-----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, V5zs155nk3mqGvo1tV00pkYj0yA92O0dKpcCZUwdOh/S2QD3y3HI7aDBKoDU7UPA GDlY6/LaoVNsxB33gjgQjw== 0000084567-98-000024.txt : 19980626 0000084567-98-000024.hdr.sgml : 19980626 ACCESSION NUMBER: 0000084567-98-000024 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: 98654228 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 BARG UNIT 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 BARGAINING UNIT 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 Bargaining Unit Employees' Retirement Savings Plan Financial Statements December 31, 1997 and 1996 Frontier Corporation Bargaining Unit 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 Bargaining Unit 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 Bargaining Unit 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 financial 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 BARGAINING UNIT 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 $1,727,633 Putnam Global Growth Fund $2,482,722 Putnam Voyager Fund $5,683,257 Putnam Fund for Growth and Income Putnam Asset Allocation Fund Balanced Portfolio Common Trust - Putnam S & P 500 Index Fund $3,686,369 Frontier Corporation Common Stock Participant loans Investments, at contract value: Stable Value Fund $7,052,908 --------------------------------------------------------- Total investments 1,727,633 2,482,722 5,683,257 7,052,908 3,686,369 --------------------------------------------------------- Receivables: Participants' contributions Employer's contributions Total receivables ---------------------------------------------------------- Total assets 1,727,633 2,482,722 5,683,257 7,052,908 3,686,369 ---------------------------------------------------------- Net assets available for benefits $1,727,633 $2,482,722 $5,683,257 $7,052,908 $3,686,369 ========================================================== The accompanying notes are an integral part of these financial statements.
FRONTIER CORPORATION BARGAINING UNIT 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 $1,727,633 Putnam Global Growth Fund 2,482,722 Putnam Voyager Fund 5,683,257 Putnam Fund for Growth and Income $ 74,266 74,266 Putnam Asset Allocation Fund Balanced Portfolio $ 110,032 110,032 Common Trust - Putnam S & P 500 Index Fund 3,686,369 Frontier Corporation Common Stock $12,698,452 12,698,452 Participant loans $1,432,420 1,432,420 Investments, at contract value: Stable Value Fund 7,052,908 -------------------------------------------------------------------- Total investments 12,698,452 74,266 110,032 1,432,420 34,948,059 -------------------------------------------------------------------- Receivables: Participants' contributions $232,023 232,023 Employer's contributions 79,138 79,138 -------------------- Total receivables 311,161 311,161 -------------------------------------------------------------------- Total assets 12,698,452 74,266 110,032 1,432,420 311,161 35,259,220 -------------------------------------------------------------------- Net assets available for benefits $12,698,452 $ 74,266 $110,032 $1,432,420 $311,161 $35,259,220 ==================================================================== The accompanying notes are an integral part of these financial statements.
FRONTIER CORPORATION BARGAINING UNIT EMPLOYEES'RETIREMENT SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION PAGE 4 Fund Information at December 31, 1996 Fund A Fund B Fund C Fund D Fund E Assets Investments, at fair value: Registered investment companies - Putnam Income Fund $1,487,484 Putnam Global Growth Fund $1,849,000 Putnam Voyager Fund $4,207,486 Common Trust - Putnam S & P 500 Index Fund $2,176,036 Frontier Corporation Common Stock Participant loans Investments, at contract value: Stable Value Fund $6,617,654 - ------------------------------------------------------------------------------------------------------- Total investments 1,487,484 1,849,000 4,207,486 6,617,654 2,176,036 - -------------------------------------------------------------------------------------------------------- Receivables: Participants' contributions Employer's contributions Total receivables - ------------------------------------------------------------------------------------------------------- Total assets 1,487,484 1,849,000 4,207,486 6,617,654 2,176,036 - ------------------------------------------------------------------------------------------------------- Net assets available for benefits $1,487,484 $1,849,000 $4,207,486 $6,617,654 $2,176,036 ======================================================================================================= The accompanying notes are an integral part of these financial statements.
FRONTIER CORPORATION BARGAINING UNIT EMPLOYEES'RETIREMENT SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION PAGE 4 CONT. Fund Information at December 31, 1996 Participant Fund F Loans Other Total Assets Investments, at fair value: Registered investment companies - Putnam Income Fund $ 1,487,484 Putnam Global Growth Fund 1,849,000 Putnam Voyager Fund 4,207,486 Common Trust - Putnam S & P 500 Index Fund 2,176,036 Frontier Corporation Common Stock $ 9,192,876 9,192,876 Participant loans $ 1,105,515 1,105,515 Investments, at contract value: Stable Value Fund 6,617,654 --------------------------------------------------------------- Total investments 9,192,876 1,105,515 26,636,051 --------------------------------------------------------------- Receivables: Participants' contributions $ 230,565 230,565 Employer's contributions 91,705 91,705 ----------------------------- Total receivables 322,270 322,270 --------------------------------------------------------------- Total assets 9,192,876 1,105,515 322,270 26,958,321 --------------------------------------------------------------- Net assets available for benefits $9,192,876 $1,105,515 $ 322,270 $26,958,321 =============================================================== The accompanying notes are an integral part of these financial statements.
FRONTIER CORPORATION BARGAINING UNIT EMPLOYEES'RETIREMENT SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION PAGE 5 Fund Information for the Year Ended December 31, 1997 Fund A Fund B Fund C Fund D Fund E Additions Additions to net assets attributed to: Investment income - Interest and dividends $ 108,412 $ 449,057 $ 339,921 $ 429,789 Realized gain (loss), net 4,656 40,804 136,941 $ 111,676 Net appreciation (depreciation) in fair value of investments 17,773 (233,918) 638,271 701,176 Participant loan interest income Other income Contributions - Participants' contributions 296,307 524,727 945,371 973,850 544,939 Employer's contributions --------------------------------------------------------------------- Total additions 427,148 780,670 2,060,504 1,403,639 1,357,791 --------------------------------------------------------------------- Deductions Deductions from net assets attributed to: Benefits paid to participants 62,916 104,346 265,396 615,574 102,506 Other expense 598 639 1,461 2,988 836 --------------------------------------------------------------------- Total deductions 63,514 104,985 266,857 618,562 103,342 --------------------------------------------------------------------- Net increase prior to fund transfers 363,634 675,685 1,793,647 785,077 1,254,449 Interfund transfers, net (65,667) (19,235) (228,684) (294,836) 331,122 Transfers to other plans (57,818) (22,728) (89,192) (54,987) (75,238) --------------------------------------------------------------------- Net increase (decrease) 240,149 633,722 1,475,771 435,254 1,510,333 Net assets available for benefits: Beginning of year 1,487,484 1,849,000 4,207,486 6,617,654 2,176,036 --------------------------------------------------------------------- End of year $ 1,727,633 $ 2,482,722 $ 5,683,257 $ 7,052,908 $ 3,686,369 =====================================================================
FRONTIER CORPORATION BARGAINING UNIT EMPLOYEES'RETIREMENT SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION PAGE 5 CONT. Fund Information at 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 $ 407,594 $ 6,548 $ 7,860 $ 1,749,181 Realized gain (loss), net (136,807) (234) 157,036 Net appreciation (depreciation) in fair value of investments 1,222,836 (4,287) (6,755) 2,335,096 Participant loan interest income $ 80,639 80,639 Other income 4,785 4,785 Contributions - Participants' contributions 969,013 9,178 5,792 $ 232,023 4,501,200 Employer's contributions 1,582,800 79,138 1,661,938 ------------------------------------------------------------------------------- Total additions 4,050,221 11,439 6,663 80,639 311,161 10,489,875 ------------------------------------------------------------------------------- Deductions Deductions from net assets attributed to: Benefits paid to participants 411,856 3,675 51,804 1,618,073 Other expense 586 7,108 ------------------------------------------------------------------------------- Total deductions 412,442 3,675 51,804 1,625,181 ------------------------------------------------------------------------------- Net increase prior to fund transfers 3,637,779 11,439 2,988 28,835 311,161 8,864,694 Interfund transfers, net 99,050 62,827 107,044 330,649 (322,270) - Transfers to other plans (231,253) (32,579) (563,795) ------------------------------------------------------------------------------- Net increase (decrease) 3,505,576 74,266 110,032 326,905 (11,109) 8,300,899 Net assets available for benefits: Beginning of year 9,192,876 1,105,515 322,270 26,958,321 ------------------------------------------------------------------------------- End of year $12,698,452 $ 74,266 $ 110,032 $ 1,432,420 $ 311,161 $35,259,220 ===============================================================================
1. Description of the Plan The Frontier Corporation Bargaining Unit 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. 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. 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 other plans. Participation ------------- All bargaining unit employees covered by a collective bargaining agreement, except for temporary, summer and leased employees, are eligible to participate in the Plan upon employment date. 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 Fund - 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 this fund 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 contribution provisions 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 and non-matching contributions are made in accordance with each participating employer's bargaining unit agreement. Vesting ------- Participants are immediately 100% vested in their voluntary contributions and actual earnings thereon. Vesting in the remainder of their accounts is based on years of continuous service. Participants should refer to their respective bargaining agreements for vesting requirements of employer contributions. Forfeited nonvested accounts are used to reduce future employer contributions. 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 vested 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, $835,067 in loans were disbursed and principal repayments of $504,418 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 of priority set forth in Section 4044 of ERISA. In the event of Plan termination, participants become 100% vested in their accounts. 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 527,728 and 406,317 shares of Frontier Corporation common stock at a fair market value of $12,698,452 and $9,192,876, respectively. Of these shares, 67,772 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, 5,558 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 BARGAINING UNIT 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 242,986 $ 1,675,421 $ 1,727,633 * Putnam Global Growth Fund 249,269 2,576,424 2,482,722 * Putnam Voyager Fund 298,334 4,477,678 5,683,257 * Putnam Growth and Income Fund 3,801 78,553 74,266 * Putnam Asset Allocation Fund Balanced Portfolio 9,886 116,787 110,032 --------------------------- Total interests in registered investment companies 8,924,863 10,077,910 --------------------------- Common Trust: * Putnam S & P 500 Index Fund 163,330 2,362,587 3,686,369 --------------------------- Common Stock: * Frontier Corporation 527,728 12,210,750 12,698,452 --------------------------- Participant Loans: Participant loan accounts (rate 6.0% - 11.5%) (maturities range 1998 to 2009) 1,432,420 1,432,420 --------------------------- Insurance Company Pooled Separate Account: Stable Value Fund 7,052,908 7,052,908 --------------------------- Total investments $31,983,528 $34,948,059 =========================== *DENOTES PARTY-IN-INTEREST
FRONTIER CORPORATION BARGAINING UNIT 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 173 $1,922,332 N/A N/A N/A $1,922,332 $1,922,332 Putnam Voyager Fund* Registered Investments 246 N/A $1,221,774 N/A N/A 1,084,833 1,221,774 $136,941 Stable Value Fund Insurance Company Pooled Separate Account 263 2,282,654 N/A N/A N/A 2,282,654 2,282,654 Stable Value Fund Insurance Company Pooled Separate Account 300 N/A 1,847,399 N/A N/A 1,847,399 1,847,399 Frontier Corporation* Common Stock 193 4,341,869 N/A N/A N/A 4,341,869 4,341,869 Frontier Corporation* Common Stock 261 N/A 1,922,389 N/A N/A 2,059,196 1,922,389 (136,807) Putnam Global Growth Fund* Registered Investments 155 1,330,932 N/A N/A N/A 1,330,932 1,330,932 Putnam Global Growth Fund* Registered Investments 199 N/A 504,098 N/A N/A 463,294 504,098 40,804 Putnam S & P 500 Index Fund* Common Trust 171 1,258,595 N/A N/A N/A 1,258,595 1,258,595 Putnam S & P 500 Index Fund* Common Trust 175 N/A 561,113 N/A N/A 449,437 561,113 111,676 Plan Participants Participant Loans 168 1,022,689 N/A N/A N/A 1,022,689 1,022,689 Plan Participants Participant Loans 78 N/A 692,784 N/A N/A 692,784 692,784 *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 BARGAINING UNIT 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. 33-52025) 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-----