UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK
REPURCHASE SAVINGS AND SIMILAR PLANS
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
| x | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2004
OR
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 001-11141
| A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: |
HEALTH MANAGEMENT ASSOCIATES, INC.
RETIREMENT SAVINGS PLAN
| B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
HEALTH MANAGEMENT ASSOCIATES, INC.
5811 PELICAN BAY BLVD., SUITE 500
NAPLES, FLORIDA 34108-2710
Health Management Associates, Inc. Retirement Savings Plan
Audited Financial Statements
and Supplemental Schedules
Years Ended December 31, 2004 and 2003
Contents
Report of Independent Registered Public Accounting Firm
The Plan Sponsor of the
| Health | Management Associates, Inc. |
We have audited the accompanying statements of net assets available for benefits of the Health Management Associates, Inc. Retirement Savings Plan as of December 31, 2004 and 2003, and the related statements of changes in net assets available for benefits for the years then ended. 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 the 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. We were not engaged to perform an audit of the Plan’s 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, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2004 and 2003, and the changes in its net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedule of delinquent participant contributions for the year ended December 31, 2004 and the schedule of assets (held at end of year) as of December 31, 2004 are presented for purposes of additional analysis and are not a required part of the financial statements but are 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. These supplemental schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, are fairly stated in all material respects in relation to the financial statements taken as a whole.
| | |
| | | /s/ Ernst & Young LLP |
| | | Certified Public Accountants |
Tampa, Florida
May 26, 2005
1
Health Management Associates, Inc. Retirement Savings Plan
Statements of Net Assets Available for Benefits
| | | | | | |
| | | December 31
|
| | | 2004
| | 2003
|
Assets | | | | | | |
Cash | | $ | 1,307,148 | | $ | — |
| | |
Investments, at fair value: | | | | | | |
Pooled separate accounts | | | 108,683,770 | | | 81,217,463 |
Health Management Associates, Inc. Class A common stock | | | 86,094,334 | | | 89,636,665 |
Unallocated insurance contracts | | | 58,911,744 | | | 40,242,085 |
Participant loans | | | 10,018,308 | | | 8,146,644 |
| | |
|
| |
|
|
Total investments | | | 263,708,156 | | | 219,242,857 |
| | |
|
| |
|
|
Contributions receivable: | | | | | | |
Participants | | | 780,863 | | | 762,213 |
Employer | | | 157,828 | | | 378,937 |
| | |
|
| |
|
|
Total contributions receivable | | | 938,691 | | | 1,141,150 |
| | |
|
| |
|
|
Net assets available for benefits | | $ | 265,953,995 | | $ | 220,384,007 |
| | |
|
| |
|
|
See accompanying notes.
2
Health Management Associates, Inc. Retirement Savings Plan
Statements of Changes in Net Assets Available for Benefits
| | | | | | | |
| | | Years Ended December 31
|
| | | 2004
| | | 2003
|
Additions: | | | | | | | |
Investment results: | | | | | | | |
Net realized and unrealized appreciation (depreciation) in fair value of investments: | | | | | | | |
Pooled separate accounts | | $ | 10,507,272 | | | $ | 15,293,506 |
Health Management Associates, Inc. Class A common stock | | | (4,713,830 | ) | | | 22,601,106 |
Interest and dividends | | | 2,486,946 | | | | 2,012,718 |
| | |
|
|
| |
|
|
| | | | 8,280,388 | | | | 39,907,330 |
| | |
|
|
| |
|
|
Contributions: | | | | | | | |
Participants | | | 42,143,528 | | | | 30,775,494 |
Employer | | | 9,670,696 | | | | 7,055,749 |
Rollovers | | | 4,105,593 | | | | 1,684,416 |
| | |
|
|
| |
|
|
| | | | 55,919,817 | | | | 39,515,659 |
| | |
|
|
| |
|
|
Total additions | | | 64,200,205 | | | | 79,422,989 |
| | |
Deductions: | | | | | | | |
Benefit payments | | | 18,044,653 | | | | 15,081,916 |
Administrative expenses | | | 585,564 | | | | 440,450 |
| | |
|
|
| |
|
|
Total deductions | | | 18,630,217 | | | | 15,522,366 |
| | |
Increases in net assets available for benefits | | | 45,569,988 | | | | 63,900,623 |
Net assets available for benefits at beginning of year | | | 220,384,007 | | | | 156,483,384 |
| | |
|
|
| |
|
|
Net assets available for benefits at end of year | | $ | 265,953,995 | | | $ | 220,384,007 |
| | |
|
|
| |
|
|
See accompanying notes.
3
Health Management Associates, Inc. Retirement Savings Plan
Notes to Financial Statements
December 31, 2004
1. Description of the Plan
The following description of the Health Management Associates, Inc. Retirement Savings Plan (the “Plan”) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.
General
The Plan is a defined contribution plan that became effective October 1, 1990 and covers eligible employees, as defined in the Plan agreement. Eligible employees may elect to participate in the Plan as of the date set forth in the Plan agreement; however, completion of a year of service is generally required before a participant is eligible for matching contributions. Health Management Associates, Inc. (the “Company”) is the Plan’s sponsor.
From April 1, 2001 through March 31, 2004, CIGNA Retirement and Investment Services (“CIGNA”) was designated as the Plan’s recordkeeper and administrator. Effective April 1, 2004, CIGNA’s operations were acquired by Prudential Financial, Inc. Moreover, effective April 1, 2004, Prudential Bank & Trust, F.S.B. (“Prudential”) became the Plan’s trustee and Prudential Retirement Insurance and Annuity Company became the Plan’s recordkeeper and administrator. For the period April 1, 2001 through March 31, 2004, CG Trust Company (“CG”) was the Plan’s trustee. Hereinafter, Prudential and CG are collectively referred to as the “Trustee.”
The Plan is intended to qualify as a salary reduction plan under Section 401(k) of the Internal Revenue Code, as amended, (the “Code”) and as a qualified defined contribution plan under Section 401(a) of the Code. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended, (“ERISA”).
Contributions
Subject to certain limitations contained in the Code, participants may elect to defer from 1% to 25% of their eligible compensation received during each Plan year. Additionally, subject to certain Code limitations, participants who attain the age of fifty during a Plan year or are fifty at the beginning of the Plan year are eligible to make voluntary catch-up contributions. Through December 31, 2004, unless a participant elected otherwise, such participant would be treated as having elected to defer 3% of his or her eligible compensation (effective January 1, 2005 such initial employee salary deferral percentage increased to 4%). A designated Company subsidiary makes nondiscretionary matching contributions to each participant employed at such subsidiary equal to 50% of the participant’s deferred compensation, to the extent that such deferrals do not
4
Health Management Associates, Inc. Retirement Savings Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
exceed 6% of the participant’s eligible compensation (i.e., matching contributions may not exceed 3%). The Company and participating subsidiaries may also make discretionary matching contributions. Such contributions for the years ended December 31, 2004 and 2003 were based upon salary deferral contributions up to a maximum of 6% of total eligible compensation and were limited to 3% of the participant’s total eligible compensation during the Plan year. Certain designated Company subsidiaries may also make discretionary profit-sharing contributions (3% of eligible participants’ compensation for 2004 and 2003) on behalf of their eligible employees who are employed on the last day of the Plan year and who have worked at least 1,000 hours during that year. At their discretion, the Company and participating subsidiaries may make qualified matching or qualified nonelective contributions (or designate matching or profit-sharing contributions as qualified matching or qualified nonelective contributions, respectively); however, the Company designates the amount of any qualified matching or nonelective contributions.
On January 1, 2004, a Plan amendment became effective wherein Company Class A common stock contributions became participant-directed investments. Company contributions, other than contributions made on behalf of participants from the Paul B. Hall Regional Medical Center, are required to be initially invested in the Company’s Class A common stock and, through December 31, 2003, such contributions were not subject to participant direction. Additionally, the Company’s Class A common stock is available as an investment option for Plan participants.
Participants may also contribute amounts representing distributions from other qualified pension plans in the form of rollover contributions.
Participant Accounts and Forfeitures
Each participant’s account is credited with the participant’s contributions, allocations of Company contributions and Plan earnings or losses. Allocations are based on participant earnings or account balances, as defined by the Plan agreement. Each participant’s account is (i) credited with the participant’s and the Company’s contributions, investment income and an allocation of the net appreciation/depreciation in the fair value of investments and (ii) charged with the participant’s withdrawals and distributions, as well as a pro rata share of the Plan’s administrative expenses that are not paid by the Company. Investment income and appreciation/depreciation in the fair value of investments are allocated by individual fund based upon the proportion that each participant’s account balance bears to the aggregate balance of all participants. Each participant’s proportionate share of investment earnings (losses) is then
5
Health Management Associates, Inc. Retirement Savings Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
credited to, or charged against, his or her individual fund accounts. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account. If a participant separates from service before fully vesting, the portion of the account attributable to Company contributions is generally not forfeited until the participant incurs a five year break in service. Accordingly, participants who are rehired by the Company or a participating subsidiary within five years of their termination date will have their nonvested Company contributions, if any, restored (participants that received distributions of their vested balances upon severance with the Company must comply with the provisions of the Plan agreement in order to reinstate their nonvested Company contributions).
Forfeited balances of nonvested accounts are used to reduce future Company contributions or pay administrative expenses of the Plan; however, forfeitures cannot be used to increase benefits for Plan participants. Forfeitures used to reduce Company contributions and pay administrative expenses for the years ended December 31, 2004 and 2003 aggregated approximately $571,000 and $517,000, respectively. Accumulated forfeitures available to offset future Company contributions or to pay administrative expenses aggregated approximately $631,000 and $381,000 at December 31, 2004 and 2003, respectively.
Participant Loans
Participants may borrow from their vested account balance a minimum of $1,000 and a maximum amount not to exceed the lesser of (i) 50% of their vested account balance or (ii) $50,000. The loan repayment period cannot exceed five years unless the loan is for the purchase of a primary residence, in which event the loan repayment period may not exceed ten years. Loans are secured by the participant’s vested account balance and bear interest at a rate commensurate with local prevailing rates as determined by the Plan administrator at the time the loan is approved. In general, principal and interest are paid ratably through payroll withholdings.
Withdrawals and Payments of Benefits
Upon retirement, disability, death or termination of employment, the vested amount of a participant’s account is distributable to the participant or his/her beneficiary in Company Class A common stock and/or cash. Participants are only entitled to withdrawals from their accounts prior to separation from service with the Company if they attain age 59 1/2 or qualify for a hardship withdrawal.
6
Health Management Associates, Inc. Retirement Savings Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Vesting
Participants are immediately vested in their voluntary contributions, qualified matching contributions and qualified nonelective contributions plus actual earnings thereon. A participant becomes fully vested in his or her account upon the occurrence of one of the following events:
| | • | | The participant dies or attains his/her Normal Retirement Date, as defined in the Plan agreement, while still an employee of the Company. |
| | • | | The participant becomes Disabled, as defined in the Plan agreement, while still an employee of the Company. |
| | • | | The Company terminates the Plan. |
Absent one of the aforementioned circumstances, the Plan utilizes a graded vesting schedule wherein participants who are credited with an Hour of Service (as defined in the Plan agreement) vest 20% per year upon completion of two years of vesting service. A participant becomes 100% vested upon the completion of six years of vesting service. A Plan year during which an employee works at least 1,000 hours is considered one year of vesting service.
2. Summary of Significant Accounting Policies
Basis of Accounting
The Plan’s financial statements are prepared pursuant to the accrual method of accounting.
Investment Valuation
Investments in equity securities are stated at fair value based on quoted prices in an active market. Securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the Plan year.
7
Health Management Associates, Inc. Retirement Savings Plan
Notes to Financial Statements (continued)
2. Summary of Significant Accounting Policies (continued)
The fair values of the participation units owned by the Plan in pooled separate accounts are based on quoted redemption values on the last business day of the Plan year. The Plan’s investments in pooled separate accounts consist of investments in accounts established by the Trustee solely for the purpose of investing the assets of one or more plans. Funds in a separate account are not commingled with other assets of the Trustee for investment purposes.
Unallocated insurance contracts are recorded at their contract values, which represent contributions and reinvested interest income, less withdrawals and expenses, plus or minus net participant-directed transfer activity with the Plan’s other investment funds. The Plan’s investments in unallocated insurance contracts consist of investments in contracts between the Trustee and the Plan that provide for a guaranteed investment return over a specified time period. Other than certain limited circumstances, these investments have fully benefit-responsive features (i.e., participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value). However, the Trustee has the right to defer transfers or distributions in certain limited circumstances. For example, in the event of a withdrawal request coinciding with a pool closing, the contract value would be paid in installments, which may result in an aggregate distribution of an amount other than the contract value. At December 31, 2004 and 2003, no unallocated insurance contract reserves were recorded or deemed necessary for the inherent credit risk of contract issuers or other related matters. The average net yields on the unallocated insurance contracts were approximately 3.35% and 3.70% for the years ended December 31, 2004 and 2003, respectively.
The net crediting interest rates for these investment contracts, which are reset semi-annually by the issuer and cannot be less than zero, were 3.35% and 3.70% at December 31, 2004 and 2003, respectively.
Participant loans reflect the outstanding principal balances due from Plan participants and such amounts approximate fair value.
Contributions
Participant contributions are recognized when payroll withholdings are processed. Company contributions accrue to the Plan at such payroll withholding dates. These contributions are generally remitted semi-monthly to the Trustee for investment based on the investment options designated by the Plan’s participants.
Discretionary Company contributions accrue to the Plan when declared and are remitted prior to the date that the Company files its federal income tax return for the corresponding fiscal year.
8
Health Management Associates, Inc. Retirement Savings Plan
Notes to Financial Statements (continued)
2. Summary of Significant Accounting Policies (continued)
Investment Income
Dividend income is recorded on the ex-dividend date. Interest income is recorded as earned. Gains and losses on dispositions of securities are recorded on a trade-date basis.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Concentration of Market and Credit Risk
The Plan’s exposure to credit loss in the event of nonperformance of investments is limited to the carrying value of such instruments. The Plan’s concentrations of credit and market risk are dictated by the Plan and individual participant investment preferences. Due to the risks associated with investments and the uncertainties related to changes in the values of such investments, it is at least reasonably possible that changes in the marketplace in the near term could materially affect participant account balances and the amounts reported in the statements of net assets available for benefits and the statements of changes in net assets available for benefits.
Administrative Expenses
The majority of the Plan’s administrative expenses are paid directly by the Company.
Benefit Payments
Benefit payments are recognized when paid.
9
Health Management Associates, Inc. Retirement Savings Plan
Notes to Financial Statements (continued)
3. Investments and Cash
The fair values of individual investments that represent 5% or more of the Plan’s net assets available for plan benefits are as follows:
| | | | | | |
| | | December 31
|
| | | 2004
| | 2003
|
Health Management Associates, Inc. Class A common stock | | $ | 86,094,334 | | $ | 89,636,665 |
| | |
Prudential Retirement Insurance and Annuity Company – Guaranteed Income (unallocated insurance contract) | | | 58,911,744 | | | — |
| | |
Prudential Retirement Insurance and Annuity Company – Large Cap Value/John A. Levin & Company Fund (1) | | | 25,259,227 | | | — |
| | |
Connecticut General Life Insurance Company – Guaranteed Income (unallocated insurance contract) | | | — | | | 40,242,085 |
| | |
Connecticut General Life Insurance Company – Large Cap Value/John A. Levin & Company Fund | | | — | | | 20,486,756 |
| (1) | Effective January 1, 2005, this fund was replaced with the Prudential Retirement Insurance and Annuity Company-Large Cap Value/LSV Asset Management Fund. |
10
Health Management Associates, Inc. Retirement Savings Plan
Notes to Financial Statements (continued)
3. Investments and Cash (continued)
As of December 31, 2003, Company Class A common stock was the only nonparticipant-directed investment. The significant components of the changes in such common stock investment for the year then ended were as follows:
| | | | |
Balance at January 1, 2003 | | $ | 64,323,239 | |
Net realized and unrealized appreciation in fair value | | | 22,601,106 | |
Dividends | | | 294,793 | |
Contributions: | | | | |
Participants | | | 3,660,077 | |
Employer | | | 6,774,665 | |
Participant loans, net | | | (148,451 | ) |
Benefit payments | | | (5,284,405 | ) |
Transfers to participant-directed investments, net | | | (2,584,359 | ) |
| | |
|
|
|
Balance at December 31, 2003 | | $ | 89,636,665 | |
| | |
|
|
|
As more fully discussed in Note 1, effective January 1, 2004, Company Class A common stock became a participant-directed investment and, accordingly, disclosure of the aforementioned rollforward activity is not required for the year ended December 31, 2004.
During the year ended December 31, 2004, the Plan received cash dividends of $377,662 relative to the Company’s Class A common stock. Subsequent to such date and through May 26, 2005, the Company declared additional Class A common stock cash dividends aggregating $0.08 per share.
At December 31, 2004, the Plan maintained $1,307,148 in a noninterest bearing cash account. Such amount represents Company contributions to the Plan that were designated for the Company Class A common stock fund. The requisite stock acquisitions were completed in early 2005.
11
Health Management Associates, Inc. Retirement Savings Plan
Notes to Financial Statements (continued)
4. Income Tax Status
The Plan received a determination letter from the Internal Revenue Service, dated March 8, 2005, stating that the Plan is qualified, in form, under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. The Plan is also required to operate in conformity with the Code in order to maintain its qualification. The Plan administrator believes that the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the related trust is tax-exempt. Accordingly, no provision for income taxes has been provided in the Plan’s financial statements. Plan amendments subsequent to the application for tax-exempt status have been structured to, and are intended to, maintain the Plan’s tax qualified status.
5. Party-in-Interest Transactions
Certain Plan investments are shares of mutual and trust funds managed by the Trustee. Therefore, such transactions qualify as party-in-interest transactions. Additionally, the Plan held investments in Company Class A common stock with a fair value of $86,094,334 and $89,636,665 at December 31, 2004 and 2003, respectively. The Company also paid the majority of the Plan’s administrative expenses for the years ended December 31, 2004 and 2003.
6. Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan agreement to discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA. In the event of a Plan termination, participants will become fully vested in their Company contributions, including any related investment amounts thereon, and the balance in each participant’s account shall be held under the Plan and continue to accrue investment earnings until it is distributed in the form of benefit payments.
12
Health Management Associates, Inc. Retirement Savings Plan
Notes to Financial Statements (continued)
7. Differences Between the Plan’s Financial Statements and Form 5500 Annual Reports
Below are reconciliations of the net assets available for benefits between (i) the Plan’s financial statements and (ii) the Form 5500 Annual Reports filed by the Plan with the Department of Labor.
| | | | | | | |
| | | December 31
| |
| | | 2004
| | 2003
| |
Net assets available for benefits per the financial statements | | $ | 265,953,995 | | $ | 220,384,007 | |
Reconciling items: | | | | | | | |
Contributions receivable | | | — | | | (517,820 | ) |
Participant loans receivable in default | | | — | | | (178,857 | ) |
| | |
|
| |
|
|
|
Net assets available for benefits per the Form 5500 Annual Reports | | $ | 265,953,995 | | $ | 219,687,330 | |
| | |
|
| |
|
|
|
Below are reconciliations of the increases in net assets available for benefits between the Plan’s financial statements and the Form 5500 Annual Reports.
| | | | | | | |
| | | Years Ended December 31
| |
| | | 2004
| | 2003
| |
Increases in net assets available for benefits per the financial statements | | $ | 45,569,988 | | $ | 63,900,623 | |
Reconciling items: | | | | | | | |
Contributions | | | 517,820 | | | 399,982 | |
Participant loans receivable in default | | | 178,857 | | | (178,857 | ) |
| | |
|
| |
|
|
|
Increases in net assets available for benefits per the Form 5500 Annual Reports | | $ | 46,266,665 | | $ | 64,121,748 | |
| | |
|
| |
|
|
|
During the year ended December 31, 2003, the Plan accounted for contributions in its Form 5500 on the cash basis and, accordingly, no contributions receivable were recognized therein. As of December 31, 2003, participant loans in default were considered deemed distributions in the Plan’s Form 5500 and were excluded from the participant loans receivable therein. Beginning with the year ended December 31, 2004, the Plan’s Form 5500 Annual Report will be compiled on the same accrual basis of accounting as its financial statements.
13
Supplemental Schedules
14
Health Management Associates, Inc. Retirement Savings Plan
Schedule H, Line 4a – Schedule of Delinquent Participant Contributions
EIN #65-0261425 Plan #001
Year Ended December 31, 2004
| | | | |
Participant Contributions Transferred Late to the Health Management Associates, Inc. Retirement Savings Plan
| | Total That Constitutes Nonexempt
Prohibited Transactions
|
| $ | 36,468 | | $ | 36,468 |
15
Health Management Associates, Inc. Retirement Savings Plan
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
EIN #65-0261425 Plan #001
December 31, 2004
| | | | | | | | | |
(a)
| | (b) Identity of Issue
| | (c) Description of Investment
| | (d)
Cost **
| | (e) Current Value
|
* | | Health Management Associates, Inc. | | Class A common stock, $0.01 par value (3,789,363.3 shares) | | | | $ | 86,094,334 |
* | | Prudential Retirement Insurance and Annuity Company | | Guaranteed Income (unallocated insurance contract) | | | | | 58,911,744 |
* | | Prudential Retirement Insurance and Annuity Company | | State Street Global Advisors Intermediate Bond Account | | | | | 6,024,479 |
* | | Prudential Retirement Insurance and Annuity Company | | Balanced/Turner Investment Partners, SSgA Fund | | | | | 10,701,288 |
* | | Prudential Retirement Insurance and Annuity Company | | Lifetime20 Fund | | | | | 3,859,864 |
* | | Prudential Retirement Insurance and Annuity Company | | Lifetime30 Fund | | | | | 2,752,461 |
* | | Prudential Retirement Insurance and Annuity Company | | Lifetime40 Fund | | | | | 5,347,212 |
* | | Prudential Retirement Insurance and Annuity Company | | Lifetime50 Fund | | | | | 3,592,880 |
* | | Prudential Retirement Insurance and Annuity Company | | Lifetime60 Fund | | | | | 1,065,142 |
* | | Prudential Retirement Insurance and Annuity Company | | Large Cap Growth/Turner Investment Partners Fund | | | | | 7,801,015 |
* | | Prudential Retirement Insurance and Annuity Company | | Large Cap Value/John A. Levin & Company Fund | | | | | 25,259,227 |
* | | Prudential Retirement Insurance and Annuity Company | | S&P 500® Index Fund | | | | | 11,660,552 |
* | | Prudential Retirement Insurance and Annuity Company | | Mid Cap Growth/Artisan Partners Fund | | | | | 4,666,944 |
* | | Prudential Retirement Insurance and Annuity Company | | Mid Cap Value Fund (sub-advised by Wellington Management) | | | | | 6,039,313 |
* | | Prudential Retirement Insurance and Annuity Company | | Small Cap Growth/Times Square Fund | | | | | 7,625,920 |
* | | Prudential Retirement Insurance and Annuity Company | | Small Value/Perkins Wolf McDonnell Fund | | | | | 7,773,788 |
* | | Prudential Retirement Insurance and Annuity Company | | International Blend/The Boston Company Fund | | | | | 4,513,685 |
* | | Participants | | Loans with interest rates ranging from 5.00% to 10.50% | | | | | 10,018,308 |
| | | | | | | | |
|
|
| | | | | | | | | $ | 263,708,156 |
| | | | | | | | |
|
|
| * | Investment is with a party-in-interest to the Health Management Associates, Inc. Retirement Savings Plan. |
| ** | Pursuant to the Department of Labor Form 5500 disclosure requirements, cost information has been omitted for participant-directed investments and participant loans. |
16
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Health Management Associates, Inc., as Administrator of the Health Management Associates, Inc. Retirement Savings Plan, has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | |
| | | Health Management Associates, Inc.,
as Administrator of the
Health Management Associates, Inc.
Retirement Savings Plan |
| | |
| Date: June 24, 2005 | | By: | | /s/ Robert E. Farnham
|
| | | | | Robert E. Farnham |
| | | | | Senior Vice President and Chief Financial Officer |
17
