-----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, L79FKXqzS46IO0m5xWgUNXmNdbxlmIFjHgzDXthM2Iqc6ylwXMwDtOIkxmNcWpuf Fm5Y7P6XErYp93VgWq4V2A== 0000950132-99-000607.txt : 19990621 0000950132-99-000607.hdr.sgml : 19990621 ACCESSION NUMBER: 0000950132-99-000607 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: 99648481 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 UPSTATE CELLULAR NETWORK 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 Upstate Cellular Network Employees' Retirement Savings Plan Financial Statements December 31, 1998 and 1997 Upstate Cellular Network 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, 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 Upstate Cellular Network 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 Upstate Cellular Network 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 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 Upstate Cellular Network 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, at fair value: Registered investment companies - Putnam Income Fund $ 427,868 Putnam Global Growth Fund $ 1,110,768 Putnam Voyager Fund $ 2,196,248 Putnam Fund for Growth and Income Putnam Asset Allocation Fund Balanced Portfolio Common trust - Putnam S & P 500 Index Fund $ 1,276,317 Stable Value Fund $ 1,032,858 Frontier Corporation Common Stock $ 1,779,142 Participant loans --------- ----------- ----------- ----------- ----------- ----------- Total investments 427,868 1,110,768 2,196,248 1,032,858 1,276,317 1,779,142 --------- ----------- ----------- ----------- ----------- ----------- Receivables: Participants' contributions Employer's contributions Total receivables Net assets available for benefits $ 427,868 $ 1,110,768 $ 2,196,248 $ 1,032,858 $ 1,276,317 $ 1,779,142 ========= =========== =========== =========== =========== ===========
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 $ 427,868 Putnam Global Growth Fund 1,110,768 Putnam Voyager Fund 2,196,248 Putnam Fund for Growth and Income $ 136,174 136,174 Putnam Asset Allocation Fund Balanced Portfolio $ 23,317 23,317 Common trust - Putnam S & P 500 Index Fund 1,276,317 Stable Value Fund 1,032,858 Frontier Corporation Common Stock 1,779,142 Participant loans $334,185 334,185 --------- -------- -------- ---------- Total investments 136,174 23,317 334,185 8,316,877 --------- -------- -------- ---------- Receivables: Participants' contributions $ 66,338 66,338 Employer's contributions 280,082 280,082 --------- ---------- Total receivables 346,420 346,420 --------- ---------- Net assets available for benefits $ 136,174 $ 23,317 $334,185 $ 346,420 $8,663,297 ========= ======== ======== ========= ==========
The accompanying notes are an integral part of these financial statements. Upstate Cellular Network Employees' Retirement Savings Plan Statement of Changes in 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 $368,525 Putnam Global Growth Fund $744,037 Putnam Voyager Fund $1,498,264 Putnam Fund for Growth and Income Putnam Asset Allocation Fund Balanced Portfolio Common trust - Putnam S & P 500 Index Fund $832,407 Stable Value Fund $886,029 Frontier Corporation Common Stock $1,083,971 Participant loans -------- -------- ---------- -------- -------- ---------- Total investments 368,525 744,037 1,498,264 886,029 832,407 1,083,971 -------- -------- ---------- -------- -------- ---------- Receivables: Participants' contributions Employer's contributions Total receivables Net assets available for benefits $368,525 $744,037 $1,498,264 $886,029 $832,407 $1,083,971 ======== ======== ========== ======== ======== ==========
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 $ 368,525 Putnam Global Growth Fund 744,037 Putnam Voyager Fund 1,498,264 Putnam Fund for Growth and Income $1,885 1,885 Putnam Asset Allocation Fund Balanced Portfolio $ 300 300 Common trust - Putnam S & P 500 Index Fund 832,407 Stable Value Fund 886,029 Frontier Corporation Common Stock 1,083,971 Participant loans $290,550 290,550 ------ ---- -------- ---------- Total investments 1,885 300 290,550 5,705,968 ------ ---- -------- ---------- Receivables: Participants' contributions $ 74,591 74,591 Employer's contributions 52,420 52,420 -------- ---------- Total receivables 127,011 127,011 -------- ---------- Net assets available for benefits $1,885 $300 $290,550 $127,011 $5,832,979 ====== ==== ======== ======== ==========
The accompanying notes are an integral part of these financial statements. Upstate Cellular Network Employees' Retirement Savings Plan Statement of Changes in Net Assets Available for Benefits, with Fund Information Page 5 - --------------------------------------------------------------------------------
Fund Information at 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 $ 25,120 $ 32,407 $ 148,364 $ 58,726 $ 44,118 Realized gain (loss), net 682 7,063 40,538 $ 55,396 56,955 Net appreciation (depreciation) in fair value of investments (11,789) 196,427 224,284 210,535 429,126 Participant loan interest income Other income 66 231 336 114 178 233 Contributions - Participants' contributions 62,425 171,306 346,543 106,448 205,998 155,134 Employer's contributions 24,685 63,622 124,910 63,658 66,532 126,862 -------- ---------- ---------- ---------- ---------- ---------- Total additions 101,189 471,056 884,975 228,946 538,639 812,428 -------- ---------- ---------- ---------- ---------- ---------- Deductions Deductions from net assets attributed to: Benefits paid to participants 39,205 94,103 206,507 95,876 102,566 183,072 Other expense 87 230 442 301 206 257 -------- ---------- ---------- ---------- ---------- ---------- Total deductions 39,292 94,333 206,949 96,177 102,772 183,329 -------- ---------- ---------- ---------- ---------- ---------- Net increase prior to fund transfers 61,897 376,723 678,026 132,769 435,867 629,099 Interfund transfers, net (10,976) (289) 11,602 (16,383) 47,526 (9,058) Transfers from (to) other plans 8,422 (9,703) 8,356 30,443 (39,483) 75,130 -------- ---------- ---------- ---------- ---------- ---------- Net increase 59,343 366,731 697,984 146,829 443,910 695,171 Net assets available for benefits: Beginning of year 368,525 744,037 1,498,264 886,029 832,407 1,083,971 -------- ---------- ---------- ---------- ---------- ---------- End of year $427,868 $1,110,768 $2,196,248 $1,032,858 $1,276,317 $1,779,142 ======== ========== ========== ========== ========== ==========
Fund Information at 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 $ 10,767 $ 590 $ 320,092 Realized gain (loss), net (189) (54) 160,391 Net appreciation (depreciation) in fair value of investments 634 1,000 1,050,217 Participant loan interest income $ 20,545 20,545 Other income 8 1,166 Contributions - Participants' contributions 58,183 10,041 $ 66,338 1,182,416 Employer's contributions 15,712 2,977 280,082 769,040 -------- -------- --------- --------- ---------- Total additions 85,115 14,554 20,545 346,420 3,503,867 -------- -------- --------- --------- ---------- Deductions Deductions from net assets attributed to: Benefits paid to participants 878 1,656 17,966 741,829 Other expense 26 3 1,552 -------- -------- --------- --------- ---------- Total deductions 904 1,659 17,966 743,381 -------- -------- --------- --------- ---------- Net increase prior to fund transfers 84,211 12,895 2,579 346,420 2,760,486 Interfund transfers, net 50,069 10,122 44,398 (127,011) Transfers from (to) other plans 9 (3,342) 69,832 Net increase 134,289 23,017 43,635 219,409 2,830,318 -------- -------- --------- --------- ---------- Net assets available for benefits: Beginning of year 1,885 300 290,550 127,011 5,832,979 -------- -------- --------- --------- ---------- End of year $136,174 $ 23,317 $ 334,185 $ 346,420 $8,663,297 ======== ======== ========= ========= ==========
The accompanying notes are an integral part of these financial statements. Upstate Cellular Network Employees' Retirement Savings Plan Notes to Financial Statements Years Ended December 31, 1998 and 1997 Page 6 - -------------------------------------------------------------------------------- 1. Description of the Plan The Upstate Cellular Network Employees' Retirement Savings Plan (the "Plan") is a defined contribution plan established by the Board of Directors of the Upstate Cellular Network (the "Company") effective July 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. The Company is a 50/50 joint venture partnership between Frontier Corporation and Bell Atlantic Mobile. 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 from other plans. Participation The Plan covers all employees of Upstate Cellular Network except temporary or summer employees, leased employees and employees in any unit covered by a collective bargaining agreement. Eligibility begins on the first of the month following 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 stock and opportunity stocks. 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 - 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 contributions equal 100% of participant contributions, up to the first 3% of compensation. In 1997, compensation was capped at $3,000. During 1998, this cap was eliminated. 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. The Plan also has a profit sharing contribution potential based on Company performance. In 1998, an additional 1.5% of employee compensation was contributed under the profit sharing terms. Employer contributions are made in cash and invested based on employee elections. Vesting Participants are immediately 100% vested in their voluntary contributions and actual earnings thereon. The Plan has a vesting period for Company contributions of six months of credited service. Forfeited nonvested amounts 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 $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, $184,240 in loans were disbursed and principal repayments of $139,842 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. 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. Funds invested in the Stable Value Fund are stated at contract value, measured as cost plus earned interest income. Contract value approximates fair value at December 31, 1998 and 1997. 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 52,328 and 45,048 shares of Frontier Corporation common stock at a fair market value of $1,779,142 and $1,083,971, respectively. Of these shares, 4,831 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, 19 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 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. Upstate Cellular Network 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 61,831 $ 427,454 $ 427,868 * Putnam Global Growth Fund 89,218 949,127 1,110,768 * Putnam Voyager Fund 100,194 1,698,406 2,196,248 * Putnam Fund for Growth and Income 6,646 135,610 136,174 * Putnam Asset Allocation Fund Balanced Portfolio 1,941 22,324 23,317 ---------- ---------- Total interests in registered investment companies 3,232,921 3,894,375 ---------- ---------- Common Trust: * Putnam S & P 500 Index Fund 44,117 765,867 1,276,317 ---------- ---------- Common Stock: * Frontier Corporation 52,328 1,314,460 1,779,142 ---------- ---------- Participant Loans: Participant loan accounts (rate 6.0% - 9.0%) (maturities range 1999 - 2023) 334,185 334,185 ---------- ---------- Insurance Company Pooled Separate Account: Stable Value Fund 1,032,858 1,032,858 ---------- ---------- Total investments $6,680,291 $8,316,877 ========== ==========
* Denotes party-in--interest Upstate Cellular Network Employees' Retirement Savings Plan Line 27b - Schedule of Loans or Fixed Income Obligations Schedule II - --------------------------------------------------------------------------------
Unpaid Original Amount received during balance Identity and amount reporting year at end of Description Amount Overdue address of obligor of loan Principal Interest year of loan Principal Interest Boechel, David E. 55 Hi-View Terrace West Seneca, NY 14224 $ 5,000.00 $ - $ - $ 2,524.66 Participant Loan $ 2,524.66 N/A Bodamer, Albert T. 415 Hepplewhite Drive Alpharetta, NY 30202 $ 9,533.04 $ - $ - $ 5,123.44 Participant Loan $ 5,123.44 N/A Pascucci, Margaret A. 14 Midwood Drive Binghamton, NY 13903 $ 1,500.00 $ - $ - $ 1,216.76 Participant Loan $ 1,216.76 N/A Pascucci, Margaret A. 14 Midwood Drive Binghamton, NY 13903 $ 2,200.00 $ - $ - $ 2,200.00 Participant Loan $ 2,200.00 N/A Cooper, James S. 19 Carla Lane West Seneca, NY 14224 $ 2,900.00 $ - $ - $ 2,380.85 Participant Loan $ 2,380.85 N/A Selva, Louis 111 Tennyson Avenue Buffalo, NY 14216 $ 10,553.85 $ - $ - $ 10,453.41 Participant Loan $ 10,453.41 N/A Burns, Thomas J. 15 Menlo Place Rochester, NY 14620 $ 1,513.00 $ - $ - $ 1,513.00 Participant Loan $ 1,513.00 N/A Evans, Bennie M. 7 Madison Street #2 Rochester, NY 14608 $ 1,400.00 $ - $ - $ 1,400.00 Participant Loan $ 1,400.00 N/A
Upstate Cellular Network 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 Global Growth Fund* Registered Investments 112 $ 345,757 N/A N/A N/A Putnam Global Growth Fund* Registered Investments 91 N/A $ 182,517 N/A N/A Putnam Voyager Fund* Registered Investments 124 799,333 N/A N/A N/A Putnam Voyager Fund* Registered Investments 117 N/A 366,171 N/A N/A Stable Value Fund Insurance Company Pooled Separate Account 168 383,853 N/A N/A N/A Stable Value Fund Insurance Company Pooled Separate Account 113 N/A 237,024 N/A N/A Putnam S & P 500 Index Fund* Common Trust 116 382,914 N/A N/A N/A Putnam S & P 500 Index Fund* Common Trust 80 N/A 204,883 N/A N/A Frontier Corporation* Common Stock 116 574,206 N/A N/A N/A Frontier Corporation* Common Stock 149 N/A 365,115 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 Global Growth Fund* $ 345,757 $ 345,757 $ - Putnam Global Growth Fund* 175,454 182,517 7,063 Putnam Voyager Fund* 799,333 799,333 - Putnam Voyager Fund* 325,633 366,171 40,538 Stable Value Fund 383,853 383,853 - Stable Value Fund 237,024 237,024 - Putnam S & P 500 Index Fund* 382,914 382,914 - Putnam S & P 500 Index Fund* 149,487 204,883 55,396 Frontier Corporation* 574,206 574,206 - Frontier Corporation* 308,160 365,115 56,955
* 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. 33-51331) 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-----