-----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, L3EgeQYEf0soOLsJ9U4X7VUKMEFWH+OP0NfsS7JahhNGzYnXoc7S42v4+g68IQqI OjQkGOCYqpnjpXIXNWH1Tw== 0000084567-98-000025.txt : 19980626 0000084567-98-000025.hdr.sgml : 19980626 ACCESSION NUMBER: 0000084567-98-000025 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980625 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRONTIER CORP /NY/ CENTRAL INDEX KEY: 0000084567 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 160613330 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-04166 FILM NUMBER: 98654234 BUSINESS ADDRESS: STREET 1: ROCHESTER TEL CENTER STREET 2: 180 S CLINTON AVE CITY: ROCHESTER STATE: NY ZIP: 14646-0995 BUSINESS PHONE: 7167771000 FORMER COMPANY: FORMER CONFORMED NAME: ROCHESTER TELEPHONE CORP DATE OF NAME CHANGE: 19920703 11-K 1 ERSP FORM 11-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K ANNUAL REPORT Pursuant to Section 15(d) of The Securities Exchange Act of 1934 For the years ended December 31, 1997 and 1996 Commission File Number 1-4166 FRONTIER CORPORATION EMPLOYEES' RETIREMENT SAVINGS PLAN (Full name of plan) FRONTIER CORPORATION (Name of issuer of securities held pursuant to the plan) 180 South Clinton Avenue Rochester, New York 14646-0700 (Address of principal executive offices) REQUIRED INFORMATION Index to Financial Statements and Schedules Page 1 Report of Independent Accountants Page 2 Statements of Net Assets Available for Benefits, with Fund Information at December 31, 1997 and 1996 Pages 3 - 4 Statement of Changes in Net Assets Available for Benefits, with Fund Information for the Year Ended December 31, 1997 Page 5 Notes to Financial Statements Pages 6 - 9 Schedule of Assets Held for Investment Schedule I Schedule of Reportable Transactions Schedule II The following exhibit is filed as part of this Report. Consent of Independent Accountants Frontier Corporation Employees' Retirement Savings Plan Financial Statements December 31, 1997 and 1996 Frontier Corporation Employees'Retirement Savings Plan Index to Financial Statements Page 1 - ------------------------------------------------------------------------ Report of Independent Accountants Page 2 Statements of Net Assets Available for Benefits, with Fund Information at December 31, 1997 and 1996 Pages 3 - 4 Statement of Changes in Net Assets Available for Benefits, with Fund Information for the Year Ended December 31, 1997 Page 5 Notes to Financial Statements Pages 6 - 9 Line 27a - Schedule of Assets Held for Investment Purposes Schedule I Line 27d - Schedule of Reportable Transactions Schedule II Report of Independent Accountants April 24, 1998 To the Participants and Administrator of the Frontier Corporation Employees' Retirement Savings Plan In our opinion, the accompanying statements of net assets available for benefits, with fund information, and the related statement of changes in net assets available for benefits, with fund information present fairly, in all material respects, the net assets available for benefits of the Frontier Corporation Employees' Retirement Savings Plan at December 31, 1997 and 1996, and the changes in net assets available for benefits for the year ended December 31, 1997, in conformity with generally accepted accounting principles. 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 of these statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in Schedules I and II is presented for purposes of additional analysis and is not a required part of the basic financial statements but is additional information required by the Employee Retirement Income Security Act of 1974 ("ERISA"). The Fund Information in the statements of net assets available for benefits, with fund information, and the statement of changes in net assets available for benefits, with fund information 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. Schedules I and II and the 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/ Price Waterhouse LLP FRONTIER CORPORATION EMPLOYEES' RETIREMENT SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION PAGE 3 Fund Information at December 31, 1997 ------------------------------------------------------------------- Fund A Fund B Fund C Fund D Fund E Assets Investments, at fair value: Registered investment companies - Putnam Income Fund $12,539,046 Putnam Global Growth Fund $18,163,092 Putnam Voyager Fund $42,749,688 Putnam Fund for Growth and Income Putnam Asset Allocation Fund Balanced Portfolio Common trust - Putnam S & P 500 Index Fund $28,049,444 Frontier Corporation Common Stock Participant loans Investments, at contract value: Stable Value Fund $36,395,304 -------------------------------------------------------------------------- Total investments 12,539,046 18,163,092 42,749,688 36,395,304 28,049,444 -------------------------------------------------------------------------- Receivables: Participants' contributions Employer's contributions Total receivables -------------------------------------------------------------------------- Total assets 12,539,046 18,163,092 42,749,688 36,395,304 28,049,444 -------------------------------------------------------------------------- Net assets available for benefits $12,539,046 $18,163,092 $42,749,688 $36,395,304 $28,049,444 ========================================================================== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
FRONTIER CORPORATION EMPLOYEES' RETIREMENT SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION PAGE 3 CONT. Fund Information at December 31, 1997 -------------------------------------------------------------------- Participant Fund F Fund G Fund H Loans Other Total Assets Investments, at fair value: Registered investment companies - Putnam Income Fund $12,539,046 Putnam Global Growth Fund 18,163,092 Putnam Voyager Fund 42,749,688 Putnam Fund for Growth and Income $1,059,892 1,059,892 Putnam Asset Allocation Fund Balanced Portfolio $460,457 460,457 Common trust - Putnam S & P 500 Index Fund 28,049,444 Frontier Corporation Common Stock $56,678,052 56,678,052 Participant loans $6,712,102 6,712,102 Investments, at contract value: Stable Value Fund 36,395,304 ----------------------------------------------------------------------------- Total investments 56,678,052 1,059,892 460,457 6,712,102 202,807,077 ----------------------------------------------------------------------------- Receivables: Participants' contributions $1,025,512 1,025,512 Employer's contributions 258,126 258,126 ------------------------ Total receivables 1,283,638 1,283,638 ------------------------------------------------------------------------------ Total assets 56,678,052 1,059,892 460,457 6,712,102 1,283,638 204,090,715 ------------------------------------------------------------------------------ Net assets available for benefits $56,678,052 $1,059,892 $460,457 $6,712,102 $1,283,638 $204,090,715 ============================================================================== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
FRONTIER CORPORATION EMPLOYEES' RETIREMENT SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION PAGE 4 Fund Information at December 31, 1996 Participant Fund A Fund B Fund C Fund D Fund E Fund F Loans Other Total Assets Investments, at fair value: Registered investment companies - Putnam Income Fund $ 11,650,526 $11,650,526 Putnam Global Growth Fund $15,560,199 15,560,199 Putnam Voyager Fund $34,155,805 34,155,805 Common trust - Putnam S & P 500 Index Fund $18,789,909 18,789,909 Frontier Corporation Common Stock $45,283,094 45,283,094 Participant loans $6,006,035 6,006,035 Investments, at contract value: Stable Value Fund $39,514,456 39,514,456 ------------------------------------------------------------------------------------------------------------ Total investments 11,650,526 15,560,199 34,155,805 39,514,456 18,789,909 45,283,094 6,006,035 170,960,024 ------------------------------------------------------------------------------------------------------------- Receivables: Participants' contributions $1,178,593 1,178,593 Employer's contributions 478,034 478,034 From other plan 1,018,239 1,018,239 ----------------------- Total receivables 2,674,866 2,674,866 ------------------------------------------------------------------------------------------------------------ Total assets 11,650,526 15,560,199 34,155,805 39,514,456 18,789,909 45,283,094 6,006,035 2,674,866 173,634,890 ------------------------------------------------------------------------------------------------------------ Net assets available for benefits $11,650,526 $15,560,199 $34,155,805 $39,514,456 $18,789,909 $45,283,094 $6,006,035 $2,674,866 $173,634,890 ============================================================================================================ THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
FRONTIER CORPORATION EMPLOYEES' RETIREMENT SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION PAGE 5 Fund Information for the Year Ended December 31, 1997 Participant Fund A Fund B Fund C Fund D Fund E Additions Additions to net assets attributed to: Investment income - Interest and dividends $ 799,265 $ 3,287,002 $ 2,552,887 $ 2,380,747 Realized gain (loss), net 55,630 530,984 1,440,228 $ 1,128,900 Net appreciation (depreciation) in fair value of investments 117,823 (1,714,125) 4,739,557 5,196,327 Participant loan interest income Other income 482 3,870 Contributions - Participants' contributions 1,609,570 2,762,072 5,345,304 2,163,428 3,678,905 Employer's contributions --------------------------------------------------------------------------- Total additions 2,582,770 4,865,933 14,081,846 4,544,175 10,004,132 --------------------------------------------------------------------------- Deductions Deductions from net assets attributed to: Benefits paid to participants 1,299,158 2,243,220 4,616,664 7,455,050 2,440,469 Other expense 1,582 3,034 6,503 4,135 3,180 --------------------------------------------------------------------------- Total deductions 1,300,740 2,246,254 4,623,167 7,459,185 2,443,649 --------------------------------------------------------------------------- Net increase (decrease) prior to fund transfers 1,282,030 2,619,679 9,458,679 (2,915,010) 7,560,483 Interfund transfers, net (342,345) 84,462 (681,979) (510,368) 1,759,813 Transfers (to) from other plans (51,165) (101,248) (182,817) 306,226 (60,761) --------------------------------------------------------------------------- Net increase (decrease) 888,520 2,602,893 8,593,883 (3,119,152) 9,259,535 Net assets available for benefits: Beginning of year 11,650,526 15,560,199 34,155,805 39,514,456 18,789,909 ---------------------------------------------------------------------------- End of year $12,539,046 $18,163,092 $42,749,688 $36,395,304 $28,049,444 ============================================================================ THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
FRONTIER CORPORATION EMPLOYEES' RETIREMENT SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION PAGE 5 CONT. Fund Information for the Year Ended December 31, 1997 Participant Fund F Fund G Fund H Loans Other Total Additions Additions to net assets attributed to: Investment income - Interest and dividends $1,919,371 $ 90,146 $ 32,328 $ 11,061,746 Realized gain (loss), net (760,326) 5 (243) 2,395,178 Net appreciation (depreciation) in fair value of investments 5,512,053 (73,197) (41,380) 13,737,058 Participant loan interest income $ 399,608 399,608 Other income 22,317 26,669 Contributions - Participants' contributions 2,819,298 33,834 16,760 $1,025,512 19,454,683 Employer's contributions 6,292,181 258,126 6,550,307 ------------------------------------------------------------------------------------------- Total additions 15,804,894 50,788 7,465 399,608 1,283,638 53,625,249 ------------------------------------------------------------------------------------------- Deductions Deductions from net assets attributed to: Benefits paid to participants 4,574,708 1,234 955 379,650 23,011,108 Other expense 1,557 14 4 20,009 ------------------------------------------------------------------------------------------- Total deductions 4,576,265 1,248 959 379,650 23,031,117 ------------------------------------------------------------------------------------------- Net increase (decrease) prior to fund transfers 11,228,629 49,540 6,506 19,958 1,283,638 30,594,132 Interfund transfers, net 264,811 1,010,352 453,951 636,169 (2,674,866) - Transfers (to) from other plans (98,482) 49,940 (138,307) ------------------------------------------------------------------------------------------- Net increase (decrease) 11,394,958 1,059,892 460,457 706,067 (1,391,228) 30,455,825 Net assets available for benefits: Beginning of year 45,283,094 6,006,035 2,674,866 173,634,890 ------------------------------------------------------------------------------------------- End of year $56,678,052 $1,059,892 $460,457 $6,712,102 $1,283,638 $204,090,715 ============================================================================================ THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
1. Description of the Plan The Frontier Corporation Employees' Retirement Savings Plan (the "Plan") is a defined contribution plan established by the Board of Directors of Frontier Corporation (the "Company") effective March 1, 1994. The Plan is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). The Plan provides participants the option of having their basic and supplemental contributions to the Plan made on a salary reduction basis and on a deferred tax basis. During Plan year end December 31, 1997, the RG Data Inc. 401(k) Retirement Plan was merged into the Frontier Corporation Employees' Retirement Savings Plan. Net assets of $512,997 were transferred from this plan during Plan year end December 31, 1997. During Plan year end December 31, 1997, the Plan document was amended to allow the Company's Employee Benefit Committee to transfer participant accounts from plans the participants are no longer eligible to participate in, to a substantially similar 401(k) plan sponsored by Frontier Corporation, or any corporation/business entity in which Frontier Corporation has a 50% or more ownership or profits interest. The transfers resulting from this amendment are reflected in the statement of changes in net assets available for benefits, with fund information as transfers (to) from other plans. During Plan year end December 31, 1996, the following plans merged into the Frontier Corporation Employees' Retirement Savings Plan: ETI Retirement Savings Plan, Confertech International Employee Savings 401(k) Plan, and the Allnet Communication Services, Inc. 401(k) Plan. Net assets of $19,949,570 were transferred from these plans during Plan year end December 31, 1996. Effective December 31, 1996, the Link USA Corporation 401(k) Plan merged with the Plan. At December 31, 1996, $1,018,239 was owed to the Plan from the former trustee of the Link USA Corporation 401(k) Plan. The principal provisions of the Plan are described below and are provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan's provisions. Participation ------------- Certain non-bargaining employees are eligible to participate in the Plan upon the first of the month after 30 days of employment. Administration -------------- The Plan is administered by the Company's Employee Benefit Committee whose members are appointed by the Company's Board of Directors. The Trustee of the Plan is Putnam Fiduciary Trust Company. Funding Policy -------------- Upon enrollment in the Plan, a participant may direct contributions into any of eight investment options. Fund A - Putnam Income Fund - Funds are primarily invested in Corporate bonds and U.S. government and agency obligations. Fund B - Putnam Global Growth Fund - Funds are primarily invested in foreign and domestic common stocks. Fund C - Putnam Voyager Fund - Funds are invested in emerging growth companies and opportunity stocks. Fund D - Stable Value Fund - Funds are invested in an insurance company pooled separate account. Fund E - Putnam S & P 500 Index Fund - Funds are primarily invested in stocks that comprise the S & P 500 Index. Fund F Frontier Corporation Common Stock - Funds are invested in common stock of Frontier Corporation. Fund G - Putnam Fund for Growth and Income - Funds are primarily invested in common stocks. Fund H - Putnam Asset Allocation Fund Balanced Portfolio - Funds are invested in stocks, bonds and money market instruments. The shares of stock in Fund F are qualified employer securities as defined by ERISA. Each individual's investment in these funds is recorded in his or her account on a per share basis. All other funds are tracked on a dollar value basis with each fund's activity allocated to participants on a pro rata basis. Therefore the plan does not record activity on a unit value basis. The Plan provides that each participant may voluntarily make contributions through a salary reduction agreement for whatever whole percentage a participant chooses, up to a maximum of 16%, subject to maximum contributions imposed by the Internal Revenue Code under Section 401(k). Individual accounts which record the participants' contributions, the earnings on all contributions and the amount of the participant's interest in each fund are maintained for each participant. The participants' contributions during a month are allocated directly to their individual account when contributions are received by the Trustee. Participants have the option to invest their contributions in any of the funds and may change their allocation between funds at any time. Employer matching contributions equal 100% of participant contributions, up to the first 3% of compensation. In addition, each payroll period, the Company contributes .5% of the payroll period compensation for each of its employees who is a participant in the Plan. All employer contributions will be invested initially in Fund F. All employer contributions invested in this Fund must remain for five years, while an active participant, after which time the participant may elect to transfer the amounts to any of the other funds or retain the amounts in this Fund. If the participant terminates service with the Company, he or she may elect to transfer the amounts in Fund F to any other funds or retain the amounts in this Fund. Each Plan year, the Company, at its discretion, may contribute additional amounts to participants. Vesting ------- Participants are immediately 100% vested in their individual account and all employer matching contributions and earnings thereon. Payment of Benefits ------------------- Payment of benefits generally begins upon termination of service and attaining normal retirement age (65). A participant may elect to receive either a lump-sum amount equal to the value of his or her vested account balance, or a participant may elect to receive installments over a period not to exceed 20 years. However, a participant who has reached age 59 1/2, but who has not yet terminated employment may withdraw all or a portion of his or her accumulated account balance in accordance with the terms of the Plan. If upon termination of service, a participant does not attain normal retirement age and his or her vested account balance is greater than $3,500, he or she may elect to receive a lump-sum amount, a direct rollover to a qualified plan under Section 401 of the Internal Revenue Code, or a direct rollover to a qualified Individual Retirement Account equal to the value of his or her vested account balance. If the vested account balance is less than $3,500, the balance must be cashed out as soon as administratively practicable. Individual Participant Loans ---------------------------- Participant loans cannot exceed the lesser of 50% of the vested amounts in the participant's account or $50,000. A participant may only have two loans outstanding, and they are treated as directed investments by the borrower with respect to his or her account. The interest rate on loans is established based on the prime rate, under current Plan provisions. Interest paid on the loan is credited to the borrower's account and the participant does not share in the income of the Plan's assets with respect to the amounts outstanding. Loans have a term of no more than five years except that a loan may be granted for a period not to exceed 25 years if the proceeds are used to purchase the participant's principal residence. During the Plan year ended December 31, 1997, $2,999,876 in loans were disbursed and principal repayments of $2,363,707 were made. Plan Termination ---------------- Although it has not expressed any intent to do so, the Company reserves the right under the Plan to discontinue its contributions and/or to terminate the Plan at any time. Upon termination, all amounts funded shall become nonforfeitable and shall be provided for and paid from the Plan's trust in accordance with the order priority set forth in Section 4044 of ERISA. The Plan is not a defined benefit plan and, accordingly, Plan benefits are not guaranteed by the Pension Benefit Guaranty Corporation. The Plan's holdings of Frontier Corporation common stock, the Putnam Investment, Inc. common trust and the five Putnam Investment, Inc. registered investment company funds are party- in-interest investments. 2. Summary of Significant Accounting Policies The financial statements have been prepared on the accrual basis of accounting. 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 and liabilities and disclosure of contingent assets and liabilities at year end and the reported investment income and expenses during the Plan year. Actual results could differ from those estimates. Contributions and Benefits Paid ------------------------------- Contributions are recorded by the Plan when withheld from employees and accrued by the Company. Benefits to participants are recorded by the Plan when a request for disbursement is received from the employee. Participants may receive distributions in cash or in common stock of Frontier Corporation for amounts invested in Fund F. Purchases and sales of securities are recorded on the trade date. Administrative Expenses ----------------------- Significant expenses associated with the Plan are paid by the Company. Valuation of Investment Assets ------------------------------ The Plan's interest in registered investment companies, a common trust, and employer securities is stated at fair value, measured by the quoted market price. Adjustments for unrealized appreciation or depreciation of such values are included in the operating results of the Plan. Funds invested in the Stable Value Fund are stated at contract value, measured as cost plus earned interest income. Contract value approximates fair market value at December 31, 1997 and 1996. 3. Participant Accounts As of December 31, 1997 and 1996, the Plan held 2,355,452 and 2,001,454 shares of Frontier Corporation common stock at a fair market value of $56,678,052 and $45,283,094, respectively. Of these shares, 265,683 were contributed by the Company during the Plan year ended December 31, 1997, as the Company's matching contribution. During the Plan year ended December 31, 1997, 100,088 shares of Frontier Corporation common stock were distributed to participants. 4. Federal Income Tax Status The Plan Administrator has received a favorable determination letter from the Internal Revenue Service covering the Plan as amended through February 2, 1995 stating that the Plan, as designed, is a qualified plan in accordance with Section 401(a) of the Internal Revenue Code, and its corresponding trust is exempt from taxation under Section 501(a) of the Code. The Plan Administrator believes the Plan is being operated as designed and, therefore, maintains its tax- qualified status. FRONTIER CORPORATION EMPLOYEES' RETIREMENT SAVINGS PLAN Line 27a - Schedule of Assets Held for Investment Purposes Schedule I - ------------------------------------------------------------------------------------------------------- Current Number value at of December 31, Description/Issuer shares Cost 1997 Interests in Registered Investment Companies: * Putnam Income Fund 1,763,579 $ 12,153,001 $ 12,539,046 * Putnam Global Growth Fund 1,823,604 18,717,742 18,163,092 * Putnam Voyager Fund 2,244,078 33,890,291 42,749,688 * Putnam Growth and Income Fund 54,242 1,133,089 1,059,892 * Putnam Asset Allocation Fund Balanced Portfolio 41,371 501,837 460,457 ---------------------------- Total interests in registered investment companies 66,395,960 74,972,175 Common Trust: ---------------------------- * Putnam S & P 500 Index Fund 1,242,776 17,534,400 28,049,444 ---------------------------- Common Stock: * Frontier Corporation 2,355,452 54,716,096 56,678,052 ---------------------------- Participant Loans: Participant loan accounts (rate 6.0% - 11.5%) (maturities range 1998 to 2022) 6,712,102 6,712,102 ----------------------------- Insurance Company Pooled Separate Account: Stable Value Fund 36,395,304 36,395,304 ----------------------------- Total investments $181,753,862 $202,807,077 ============================= *Denotes party-in-interest
FRONTIER CORPORATION EMPLOYEES' RETIREMENT SAVINGS PLAN Line 27d - Schedule of Reportable Transactions Schedule II - --------------------------------------------------------------------------------------------------------------------- Expense Current value Number incurred of asset on Net Identity of Description of Purchase Selling Lease with Cost of transaction gain party involved of asset transactions price price rental transaction asset date (loss) Series of Transactions: Putnam Voyager Fund* Registered Investments 351 $15,449,435 N/A N/A N/A $15,449,435 $15,449,435 Putnam Voyager Fund* Registered Investments 531 N/A $13,036,598 N/A N/A 11,596,370 13,036,598 $1,440,228 Stable Value Fund Insurance Company Pooled Separate Account 461 21,095,295 N/A N/A N/A 21,095,295 21,095,295 Stable Value Fund Insurance Company Pooled Separate Account 519 N/A 25,709,768 N/A N/A 25,709,768 25,709,768 Frontier Corporation* Common Stock 316 28,732,884 N/A N/A N/A 28,732,884 28,732,884 Frontier Corporation* Common Stock 511 N/A 22,090,379 N/A N/A 22,850,705 22,090,379 (760,326) Putnam Global Growth Fund* Registered Investments 323 10,410,438 N/A N/A N/A 10,410,438 10,410,438 Putnam Global Growth Fund* Registered Investments 471 N/A 6,625,443 N/A N/A 6,094,459 6,625,443 530,984 Putnam S & P 500 Index Fund* Common Trust 359 9,679,603 N/A N/A N/A 9,679,603 9,679,603 Putnam S & P 500 Index Fund* Common Trust 447 N/A 6,745,305 N/A N/A 5,616,405 6,745,305 1,128,900 Putnam Income Fund* Registered Investments 273 5,770,936 N/A N/A N/A 5,770,936 5,770,936 Putnam Income Fund* Registered Investments. 471 N/A 5,055,893 N/A N/A 5,000,263 5,055,893 55,630 * Denotes party-in-interest
SIGNATURES 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 thereunto duly authorized. FRONTIER CORPORATION EMPLOYEES' RETIREMENT SAVINGS PLAN Date June 25, 1998 By: /s/ Martin T. McCue ------------------------------- Martin T. McCue Senior Vice President and General Counsel EX-23 2 PW CONSENT Exhibit 23 Consent of Independent Accountants We hereby consent to the incorporation by reference in the Prospectus constituting part of the Registration Statement on Form S-8 (File No. 33-51885) of Frontier Corporation of our report dated April 24, 1998 appearing on page 2 of this Form 11-K. /s/ Price Waterhouse LLP Price Waterhouse LLP Rochester, New York June 25, 1998 -----END PRIVACY-ENHANCED MESSAGE-----