-----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, tvWAOZP6LQKxSOLydsUzIfRtpOHAZ+ljRyFHhDlU+dvP97x3DgXx2OvZx4oQLkJG MABW6XDMSBHiAoD9DelKTw== 0000950109-95-002486.txt : 199506280000950109-95-002486.hdr.sgml : 19950628 ACCESSION NUMBER: 0000950109-95-002486 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950627 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMP INC CENTRAL INDEX KEY: 0000006164 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS, NEC [3679] IRS NUMBER: 230332575 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04235 FILM NUMBER: 95549539 BUSINESS ADDRESS: STREET 1: P O 3608 CITY: HARRISBURGH STATE: PA ZIP: 17105 BUSINESS PHONE: 7175640100 MAIL ADDRESS: STREET 1: PO BOX 3608 M S 176 41 CITY: HARRISBURG STATE: PA ZIP: 17105 FORMER COMPANY: FORMER CONFORMED NAME: AMP INC & PAMCOR INC DATE OF NAME CHANGE: 19890410 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN METAL PRODUCTS CO DATE OF NAME CHANGE: 19661211 11-K 1 FORM 11-K Corporate Secretary 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 (Mark One): [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]. For the fiscal year ended December 31, 1994. OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]. For the transition period from ____________ to ____________. Commission File Number 1-4235. A. Full title of the plan and the address of the plan, if different from that of the issuer named below: AMP Incorporated Employee Savings and Thrift Plan B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: AMP Incorporated 470 Friendship Road Harrisburg, Pennsylvania 17111 An Exhibit Index is included in this Form 11-K REQUIRED INFORMATION The AMP Incorporated Employee Savings and Thrift Plan (the "Plan") is a plan that is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"), and therefore the Plan is providing, as Exhibit 1 hereto, Plan financial statements and schedules prepared in accordance with the financial reporting requirements of ERISA. These financial statements include audited statements of net assets available for benefits at December 31, 1994 and December 31, 1993, and audited statements of changes in net assets available for benefits for the fiscal year ended December 31, 1994. The Plan financial statements have been examined by Arthur Andersen LLP. A currently dated and manually signed written consent of Arthur Andersen LLP with respect to the Plan financial statements that relate to the fiscal year ended December 31, 1994, which consent and Plan financial documents have been incorporated by reference in a Registration Statement on Form S-8 under the Securities Act of 1933, as amended, is provided as Exhibit 2 to this annual report. SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. AMP Incorporated Employee Savings and Thrift Plan (the "Plan") AMP Incorporated (Plan Administrator) /s/ P. G. Guarneschelli Date: June 26, 1995 By:------------------------------- Philip G. Guarneschelli Vice President, Global Human Resources EXHIBIT INDEX
EXHIBIT DESCRIPTION PAGE - ------- ----------- ---- 1 Audited financial statements for AMP Incorporated Employee Savings and Thrift Plan 2 Consent of Independent Public Accountants
EX-1 2 FINANCIAL STATEMENT & AUDITOR'S REPORT EXHIBIT 1 AUDITED FINANCIAL STATEMENTS FOR AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN FINANCIAL STATEMENTS AS OF DECEMBER 31, 1994 AND 1993, TOGETHER WITH AUDITORS' REPORT AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN INDEX TO FINANCIAL STATEMENTS AND SCHEDULES DECEMBER 31, 1994 AND 1993 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS FINANCIAL STATEMENTS: Statements of Net Assets Available for Benefits as of December 31, 1994 and 1993 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1994 Notes to Financial Statements SCHEDULES: Schedule I -- Item 27(a) -- Schedule of Investments as of December 31, 1994 Schedule II -- Item 27(d) -- Schedule of Reportable Transactions for the Year Ended December 31, 1994 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Administrator of the AMP Incorporated Employee Savings and Thrift Plan: We have audited the accompanying statements of net assets available for benefits of the AMP Incorporated Employee Savings and Thrift Plan as of December 31, 1994 and 1993, and the related statement of changes in net assets available for benefits for the year ended December 31, 1994. 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. 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 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 Plan as of December 31, 1994 and 1993, and the changes in net assets available for benefits for the year ended December 31, 1994, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed in the accompanying index are presented for the purpose 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. 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 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. /s/ Arthur Andersen LLP Philadelphia, PA June 26, 1995 AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1994
The Vanguard Group Funds ---------------------------------------------------------------------- World Fund AMP Fixed Money Market Index Trust Windsor U.S. Income AMP Stock ASSETS Total Prime Wellington 500 II PrimeCap Growth Fund Fund Loan Fund ------ ----- ----- ---------- --------- ------- -------- ------ ---- ---- --------- INVESTMENTS, at market (Notes 2 and 3): Commingled trusts $163,323,979 $15,730,883 $17,782,267 $73,277,630 $14,270,871 $17,910,770 $8,836,436 $ 15,506,216 $ 8,906 $ -- Common stock 36,100,732 -- -- -- -- -- -- -- 36,100,732 -- Participant loans (Note 1) 23,789,159 -- -- -- -- -- -- -- -- 23,789,159 ------------ ----------- ----------- ----------- ----------- ----------- ---------- ------------ ----------- ----------- 223,213,870 15,730,883 17,782,267 73,277,630 14,270,871 17,910,770 8,836,436 15,506,216 36,109,638 23,789,159 ------------ ----------- ----------- ----------- ----------- ----------- ---------- ------------ ----------- ----------- DEPOSITS WITH INSURANCE COMPANIES, at contract value 189,813,480 -- -- -- -- -- -- 189,813,480 -- -- (Notes 2 ------------ ----------- ----------- ----------- ----------- ----------- ---------- ------------ ----------- ----------- and 4) Total investments 413,027,350 15,730,883 17,782,267 73,277,630 14,270,871 17,910,770 8,836,436 205,319,696 36,109,638 23,789,159 ------------ ----------- ----------- ----------- ----------- ----------- ---------- ------------ ----------- ----------- RECEIVABLES: Employer contributions 166,591 5,510 8,785 22,717 6,591 9,080 5,845 75,390 32,673 -- (Note 1) Employee deposits 523,356 20,552 35,544 100,488 28,059 39,091 22,217 253,747 23,658 -- (Note 1) Accrued interest and dividends 4,435 -- -- -- -- -- -- 1,170 3,265 -- Other 101,001 -- -- -- -- -- -- -- 100,800 201 ------------ ----------- ----------- ----------- ----------- ----------- ---------- ------------ ----------- ----------- Total receivables 795,383 26,062 44,329 123,205 34,650 48,171 28,062 330,307 160,396 201 ------------ ----------- ----------- ----------- ----------- ----------- ---------- ------------ ----------- -----------
TOTAL ASSETS 413,822,733 15,756,945 17,826,596 73,400,835 14,305,521 17,958,941 8,864,498 205,650,003 36,270,034 23,789,360 ------------ ----------- ----------- ----------- ----------- ----------- ---------- ------------ ----------- ----------- LIABILITIES PAYABLES: Investments (77,996) -- -- -- -- -- -- -- (77,996) -- purchased ------------ ----------- ----------- ----------- ----------- ----------- ---------- ------------ ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $413,744,737 $15,756,945 $17,826,596 $73,400,835 $14,305,521 $17,958,941 $8,864,498 $205,650,003 $36,192,038 $23,789,360 ============ =========== =========== =========== =========== =========== ========== ============ =========== ===========
The accompanying notes and schedules are an integral part of this statement. AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1993
The Vanguard Group Funds --------------------------------------------------------------------- World Fund AMP Fixed Money Market Index Trust Windsor U.S. Income AMP Stock ASSETS Total Prime Wellington 500 II PrimeCap Growth Fund Fund Loan Fund ------ ----- ----- ---------- --------- ------- -------- ------ ---- ---- --------- INVESTMENTS, at market (Notes 2 and 3): Commingled trusts $138,813,757 $12,058,279 $15,208,545 $72,958,072 $13,161,848 $6,942,568 $6,698,886 $11,785,506 $ 53 $ -- Common stock 22,839,509 -- -- -- -- -- -- -- 22,839,509 -- Participant loans (Note 1) 20,681,677 -- -- -- -- -- -- -- -- 20,681,677 ------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- ----------- 182,334,943 12,058,279 15,208,545 72,958,072 13,161,848 6,942,568 6,698,886 11,785,506 22,839,562 20,681,677 ------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- ----------- DEPOSITS WITH INSURANCE COMPANIES, at contract value 179,699,792 -- -- -- -- -- -- 179,699,792 -- -- (Notes 2 ------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- ----------- and 4) Total investments 362,034,735 12,058,279 15,208,545 72,958,072 13,161,848 6,942,568 6,698,886 191,485,298 22,839,562 20,681,677 ------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
RECEIVABLES: Employer contributions 134,827 4,848 6,961 22,997 5,842 3,356 4,475 59,498 26,850 -- (Note 1) Employee deposits 423,152 17,213 27,776 97,021 23,473 12,910 16,822 222,851 5,086 -- (Note 1) Accrued interest and dividends 1,715 -- -- -- -- -- -- 1,113 602 -- Other 234,433 -- -- -- -- -- -- -- 208,168 26,265 ------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- ----------- Total receivables 794,127 22,061 34,737 120,018 29,315 16,266 21,297 283,462 240,706 26,265 ------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- ----------- TOTAL ASSETS 362,828,862 12,080,340 15,243,282 73,078,090 13,191,163 6,958,834 6,720,183 191,768,760 23,080,268 20,707,942 ------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- ----------- LIABILITIES PAYABLES: Investments (80,116) -- -- -- -- -- -- -- (80,116) -- purchased ------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $362,748,746 $12,080,340 $15,243,282 $73,078,090 $13,191,163 $6,958,834 $6,720,183 $191,768,760 $23,000,152 $20,707,942 ============ =========== =========== =========== =========== ========== ========== ============ =========== ===========
The accompanying notes and schedules are an integral part of this statement. AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1994
The Vanguard Group Funds --------------------------------------------------------------------- World Fund AMP Fixed Money Market Index Trust Windsor U.S. Income AMP Stock Total Prime Wellington 500 II PrimeCap Growth Fund Fund Loan Fund ----- ----- ---------- --------- ------- -------- ------ ---- ---- --------- ADDITIONS: Investment income- Net appreciation (depreciation) in market value of investments
(Note 3) $ 1,182,622 $ -- ($891,112)($1,444,227)($1,054,432)$ 746,200 $ 193,559 $ -- $ 3,632,634 $ -- Interest and dividends 18,822,103 523,822 786,096 2,302,919 869,578 438,109 102,961 11,552,717 676,462 1,569,439 ------------ ----------- ----------- ----------- ----------- ----------- ---------- ------------ ----------- ----------- 20,004,725 523,822 (105,016) 858,692 (184,854) 1,184,309 296,520 11,552,717 4,309,096 1,569,439 ------------ ----------- ----------- ----------- ----------- ----------- ---------- ------------ ----------- ----------- Contributions and deposits (Note 1) Employer 10,046,967 807,667 614,298 1,651,007 478,917 399,124 391,255 3,700,857 2,003,842 -- Employees 33,964,915 3,169,834 2,520,741 7,368,540 1,996,503 1,639,076 1,458,263 15,026,408 785,550 -- ------------ ----------- ----------- ----------- ----------- ----------- ---------- ------------ ----------- ----------- 44,011,882 3,977,501 3,135,039 9,019,547 2,475,420 2,038,200 1,849,518 18,727,265 2,789,392 -- ------------ ----------- ----------- ----------- ----------- ----------- ---------- ------------ ----------- ----------- Total additions 64,016,607 4,501,323 3,030,023 9,878,239 2,290,566 3,222,509 2,146,038 30,279,982 7,098,488 1,569,439 DEDUCTIONS: Payments to participants 13,743,721 495,657 547,594 2,155,169 390,852 243,137 96,920 8,754,521 726,041 333,830 Loan maintenance fees 43,560 8,340 4,190 11,190 1,780 510 160 17,250 140 -- ------------ ----------- ----------- ----------- ----------- ----------- ---------- ------------ ----------- ----------- Total deductions 13,787,281 503,997 551,784 2,166,359 392,632 243,647 97,080 8,771,771 726,181 333,830 INTERFUND TRANSFERS - --NET -- (391,648) 10,677 (7,459,665) (857,028) 7,712,442 66,548 (7,705,789) 6,778,654 1,845,809 ASSETS TRANSFERRED IN 766,665 70,927 94,398 70,530 73,452 308,803 28,809 78,821 40,925 -- ------------ ----------- ----------- ----------- ----------- ----------- ---------- ------------ ----------- ----------- Net additions 50,995,991 3,676,605 2,583,314 322,745 1,114,358 11,000,107 2,144,315 13,881,243 13,191,886 3,081,418 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 362,748,746 12,080,340 15,243,282 73,078,090 13,191,163 6,958,834 6,720,183 191,768,760 23,000,152 20,707,942 ------------ ----------- ----------- ----------- ----------- ----------- ---------- ------------ ----------- ----------- End of year $413,744,737 $15,756,945 $17,826,596 $73,400,835 $14,305,521 $17,958,941 $8,864,498 $205,650,003 $36,192,038 $23,789,360 ============ =========== =========== =========== =========== =========== ========== ============ =========== ===========
The accompanying notes and schedules are an integral part of this statement. AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 AND 1993 1. DESCRIPTION OF PLAN: ------------------- The following description of the AMP Incorporated Employee Savings and Thrift Plan (the"Plan") provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions. General ------- The Plan was established effective January 1, 1982 for the benefit of the employees of AMP Incorporated (the "Company") and certain subsidiaries and was subsequently amended on numerous occasions, most recently effective as of January 1, 1995. The Plan is a contributory defined contribution plan covering all employees of the Company and certain subsidiaries who have attained age 21 and completed one year of service. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Vanguard Fiduciary Trust Company is the trustee of the Plan. Contributions ------------- Participants may defer up to 4% of their gross earnings as a "deferred basic deposit" and up to an additional 8% as a "deferred supplemental deposit." Effective January 1, 1995, the Plan allows participants to defer an additional 11% of their gross earnings as a "deferred supplemental deposit." The Company's matching contribution to the Plan is 60% of the participant's "deferred basic deposit", which is paid out of the Company's current and accumulated earnings. Forfeitures in any given year are used to reduce Company matching contributions to the Plan in the following year. Forfeitures from 1993 reducing 1994 Company contributions amounted to $80,133. Forfeitures from 1994 amounted to $84,480 and will be applied against Company contributions in 1995. Investment Elections -------------------- Participants may elect to invest their deferred basic, deferred supplemental deposits and Company matching contributions in one or more of the available funds, which are the Money Market Prime, Wellington, Index Trust 500, Windsor II, PrimeCap, World Fund U.S. Growth, AMP Fixed Income and AMP Stock Fund. Participants' Accounts ---------------------- Each participant's account is credited with the participant's deposits and Company matching contributions and an allocation of the funds' earnings in which the participant participates. Certain participants in the Plan are of an inactive status at year end due to termination or retirement. The number of inactive participants as of December 31, 1994 and 1993 is 2,504 and 1,950 of the total 16,278 and 15,487, respectively. Vesting ------- Participants are immediately vested in their deferred basic and deferred supplemental deposits plus actual earnings thereon. Company matching contributions and earnings become 100% vested after five years of continous service by a participant. Immediate vesting of Company matching contributions occurs upon a participant's termination by retirement, disability, death or attainment of age 65. Payments to Participants ------------------------ Deferred basic deposits and deferred supplemental deposits cannot be withdrawn prior to the attainment of age 59 1/2, except in the case of a "financial hardship". Vested Company matching contributions held under the Plan for at least two years and earnings thereon can be withdrawn any time at the request of the participant. Partial or total withdrawal of pre-1983 basic deposits, supplemental deposits, Company matching contributions and earnings by a participant is permitted at his or her request, subject to a minimum withdrawal of $100. Loans to Participants --------------------- Loans against a participant's account balances are secured by a promissory note which bears a fixed interest rate of 1% over the prime rate. The term of the loan is limited to five years and repayment is made through payroll deductions in level amounts over the life of the loan. There are limitations as to the amount that may be borrowed, and prepayment of a loan is allowed. All loans requested prior to December 31, 1994 and 1993 were disbursed to participants by that date. Administrative Expenses ----------------------- All expenses incurred in the administration of the Plan are paid by the Company and amounted to $375,426 for the year ended December 31, 1994. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: ------------------------------------------ Basis of Accounting ------------------- The accompanying financial statements have been prepared using the accrual basis of accounting. Valuation of Investments ------------------------ Investments, except for the deposits with insurance companies that are carried at contract value, are stated at market value, which is equivalent to current value as of the statement date. Tax Status ---------- The trust established under the AMP Incorporated Employee Savings and Thrift Plan is qualified under the Internal Revenue Code as exempt from Federal income taxes. Although the Plan has a favorable determination letter from the Internal Revenue Service ("IRS"), the Plan has been recently amended and an application for an updated determination letter from the IRS is pending. The Plan sponsor and legal counsel are of the opinion that the Plan, as amended and administered, meets the IRS requirements and, therefore, the trust continues to be tax exempt. 3. INVESTMENTS: ----------- All Plan investments are held by a trust company administered trust fund and consist of shares of various Vanguard mutual funds, AMP stock, loans receivable and deposits with insurance companies (Note 4). The following is a list of assets that exceed 5% of net assets at December 31, 1994 and 1993.
December 31, 1994 December 31, 1993 -------------------------- -------------------------- No. of Shares Market No. of Shares Market Description of or Principal or Contract or Principal or Contract Security Amount Value Amount Value -------------- ------------ ----------- ------------ ----------- Money Market Prime 31,246,005 $31,246,005 23,843,838 $23,843,838 Index 500 Fund 1,705,321 73,277,630 1,664,569 72,958,072 AMP Common Stock 496,230 36,100,732 361,814 22,839,509 Loans Receivable 23,789,159 23,789,159 20,681,677 20,681,677
The AMP Common Stock shares above do not reflect the effect of the 2-for-1 stock split that was effected March 2, 1995. 4. DEPOSITS WITH INSURANCE COMPANIES: --------------------------------- The Plan has entered into guaranteed investment contracts with various insurance companies ("Companies"). Under the terms of the contracts, the Companies received all plan year Fixed Income Fund deposits and contributions, or in the case of rollovers, a lump-sum deposit, which they maintain in plan reserve accounts until maturity. At maturity, the balances with interest will be returned to the Plan. The accounts are credited with interest at fixed rates for the respective periods and charged for plan withdrawals and loans. The contracts are included in the financial statements at the December 31, 1994 and 1993 contract values as reported to the Plan by the Companies. During 1992, the investment manager for the Plan's Fixed Income Fund invested $10,000,000 in Confederation Life Insurance Company's ("Confederation Life") Guaranteed Investment Contract Number 62682. This contract provides for a rate of return of 6.16%, and is due to mature on June 29, 1997. As of December 31, 1994, the Plan's GIC investment with Confederation Life had a gross recorded contract value of $10,082,223. On August 12, 1994, the U.S. assets of Confederation Life were placed under the regulatory supervison of the Michigan Commissioner of Insurance, and GIC payments by Confederation Life were suspended. No interest has been paid under the Plan's Confederation Life contract since this time, and it is not known when interest payments will re-commence. To enable the Plan's Trustee to continue to hold the Confederation Life GIC as a non-segregated asset of the Fixed Income Fund and to permit Plan participants to continue Fixed Income fund transactions as usual, the Company has agreed to back the GIC's gross recorded contract value, provided such is approved by applicable governmental agencies. 5. PLAN TERMINATION ---------------- The Company anticipates continuing the Plan indefinitely, but reserves the right to reduce, suspend or discontinue its contributions at any time and to discontinue or partially terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts. 6. DISTRIBUTIONS TO PARTICIPANTS: ----------------------------- Distributions to participants are generally made as soon as practical after a request is received by the trustee. There were no distributions due participants at December 31, 1994 and 1993. Schedule I AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN EIN #23-0332575 PIN #003 ITEM 27(A) -- SCHEDULE OF INVESTMENTS DECEMBER 31, 1994
Number of Shares Market Value or or DESCRIPTION OF SECURITY Principal Amount Cost Contract Value ----------------------- ---------------- ---- -------------- Commingled Trusts and Common Stock: Money Market Prime 31,246,005 $31,246,005 $31,246,005 Wellington Fund 917,084 18,009,500 17,782,267 Index Trust 500 Fund 1,705,321 67,503,715 73,277,630 Windsor II Fund 902,078 14,937,292 14,270,871 PrimeCap Fund 896,435 16,763,040 17,910,770 World Fund--U.S. Growth 576,415 8,557,681 8,836,436 AMP Common Stock (see Note 3) 496,230 29,111,835 36,100,732 ------------ ------------ Total Commingled Trusts & Common Stock $186,129,068 $199,424,711 ------------ ------------ Deposits with Insurance Companies: AIG Life, 5.00%, due 8/31/98 6,251,116 $6,251,116 $6,251,116 CIGNA, 6.80%, due 4/1/96 10,508,151 10,508,151 10,508,151 Confederation, (see Note 4) 10,082,223 10,082,223 10,082,223 Continental, 6.65%, due 11/1/96 5,875,755 5,875,755 5,875,755 Continental, 6.05%, due 6/30/95 5,793,239 5,793,239 5,793,239 Continental, 6.30%, due 12/31/97 11,303,473 11,303,473 11,303,473 Hartford, 6.56%, due 3/31/97 9,070,205 9,070,205 9,070,205 Hartford, 6.22%, due 9/30/95 5,971,468 5,971,468 5,971,468 Metropolitan Life, 5.09%, due 3/23/98 10,919,928 10,919,928 10,919,928 NY Life, 5.20%, due 11/2/98 12,731,405 12,731,405 12,731,405 NY Life, 7.02%, due 3/31/99 9,463,897 9,463,897 9,463,897 NY Life, 7.47%, due 6/30/99 10,361,660 10,361,660 10,361,660 Principal, 5.13%, due 4/30/98 10,873,512 10,873,512 10,873,512 Principal, 5.73%, due 6/25/98 8,707,321 8,707,321 8,707,321
Principal, 8.12%, due 10/31/99 7,091,931 7,091,931 7,091,931 Prudential, 6.01%, due 11/1/97 5,619,959 5,619,959 5,619,959 Prudential, 5.31%, due 12/31/98 10,526,507 10,526,507 10,526,507 Prudential, 6.34%, due 10/31/97 5,655,050 5,655,050 5,655,050 Sun Life, 7.12%, due 3/31/97 12,284,746 12,284,746 12,284,746 Sun Life, 7.62%, due 4/1/97 6,103,257 6,103,257 6,103,257 Sun Life, 7.47%, due 8/31/97 5,988,481 5,988,481 5,988,481 Sun Life, 5.86%, due 8/31/98 8,630,196 8,630,196 8,630,196 ------------ ------------ Total Deposits with Insurance Companies 189,813,480 189,813,480 Participants Loans 23,789,159 23,789,159 23,789,159 ------------ ------------ TOTAL $399,731,707 $413,027,350 ============ ============
The accompanying notes are an integral part of this schedule. Schedule II AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN EIN #23-0332575 PIN #003 ITEM 27(D) -- SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1994
Number of Number of Cost of Net Identity of Party Description of Transaction Purchases Sales Purchase Price Selling Price Items Sold Gain/(Loss) - ----------------- -------------------------- --------- --------- -------------- ------------- ---------- ----------- Vanguard Money Market Prime 256 260 $70,154,785 $61,846,349 $61,846,349 $ -- Vanguard Index Trust 500 Fund 232 251 19,773,166 18,009,382 16,602,778 1,406,604 AMP Common Stock 122 83 18,593,735 8,972,950 7,138,515 1,834,435 Vanguard PrimeCap Fund 244 224 16,087,881 5,865,879 5,697,852 168,027
The purchase prices and selling prices of the above transactions represent the current value of the assets on the transaction date. The accompanying notes are an integral part of this schedule. EX-2 3 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS EXHIBIT 2 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS To AMP Incorporated: As independent public accountants, we hereby consent to the incorporation of our report included in this Form 11-K, into the Company's previously filed Registration Statement File No. 33-55318. /s/ Arthur Andersen LLP Philadelphia, PA June 26, 1995 -----END PRIVACY-ENHANCED MESSAGE-----