UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the plan year ended December 31, 2008
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
Commission file number 1-15929
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
Full title of the plan and the address of the
Plan, if different from that of the issuer named below
Progress Energy, Inc.
410 South Wilmington Street
Raleigh, North Carolina 27601-1748
Name of issuer of the securities held pursuant to the
plan and address of its principal executive office
SAVINGS PLAN FOR EMPLOYEES OF FLORIDA PROGRESS CORPORATION
| | Page |
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| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 3 |
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| FINANCIAL STATEMENTS: | |
| | |
| |
| as of December 31, 2008 and 2007 | 4 |
| | |
| Statement of Changes in Net Assets for Benefits | |
| for the Year Ended December 31, 2008 | 5 |
| | |
| Notes to Financial Statements | |
| as of December 31, 2008 and 2007, and for the Year Ended December 31, 2008 | 6-12 |
| | |
| SUPPLEMENTAL SCHEDULE: | |
| | |
Form 5500, Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year) | |
| as of December 31, 2008 | 13 |
| | |
| SIGNATURE | 14 |
| | |
| INDEX TO EXHIBITS | 15 |
| | |
Note: All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Participants and Administrator of
Savings Plan for Employees of Florida Progress Corporation
We have audited the accompanying statements of net assets available for benefits of Savings Plan for Employees of Florida Progress Corporation (the "Plan") as of December 31, 2008 and 2007, and the related statement of changes in net assets available for benefits for the year ended December 31, 2008. 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 in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion. An audit also 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, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2008 and 2007, and the changes in net assets available for benefits for the year ended December 31, 2008, in conformity with accounting principles generally accepted in the United States of America.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule listed in the Table of Contents is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This schedule is the responsibility of the Plan's management. Such schedule has been subjected to the auditing procedures applied in our audit of the basic 2008 financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.
/s/ Deloitte & Touche LLP
Raleigh, North Carolina
June 24, 2009
SAVINGS PLAN FOR EMPLOYEES OF FLORIDA PROGRESS CORPORATION
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2008 AND 2007
| | | | | | | |
| (in thousands) | | 2008 | | | 2007 | |
| ASSETS | | | | | | |
| Participant-directed investments – at fair value | | $ | 231,035 | | | $ | 290,459 | |
| NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE | | | 231,035 | | | | 290,459 | |
| | | | | | | | | |
| Adjustment from fair value to contract value for fully benefit- | | | | | | | | |
| responsive investment contracts | | | 1,143 | | | | (672 | ) |
| NET ASSETS AVAILABLE FOR BENEFITS | | $ | 232,178 | | | $ | 289,787 | |
See Notes to Financial Statements.
SAVINGS PLAN FOR EMPLOYEES OF FLORIDA PROGRESS CORPORATION
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2008
| | | | |
| (in thousands) | | | |
| ADDITIONS | | | |
| Contributions: | | | |
| Participant contributions | | $ | 11,374 | |
| Employer contributions | | | 4,316 | |
| Total contributions | | | 15,690 | |
| Investment income (loss): | | | | |
| Interest and dividend income | | | 11,066 | |
| Net depreciation in fair value of investments | | | (61,077 | ) |
| Investment loss, net | | | (50,011 | ) |
| Total additions, net | | | (34,321 | ) |
| DEDUCTIONS | | | | |
| Benefits paid to participants | | | 23,254 | |
| Administrative expenses | | | 34 | |
| Total deductions | | | 23,288 | |
| DECREASE IN NET ASSETS | | | (57,609 | ) |
| NET ASSETS AVAILABLE FOR BENEFITS: | | | | |
| Beginning of year | | | 289,787 | |
| End of year | | $ | 232,178 | |
See Notes to Financial Statements.
SAVINGS PLAN FOR EMPLOYEES OF FLORIDA PROGRESS CORPORATION
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2008 AND 2007 AND FOR
THE YEAR ENDED DECEMBER 31, 2008
The following description of the Savings Plan for Employees of Florida Progress Corporation (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for more complete information.
General Information Regarding the Plan
The Plan is a qualified defined contribution plan and subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). Individuals classified as bargaining unit employees of Florida Power Corporation d/b/a Progress Energy Florida, Inc. (the “Company”), a wholly owned subsidiary of Florida Progress Corporation (“Florida Progress”), are eligible to participate in the Plan. Florida Progress is a wholly owned subsidiary of Progress Energy, Inc. (“Progress Energy”). Upon employment, participants are immediately eligible to make contributions (pre-tax and/or after-tax). Employees are eligible to receive matching employer contributions on employee contributions immediately upon participation in the Plan (see “Vesting”). Participation in the Plan is voluntary.
The Chief Executive Officer of Progress Energy appoints the Savings Plan for Employees of Florida Progress Corporation Administrative Committee to manage the operation and administration of the Plan. Vanguard Fiduciary Trust Company (“VFTC”) serves as the Trustee and the record keeper for the Plan. The Plan was amended and restated effective January 1, 2006, to comply with various Internal Revenue Service (“IRS”) and Department of Labor regulatory requirements.
Contributions
Eligible employees may elect to contribute up to 20 percent, in increments of 1 percent, of their annual base pay as defined by the Plan. Eligible employees may elect to have these contributions deducted on a pre-tax basis and/or after-tax basis. An employee's total before-tax contributions were limited to $15,500 for 2008 and 2007, as defined by certain Internal Revenue Code (“IRC”) limitations. Each pay period the Company contributes an amount equal to 75 percent of the first 6 percent of each employee’s before- and/or after-tax contributions. For 2008 and 2007, the IRS allowed participants age 50 or older to contribute up to an additional $5,000 over and above the $15,500 IRC pre-tax limits.
Effective January 1, 2010, eligible employees may elect to contribute up to 50 percent of their annual base pay as defined in the amended Plan (subject to IRC limitations). In addition, the Company will increase its matching contribution to 100 percent of the participant’s contributions, up to 6 percent of base pay.
Participant Accounts
Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contributions, the Company’s matching contributions and investment earnings and charged with withdrawals, investment losses and allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the participant’s vested account balance net of any outstanding loan balance.
Investments
Participants direct the investment of their contributions into various investment options offered by the Plan. In 2007, the Plan directed the VFTC to replace three LifeStrategy Funds with twelve Target Retirement Date Funds which were transitioned during 2007 and 2008. This brought the total number of funds offered in the Plan to twenty-one funds, which includes mutual funds, one common collective trust fund, the Progress Energy Contingent Value Obligations Fund (the “CVO Fund”) and the Progress Energy Common Stock Fund. Company matching contributions are automatically invested in the Progress Energy Common Stock Fund. Participants are permitted to make transfers from the Progress Energy Common Stock Fund to other investment options offered by the Plan at any time in accordance with Plan provisions.
Contingent Value Obligations
Pursuant to the acquisition of Florida Progress by Progress Energy during 2000, participants with investments in the Florida Progress Stock Fund were given the option of either cashing in their investments or exchanging their existing Florida Progress Stock Fund shares for shares of the Progress Energy Common Stock Fund and cash. In addition, participants with investments in the Florida Progress Stock Fund received shares of the CVO Fund. The CVO Fund invests in Progress Energy’s contingent value obligations, each of which represents the right to receive contingent payments based on the performance of four synthetic fuels facilities previously owned by Progress Energy. In 2007, one of the synthetic fuels facilities was sold and the remaining facilities were abandoned by Progress Energy upon the expiration of the synthetic fuels tax credit program. While the Plan does not allow additional contributions to the CVO Fund, participants are permitted to withdraw or exchange all or a portion of their account balance invested in the CVO Fund in accordance with applicable Plan provisions.
Vesting
Participants are vested immediately in their pre-tax and after-tax contributions and earnings thereon. The employer matching contributions and the earnings thereon vest gradually based on the following Years of Continuous Service schedule:
| | | Vesting |
| Years of Continuous Service | | Percentage |
| Less than two | | | 0 | % |
| Two but less than three | | | 25 | |
| Three but less than four | | | 50 | |
| Four but less than five | | | 75 | |
| Five or more | | | 100 | |
A year of continuous service is earned when a participant works at least 1,000 hours in a calendar year. A participant will also become fully vested in the employer matching contributions and earnings thereon upon death, disability, attainment of normal retirement or termination of the Plan.
Effective January 1, 2010, participants will be 100 percent immediately vested in all Company matching contributions regardless of years of continuous service.
Participant Loans
All actively employed Plan participants with available account balances are allowed to borrow from their own Plan account. The amount of any loan shall not be less than $500 nor exceed the lesser of $50,000 or one-half of the participant’s vested Plan account balance. The loans are secured by the balance in the participant’s account and bear interest at rates commensurate with local prevailing rates at the time funds are borrowed as determined quarterly by the Plan administrator. Principal and interest are paid through payroll deductions.
Upon separation of service due to termination, disability or retirement, participants may leave their account balance within the Plan if their vested balance is greater than $1,000, elect to receive a lump-sum amount equal to the value of their account balance, elect to roll over a full account distribution, or select from a menu of installment payment options. Temporary employees may elect to defer distribution of their accounts for a maximum of 12 months from the date of termination. If termination of employment is due to death and the vested account balance is $5,000 or less, a lump sum payment will be made to the participant’s beneficiary as soon as administratively practicable.
Active participants are also eligible to apply for (i) hardship withdrawals from their pre-tax account in accordance with Plan provisions, (ii) withdrawals from their after-tax account at any time in accordance with Plan provisions and (iii) withdrawals from their entire account after attaining age 59 1/2 in accordance with Plan provisions.
Forfeited Accounts
Forfeited matching contributions may be used by the Plan to pay Plan expenses or to reduce future matching contributions otherwise required from the Company. As of December 31, 2008 and 2007, the forfeited non-vested account totaled $68,311 and $44,005, respectively. During the year ended December 31, 2008, forfeited matching contributions and associated reinvested earnings used to offset Company matching contributions totaled $62,000.
| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of Presentation
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Use of Estimates
The preparation of financial statements in conformity with GAAP requires Plan management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Risks and Uncertainties
The Plan utilizes various investment instruments including mutual funds, a common collective trust fund and common stock. Investment securities, in general, are exposed to various risks, such as interest rate risk, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.
Investment Valuation and Income Recognition
The Plan’s investments are stated at fair value. Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Shares of mutual funds are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year-end. Common collective trust funds with underlying investments in investment contracts are valued at the fair value of the underlying investments and then adjusted by the issuer to contract value. The Progress Energy Common Stock Fund is comprised of shares of Progress Energy common stock as well as cash and cash equivalents to facilitate execution of daily transactions on a unitized basis. Progress Energy common stock is valued at its closing market price reported on the New York Stock Exchange on the last business day of the Plan year. The CVO Fund is recorded at fair value based on quoted
prices from a less than active market. Participant loans are valued at fair value.
The statements of net assets available for benefits present an investment contract at fair value, as well as an additional line item showing an adjustment of the fully benefit-responsive contract from fair value to contract value. The statement of changes in net assets available for benefits is presented on a contract value basis. The Vanguard Retirement Savings Trust is a common collective trust fund that invests solely in the Vanguard Retirement Savings Master Trust (the “Master Trust”). The underlying investments of the Master Trust are primarily in a pool of investment contracts that are issued by insurance companies and commercial banks and in contracts that are backed by high-quality bonds, bond trusts and bond mutual funds. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. Contract value represents contributions made to the fund, plus earnings, less participant withdrawals. The adjustment from fair value to contract value related to this fund is reflected in the financial statements.
Purchases and sales of investments are recorded on a trade-date basis. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date.
Management fees and operating expenses charged to the Plan for investments in the mutual funds and common collective trust fund are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments.
Capital gain distributions are included in dividend income. When Progress Energy common stock is distributed to participants in settlement of their accounts, distributions are recorded at the value of shares distributed.
Administrative Expenses
Administrative expenses of the Plan are paid by the Company or the Plan in accordance with Plan provisions.
Payment of Benefits
Benefit payments to participants are recorded upon distribution.
New Accounting Standard
The financial statements reflect the prospective adoption of Statement of Financial Accounting Standards No. 157 (SFAS No. 157), “Fair Value Measurements.” SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 17, 2007. The Plan adopted SFAS No. 157 on January 1, 2008. SFAS No. 157 defines fair value, establishes a framework for measuring fair value and requires additional disclosures about assets and liabilities carried at fair value.
The adoption of SFAS No. 157 did not have a material impact on the Plan’s net assets available for benefits or changes in net assets available for benefits. See Note 3 for additional information on SFAS No. 157.
| 3. | FAIR VALUE MEASUREMENTS |
SFAS No. 157 establishes a fair value hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:
| | Level 1 — pricing inputs are unadjusted quoted prices in active markets for identical assets or liabilities. |
| | Level 2 — pricing inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
| | Level 3 — pricing inputs include significant inputs generally less observable from objective sources. |
At December 31, 2008, the Plan’s investments classified within the fair value hierarchy were as follows:
| (in thousands) | | Level 1 | | | Level 2 | | | Level 3 | | | Total |
| Progress Energy Common Stock Fund | | | | | | | | | | | |
· Progress Energy common stock | | $ | - | | | $ | 38,902 | | | $ | - | | | $ | 38,902 |
· Cash/cash equivalents | | | - | | | | 349 | | | | - | | | | 349 |
| Mutual funds (registered investment companies) | | | 95,136 | | | | - | | | | - | | | | 95,136 |
| Common collective trust fund | | | - | | | | 87,444 | | | | - | | | | 87,444 |
| Contingent value obligations fund | | | - | | | | 152 | | | | - | | | | 152 |
| Loans to plan participants | | | - | | | | 9,052 | | | | - | | | | 9,052 |
| Total investments at fair value | | $ | 95,136 | | | $ | 135,899 | | | $ | - | | | $ | 231,035 |
The following table summarizes the fair value of Plan investments that represent five percent or more of the Plan’s net assets available for benefits as of December 31, 2008 and 2007:
| (dollars in thousands) | | 2008 | | | 2007 | |
| Goldman Sachs Growth Opportunities Fund, 1,260,630 and 1,221,339 | | | | | | |
| shares, respectively | | $ | 16,439 | | | $ | 28,787 | |
| Vanguard 500 Index Fund, 297,715 and 314,393 shares, respectively | | | 24,737 | | | | 42,490 | |
| Vanguard LifeStrategy Moderate Growth Fund, 716,452 shares | | | * | | | | 15,196 | |
| Vanguard Retirement Savings Trust, 88,586,962 and 88,153,817 | | | | | | | | |
| units, respectively | | | 87,444 | | | | 88,826 | |
| Progress Energy Common Stock Fund, 2,488,982 and 2,182,016 | | | | | | | | |
| units, respectively | | | 39,251 | | | | 41,982 | |
*Less than 5% of net assets available for benefits at year end
During the year ended December 31, 2008, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) depreciated in value as follows:
| (in thousands) | | | |
| Mutual Funds: | | | |
| American Funds Growth Fund (R5) | | $ | (1,552 | ) |
| Dodge & Cox Stock Fund | | | (4,800 | ) |
| Goldman Sachs Growth Opportunities Fund | | | (12,176 | ) |
| Vanguard 500 Index Fund | | | (15,604 | ) |
| Vanguard Extended Market Index Fund | | | (3,361 | ) |
| Vanguard International Growth Fund | | | (6,242 | ) |
| Vanguard LifeStrategy Conservative Growth Fund | | | (57 | ) |
| Vanguard LifeStrategy Growth Fund | | | (426 | ) |
| Vanguard LifeStrategy Moderate Growth Fund | | | (318 | ) |
| Vanguard Target Retirement 2005 Fund | | | (302 | ) |
| Vanguard Target Retirement 2010 Fund | | | (1,084 | ) |
| Vanguard Target Retirement 2015 Fund | | | (1,484 | ) |
| Vanguard Target Retirement 2020 Fund | | | (1,720 | ) |
| Vanguard Target Retirement 2025 Fund | | | (2,384 | ) |
| Vanguard Target Retirement 2030 Fund | | | (1,058 | ) |
| Vanguard Target Retirement 2035 Fund | | | (571 | ) |
| Vanguard Target Retirement 2040 Fund | | | (374 | ) |
| Vanguard Target Retirement 2045 Fund | | | (168 | ) |
| Vanguard Target Retirement 2050 Fund | | | (138 | ) |
| Vanguard Target Retirement Income Fund | | | (112 | ) |
| Progress Energy Common Stock Fund | | | (7,146 | ) |
| Net depreciation in fair value of investments | | $ | (61,077 | ) |
| 5. | EXEMPT PARTY-IN-INTEREST TRANSACTIONS |
An affiliate of VFTC manages certain Plan investments. VFTC is the trustee as defined by the Plan and, therefore, these transactions qualify as exempt party-in-interest transactions. Fees paid by the Plan for investment management services were included as a reduction of the return earned on each fund.
As of December 31, 2008 and 2007, the Plan held 976,208 and 866,859 shares, respectively, of common stock of Progress Energy, Inc., the sponsoring employer, with a cost basis of $36.4 million and $31.2 million, respectively. During the year ended December 31, 2008, the Plan recorded $2.4 million of dividend income related to Progress Energy common stock. Transactions in Progress Energy common stock qualify as exempt party-in-interest transactions.
U.S. Trust Company, National Association (“U.S. Trust”) serves as an independent fiduciary of the CVO Fund. Among other responsibilities, U.S. Trust instructs VFTC as to the management and dispositions of the CVO Fund. Transactions in the CVO Fund qualify as exempt party-in-interest transactions.
Although it has not expressed any intention 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 set forth in ERISA. In the event of termination of the Plan, all contributions of the participants and of the Company through the date of termination will be vested.
| 7. | FEDERAL INCOME TAX STATUS |
The Plan obtained its latest determination letter on July 23, 2002, in which the IRS stated that the Plan and Trust, as then designed, was in compliance with the applicable requirements of the IRC. The Plan was restated and amended on January 1, 2006. A determination letter application is currently pending before the IRS. The Plan Administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, the Plan Administrator believes that the Plan is qualified and the related Trust is tax-exempt as of the financial statement date. As such, no provision for income taxes has been included in the Plan’s financial statements.
8. RECONCILIATION OF FINANCIAL STATEMENTS TO IRS FORM 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the IRS Form 5500 as of December 31, 2008 and 2007:
| (in thousands) | | 2008 | | | 2007 | |
| Net assets available for benefits per the financial statements | | $ | 232,178 | | | $ | 289,787 | |
Adjustments from contract value to fair value for fully benefit- responsive investment contracts | | | (1,143 | ) | | | 672 | |
| Net assets available for benefits per the IRS Form 5500 | | $ | 231,035 | | | $ | 290,459 | |
The following is a reconciliation of total additions, net per the financial statements to total loss per the IRS Form 5500 for the year ended December 31, 2008.
| | | | |
| (in thousands) | | | |
| Total additions, net per the financial statements | | $ | (34,321 | ) |
Adjustments from contract value to fair value for fully benefit- responsive investment contracts | | | (1,815 | ) |
| Total loss per the IRS Form 5500 | | $ | (36,136 | ) |
SUPPLEMENTAL SCHEDULE
SAVINGS PLAN FOR EMPLOYEES OF FLORIDA PROGRESS CORPORATION
FORM 5500 SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS
(HELD AT END OF YEAR)
AS OF DECEMBER 31, 2008
| | (in thousands) | | | | | | | |
| | Identity of Issue, Borrower, Lessor, or Similar Party | Description of Investment, Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | | Cost | | | Current Value | |
| | | | | | | | | |
| | American Funds Growth Fund (R5) | Mutual Fund | | | ** | | | $ | 2,404 | |
| | Dodge & Cox Stock Fund | Mutual Fund | | | ** | | | | 5,769 | |
| | Goldman Sachs Growth Opportunities Fund | Mutual Fund | | | ** | | | | 16,439 | |
| * | Vanguard 500 Index Fund | Mutual Fund | | | ** | | | | 24,737 | |
| * | Vanguard Extended Market Index Fund | Mutual Fund | | | ** | | | | 5,277 | |
| * | Vanguard International Growth Fund | Mutual Fund | | | ** | | | | 6,499 | |
| * | Vanguard Target Retirement 2005 Fund | Mutual Fund | | | ** | | | | 1,350 | |
| * | Vanguard Target Retirement 2010 Fund | Mutual Fund | | | ** | | | | 2,954 | |
| * | Vanguard Target Retirement 2015 Fund | Mutual Fund | | | ** | | | | 3,858 | |
| * | Vanguard Target Retirement 2020 Fund | Mutual Fund | | | ** | | | | 4,590 | |
| * | Vanguard Target Retirement 2025 Fund | Mutual Fund | | | ** | | | | 5,402 | |
| * | Vanguard Target Retirement 2030 Fund | Mutual Fund | | | ** | | | | 2,303 | |
| * | Vanguard Target Retirement 2035 Fund | Mutual Fund | | | ** | | | | 1,284 | |
| * | Vanguard Target Retirement 2040 Fund | Mutual Fund | | | ** | | | | 863 | |
| * | Vanguard Target Retirement 2045 Fund | Mutual Fund | | | ** | | | | 350 | |
| * | Vanguard Target Retirement 2050 Fund | Mutual Fund | | | ** | | | | 310 | |
| * | Vanguard Target Retirement Income Fund | Mutual Fund | | | ** | | | | 1,306 | |
| * | Vanguard Total Bond Market Index Fund | Mutual Fund | | | ** | | | | 9,441 | |
| * | Vanguard Retirement Savings Trust Fund | Common Collective Trust Fund | | | ** | | | | 87,444 | |
| * | Progress Energy Common Stock Fund | Common Stock | | | ** | | | | 38,902 | |
| * | Progress Energy Common Stock Fund | Cash and Cash Equivalents | | | ** | | | | 349 | |
| * | Progress Energy CVO Fund | Contingent Value Obligations | | | ** | | | | 152 | |
| * | Various Participants | Loans to plan participants (maturing through 2013 with interest rates ranging from 4.50% to 8.25%) | | | ** | | | | 9,052 | |
| | Total | | | | | | | $ | 231,035 | |
| ** | Cost information is not required for participant-directed investments, and therefore, is not included. |
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Savings Plan for Employees of Florida Progress Corporation Plan Administrative Committee has duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized.
| | SAVINGS PLAN FOR EMPLOYEES OF |
| | FLORIDA PROGRESS CORPORATION ADMINISTRATIVE COMMITTEE |
| | |
| | /s/ Anne M. Huffman, Chair |
| | Anne M. Huffman, Chair |
| | Savings Plan For Employees of Florida |
| | Progress Corporation Administrative Committee |
| Date: June 24, 2009 | |
