-----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, LRsSvq8Y0IOba4I1WhNVo65w5haZhu2tQwzCgkOkw6iaYvUhmag6bCf5LZjLwPdk U/8pFMlQ1rZn3hib2BG9Wg== 0000950132-99-000606.txt : 19990621 0000950132-99-000606.hdr.sgml : 19990621 ACCESSION NUMBER: 0000950132-99-000606 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990618 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: 99648480 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 ANNUAL REPORT PURSUANT TO SECTION 15(D) 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, 1998 and 1997 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, 1998 and 1997 Pages 3-4 Statement of Changes in Net Assets Available for Benefits, with Fund Information for the Year Ended December 31, 1998 Page 5 Notes to Financial Statements Pages 6-9 Schedule of Assets Held for Investment Purposes Schedule I Schedule of Loans or Fixed Income Obligations Schedule II Schedule of Reportable Transactions Schedule III 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, 1998 and 1997 Frontier Corporation Bargaining Unit Employees' Retirement Savings Plan Index to Financial Statements - -------------------------------------------------------------------------------- Report of Independent Accountants Page 2 Statements of Net Assets Available for Benefits, with Fund Information at December 31, 1998 and 1997 Pages 3-4 Statement of Changes in Net Assets Available for Benefits, with Fund Information for the Year Ended December 31, 1998 Page 5 Notes to Financial Statements Pages 6-9 Line 27a - Schedule of Assets Held for Investment Purposes Schedule I Line 27b - Schedule of Loans or Fixed Income Obligations Schedule II Line 27d - Schedule of Reportable Transactions Schedule III * * * * * * * * Other schedules required by Section 2520.103-10 of the Department of Labor Rules and Regulations for reporting and Disclosure under ERISA have been omitted because they are not applicable. Page 2 Report of Independent Accountants February 26, 1999 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, 1998 and 1997, and the changes in net assets available for benefits for the year ended December 31, 1998, 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, II and III 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, II and III 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/ PricewaterhouseCoopers 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, 1998 - ------------------------------------------------------------------------------------------------------------------------------------ Participant Directed - ------------------------------------------------------------------------------------------------------------------------------------ Fund A Fund B Fund C Fund D Fund E Fund F Assets Investments, ar fair value: Registered investment companies - Putnam Income Fund $ 2,050,649 Putnam Global Growth Fund $ 3,692,026 Putnam Voyager Fund $ 8,259,103 Putnam Fund for Growth and Income Putnam Asset Allocation Fund Balanced Portfolio Common Trust - Putnam S & P 500 Index Fund $ 5,898,271 Stable Value Fund $ 9,410,336 Frontier Corporation Common Stock $ 19,875,874 Participant loans ----------- ----------- ----------- ----------- ----------- ------------ Total investments 2,050,649 3,692,026 8,259,103 9,410,336 5,898,271 19,875,874 ----------- ----------- ----------- ----------- ----------- ------------ Participants' contributions Employer's contributions Total receivables Net assets available for benefits $ 2,050,649 $ 3,692,026 $ 8,259,103 $ 9,410,336 $ 5,898,271 $ 19,875,874 =========== =========== =========== =========== =========== ============
Fund Information at December 31, 1998 - ------------------------------------------------------------------------------------------------------------------- Participant Directed - ------------------------------------------------------------------------------------------------------------------- Participant Fund G Fund H Loans Other Total Assets Investments, at fair value: Registered investment companies - Putnam Income Fund $2,050,649 Putnam Global Growth Fund 3,692,026 Putnam Voyager Fund 8,259,103 Putnam Fund for Growth and Income $ 521,781 521,781 Putnam Asset Allocation Fund Balanced Portfolio $ 424,255 424,255 Common Trust - Putnam S & P 500 Index Fund 5,898,271 Stable Value Fund 9,410,336 Frontier Corporation Common Stock 19,875,874 Participant loans $ 1,988,720 1,988,720 --------- --------- ----------- ------------ Total investments 521,781 424,255 1,988,720 52,121,015 --------- --------- ----------- ------------ Participants' contributions $ 291,667 291,667 Employer's contributions 429,687 429,687 --------- ------------ Total receivables 721,354 721,354 --------- ------------ Net assets available for benefits $ 521,781 $ 424,255 $ 1,988,720 $ 721,354 $ 52,842,369 ========= ========= =========== ========= ============
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 4 - -------------------------------------------------------------------------------
Fund Information at December 31, 1997 -------------------------------------------------------------------------------------------- Participant Directed -------------------------------------------------------------------------------------------- Fund A Fund B Fund C Fund D Fund E Fund F 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 Stable Value Fund $ 7,052,908 Frontier Corporation Common Stock $ 12,698,452 Participant loans ----------- ----------- ----------- ------------ ----------- ------------ Total investments 1,727,633 2,482,722 5,683,257 7,052,908 3,686,369 12,698,452 ----------- ----------- ----------- ------------ ----------- ------------ Receivables: Participants' contributions Employer's contributions Total receivables Net assets available for benefits $ 1,727,633 $ 2,482,722 $ 5,683,257 $ 7,052,908 $ 3,686,369 $ 12,698,452 =========== =========== =========== ============ =========== ============
Fund Information at December 31, 1997 ---------------------------------------------------------------------------- Participant Directed ---------------------------------------------------------------------------- Participant 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 Stable Value Fund 7,052,908 Frontier Corporation Common Stock 12,698,452 Participant loans $ 1,432,420 1,432,420 --------- --------- ----------- ------------ Total investments 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 --------- ------------ Net assets available for benefits $ 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 5
Fund Information for the Year Ended December 31, 1998 - ------------------------------------------------------------------------------------------------------------------------------------ Participant Directed - ------------------------------------------------------------------------------------------------------------------------------------ Fund A Fund B Fund C Fund D Fund E Fund F Additions Additions to net assets attributed to: Investment income - Interest and dividends $ 121,843 $ 106,543 $ 552,612 $ 564,876 $ 488,698 Realized gain (loss), net 3,150 6,340 117,649 $ 187,099 506,857 Net appreciation (depreciation) in fair value of investments (58,786) 646,465 821,182 999,627 4,975,734 Participant loan interest income Contributions - Participants' contributions 305,734 570,005 1,151,472 923,374 774,220 973,553 Employer's contributions 140 280 404 808 275 2,034,632 ----------- ----------- ----------- ------------ ----------- ------------ Total additions 372,081 1,329,633 2,643,319 1,489,058 1,961,221 8,979,474 ----------- ----------- ----------- ------------ ----------- ------------ Deductions Deductions from net assets attributed to: Benefits paid to participants 102,336 85,807 184,160 875,520 230,351 850,181 Other expense 524 787 1,592 2,770 1,107 2,581 ----------- ----------- ----------- ------------ ----------- ------------ Total deductions 102,860 86,594 185,752 878,290 231,458 852,762 ----------- ----------- ----------- ------------ ----------- ------------ Net increase prior to fund transfers 269,221 1,243,039 2,457,567 610,768 1,729,763 8,126,712 Interfund transfers, net 73,284 11,280 241,588 (719,975) 523,800 (790,500) Transfers (to) from other plans (19,489) (45,015) (123,309) 2,466,635 (41,661) (158,790) ----------- ----------- ----------- ------------ ----------- ------------ Net increase 323,016 1,209,304 2,575,846 2,357,428 2,211,902 7,177,422 Net assets available for benefits: Beginning of year 1,727,633 2,482,722 5,683,257 7,052,908 3,686,369 12,698,452 ----------- ----------- ----------- ------------ ----------- ------------ End of year $ 2,050,649 $ 3,692,026 $ 8,259,103 $ 9,410,336 $ 5,898,271 $ 19,875,874 =========== =========== =========== ============ =========== ============
Fund Information for the Year Ended December 31, 1998 - ------------------------------------------------------------------------------------------------------------------- Participant Directed - ------------------------------------------------------------------------------------------------------------------- Participant Fund G Fund H Loans Other Total Additions Additions to net assets attributed to: Investment income - Interest and dividends $ 40,577 $ 10,721 $ 1,885,870 Realized gain (loss), net 609 2,012 823,716 Net appreciation (depreciation) in fair value of investments 2,502 14,464 7,401,188 Participant loan interest income $ 121,506 121,506 Contributions - Participants' contributions 206,418 78,607 $ 291,667 5,275,050 Employer's contributions 10 45 429,687 2,466,281 --------- --------- ----------- --------- ------------ Total additions 250,116 105,849 121,506 721,354 17,973,611 --------- --------- ----------- --------- ------------ Deductions Deductions from net assets attributed to: Benefits paid to participants 2,983 1,786 68,280 2,401,404 Other expense 38 22 9,421 --------- --------- ----------- ------------ Total deductions 3,021 1,808 68,280 2,410,825 --------- --------- ----------- ------------ Net increase prior to fund transfers 247,095 104,041 53,226 721,354 15,562,786 Interfund transfers, net 203,159 209,741 558,784 (311,161) - Transfers (to) from other plans (2,739) 441 (55,710) 2,020,363 --------- --------- ----------- --------- ------------ Net increase 447,515 314,223 556,300 410,193 17,583,149 Net assets available for benefits: Beginning of year 74,266 110,032 1,432,420 311,161 35,259,220 --------- --------- ----------- --------- ------------ End of year $ 521,781 $ 424,255 $ 1,988,720 $ 721,354 $ 52,842,369 ========= ========= =========== ========= ============
The accompanying notes are an integral part of these financial statements. Frontier Corporation Bargaining Unit Employees' Retirement Savings Plan Notes to Financial Statements Years Ended December 31, 1998 and 1997 Page 6 - -------------------------------------------------------------------------------- 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. Effective January 1, 1998, the Frontier Communications of New York, Inc. (FC of NY) Employee Savings and 401(k) Plan was merged into the Plan. The transfer of the FC of NY assets, $2,918,150, into the Plan was completed in March 1998 and is reflected in the transfer from other plans on the Statement of Changes in Net Assets with Fund Information. 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 based upon respective collective bargaining agreements. 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. Page 7 Fund D - Stable Value Fund - Funds are invested in a diversified portfolio of high-quality stable value investments offering price stability and liquidity. 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. Page 8 If upon termination of service, a participant does not attain normal retirement age and his or her vested account balance is greater than $5,000 and $3,500 at December 31, 1998 and 1997, respectively, 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 $5,000 and $3,500 at December 31, 1998 and 1997, respectively, 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, 1998, $1,243,765 in loans were disbursed and principal repayments of $684,981 were made. Plan Termination Although it has not expressed any intent to do so, the Company 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 100% vested in their accounts. 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 are recorded when paid. 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. Page 9 Valuation of Investment Assets Investments in registered investment companies, and employer securities are stated at fair value, measured by quoted market prices. Investments in common trust funds are stated at estimated fair values which represent the net asset value of shares held by the Plan at year end. Adjustments for unrealized appreciation or depreciation of such values are included in the operating results of the Plan. 3. Party-in-Interest Transactions 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. As of December 31, 1998 and 1997, the Plan held 584,585 and 527,728 shares of Frontier Corporation common stock at a fair market value of $19,875,874 and $12,698,452, respectively. Of these shares, 71,206 were contributed by the Company during the Plan year ended December 31, 1998 for all of the Company's contribution categories. During the Plan year ended December 31, 1998, 11,056 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, 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 1998 Interests in Registered Investment Companies: * Putnam Income Fund 296,337 $ 2,057,224 $ 2,050,649 * Putnam Global Growth Fund 296,548 3,139,263 3,692,026 * Putnam Voyager Fund 376,784 6,232,342 8,259,103 * Putnam Fund for Growth and Income 25,465 523,567 521,781 * Putnam Asset Allocation Fund Balanced Portfolio 35,325 416,545 424,255 ------------ ------------ Total interests in registered investment companies 12,368,941 14,947,814 ------------ ------------ Common Trust: * Putnam S & P 500 Index Fund 203,881 3,574,861 5,898,271 ------------ ------------ Common Stock: * Frontier Corporation 584,585 14,412,438 19,875,874 ------------ ------------ Participant Loans: Participant loan accounts (rate 7.0% - 10.5%) (maturities range 1999 to 2023) 1,988,720 1,988,720 ------------ ------------ Insurance Company Pooled Separate Account: Stable Value Fund 9,410,336 9,410,336 ------------ ------------ Total investments $ 41,755,296 $ 52,121,015 ============ ============
* Denotes party-in-interest Frontier Corporation Bargaining Unit Employees' Retirement Savings Plan Line 27b - Schedule of Loans or Fixed Income Obligations Schedule II - --------------------------------------------------------------------------------
Amount received during Unpaid Original reporting year balance Amount overdue Identity and amount --------------------- at end of Description -------------------- address of obligor of loan Principal Interest year of loan Principal Interest Manville, Anne 141 Stoney Path Lane Rochester, NY 14626 $ 500.00 $ - $ - $ 10.00 Participant loan $ 10.00 N/A Hochheimer, Kathleen M. 38 Albemarle Street Rochester, NY 14613 $ 2,525.42 $ - $ - $ 2,325.47 Participant loan $ 2,325.47 N/A Hochheimer, Kathleen M. 38 Albemarle Street Rochester, NY 14613 $ 1,800.00 $ - $ - $ 1,788.79 Participant loan $ 1,788.79 N/A Combs, Roy B. 9 Sunnyside Lane North Chili, NY 14514 $ 3,000.00 $ - $ - $ 1,909.89 Participant loan $ 1,909.89 N/A Combs, Roy B. 9 Sunnyside Lane North Chili, NY 14514 $ 500.00 $ - $ - $ 347.03 Participant loan $ 347.03 N/A Smith, Michael A. 8 Sisson Drive Rochester, NY 14623 $ 2,800.00 $ - $ - $ 776.08 Participant loan $ 776.08 N/A Centola, Rita M. 88 Juliane Drive Rochester, NY 14624 $ 5,000.00 $ - $ - $ 5,000.00 Participant loan $ 5,000.00 N/A Flatgard, Ricky J. RR1, Box 106 Rushmore, MN 56168 $ 7,490.48 $ - $ - $ 893.36 Participant loan $ 893.36 N/A Flatgard, Ricky J. RR1, Box 106 Rushmore, MN 56168 $ 5,000.00 $ - $ - $ 3,744.39 Participant loan $ 3,744.39 N/A Link, Robin L. 4925 203rd Street West Farmington, MN 55024 $ 5,000.00 $ - $ - $ 5,000.00 Participant loan $ 5,000.00 N/A Lyons, Paige M. 17075 Firtree Place Farmington, MN 55024 $ 3,000.00 $ - $ - $ 3,000.00 Participant loan $ 3,000.00 N/A Ranta, Gay L. 824 4th Avenue West Shakopee, MN 55379 $ 3,200.00 $ - $ - $ 3,200.00 Participant loan $ 3,200.00 N/A
Frontier Corporation Bargaining Unit Employees' Retirement Savings Plan Line 27d - Schedule of Reportable Transactions Schedule III - --------------------------------------------------------------------------------
Expense Number incurred Identity of Description of Purchase Selling Lease with party involved of asset transactions price price rental transaction Series of Transactions: Putnam Voyager Fund* Registered Investments 179 $ 2,301,770 N/A N/A N/A Putnam Voyager Fund* Registered Investments 287 N/A $ 664,755 N/A N/A Stable Value Fund Insurance Company Pooled Separate Account 280 2,328,300 N/A N/A N/A Stable Value Fund Insurance Company Pooled Separate Account 369 N/A 2,889,023 N/A N/A Frontier Corporation* Common Stock 184 4,602,159 N/A N/A N/A Frontier Corporation* Common Stock 448 N/A 2,907,332 N/A N/A Putnam S & P 500 Index Fund* Common Trust 183 1,602,035 N/A N/A N/A Putnam S & P 500 Index Fund* Common Trust 246 N/A 576,859 N/A N/A
Current value of asset on Net Identity of Cost of transaction gain party involved asset date (loss) Series of Transactions: Putnam Voyager Fund* $ 2,301,770 $ 2,301,770 - Putnam Voyager Fund* 547,106 664,755 $ 117,649 Stable Value Fund 2,328,300 2,328,300 - Stable Value Fund 2,889,023 2,889,023 - Frontier Corporation* 4,602,159 4,602,159 - Frontier Corporation* 2,400,475 2,907,332 506,857 Putnam S & P 500 Index Fund* 1,602,035 1,602,035 - Putnam S & P 500 Index Fund* 389,760 576,859 187,099
* Denotes party-in-interest EX-23 2 CONSENT OF PRICEWATERHOUSECOOPERS LLP 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 February 26, 1999 appearing on page 2 of this Form 11-K. PricewaterhouseCoopers LLP Rochester, New York June 18, 1999 -----END PRIVACY-ENHANCED MESSAGE-----