-----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, NzwgguLKPq+fDu6u6vUmsHQDu+EcVO8Fr9AqBnVfBSdX5GcKR0vFbZsW/Lxd15fT 7bDXnPCfK6BDbbPML+MDxg== 0000950129-01-501650.txt : 20010629 0000950129-01-501650.hdr.sgml : 20010629 ACCESSION NUMBER: 0000950129-01-501650 CONFORMED SUBMISSION TYPE: 11-KT PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001230 FILED AS OF DATE: 20010628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SERVICE CORPORATION INTERNATIONAL CENTRAL INDEX KEY: 0000089089 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PERSONAL SERVICES [7200] IRS NUMBER: 741488375 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-KT SEC ACT: SEC FILE NUMBER: 001-06402 FILM NUMBER: 1670046 BUSINESS ADDRESS: STREET 1: 1929 ALLEN PKWY STREET 2: P O BOX 130548 CITY: HOUSTON STATE: TX ZIP: 77019 BUSINESS PHONE: 7135225141 MAIL ADDRESS: STREET 1: P O BOX 130548 CITY: HOUSTON STATE: TX ZIP: 77219-0548 11-KT 1 h88767e11-kt.txt SERVICE CORPORATION INTERNATIONAL 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. FORM 11-K ( ) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED ___________________ or (X) TRANSITION REPORT PURUSANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM JULY 1, 2000 TO DECEMBER 30, 2000 COMMISSION FILE NUMBER 1-6402-1 --------------- THE SCI 401(k) RETIREMENT SAVINGS PLAN (Full title of the plan) SERVICE CORPORATION INTERNATIONAL (Name of issuer of the securities held pursuant to the plan) 1929 ALLEN PARKWAY HOUSTON, TEXAS 77019 (Address of the plan and address of issuer's principal executive offices) 2 THE SCI 401(k) RETIREMENT SAVINGS PLAN INDEX Financial Statements Statement of Net Assets Available for Benefits 3 Statement of Changes in Net Assets Available for Benefits 4 Notes to Financial Statements 5 Supplemental Schedule Schedule of Assets (Held at End of Year) 8 Other Information Signature 9
2 3 THE SCI 401(k) RETIREMENT SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 30, 2000 ----------------- Investments Pooled separate accounts........................................................ $5,211,681 SCI common stock................................................................ 825,839 Participant loans............................................................... 23,021 ---------- Total assets................................................................ 6,060,541 ---------- Net assets available for benefits........................................... $6,060,541 ==========
See notes to consolidated financial statements. 3 4 THE SCI 401(k) RETIREMENT SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Period from July 1, 2000 to December 30, 2000 ----------------- Additions to net assets attributed to: Contributions: Employer........................................................................... $ 858,025 Participants....................................................................... 5,403,561 Rollovers from other qualified plans............................................... 469,226 ---------- Total contributions............................................................ 6,730,812 ---------- Investment income: Interest income.................................................................... 144 ---------- Total investment income........................................................ 144 ---------- Total additions............................................................ 6,730,956 ---------- Deductions to net assets attributed to: Net depreciation in the fair value of pooled separate accounts..................... 316,424 Net depreciation in the fair value of Company stock................................ 182,001 Distributions to participants...................................................... 165,192 Administrative expenses............................................................ 6,798 ---------- Total deductions............................................................... 670,415 ---------- Net increase........................................................................... 6,060,541 Net assets available for benefits: Beginning of period................................................................ -- ---------- End of period...................................................................... $6,060,541 ==========
See notes to consolidated financial statements. 4 5 THE SCI 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS 1. PLAN DESCRIPTION GENERAL The following description of the SCI 401(k) Retirement Savings Plan (the Plan) is provided for general information purposes only. Participants should refer to the Summary Plan Description or the Plan Document for a more complete description of the Plan's provisions. The Plan, established July 1, 2000, is a defined contribution plan for the exclusive benefit of Service Corporation International's (SCI or the Company) United States employees. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Plan's assets are held by Massachusetts Mutual Life Insurance Company and participant accounts are maintained by MassMutual Retirement Services. CONTRIBUTIONS Eligible employees can participate in the Plan after completing three months of service. The election to contribute to the Plan is voluntary. Employees are initially enrolled in the Plan, after meeting eligibility requirements, to contribute 3% of pretax annual compensation, unless participation is specifically rejected. Participants may contribute from 1% to 15% of pretax annual compensation. The Company contributes a matching amount up to 6% of the participant's pretax annual compensation generally in Company common stock. The percentage of the match is based on years of service with the Company and ranges from 75% to 135% of the employee's eligible contribution. Additional amounts may be contributed at the Company's discretion. Company contributions were made in Company stock during the period ended December 30, 2000. PARTICIPANT ACCOUNTS Participant account balances are valued based upon the number of units of each investment fund owned by the participants. Each participant's account is credited with the participant's contribution and allocations of the Company's contributions and plan earnings or losses. Forfeited balances of terminated participant's non-vested accounts are used to reduce future Company contributions. VESTING Participants are fully vested in their deferred salary and rollover contributions. Participants are fully vested in Company contributions after completing three years of service with the Company. 5 6 PARTICIPANT LOANS Participants may borrow from their accounts up to one half of the vested account balance to a maximum of $50,000. The minimum amount that may be borrowed is $1,000. Loans are to be repaid within five years, unless the loan is used to purchase a primary residence. The loans are secured by the balance in the participant's account and bear interest at 1% above the prime rate. A participant may have no more than two loans outstanding at any one time. PARTICIPANT DISTRIBUTIONS The Plan provides for several different types of withdrawals by participants. Participants who have reached age 59 1/2 may make in-service withdrawals. Participants may make withdrawals before age 59 1/2 if they qualify for certain hardship withdrawals. Upon termination of service with the Company or death, the participant or beneficiary may receive a lump-sum amount equal to the vested amount in the participant's account. A participant whose account balance exceeds $5,000 may elect a deferred distribution until age 70 1/2. As of December 30, 2000, total deferred vested benefits were $16,696. PLAN TERMINATION The Company expects the Plan to continue indefinitely, however, it reserves the right to terminate or amend the Plan to eliminate further benefits. If the Plan is terminated, participants will become 100% vested and account balances will be distributed by a lump-sum payment. 2. SUMMARY OF ACCOUNTING POLICIES PRINCIPLES OF REPORTING The financial statements and schedules have been prepared in accordance with accounting principles generally accepted in the United States and the financial reporting requirements of ERISA and are maintained on an accrual basis except for participant distributions, which are reported when paid. For purposes of reporting, the Plan has elected to defer an audit for the initial transition period since the Plan is less than seven months old. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires Plan management to make estimates and assumptions that may affect the amounts reported in the financial statements and accompanying notes. As a result, actual results could differ from those estimates. INVESTMENTS Investments are stated at fair value, which is determined by quoted markets prices. Participant loans are valued at their outstanding balances, which approximates fair value. Net appreciation (depreciation) in the fair value of the Plan investments, which consists of net realized and unrealized appreciation (depreciation), are presented in the Statement of Changes in Net Assets Available for Benefits. This appreciation (depreciation) is allocated to participants based upon their proportionate share of assets in each investment fund. 6 7 3. INVESTMENTS Investments that comprised 5% or more of the Plan's net assets available at December 30, 2000 are as follows:
December 30, 2000 ----------------- JCC Balanced Fund (Janus)........................................... $ 931,030 MassMutual Small Cap Growth Fund.................................... 988,335 MassMutual International Equity Fund................................ 716,762 MassMutual Core Bond Fund........................................... 331,543 MassMutual Ultra Fund (American Century)............................ 1,113,203 MassMutual Large Cap Value Fund..................................... 872,575 SCI Common Stock.................................................... 825,838
4. INCOME TAXES A determination letter is pending from the Internal Revenue Service declaring that the Plan qualifies under Section 401(a) of the Internal Revenue Code as exempt from income taxes. The Plan administrator believes the Plan is designed and being operating in compliance with the requirements of Section 401(a) of the Internal Revenue Code. 7 8 THE SCI 401(k) RETIREMENT PLAN SCHEDULE OF ASSETS (HELD AT END OF YEAR) EIN: 74-1488375 PIN: 002
Identity of issue, borrower, lessor or similar party Description of investment Current value - ----------------------------------------------- ---------------------------------------------- ------------- *Massachusetts Mutual Life Insurance Co.............................. JCC Balanced Fund (Janus) $ 931,030 *Massachusetts Mutual Life Insurance Co.............................. MassMutual Small Cap Growth Fund 988,335 *Massachusetts Mutual Life Insurance Co.............................. MassMutual International Equity Fund 716,762 *Massachusetts Mutual Life Insurance Co.............................. MassMutual Core Bond Fund 331,543 *Massachusetts Mutual Life Insurance Co.............................. MassMutual Government Money Market 258,234 *Massachusetts Mutual Life Insurance Co.............................. MassMutual Ultra Fund (American Century) 1,113,203 *Massachusetts Mutual Life Insurance Co.............................. MassMutual Large Cap Value Fund 872,575 *Service Corporation International............................. SCI Common Stock 825,838 *Participant Loans............................ Loans with interest rates of 10.5% 23,021 ---------- $6,060,541
*Denotes a party-in-interest as defined by ERISA. 8 9 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the trustee (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed by the undersigned here unto duly authorized. The SCI 401(k) Retirement Plan Date: June 28, 2001 By: SCI Management L.P., a Delaware limited partnership (and administrator of the Plan) By: SCI Administrative Services, LLC, a Delaware limited liability company, its General Partner By: /s/ HELEN DUGAND ------------------------------------ Helen Dugand President 9 -----END PRIVACY-ENHANCED MESSAGE-----