-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GDFvDjIemCGYslJLi4ejVQ8nC08UdRh+LbmeoA5W6kyKqTS0H2ZQXYr14ealC+qa 8YWspVHpURZa2Z2/+wU2Ow== 0000092103-99-000009.txt : 19990624 0000092103-99-000009.hdr.sgml : 19990624 ACCESSION NUMBER: 0000092103-99-000009 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990623 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EDISON INTERNATIONAL CENTRAL INDEX KEY: 0000827052 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 954137452 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-09936 FILM NUMBER: 99650437 BUSINESS ADDRESS: STREET 1: 2244 WALNUT GROVE AVE, STE 374 STREET 2: P O BOX 800 CITY: ROSEMEAD STATE: CA ZIP: 91770 BUSINESS PHONE: 6263022222 FORMER COMPANY: FORMER CONFORMED NAME: SCECORP DATE OF NAME CHANGE: 19920703 11-K 1 FORM 11-K FOR 12/31/98 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K ANNUAL REPORT [X] Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 1998 --------------------------------------------- Commission File Number 1-9936 SOUTHERN CALIFORNIA EDISON COMPANY STOCK SAVINGS PLUS PLAN (Full Title of the Plan) EDISON INTERNATIONAL (Name of Issuer) 2244 WALNUT GROVE AVENUE (P.O. Box 800), ROSEMEAD, CALIFORNIA 91770 (Address of principal executive office) SOUTHERN CALIFORNIA EDISON COMPANY STOCK SAVINGS PLUS PLAN FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES AS OF DECEMBER 31, 1998 AND 1997 TOGETHER WITH AUDITORS' REPORT INDEX REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS FINANCIAL STATEMENTS: Statements of Net Assets Available for Benefits, with Fund Information, as of December 31, 1998 and 1997 Statement of Changes in Net Assets Available for Benefits, with Fund Information, for the Year Ended December 31, 1998 NOTES TO FINANCIAL STATEMENTS SCHEDULES: I. Line 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1998 II.Line 27d - Schedule of Reportable Transactions for the Year Ended December 31, 1998 NOTE: All other schedules have been omitted since the information is either disclosed elsewhere in the financial statements or not required by 29 CFR 2520.103-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Southern California Edison Company Employee Benefits/Health Care Committee: We have audited the accompanying statements of net assets available for benefits of the SOUTHERN CALIFORNIA EDISON COMPANY STOCK SAVINGS PLUS PLAN (the Plan) as of December 31, 1998 and 1997, and the related statement of changes in net assets available for benefits for the year ended December 31, 1998. These financial statements and schedules referred to below are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements and schedules 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 made by management, as well as evaluating the overall financial statement presentation. An audit also includes assessing the accounting principles used and significant estimates made by management. 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, 1998 and 1997, and the changes in its net assets available for benefits for the year ended December 31, 1998, 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. Schedules I and II 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 statements 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 benefits and changes in net assets available for 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. ARTHUR ANDERSEN LLP ARTHUR ANDERSEN LLP Los Angeles, California May 21, 1999 SOUTHERN CALIFORNIA EDISON COMPANY STOCK SAVINGS PLUS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION AS OF DECEMBER 31, 1998 (Dollars in thousands)
EDISON COMMON MONEY INT'L COMMON STOCK MARKET BALANCED BOND GLOBAL PARTICIPANT TOTAL STOCK FUND FUND FUND FUND FUND FUND LOANS ----- ------------ ------ ------ -------- ---- ------ ----------- Assets Investments at fair value: Edison International Common Stock $ 805,490 $805,490 $ - $ - $ - $ - $ - $ - Participant Loans Receivable 77,245 - - - - - - 77,245 Collective Trusts: BZW Barclay's Global Investors Equity Index T-Fund 440,742 - 440,742 - - - - - Wells Fargo Bank, N.A. Short-Term Income Fund 126,434 7,356 - 119,078 - - - - Frank Russell Global Balanced Fund 154,821 - - - 154,821 - - - Frank Russell Fixed Income II Fund 44,035 - - - - 44,035 - - Frank Russell Global Fund 204,711 - - - - - 204,711 - ---------- -------- -------- --------- -------- -------- -------- -------- Total Investments 1,853,478 812,846 440,742 119,078 154,821 44,035 204,711 77,245 ---------- -------- -------- --------- -------- -------- -------- -------- Receivables: Interest receivable 550 44 - 506 - - - - Dividend receivable 7,513 7,513 - - - - - - Pending trades 3,582 - - - 496 15 3,071 - ---------- -------- ---------- --------- --------- ------- -------- --------- Total Receivables 11,645 7,557 - 506 496 15 3,071 ---------- -------- ---------- --------- --------- ------- -------- --------- Total Assets 1,865,123 820,403 440,742 119,584 155,317 44,050 207,782 77,245 Liabilities Investment fee payable 544 - - - 193 49 302 - ---------- --------- --------- --------- --------- -------- --------- -------- Net assets available for benefits $1,864,579 $ 820,403 $ 440,742 $ 119,584 $ 155,124 $ 44,001 $ 207,480 $ 77,245 ========== ========= ========= ========= ========= ======== ========= ========
The accompanying notes are an integral part of this statement. SOUTHERN CALIFORNIA EDISON COMPANY STOCK SAVINGS PLUS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION AS OF DECEMBER 31, 1997 (Dollars in thousands)
EDISON COMMON MONEY INT'L COMMON STOCK MARKET BALANCED BOND GLOBAL PARTICIPANT TOTAL STOCK FUND FUND FUND FUND FUND FUND LOANS ----- ------------ ------ ------ -------- ---- ------ ----------- Assets Investments at fair value: Edison International Common Stock $ 815,178 $ 815,178 $ - $ - $ - $ - $ - $ - Participant Loans Receivable 71,920 - - - - - - 71,920 Collective Trusts: BZW Barclay's Global Investors Equity Index T-Fund 313,932 - 313,932 - - - - - Wells Fargo Bank, N.A. Short-Term Income Fund 104,111 4,626 - 99,485 - - - - Frank Russell Global Balanced Fund 132,065 - - - 132,065 - - - Frank Russell Fixed Income II Fund 32,147 - - - - 32,147 - - Frank Russell Global Fund 192,275 - - - - - 192,275 - ------------ ---------- --------- -------- ---------- -------- ---------- ------- Total Investments 1,661,628 819,804 313,932 99,485 132,065 32,147 192,275 71,920 ------------ ---------- --------- -------- ---------- -------- ---------- ------- Receivables: Interest receivable 489 9 - 480 - - - - Dividend receivable 7,496 7,496 - - - - - - Receivable from brokers 6,390 1,085 - - - - 5,305 - ------------ --------- -------- -------- -------- -------- ------- --------- Total Receivables 14,375 8,590 - 480 - - 5,305 - ------------ --------- -------- -------- -------- -------- -------- --------- Total Assets 1,676,003 828,394 313,932 99,965 132,065 32,147 197,580 71,920 Liabilities Payable to brokers and others 2,627 - 401 - 201 1,713 312 - ------------ --------- --------- -------- --------- -------- --------- -------- Net assets available for benefits $ 1,673,376 $ 828,394 $ 313,531 $ 99,965 $ 131,864 $ 30,434 $ 197,268 $ 71,920 ============ ========= ========= ======== ========= ======== ========= ========
The accompanying notes are an integral part of this statement. SOUTHERN CALIFORNIA EDISON COMPANY STOCK SAVINGS PLUS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1998 (Dollars in thousands)
EDISON COMMON MONEY INT'L COMMON STOCK MARKET BALANCED BOND GLOBAL PARTICIPANT TOTAL STOCK FUND FUND FUND FUND FUND FUND LOANS ----- ------------ ------ ------ -------- ---- ------ ----------- Additions Investment income: Dividends $ 30,563 $ 30,563 $ - $ - $ - $ - $ - $ - Interest 12,717 271 37 5,574 13 4 17 6,801 Net appreciation in fair value of investments 172,486 20,289 94,251 - 22,408 2,341 33,197 - ----------- --------- -------- -------- --------- -------- -------- -------- 215,766 51,123 94,288 5,574 22,421 2,345 33,214 6,801 Less - management fee 2,197 - - - 762 166 1,269 - ----------- --------- -------- -------- --------- -------- -------- -------- Net investment income 213,569 51,123 94,288 5,574 21,659 2,179 31,945 6,801 Contributions: Employer, net of forfeitures 18,262 8,490 4,493 825 1,554 401 2,499 - Participant 68,666 28,010 17,077 6,223 6,073 1,878 9,405 - ---------- --------- --------- -------- --------- -------- -------- --------- Total contributions 86,928 36,500 21,570 7,048 7,627 2,279 11,904 - ---------- --------- --------- -------- --------- -------- -------- --------- Total additions 300,497 87,623 115,858 12,622 29,286 4,458 43,849 6,801 ---------- --------- --------- -------- --------- -------- -------- --------- Deductions Distributions to participants or their beneficiaries 109,294 52,176 18,793 12,651 8,696 3,027 11,394 2,557 Loans to participants, net - 965 (88) 493 (198) 63 (154) (1,081) ---------- --------- -------- --------- --------- -------- -------- --------- Total deductions 109,294 53,141 18,705 13,144 8,498 3,090 11,240 1,476 ---------- --------- -------- --------- --------- -------- --------- --------- Interfund transfers, net - (42,473) 30,058 20,141 2,472 12,199 (22,397) - ----------- --------- --------- --------- --------- -------- --------- --------- Net increase (decrease) 191,203 (7,991) 127,211 19,619 23,260 13,567 10,212 5,325 Net assets available for benefits: Beginning of year 1,673,376 828,394 313,531 99,965 131,864 30,434 197,268 71,920 ----------- --------- --------- --------- --------- -------- --------- --------- End of year $ 1,864,579 $ 820,403 $ 440,742 $ 119,584 $ 155,124 $ 44,001 $ 207,480 $ 77,245 =========== ========= ========= ========= ========= ======== ========= =========
The accompanying notes are an integral part of this financial statement. SOUTHERN CALIFORNIA EDISON COMPANY STOCK SAVINGS PLUS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1998 Note 1. Nature of Plan The following description of the Southern California Edison Company (the Plan Sponsor) Stock Savings Plus Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions. Nature of Plan Eligibility The Plan is a defined-contribution plan with a 401(k) feature, in which qualifying full-time or part-time employees of Edison International (the Company) and substantially all of its subsidiary companies are eligible to participate. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). An employee, as defined by the Plan document, is eligible to participate in the Plan immediately upon employment. Contributions Subject to statutory limits, participants may annually contribute up to 15 percent of their pay, as defined by the Plan. The Company provides a matching contribution of up to 3 percent of a participant's eligible pay. The Plan also accepts rollovers from other qualified plans. Vesting All participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Company's matching contribution portion of their accounts plus actual earnings thereon occurs upon completion of five years of service as defined in the Plan document. Forfeitures At December 31, 1998, forfeited non-vested accounts totaled $8,729. These accounts are used to reduce employer contributions. During 1998, employer contributions were reduced by $103,939 from forfeited nonvested accounts. Plan Trust Plan assets are held in trust with Wells Fargo Bank, N.A. (the Trustee) for the benefit of participants and their beneficiaries. The mutual covenants to which the Company and the Trustee agree are disclosed in the Stock Savings Plus Plan and Trust Agreement (the Trust Agreement). Plan Administration The Plan is administered by the Southern California Edison Company Employee Benefits/Health Care Committee (the Plan Administrator). Wells Fargo Bank, N.A. and Hewitt & Associates are the Plan's trustee and recordkeeper, respectively. Frank Russell Trust Company and BZW Barclay's Global Investors are the Plan's investment managers. Administrative and Investment Expenses The cost of Plan administration is paid by the Plan Sponsor. The investment expenses incurred by the Trustee are paid out of the investment funds from which the investments are made. Participant Accounts Each participant's account is credited with the participant's contribution, the Company's matching contribution and allocations of Plan earnings. Allocations of earnings and expenses are based on account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the vested portion of the participant's account. Participant Loans Receivable Participants may borrow from their accounts a minimum of $1,000 up to the lesser of $50,000 or 50 percent of their account balance. The maximum loan amount of $50,000 may be further reduced by the Internal Revenue Service rules. Loan transactions are treated as a transfer from (to) the investment fund to (from) Participant Loans. Loan terms range from one to four years or up to 15 years for the purchase of a primary residence. The loans bear interest at the Prime Rate plus one percent. Interest rates range from 7 to 10 percent. Principal and interest is paid ratably through payroll deductions. Some separated participants may repay loan obligations by manual checks, rather than through payroll deductions. Payment of Benefits Distribution of account balances of $3,500 or less occur after a participant terminates employment, dies, or becomes permanently and totally disabled. Participants terminating employment having account balances greater than $3,500 and retirees, may: a) elect to receive their distributions at any time before turning ages 65 and 70 1/2, respectively, and b) choose between lump sum or installment forms of payment. Participants may elect to receive distribution in cash or a combination of stock and cash. If stock distribution is elected, the stock price is determined based on the last sale price of the stock in the month preceding distribution as reported in the New York Stock Exchange. Note 2. Summary of Significant Accounting Policies Basis of Accounting The financial statements are presented on the accrual basis of accounting and in conformity with generally accepted accounting principles applicable to employee benefit plans. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Investment Valuation and Income Recognition The Plan's investments are stated at fair value. Investments in the collective funds are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year end. Edison International common stock is valued at its quoted market price. Participant loans are valued at cost, which approximates fair value. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Distributions to Participants Distributions to participants are recorded when paid. Note 3. Investment Options The Trustee invests all contributions in accordance with participant instructions. Funds not immediately allocated to investment funds are invested by the Trustee in certain short-term investments. Participants may direct the investment of their contributions, the employer's matching contributions, and the earnings on those contributions into any of six investment funds on a monthly basis, in one percent increments. o Edison International Common Stock Fund -- Funds are invested in the common stock of Edison International, which consisted of 28,896,508 and 29,983,003 shares of Edison International stock at December 31, 1998 and 1997 and a per-share value of $27.88 and $27.19, respectively. In addition, the Edison International Stock Fund held $7,355,659 and $4,625,625 in cash and cash equivalents at December 31, 1998 and 1997, respectively. o Common Stock Fund -- Funds are invested in shares of the BZW Barclay's Global Investors Equity Index T-Fund, a collective trust that invests mainly in common stock. o Money Market Fund -- Funds are invested in the Wells Fargo Bank, N.A. Short-Term Income Fund, which invests in money market instruments. o Balanced Fund -- Funds are invested in shares of the Frank Russell Global Balanced Fund, a collective trust that invests in corporate bonds, common stocks and U.S. Government Securities. o Bond Fund -- Funds are invested in shares of the Frank Russell Fixed Income II Fund, a collective trust that invests mainly in corporate bonds and U.S. Government Securities. o Global Fund -- Funds are invested in the following Frank Russell collective trusts: |X| Frank Russell Equity I Fund - 50 percent |X| Frank Russell Equity II Fund - 15 percent |X| Frank Russell International Fund - 35 percent These collective trusts invest mainly in equity securities in the U.S. and non-U.S. markets. The transfer of the participants' investment from the Edison International Common Stock Fund to all other funds is valued at the month-end closing price. The transfer of the participants' investment from all other funds to the Edison International Common Stock Fund, or to any other fund, is based on the actual market value balance (including earnings and market adjustments) in each participant's account, as of the date of transfer. Note 4. Reconciliation of Financial Statements to Form 5500 The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500: December 31, ------------------------- 1998 1997 ---- ---- (In thousands) Net assets available for benefits per the financial statements $1,864,579 $1,673,376 Amounts allocated to withdrawing participants 9,139 8,715 ---------- ---------- Net assets available for benefits per the Form 5500 $1,855,440 $1,664,661 ========== ========== The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500: Year ended December 31, 1998 ----------------- (In thousands) Benefits paid to participants per the financial statements $109,294 Add: Amounts allocated to withdrawing participants at December 31, 1998 9,139 Less: Amounts allocated to withdrawing participants at December 31, 1997 (8,715) -------- Benefits paid to participants per the Form 5500 $109,718 ======== Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31 but not yet paid as of that date. Note 5. Related Party Transactions The Money Market Fund was managed by Wells Fargo Bank, N.A., which also serves as the Plan's trustee. As such, transactions in the Money Market Fund qualify as party-in-interest transactions. Fees earned by the Trustee in its capacity as fund manager for the Plan were $202,708 for 1998. Such fees are reported net of interest income on the Statement of Changes in Net Assets Available for Benefits. Note 6. Plan Termination Although it has not expressed an intent to do so, the Plan Sponsor has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become fully vested in their accounts. The Trust will continue after termination until all Trust assets have been distributed to participants and their beneficiaries. Note 7. Tax Status The Internal Revenue Service has determined and informed the Plan Sponsor by a letter dated March 4, 1999, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). The Plan has been amended since receiving the determination letter. However, the Plan Administrator and the Plan's tax counsel believe that the Plan is designed and is currently operated in compliance with the applicable requirements of the IRC. Note 8. Edison International Common Stock Fund Effective February 23, 1998, the Plan was amended to convert the Edison International Common Stock Fund into an employee stock ownership plan allowing for the current distribution of dividends to all but Southern California Edison Company International Brotherhood of Electrical Workers, Utility Workers Union of America, and San Onofre Firefighters Association-represented participants (Certain Represented Participants). For the year ended December 31, 1998, such distributions totaled $6,052,453. Note 9. Plan Amendments Rollovers Effective August 19, 1998, for all but Certain Represented Participants, the Plan was amended to provide for the acceptance of direct rollovers including loans and notes from other qualified plans for employees acquired or hired as a result of mergers, acquisitions, asset purchases and other similar events. Company Matching Contributions Effective October 23, 1998, for all but Certain Represented Participants, the Plan was amended to change the basis for determining matching contributions to a year-to-date method so that matching contributions for a participant for the plan year will be increased as necessary each pay period to equal the lesser of (i) one half of the participant's year to date deferrals and post-tax contributions to the Plan attributable to the plan year, or (ii) three percent of the participant's year to date earnings attributable to the plan year, regardless of the amount of deferrals or post-tax contributions the participant makes in that particular pay period. Note 10. Subsequent Events Trustee Effective January 1, 1999, as part of the Sponsor's fiduciary duty to periodically assess such matters, State Street Bank and Trust Company was appointed Trustee for the Plan. The mutual covenants to which the Company and the Trustee agree are disclosed in the Stock Savings Plus Plan Trust Agreement. Employer Matching Contributions Effective January 1, 1999, participating employers provide matching contributions from 0 percent to 100 percent of the first 6 percent of a participant's eligible pay. Profit Sharing Contributions Effective March 11, 1999, certain participating subsidiaries of the Company have elected to provide profit sharing contributions to the Plan on behalf of their participating employees. Profit sharing contributions are determined by a formula, and are dependent on the employer's results of operations. Vesting Effective March 11, 1999, for all but Certain Represented Participants, vesting in the Company's matching contribution plus actual earnings thereon occurs at the rate of 20 percent per year. Certain Represented Participants do not vest in the Company's matching contribution until having achieved 5 years of service, at which time they fully vest. Once fully vested, all future Company matching contributions and earnings thereon are immediately vested. Fund Management Effective January 1, 1999, the Plan's Money Market fund will be managed by State Street Bank and Trust Company through a State Street Money Market investment vehicle. State Street Bank and Trust Company will realize a fee of 1.8 basis points (0.018 percent) on funds invested in the Money Market fund. Fees earned will be netted from fund earnings. Effective March 11, 1999 the Edison International Common Stock Fund will be segregated into two distinct funds: one for all but Certain Represented Participants, the other for Certain Represented Participants. Each of those funds will be managed by State Street Global Advisors, a unit of State Street Bank and Trust Company. State Street Bank and Trust Company will realize a fee of 1.25 basis points (0.0125 percent) on funds invested in the Edison International Stock Fund. Such fees will be netted from fund earnings for all but Certain Represented Participants, and paid by the sponsor for Certain Represented Participants. Investment Elections Effective March 11, 1999, all but Certain Represented Participants may elect changes to their investment mix effective each business day. Certain Represented Participants continue to be able to make changes monthly. Effective March 11, 1999, all but Certain Represented Participants may elect bi-weekly changes to their deferral percentages and deferral investment elections. Certain Represented Participants continue to be able to make changes monthly. Investment Options Effective March 11, 1999, all but Certain Represented Participants may elect to invest in a number of new funds. The fund choices include three Pre-mixed Portfolios, seven core funds as well as 40 Mutual Funds. Certain Represented Participants continue to be able to invest in the same funds as existed in 1998 (see Note 3). Participant Contributions Effective March 11, 1999, subject to statutory limits, all but Certain Represented Participants may elect to defer up to 19 percent of eligible pay, as defined by the Plan. Certain Represented Participants continue to be able to defer up to 15 percent of eligible pay, as defined by the Plan. Payment of Benefits Effective March 11, 1999, distribution of account balances of $5,000 or less occur after a participant terminates employment, dies, or becomes permanently and totally disabled. Participants terminating employment having account balances greater than $5,000 and retirees, may: a) elect to receive their distributions at any time before turning ages 65 and 70 1/2, respectively, and b) choose between lump sum or installment forms of payment. SCHEDULE I SOUTHERN CALIFORNIA EDISON COMPANY STOCK SAVINGS PLUS PLAN EIN 95-1240335 - PLAN NO. 002 LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AS OF DECEMBER 31, 1998 (Dollars in thousands)
DESCRIPTION OF INVESTMENT IDENTITY OF ISSUE, BORROWER, INCLUDING MATURITY DATE, RATE OF CURRENT LESSOR, OR SIMILAR PARTY INTEREST, PAR OR MATURITY VALUE COST VALUE -------------------------------- -------------------------------- -------- --------- * EDISON INTERNATIONAL STOCK FUND COMMON STOCK - NO PAR VALUE $ 538,165 $ 805,490 BZW BARCLAY'S GLOBAL INVESTORS COMMON STOCK FUND - COLLECTIVE INVESTMENT IN 342,109 440,742 THE BZW BARCLAY'S GLOBAL INVESTORS EQUITY INDEX T-FUND FRANK RUSSELL TRUST COMPANY BALANCED FUND - COLLECTIVE INVESTMENT IN 89,442 154,821 FRANK RUSSELL GLOBAL BALANCED FUND * WELLS FARGO BANK, N.A. MONEY MARKET FUND - COLLECTIVE INVESTMENT IN 126,434 126,434 THE FIRST INTERSTATE BANK SHORT-TERM INCOME FUND FRANK RUSSELL TRUST COMPANY BOND FUND - COLLECTIVE INVESTMENT IN FRANK 37,274 44,035 RUSSELL FIXED INCOME II FUND FRANK RUSSELL TRUST COMPANY GLOBAL FUND - COLLECTIVE INVESTMENT IN THREE 116,425 204,711 FRANK RUSSELL EQUITY-BASED GLOBAL FUNDS * PARTICIPANT LOANS LOANS WITH MATURITIES VARYING FROM ONE TO - 77,245 FOUR YEARS (OR UP TO 15 YEARS IF FOR PURCHASE OF PRIMARY RESIDENCE) AND INTEREST RATES RANGING FROM 7 TO 10 PERCENT. ---------- ---------- TOTAL $1,249,849 $1,853,478 ========== ==========
* Party-in-interest SCHEDULE II SOUTHERN CALIFORNIA EDISON COMPANY STOCK SAVINGS PLUS PLAN EIN 95-1240335 - PLAN NO. 002 LINE 27d - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1998 (Dollars in thousands)
IDENTITY OF PARTY DESCRIPTION OF COST OF ASSETS INVOLVED ASSETS PURCHASE PRICE SELLING PRICE SOLD NET GAIN (LOSS) - ------------------- ------------------- ---------------- ---------------- ---------------- ---------------- WELLS FARGO BANK, Wells Fargo NA Bank, N.A. Short -Term Income Fund 280 purchases $376,056 $ - $ - $ - 195 sales - 351,663 351,663 -
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. SOUTHERN CALIFORNIA EDISON COMPANY STOCK SAVINGS PLUS PLAN By: Lillian R. Gorman ----------------------------------------- Lillian R. Gorman Chair Employee Benefits/Health Care Committee June 21, 1999 EX-23 2 CONSENT OF PUBLIC ACCOUNTANTS EXHIBIT 23 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation by reference of our report dated May 21, 1999 included in this Form 11-K, into the previously filed Registration Statements of Edison International which follow: Registration Form File No. Effective Date ----------------- -------- -------------- Form S-8 333-50443 April 17, 1998 Form S-3 333-08115 July 15, 1996 Form S-8 333-03913 May 16, 1996 Form S-3 33-44148 September 17, 1993 Form S-8 33-32302 June 2, 1993 Form S-8 33-46714 June 2, 1993 ARTHUR ANDERSEN LLP ARTHUR ANDERSEN LLP Los Angeles, California May 21, 1999 -----END PRIVACY-ENHANCED MESSAGE-----