 2,747,349 Accrued Administrative Expenses 23,767 55,768 325,707 51,478 10,456 - 467,176 ___________ ___________ _____________ ____________ ___________ ___________ ____________ TOTAL LIABILITIES $ 452,661 $ 373,517 $ 1,199,480 $ 1,032,482 $ 156,385 $ - $ 3,214,525 ___________ ___________ _____________ ____________ ___________ ___________ ____________ NET ASSETS AVAILABLE FOR BENEFITS $61,910,515 $51,581,435 $204,910,489 $121,677,966 $22,517,469 $29,758,563 $492,356,437 ___________ ___________ _____________ ____________ ___________ ___________ ____________ ___________ ___________ _____________ ____________ ___________ ___________ ____________
18 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) (11) Fund Activity. The individual fund activity for the year ended December 31, 1993 is as follows:
Fund A Fund B Fund C Fund D Fund E Loans Total ____________ ____________ ____________ ____________ ___________ ____________ ____________ ADDITIONS TO NET ASSETS ATTRIBUTED TO: INVESTMENT INCOME: Dividends on Commonwealth Edison Company Common Stock $ 3,352,699 $ - $ - $ - $ - $ - $ 3,352,699 Income from Investment in Group and Collective Investment Trust Funds 22,179 3,715,981 9,291,917 8,031,726 5,986 - 21,067,789 Income from Participants' Loans - - - - - 2,450,443 2,450,443 ____________ ____________ ____________ ____________ ___________ ____________ ____________ Total Investment Income $ 3,374,878 $ 3,715,981 $ 9,291,917 $ 8,031,726 $ 5,986 $ 2,450,443 $ 26,870,931 ____________ ____________ ____________ ____________ ___________ ____________ ____________ Net Realized Gain on Investments $ 12,531 $ - $ 6,576 $ - $ - $ - $ 19,107 Net Unrealized Appreciation (Depreciation) of Investments 9,590,173 (420,035) 11,111,255 - 1,756,759 - 22,038,152 ____________ ____________ ____________ ____________ ___________ ____________ ____________ NET APPRECIATION (DEPRECIATION) OF INVESTMENTS $ 9,602,704 $ (420,035) $ 11,117,831 $ - $ 1,756,759 $ - $ 22,057,259 ____________ ____________ ____________ ____________ ___________ ____________ ____________ CONTRIBUTIONS: Participants $ 5,902,670 $ 4,887,111 $ 18,322,875 $ 12,197,269 $ 3,588,772 $ - $ 44,898,697 Employers 3,077,370 2,524,873 8,816,848 6,038,801 1,546,573 - 22,004,465 Rollovers 57,407 108,088 387,256 - 226,705 - 779,456 ____________ ____________ ____________ ____________ ___________ ____________ ____________ Total Contributions $ 9,037,447 $ 7,520,072 $ 27,526,979 $ 18,236,070 $ 5,362,050 $ - $ 67,682,618 ____________ ____________ ____________ ____________ ___________ ____________ ____________ TOTAL ADDITIONS $22,015,029 $10,816,018 $ 47,936,727 $ 26,267,796 $ 7,124,795 $ 2,450,443 $116,610,808 ____________ ____________ ____________ ____________ ___________ ____________ ____________ TRANSFERS BETWEEN FUNDS $(3,359,999) $(1,557,488) $ 6,264,531 $ (2,765,724) $ 1,418,680 $ - $ - ____________ ____________ ____________ ____________ ___________ ____________ ____________ DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: WITHDRAWALS BY PARTICIPANTS $ 1,966,641 $ 1,647,658 $ 5,179,287 $ 4,237,582 $ 396,275 $ 828,491 $ 14,255,934 ____________ ____________ ____________ ____________ ___________ ____________ ____________ LOANS TO PARTICIPANTS: Loans Paid Out $ 2,654,900 $ 2,144,217 $ 7,404,073 $ 5,010,701 $ 912,208 $(18,126,099) $ - Loans Repaid (1,991,395) (1,509,361) (5,270,354) (3,297,144) (789,555) 12,857,809 - ____________ ____________ ____________ ____________ ___________ ____________ ____________ $ 663,505 $ 634,856 $ 2,133,719 $ 1,713,557 $ 122,653 $ (5,268,290) $ - ____________ ____________ ____________ ____________ ___________ ____________ ____________ ADMINISTRATIVE EXPENSES $ 83,572 $ 208,353 $ 1,139,195 $ 253,147 $ 33,740 $ - $ 1,718,007 ____________ ____________ ____________ ____________ ___________ ____________ ____________ TOTAL DEDUCTIONS $ 2,713,718 $ 2,490,867 $ 8,452,201 $ 6,204,286 $ 552,668 $ (4,439,799) $ 15,973,941 ____________ ____________ ____________ ____________ ___________ ____________ ____________ NET INCREASE $15,941,312 $ 6,767,663 $ 45,749,057 $ 17,297,786 $ 7,990,807 $ 6,890,242 $100,636,867 NET ASSETS AVAILABLE FOR BENEFITS BEGINNING OF YEAR 45,969,203 44,813,772 159,161,432 104,380,180 14,526,662 22,868,321 391,719,570 ____________ ____________ ____________ ____________ ___________ ____________ ____________ END OF YEAR $61,910,515 $51,581,435 $204,910,489 $121,677,966 $22,517,469 $ 29,758,563 $492,356,437 ____________ ____________ ____________ ____________ ___________ ____________ ____________ ____________ ____________ ____________ ____________ ___________ ____________ ____________
19 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) (12) Forfeitures. Pursuant to the provisions of the Plan, forfeitures of $80,841, $68,849 and $78,318 were allocated December 31, 1993, 1992 and 1991, respectively, to eligible participants. Forfeitures and the related reallocations have no effect on the financial statements of the Plan. See Note 1.e. for further information concerning forfeitures. (13) Federal Income Tax Effects to Participants. a. General. The Plan is a qualified plan under Sections 401(a) and 401(k) of the Internal Revenue Code. Such qualification of the Plan means that a participant is not subject to federal income tax on amounts contributed to the participant's Compensation Conversion Account, Employer Contribution Account, and Rollover Account and on earnings or appreciation on any amounts held in any account under the Plan. When such amounts either are withdrawn by the participant or distributed to the participant or to a beneficiary in the event of the participant's death, they are generally subject to federal income tax. b. Contributions to Participants' Accounts. Contributions to the Basic Savings Account of a participant do not reduce the gross income of the participant for federal income tax purposes. Contributions to the Compensation Conversion Account of a participant reduce the gross income of the participant for federal income tax purposes to the extent of the contributions. In accordance with the Internal Revenue Code, the Plan limits the annual amount that participants may elect to contribute under qualified cash or deferred arrangements, which includes contributions to Compensation Conversion Accounts, to $7,000, indexed for inflation. The $7,000 limitation was increased to $8,994 for 1993 as the result of the annual inflation adjustment. c. Withdrawals by Participants While Employed. If a participant exercises the right to withdraw contributions made prior to 1987 from the participant's Basic Savings Account while continuing as an employee, such withdrawal is not subject to federal income tax. After all of a participant's pre-1987 contributions to the participant's Basic Savings Account have been withdrawn, a proportionate amount of each subsequent withdrawal from the participant's Basic Savings Account will be treated as a distribution of earnings and appreciation on contributions, which is subject to federal income tax as ordinary income and, if the participant has not yet attained the age of 59-1/2, generally are subject to an additional 10% federal income tax. Withdrawals from the Compensation Conversion Account or Rollover Account will be subject to federal income tax as ordinary income and, if the participant has not yet attained the age of 59-1/2, generally are subject to an additional 10% federal income tax. d. Distribution upon Termination of Employment. The Plan provides that a distribution upon retirement, death, disability or other separation from employment may be made in a lump sum or in a series of annual installments. If a distribution is made in a lump sum, the amount of the distribution equal to a participant's contributions to the participant's Basic Savings Account not previously withdrawn is not subject to federal income tax. The amount of the distribution in excess of 20 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) the participant's contributions to the participant's Basic Savings Account not previously withdrawn, including earnings on or gains in the value of the participant's contributions, plus the entire amount of the Compensation Conversion Account, Rollover Account and the Employer Contribution Account, are subject to federal income tax as ordinary income and, if made upon separation from employment other than upon retirement, death or disability, and, if the participant has not yet attained the age of 59-1/2, generally are subject to an additional 10% federal income tax. However, upon participation in the Plan for at least five calendar years, a qualifying lump-sum distribution may be eligible in certain circumstances for the special five-year or ten-year averaging. If a distribution from Fund A is taken upon termination of employment in shares of Company Common Stock, which is made as part of a lump-sum distribution, the excess, if any, of the fair market value of such Company Common Stock over the cost of the stock to the Trustee is not subject to federal income tax at the time of distribution but generally will be subject to federal income tax upon disposition. However, a participant may elect to have the excess taxed in the year of distribution. If a distribution is made in installments which began to be paid prior to July 2, 1986 and an amount equal to the participant's contributions to the participant's Basic Savings Account not previously withdrawn will be received by the participant within three years, the installments received, up to such amount of the participant's contributions, are not subject to federal income tax and the entire amounts of all subsequent installments received are subject to federal income tax as ordinary income. If the participant's contributions to the participant's Basic Savings Account not previously withdrawn will not be received within three years or if the installment payments begin after July 1, 1986, then the portion of each installment attributable to the participant's contributions to the participant's Basic Savings Account is not subject to federal income tax and the remaining portion is taxed as ordinary income. A distribution made in installments upon separation from employment other than retirement, death, or disability, and, if the participant has not yet attained the age of 59-1/2, generally are subject to an additional 10% federal income tax. e. Rollover of a Distribution. If a distribution is made in a lump sum upon termination of employment, a participant may, under certain conditions, roll over to an individual retirement account ("IRA") or another employer's qualified retirement plan within 60 days after the last amount of the lump sum distribution is paid all amounts distributed from the participant's Compensation Conversion Account, Rollover Account and the participant's Employer Contribution Account and that portion of the distribution from the participant's Basic Savings Account in excess of the participant's contributions not previously withdrawn, and thereby postpone the payment of federal income tax on the distribution. A subsequent distribution from an IRA or another employer's qualified retirement plan will be subject to federal income tax as ordinary income and may be subject to an additional 10% income tax and a 15% excise tax. The portion of the distribution from a participant's Basic Savings Account equal to the participant's contributions to that account not previously withdrawn may not be rolled over to an IRA. f. Penalty and Excise Taxes. As stated above, under the Tax Reform Act of 1986, an additional 10% federal income tax may be imposed on the taxable portion of distributions 21 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) (including excess contributions) or withdrawals from the Plan after December 31, 1986 to a participant prior to the participant's attainment of age 59-1/2 unless certain exceptions apply. In addition, the taxable portion of distributions to or withdrawals by a participant from qualified employer retirement plans (including the Plan) and individual retirement accounts may be subject to a 15% excise tax if the aggregate distributions and withdrawals are in excess of certain threshold amounts, indexed for inflation, during any year. For 1992 and 1993 the threshold amount is $150,000 or, in the case of certain lump-sum distributions, $750,000. A special grandfather rule could have been elected by an individual, which could reduce the excise tax related to accrued benefits as of August 1, 1986. If that election was made, the threshold amount is $144,551 for 1993 ($722,755 in the case of certain lump-sum distributions). g. Repayments of Excess Contributions. If excess contributions are repaid from the participant's Compensation Conversion Account, such repayment, adjusted to recognize any earnings, gains or losses attributable thereto, will be included in the participant's taxable income. If excess contributions are repaid from a participant's Basic Savings Account, such repayment, other than earnings, gains or losses attributable thereto, will not be included in the participant's taxable income. The taxable portion of a distribution of excess contributions is not subject to a 10% penalty tax (see discussion above). (14) Income Tax Status. The Internal Revenue Service has issued determination letters that the Plan, as amended through October 5, 1990, is a qualified defined contribution plan under Section 401(a) of the Internal Revenue Code, that the cash or deferred arrangement is qualified under Section 401(k) of the Internal Revenue Code, and that the Trust, as in effect as of the amendments of October 1, 1990, is a qualified trust exempt from federal income tax under Section 501(a) of the Internal Revenue Code. It is believed that the Plan amendments (as described below) not covered by the latest determination letter from the Internal Revenue Service will not adversely affect the qualified status of the Plan and, therefore, the Plan continues to be a qualified plan under the Internal Revenue Code. (15) Plan Amendments. The Plan was amended on June 6, 1991, to include the following Plan changes: effective June 1, 1991, the maximum amount a participant may elect to have contributed to his Compensation Conversion Account increases to a maximum of 7% of compensation; the maximum amount a participant may elect to have contributed to his Basic Savings Account remains at 10% or a lesser percentage as shall equal 15% when combined with the rate of compensation reduction contributed to the participant's Compensation Conversion Account; the employer contributions to a participant's Employer Contribution Account shall increase from 50% to 55% of the participant's contributions not to exceed 55% of 5% of compensation; effective November 1, 1991, participants may elect to change investment elections or may transfer funds as of January 1, April 1, July 1 and October 1. The Plan was amended on December 12, 1991, to adjust the language of the Plan to reflect changes in the U.S. Department of Treasury regulations covering "Section 401(k)" plans. The amendments to the Plan, which pertain mainly to withdrawals and distributions, are effective January 1, 1992. Also, effective January 1, 1992, the Plan was amended to 22 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) provide that base pay for purposes of determining plan contributions shall not be reduced by any contributions made by an employer on behalf of a participant to the Commonwealth Edison Child Care Flexible Spending Account, and to provide that base pay for purposes of determining plan contributions for an employee who works a shift schedule other than a 40-hour basic work week shall be determined by multiplying the number of regularly scheduled work hours by the participant's basic hourly rate. The Plan was amended on June 10, 1992, effective June 15, 1992, to include the following Plan changes: the maximum amount a participant may elect to have contributed to his Basic Savings Account remains at 10%, but the 15% limitation when combined with contributions to the participant's Compensation Conversion Account is deleted; the maximum amount a participant may elect to have contributed to his Compensation Conversion Account increases to 10% of compensation; the employer contributions to a participant's Employer Contribution Account shall increase from 55% to 70% of the participant's contributions not to exceed 70% of 5% of compensation; a distribution of benefits in periodic payments may be elected only if the balance of a participant's account exceeds $3,500 on the valuation date coincident with or next following the participant's termination of employment; and, a participant may elect, prior to his termination of employment (or if he terminated on or after January 1, 1992, and has not received or begun to receive distribution of his Account balances prior to September 1, 1992), provided his account balance exceeds $3,500, to defer distribution and to have payment of his benefits made or commence within 60 days following the end of the plan year in which he attains age 70-1/2 (if a participant's distribution of benefits is deferred until he attains age 70-1/2, his account balance then distributable shall be determined as of the valuation date coincident with the last day of the calendar year in which the participant attains age 70-1/2). The Plan was amended on June 16, 1993, effective January 1, 1993, to include the following Plan changes: the determination of maximum additions may be made on a payroll period by payroll period basis rather than on the basis of cumulative compensation for an entire plan year; upon written request of an employee, the Plan Committee shall direct the Trustee to transfer rollover distributions directly from the trust fund to an eligible retirement plan. Effective July 23, 1993, in accordance with the bargaining agreement, a part-time union employee is eligible to participate in the "Plan" but will only be eligible to receive the Company matching contribution if the part-time union employee was participating in the Plan at the time of initial staffing for part-time employment and volunteered for part-time employment at a result of the initial canvas. Effective September 6, 1993 the administration of the Plan was changed to limit each employee's contributions to 25% of the employee's taxable compensation from the Company, such limitations applied on a year-to-date basis. 23 COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (CONCLUDED) The Plan was amended on June 9, 1994 to include the following Plan changes: effective January 1, 1993, sections of the Plan concerning rollover contributions and distributions were amended and restated; effective July 30, 1993 the plan was amended to include Northwind, Inc. as an employer; effective January 1, 1994, the Plan was amended to state that for Plan years beginning on or after January 1, 1996, a participant's reportable compensation in excess of $150,000 (adjusted for increases in the cost of living) shall be excluded for determining compensation for any purpose under the Plan; effective June 10, 1994, any employee on the management or executive payroll shall be eligible to become a participant on the first day of the payroll period following employment. (16) Plan Termination. The Plan may be amended, modified or terminated by the Company at any time, subject to certain rights of participants under the Plan. The Plan may also be terminated if the Plan is disqualified by the Internal Revenue Service. Termination of the Plan with respect to an Employer may occur if there is no successor employer in the event of dissolution, merger, consolidation or reorganization of such Employer company. In the event of full or partial termination of the Plan, assets of affected participants of the terminating Employer or Employers shall become 100% vested and distributable at fair market value in the form of cash, securities or annuity contracts, in accordance with the provisions of the Plan. 24 Item 27a - Schedule of Assets Held for Investment Purposes (Page 1 of 2) COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN SCHEDULE I - INVESTMENTS AS OF DECEMBER 31, 1993
No. of Shares or No. of Units Description Cost Current Value __________________ ________________________________________ _____________ _____________ Commonwealth Edison Company 2,171,150 shares Common Stock $ 66,330,603 $ 61,063,594 The First National Bank of Chicago Group Trust for Pension and Profit Sharing Trusts - 1,429,969 units Institutional Cash Management Fund 1,429,969 1,429,969 Collective Trust Funds of The Northern Trust Company - 50,471 " Short Term Investment Fund 50,471 50,471 162,736 " Intermediate Term Bond Fund 49,969,285 51,545,001 Brinson Trust Company Collective Investment Trust for Pension and Profit Sharing Trusts - 3,519,554 " U. S. Cash Management Fund 3,519,554 3,519,554 385,033 " Multi-Asset Portfolio Fund 188,878,585 202,582,418 Bankers Trust Company BT Pyramid Trust - 84 " BT Pyramid Discretionary Cash Fund 84 84 22,416 " BT Pyramid Equity Index Fund 19,532,644 22,161,911 Metropolitan Life Insurance Company Group Annuity Contract, 3,956,100 " 8.70%, Matures 09-30-94 3,956,100 3,956,100 Continental Assurance Company Guaranteed Return Annuity Contract, 19,391,747 " 9.30%, Matures 04-01-96 19,391,747 19,391,747 Connecticut General Life Insurance Company Group Annuity Contract, 14,509,275 " 9.48%, Matures 09-30-96 14,509,275 14,509,275 Metropolitan Life Insurance Company Group Annuity Contract, 12,789,536 " 8.37%, Matures 03-31-97 12,789,536 12,789,536 Principal Mutual Life Insurance Company Group Annuity Contract, 14,093,426 " 5.70%, Matures 09-30-97 14,093,426 14,093,426 American International Life Assurance Company of New York Group Annuity 9,352,959 " Contract, 5.30%, Matures 03-31-97 9,352,959 9,352,959
Item 27a - Schedule of Assets Held for Investment Purposes (Page 2 of 2) COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN SCHEDULE I - INVESTMENTS AS OF DECEMBER 31, 1993
No. of Shares or No. of Units Description Cost Current Value __________________ ________________________________________ _____________ _____________ Aetna Life Insurance Company Guaranteed Investment Contract, 6,991,022 units 6.31%, Matures 03-31-98 6,991,022 6,991,022 Allstate Life Insurance Company Guaranteed Investment Contract, 10,381,467 " 5.76%, Matures 09-30-98 10,381,467 10,381,467 The Prudential Insurance Company of America Group Pension Annuity Contract, 12,306,022 " 5.72%, Matures 09-30-98 12,306,022 12,306,022 John Hanock Mutual Life Insurance Company Group Annuity Contract, 18,115,560 " 5.30%, Matures 10-01-98 18,115,560 18,115,560 - Participant Loans (7.95% - 7.95%) 29,758,563 29,758,563 _____________ _____________ - Total Investments $481,356,872 $493,998,679 _____________ _____________ _____________ _____________
Item 27d - Schedule of Reportable Transactions COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN SCHEDULE II - TRANSACTIONS IN EXCESS OF 5% OF THE CURRENT VALUE OF PLAN ASSETS FOR THE YEAR ENDED DECEMBER 31, 1993
Purchases Sales ________________________________ _________________________________________________________________ Net Purchase Current Cost of Selling Current Transaction Gain or Description of Asset Number Price Value Number Security Price Value Expense (Loss) ______________________________ ______ ___________ ___________ ______ ___________ ___________ ___________ _________ _______ Brinson Trust Company Collective Investment Trust for Pension and Profit Sharing Trusts U.S. Cash Management Fund 77 $34,776,400 $34,776,400 58 $33,195,144 $33,195,144 $33,195,144 $ - $ - Multi-asset Portfolio Fund 46 $32,614,964 $32,614,964 1 $ 193,627 $ 200,203 $ 200,203 $ - $ 6,576 The First National Bank of Chicago Group Trust for Pension and Profit Sharing Institutional Cash Management Fund 270 $68,664,508 $68,664,508 224 $68,887,648 $68,887,648 $68,887,648 $ - $ -
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employe benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. Commonwealth Edison Employe Date: June 28, 1994 Savings and Investment Plan (Name of Plan) /s/ James J. O'Connor James J. O'Connor Chairman, Plan Committee /s/ Samuel K. Skinner Samuel K. Skinner Member, Plan Committee /s/ John C. Bukovski John C. Bukovski Member, Plan Committee /s/ J. Stanley Graves J. Stanley Graves Member, Plan Committee /s/ Roger F. Kovack Roger F. Kovack Member, Plan Committee /s/ Dennis F. O'Brien Dennis F. O'Brien Member, Plan Committee /s/ Pamela B. Strobel Pamela B. Strobel Member, Plan Committee COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN EXHIBIT INDEX Exhibits filed with or incorporated by reference in Form 11-K for the year ended December 31, 1993: Exhibit Number Description of Exhibit _______ ___________________________________________ 23 Consent of independent public accountants. EX-23 2 CONSENT OF ACCOUNTANTS WASHINGTON,PITTMAN & McKEEVER CERTIFIED PUBLIC ACCOUNTANTS 819 South Wabash Avenue Suite 600 Chicago, Illinois 60605 (312) 786-0330 FAX (312) 786-0323 Exhibit (23) Commonwealth Edison Company Form 11-K File No. 1-1839 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation of our report included in this Form 11-K, into Commonwealth Edison Company's previously filed Registration Statement File No. 33-5061. Washington, Pittman & McKeever Chicago, Illinois June 24, 1994 -----END PRIVACY-ENHANCED MESSAGE-----