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 fiscal year ended December 31, 1994
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
--------------------------------------------------------
(Full title of the plan)
New York State Electric & Gas Corporation
--------------------------------------------------------
(Name of issuer of the securities held pursuant to the plan)
P. O. Box 3287, Ithaca, New York 14852-3287
--------------------------------------------------------
(Address of principal executive office)
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Year ended December 31, 1994
INDEX
Report of Independent Auditors .......................................... F-1
Items 1 and 2
Statements of Net Assets Available for Plan Benefits .................... F-2
Statements of Changes in Net Assets Available for Plan Benefits ......... F-3
Notes to Financial Statements ........................................... F-5
Schedule I-Investments--December 31, 1994 ............................... F-10
Schedule I-Investments--December 31, 1993 ............................... F-11
Schedule II-Net Assets Available for Plan Benefits--December 31, 1994 ... F-12
Schedule II-Net Assets Available for Plan Benefits--December 31, 1993 ... F-14
Schedule III-Changes in Net Assets Available for Plan
Benefits--Year ended December 31, 1994 ............................... F-16
Schedule III-Changes in Net Assets Available for Plan
Benefits--Year ended December 31, 1993 ............................... F-20
Schedule III-Changes in Net Assets Available for Plan
Benefits--Year ended December 31, 1992 ............................... F-24
Consent of Independent Auditors ......................................... F-28
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Committee to administer the Tax Deferred Savings Plan for Hourly Paid
Employees has duly caused this Annual Report to be signed by the undersigned
thereunto duly authorized.
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid
Employees
By Richard P. Fagan
Richard P. Fagan
Date: March 10, 1995 Committee Member
By Sherwood J. Rafferty
Sherwood J. Rafferty
Date: March 10, 1995 Committee Member
By Carl E. Johnson
Carl E. Johnson
Date: March 10, 1995 Committee Member
REPORT OF INDEPENDENT AUDITORS
Tax Deferred Savings Plan for Hourly Paid Employees
Administrative Committee
New York State Electric & Gas Corporation
We have audited the accompanying statements of net assets
available for plan benefits of the New York State Electric & Gas
Corporation Tax Deferred Savings Plan for Hourly Paid Employees
as of December 31, 1994 and 1993, and the related statements of
changes in net assets available for plan benefits for each of the
three years in the period ended December 31, 1994. Our audits
also included the financial statement schedules listed in the
Index at Items 1 and 2. These financial statements and schedules
are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial
statements and schedules based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards 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. An
audit also includes 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, the financial statements referred to above
present fairly, in all material respects, the net assets
available for plan benefits of the New York State Electric & Gas
Corporation Tax Deferred Savings Plan for Hourly Paid Employees
at December 31, 1994 and 1993, and the changes in its net assets
available for plan benefits for each of the three years in the
period ended December 31, 1994, in conformity with generally
accepted accounting principles. Also, in our opinion, the
related financial statement schedules, when considered in
relation to the basic financial statements taken as a whole,
present fairly in all material respects the information set forth
therein.
Syracuse, New York Ernst & Young LLP
February 17, 1995
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Statements of Net Assets Available for Plan Benefits
December 31,
1994 1993
-----------------------
ASSETS
Investments (Notes 1 and 3 - Schedules I and II):
Guaranteed investment contracts $ 4,060,365 $ 4,319,938
Common stock of New York State Electric & Gas
Corporation (cost - 1994 - $33,692,179
- 1993 - $30,343,622) 24,655,111 33,942,236
Other (cost - 1994 - $23,206,125
- 1993 - $18,834,960) 23,692,170 20,322,662
-----------------------
52,407,646 58,584,836
Loans to participants (Note 2 and
Schedule II) 2,372,211 1,973,289
-----------------------
Net assets available for plan benefits $54,779,857 $60,558,125
=======================
See notes to financial statements
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Statements of Changes in Net Assets Available for Plan Benefits
Year ended December 31,
1994 1993 1992
--------------------------------------
ADDITIONS (Notes 1, 2, and 3
and Schedule III)
Investment income:
Net unrealized (depreciation)
appreciation in current value
of securities $(13,637,336) $(1,273,238) $ 3,552,321
Net realized (loss) gain on
security sales:
Common stock of New York
State Electric & Gas
Corporation (1,052,387) 44,022 79,466
Other (95,349) 34,192 32,703
---------------------------------------
(14,785,072) (1,195,024) 3,664,490
Dividends:
New York State Electric & Gas
Corporation 2,354,526 2,232,419 1,792,905
Other cash dividends (including
capital gain distributions
from mutual funds of
$661,743 in 1994, $571,150
in 1993 and $359,204 in 1992) 1,209,874 1,040,481 645,634
---------------------------------------
3,564,400 3,272,900 2,438,539
Interest on securities 210,436 259,723 391,487
Interest on loans to participants 138,824 107,088 62,654
---------------------------------------
(10,871,412) 2,444,687 6,557,170
Contributions:
Employer 1,163,703 1,177,250 1,062,874
Employee 7,983,110 8,227,455 7,407,061
---------------------------------------
9,146,813 9,404,705 8,469,935
---------------------------------------
Total additions (1,724,599) 11,849,392 15,027,105
DEDUCTIONS (Notes 2 and 6 and
Schedule III)
Withdrawal benefits-stock 1,593,540 620,045 337,311
Withdrawal benefits-cash 2,188,028 217,229 251,981
Transfers to Salaried Plan 213,941 184,973 589,285
Administrative fees 58,160 15,789 25,104
---------------------------------------
Total deductions 4,053,669 1,038,036 1,203,681
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Statements of Changes in Net Assets Available for Plan Benefits
(Continued)
Year ended December 31,
1994 1993 1992
--------------------------------------
Net (decrease) increase (5,778,268) 10,811,356 13,823,424
Net assets available for plan
benefits at beginning of year 60,558,125 49,746,769 35,923,345
--------------------------------------
Net assets available for plan
benefits at end of year $ 54,779,857 $60,558,125 $49,746,769
======================================
See notes to financial statements
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Notes to Financial Statements
December 31, 1994, 1993, and 1992
1. SIGNIFICANT ACCOUNTING POLICIES
The New York State Electric & Gas Corporation Tax Deferred Savings Plan for
Hourly Paid Employees (the Hourly Plan) was established effective January 1,
1986 to provide for before-tax contributions in accordance with Internal
Revenue Code (Code) Section 401(k). The Hourly Plan is maintained on the
accrual basis.
Guaranteed investment contracts are valued at contract value which represents
contributions plus interest thereon at the contract rate.
Other investments are carried at current value using the market price at
closing on the last business day of the year.
The change during the period between current value and carrying value is
reflected in the statement of changes in net assets available for plan benefits
as unrealized (depreciation) appreciation in current value of securities.
Realized gains (losses) are calculated as the difference between the proceeds
of assets sold during the year and the market value of these assets at the
beginning of the year (or the purchase price if the assets sold were acquired
during the year).
Certain amounts in the 1993 and 1992 financial statements have been
reclassified to conform to the 1994 presentation.
2. DESCRIPTION OF THE HOURLY PLAN
The Hourly Plan is a defined contribution plan for the exclusive benefit of New
York State Electric & Gas Corporation (Company) employees who are eligible to
participate under the Hourly Plan provisions.
Contributions by the participants are invested, at the election of the
participant, in one or a combination of the following nine funds: (1) the
Company Stock Fund, consisting of common stock of the Company; (2) the Equity
Fund, a mutual fund, consisting primarily of common stock; (3) the Money Market
Fund, a mutual fund, consisting of money market instruments; (4) the Capital
Appreciation Fund, a mutual fund, consisting primarily of common stock; (5) the
Government Obligation Fund, a mutual fund, consisting of securities that are
backed by the full faith and credit of the United States Government; (6) the
Global Growth Fund, a mutual fund, consisting primarily of U.S. and
international common stocks; or (7) the three Asset Allocation Funds, which
invest primarily among equities and fixed income securities. Effective January
1, 1992, the Guaranteed Investment Contract Fund did not accept any new
investments. Prior to November 18, 1988, the Guaranteed Investment Contract
Fund consisted of investments in insurance contracts that guaranteed an
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Notes to Financial Statements (Continued)
2. DESCRIPTION OF THE HOURLY PLAN (Continued)
effective annual rate of interest through a specified period, and effective
November 18, 1988, included investments in securities and other obligations
issued by any company that guaranteed an effective annual rate of interest
through a specified period.
An employee covered by a collective bargaining agreement is eligible for
participation in the Hourly Plan generally upon completion of at least 1,000
hours of service during the 12 consecutive month period begining on the date of
employment or any anniversary thereof.
Employee contributions, with certain exceptions, range from 1% to 15% of the
participant's base compensation plus any overtime pay. A participant's total
contribution could not exceed $9,240 per year in 1994, $8,994 per year in 1993,
and $8,728 per year in 1992 (excluding any Company contributions). The maximum
amount has been increased annually for inflation.
During 1994, 1993 and 1992, the Company contributed solely to the Company Stock
Fund an amount equivalent to 25% of the participant's contributions to any fund
(up to 1.5% of the participant's annual base compensation).
Contributions are also subject to limitations stipulated by the Code.
Contributions to the Hourly Plan are allocated to participant accounts.
Participants have full and immediate vesting rights in all contributions,
Hourly Plan earnings, and other amounts allocated to their accounts.
Effective July 1, 1994, changes in investment choices and transfers among funds
(other than the Guaranteed Investment Contract Fund and the Company's
contribution to the Company Stock Fund) are made directly between the
participant and the trustee and may be made at any time. Previously, changes
in investment choices and transfers could be made once each calendar quarter on
any day of the calendar quarter. Subject to certain restrictions, transfers
may be made from the Guaranteed Investment Contract Fund (with the exception of
amounts related to 1987 contributions) on January 1 of each year.
Participants may obtain a distribution of their accounts due to financial
hardship or upon request after attaining the age of 59-1/2.
Distributions from the Equity Fund, Money Market Fund, Capital Appreciation
Fund, Government Obligation Fund, Guaranteed Investment Contract Fund, Global
Growth Fund and the Asset Allocation Funds are made in cash. Distributions
from the Company Stock Fund are made in either whole shares of New York State
Electric & Gas Corporation common stock or in cash, as specified by the
participant and subject to approval by the Hourly Plan's administrative
committee.
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Notes to Financial Statements (Continued)
2. DESCRIPTION OF THE HOURLY PLAN (Continued)
Participants may, under certain circumstances, borrow against their account
balances. The principal amount of the loan is subject to certain limitations
as defined in the Hourly Plan document. The term of the loan may not exceed
five years, and the interest rate as established by the Hourly Plan's
administrative committee prior to October 16, 1989 was no less than 1% below
the prime rate. Effective October 16, 1989, the interest rate established by
the Hourly Plan's administrative committee provides the Hourly Plan with a
return commensurate with the interest rate charged by persons in the business
of lending money for loans which would be made under similar circumstances.
The loan must be repaid by payroll deductions over the term of the loan. Loan
payments are credited to an applicable fund based upon the participant's
election. If a participant's employment terminates for any reason, the loan
will become immediately due and payable.
The Hourly Plan sponsor has the right to discontinue contributions at any time
and terminate the Hourly Plan. In the event of termination of the Hourly Plan,
the net assets of the Hourly Plan are set aside, first for payment of all
Hourly Plan expenses and, second, for distribution to the participants, based
upon the balances in their individual accounts.
3. INVESTMENTS
The Hourly Plan's investments (including investments bought, sold, and held)
appreciated (depreciated) in fair value as follows:
Year ended December 31,
1994 1993 1992
----------------------------------------
Capital Appreciation Fund $ (244,054) $ 593,270 $ 151,061
Equity Fund (689,173) 383,832 175,364
Government Obligation Fund (156,929) (31,461) (509)
Money Market Fund - - -
Company Stock Fund (13,688,069) (2,140,665) 3,338,574
Guaranteed Investment Contract Fund - - -
Global Growth Fund (6,654) - -
Asset Allocation Growth Portfolio (160) - -
Asset Allocation Balanced Portfolio 348 - -
Asset Allocation Conservative
Portfolio (381) - -
----------------------------------------
$(14,785,072) $(1,195,024) $3,664,490
========================================
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Notes to Financial Statements (Continued)
3. INVESTMENTS (Continued)
Realized (losses) gains on security
sales resulted from the following:
Year ended December 31, 1994
---------------------------------------
Aggregate Aggregate Net Realized
Cost Proceeds (Loss)
---------------------------------------
Common stock of New York State
Electric & Gas Corporation $4,711,899 $3,659,512 $(1,052,387)
Other 3,322,314 3,226,965 (95,349)
Year ended December 31, 1993
---------------------------------------
Aggregate Aggregate Net Realized
Cost Proceeds Gain
---------------------------------------
Common stock of New York State
Electric & Gas Corporation $3,471,971 $3,515,993 $ 44,022
Other 634,922 669,114 34,192
Year ended December 31, 1992
---------------------------------------
Aggregate Aggregate Net Realized
Cost Proceeds Gain
---------------------------------------
Common stock of New York State
Electric & Gas Corporation $1,620,493 $1,699,959 $ 79,466
Other 512,796 545,499 32,703
4. INCOME TAX STATUS
The Company has received a determination letter from the Internal Revenue
Service that the Hourly Plan qualifies as a tax deferred savings plan under
Sections 401(a) and 401(k) of the Code.
The Prospectus for the Hourly Plan and other materials provided to participants
include a discussion of the income tax rules applicable to participants with
respect to the Hourly Plan.
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Notes to Financial Statements (Continued)
5. PARTICIPANTS
At December 31, 1994, 1993, and 1992, respectively, there were 2,889, 2,439,
and 2,642 participants in one or more funds as follows:
1994 1993 1992
----------------------
Capital Appreciation Fund 1,209 993 786
Equity Fund 1,311 1,116 878
Government Obligation Fund 441 407 309
Money Market Fund 930 942 920
Company Stock Fund 2,382 2,363 2,223
Guaranteed Investment Contract Fund 708 713 784
Global Growth Fund 121 - -
Asset Allocation Growth Portfolio 41 - -
Asset Allocation Balanced Portfolio 40 - -
Asset Allocation Conservative Portfolio 15 - -
6. TRANSACTIONS WITH PARTIES-IN-INTEREST
Prior to 1994, trustee fees related to the Guaranteed Investment Contract Fund
were paid by the Hourly Plan and all other administrative costs of the Hourly
Plan were paid by the Company. Beginning in 1994, all fees are paid by the
Hourly Plan.
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule I - Investments
December 31, 1994
Balance Held at Market
Name of Issuer and Title of Issue End of Year Cost Value
- -----------------------------------------------------------------------------
Capital Appreciation Fund
Putnam Voyager Fund 634,103 shares $ 6,612,691 $ 7,304,863
Equity Fund
Putnam Fund for Growth and Income 835,705 shares 10,670,385 10,630,168
Government Obligation Fund
Putnam U.S. Government Income Trust 138,557 shares 1,848,497 1,689,004
Money Market Fund
Putnam Money Market Fund 3,556,848 shares 3,566,848 3,566,848
Global Growth Fund 18,733 shares 178,963 172,722
Asset Allocation Growth Portfolio 17,598 shares 146,572 146,419
Asset Allocation Balanced Portfolio 18,054 shares 148,409 148,765
Asset Allocation Conservative
Portfolio 4,111 shares 33,760 33,381
-----------------------
Total $23,206,125 $23,692,170
=======================
Company Stock Fund
New York State Electric & Gas
Corporation common stock 1,297,637 shares $33,692,179 $24,655,111
=======================
Guaranteed Investment Contracts $ 4,060,365 $ 4,060,365
=======================
Loans to participants (interest rate 6 1/2% to 9%) $ 2,372,210 $ 2,372,210
=======================
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule I - Investments
December 31, 1993
Balance Held at Market
Name of Insurer and Title of Issue End of Year Cost Value
- -------------------------------------------------------------------------------
Capital Appreciation Fund
Putnam Voyager Fund 477,879 shares $ 4,829,848 $ 5,729,770
Equity Fund
Putnam Fund for Growth and Income 723,831 shares 9,222,812 9,844,103
Government Obligation Fund
Putnam U.S. Government Income
Trust 117,160 shares 1,609,317 1,575,806
Money Market Fund
Putnam Money Market Fund 3,172,983 shares 3,172,983 3,172,983
------------------------
Total $18,834,960 $20,322,662
========================
Company Stock Fund
New York State Electric & Gas
Corporation common stock 1,103,813 shares $30,343,622 $33,942,236
========================
Guaranteed Investment Contracts $ 4,319,938 $ 4,319,938
========================
Loans to participants (interest rate 6 1/2% to 7%) $ 1,973,289 $ 1,973,289
========================
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule II - Net Assets Available for Plan Benefits
December 31, 1994
Guaranteed
Capital Government Money Company Investment
Appreciation Equity Obligation Market Stock Contract
Fund Fund Fund Fund Fund Fund Subtotal
----------------------------------------------------------------------------------------
Guaranteed investment contracts $4,060,365 $ 4,060,365
Investments:
Common stock of New York State
Electric & Gas Corporation $24,655,111 24,655,111
Other $7,304,863 $10,630,168 $1,689,004 $3,566,848 23,190,883
Loans to participants
----------------------------------------------------------------------------------------
Net assets available for plan benefits $7,304,863 $10,630,168 $1,689,004 $3,566,848 $24,655,111 $4,060,365 $51,906,359
========================================================================================
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule II - Net Assets Available for Plan Benefits (Continued)
December 31, 1994
Asset Asset Asset
Subtotal Global Allocation Allocation Allocation
Brought Growth Growth Balanced Conservative Loan
Forward Fund Portfolio Portfolio Portfolio Fund Total
------------------------------------------------------------------------------------
Guaranteed investment contracts $ 4,060,365 $ 4,060,365
Investments:
Common stock of New York State
Electric & Gas Corporation 24,655,111 24,655,111
Other 23,190,883 $172,722 $146,419 $148,765 $33,381 23,692,170
Loans to participants $2,372,211 2,372,211
------------------------------------------------------------------------------------
Net assets available for plan
benefits $51,906,359 $172,722 $146,419 $148,765 $33,381 $2,372,211 $54,779,857
====================================================================================
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule II - Net Assets Available for Plan Benefits
December 31, 1993
Guaranteed
Capital Government Money Company Investment
Appreciation Equity Obligation Market Stock Contract
Fund Fund Fund Fund Fund Fund Subtotal
-------------------------------------------------------------------------------------
Guaranteed investment contracts $4,319,938 $ 4,319,938
Investments:
Common stock of New York State
Electric & Gas Corporation $33,942,236 33,942,236
Other $5,729,770 $9,844,103 $1,575,806 $3,172,983 20,322,662
Loans to participants
-------------------------------------------------------------------------------------
Net assets available for plan benefits $5,729,770 $9,844,103 $1,575,806 $3,172,983 $33,942,236 $4,319,938 $58,584,836
=====================================================================================
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule II - Net Assets Available for Plan Benefits (Continued)
December 31, 1993
Subtotal
Brought Loan
Forward Fund Total
------------------------------------
Guaranteed investment contracts $ 4,319,938 $ 4,319,938
Investments:
Common stock of New York State
Electric & Gas Corporation 33,942,236 33,942,236
Other 20,322,662 20,322,662
Loans to participants $1,973,289 1,973,289
------------------------------------
Net assets available for plan benefits $58,584,836 $1,973,289 $60,558,125
====================================
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule III - Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1994
Guaranteed
Capital Government Money Company Investment
Appreciation Equity Obligation Market Stock Contract
Fund Fund Fund Fund Fund Fund Subtotal
-----------------------------------------------------------------------------------------
Investment income:
Net unrealized (depreciation)
appreciation in current value
of securities $ (207,750) $ (661,506) $ (125,981) $(12,635,682) $(13,630,919)
Net realized (loss) on
security sales:
Common stock of New York State
Electric & Gas Corporation (1,052,387) (1,052,387)
Other (36,304) (27,667) (30,948) (94,919)
-----------------------------------------------------------------------------------------
(244,054) (689,173) (156,929) (13,688,069) (14,778,225)
Dividends:
New York State Electric & Gas
Corporation 2,354,526 2,354,526
Other 306,520 654,044 116,951 $ 124,694 1,202,209
Interest on securities $ 210,436 210,436
Interest on loans to participants
-----------------------------------------------------------------------------------------
62,466 (35,129) (39,978) 124,694 (11,333,543) 210,436 (11,011,054)
Contributions:
Employer 1,163,703 1,163,703
Employee 1,676,097 1,675,697 409,845 548,153 3,635,850 7,945,642
Interfund transfers (net) 287,206 41,841 (85,404) 161,458 (1,018,466) (109,734) (723,099)
-----------------------------------------------------------------------------------------
Total additions 2,025,769 1,682,409 284,463 834,305 (7,552,456) 100,702 (2,624,808)
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule III - Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1994
(Continued)
Guaranteed
Capital Government Money Company Investment
Appreciation Equity Obligation Market Stock Contract
Fund Fund Fund Fund Fund Fund Subtotal
----------------------------------------------------------------------------------------
Withdrawal benefits - stock 1,593,540 1,593,540
Withdrawal benefits - cash 416,143 844,965 167,915 418,893 340,112 2,188,028
Transfers to Salaried Plan 29,009 44,295 2,075 17,982 114,660 5,920 213,941
Administrative fees 5,524 7,084 1,275 3,565 26,469 14,243 58,160
----------------------------------------------------------------------------------------
Total deductions 450,676 896,344 171,265 440,440 1,734,669 360,275 4,053,669
----------------------------------------------------------------------------------------
Net increase (decrease) 1,575,093 786,065 113,198 393,865 (9,287,125) (259,573) (6,678,477)
Net assets available for plan
benefits at beginning of year 5,729,770 9,844,103 1,575,806 3,172,983 33,942,236 4,319,938 58,584,836
----------------------------------------------------------------------------------------
Net assets available for plan
benefits at end of year $7,304,863 $10,630,168 $1,689,004 $3,566,848 $ 24,655,111 $4,060,365 $ 51,906,359
========================================================================================
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule III - Changes in Net Assets Available for Plan Benefits (Continued)
Year Ended December 31, 1994
Asset Asset Asset
Subtotal Global Allocation Allocation Allocation
Brought Growth Growth Balanced Conservative Loan
Forward Fund Portfolio Portfolio Portfolio Fund Total
-------------------------------------------------------------------------------------
Investment income:
Net unrealized (depreciation)
appreciation in current value
of securities $(13,630,919) $ (6,241) $ (153) $ 357 $ (380) $(13,637,336)
Net realized (loss) on security sales:
Common stock of New York State
Electric & Gas Corporation (1,052,387) (1,052,387)
Other (94,919) (413) (7) (9) (1) (95,349)
-------------------------------------------------------------------------------------
(14,778,225) (6,654) (160) 348 (381) (14,785,072)
Dividends:
New York State Electric & Gas
Corporation 2,354,526 2,354,526
Other 1,202,209 5,334 1,100 885 346 1,209,874
Interest on securities 210,436 210,436
Interest on loans to participants $ 138,824 138,824
-------------------------------------------------------------------------------------
(11,011,054) (1,320) 940 1,233 (35) 138,824 (10,871,412)
Contributions:
Employer 1,163,703 1,163,703
Employee 7,945,642 17,477 7,630 10,665 1,696 7,983,110
Interfund transfers (net) (723,099) 156,565 137,849 136,867 31,720 260,098 0
-------------------------------------------------------------------------------------
Total additions (2,624,808) 172,722 146,419 148,765 33,381 398,922 (1,724,599)
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule III - Changes in Net Assets Available for Plan Benefits (Continued)
Year Ended December 31, 1994
(Continued)
Asset Asset Asset
Subtotal Global Allocation Allocation Allocation
Brought Growth Growth Balanced Conservative Loan
Forward Fund Portfolio Portfolio Portfolio Fund Total
--------------------------------------------------------------------------------------
Withdrawal benefits - stock 1,593,540 1,593,540
Withdrawal benefits - cash 2,188,028 2,188,028
Transfers to Salaried Plan 213,941 213,941
Administrative fees 58,160 58,160
--------------------------------------------------------------------------------------
Total deductions 4,053,669 4,053,669
--------------------------------------------------------------------------------------
Net increase (decrease) (6,678,477) 172,722 146,419 148,765 33,381 398,922 (5,778,268)
Net assets available for plan
benefits at beginning of year 58,584,836 - - - - 1,973,289 60,558,125
--------------------------------------------------------------------------------------
Net assets available for plan
benefits at end of year $ 51,906,359 $172,722 $146,419 $148,765 $33,381 $2,372,211 $54,779,857
======================================================================================
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule III - Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1993
Guaranteed
Capital Government Money Company Investment
Appreciation Equity Obligation Market Stock Contract
Fund Fund Fund Fund Fund Fund Subtotal
-----------------------------------------------------------------------------------------
Investment income:
Net unrealized appreciation
(depreciation) in current
value of securities $ 572,085 $ 369,618 $ (30,254) $(2,184,687) $(1,273,238)
Net realized gain (loss) on
security sales:
Common stock of New York
State Electric & Gas
Corporation 44,022 44,022
Other 21,185 14,214 (1,207) 34,192
-----------------------------------------------------------------------------------------
593,270 383,832 (31,461) (2,140,665) (1,195,024)
Dividends:
New York State Electric & Gas
Corporation 2,232,419 2,232,419
Other 206,710 678,852 86,457 $ 68,462 1,040,481
Interest on securities $ 259,723 259,723
Interest on loans to participants
-----------------------------------------------------------------------------------------
799,980 1,062,684 54,996 68,462 91,754 259,723 2,337,599
Contributions:
Employer 1,177,250 1,177,250
Employee 1,284,695 1,289,058 463,056 675,717 4,514,929 8,227,455
Interfund transfers (net) 432,328 1,261,576 317,779 3,659 (2,253,353) (303,682) (541,693)
-----------------------------------------------------------------------------------------
Total additions 2,517,003 3,613,318 835,831 747,838 3,530,580 (43,959) 11,200,611
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule III - Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1993
(Continued)
Guaranteed
Capital Government Money Company Investment
Appreciation Equity Obligation Market Stock Contract
Fund Fund Fund Fund Fund Fund Subtotal
----------------------------------------------------------------------------------------
Withdrawal benefits - stock 620,045 620,045
Withdrawal benefits - cash 12,286 78,891 2,794 50,954 72,304 217,229
Transfers to Salaried Plan 47,447 33,709 23,462 24,344 49,126 6,885 184,973
Administrative fees 15,789 15,789
----------------------------------------------------------------------------------------
Total deductions 59,733 112,600 26,256 75,298 669,171 94,978 1,038,036
----------------------------------------------------------------------------------------
Net increase (decrease) 2,457,270 3,500,718 809,575 672,540 2,861,409 (138,937) 10,162,575
Net assets available for plan
benefits at beginning of year 3,272,500 6,343,385 766,231 2,500,443 31,080,827 4,458,875 48,422,261
----------------------------------------------------------------------------------------
Net assets available for plan
benefits at end of year $5,729,770 $9,844,103 $1,575,806 $3,172,983 $33,942,236 $4,319,938 $58,584,836
========================================================================================
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule III - Changes in Net Assets Available for Plan Benefits (Continued)
Year Ended December 31, 1993
Subtotal
Brought Loan
Forward Fund Total
--------------------------------------
Investment income:
Net unrealized (depreciation)
appreciation in current
value of securities $(1,273,238) $(1,273,238)
Net realized gain (loss) on
security sales:
Common stock of New York State
Electric & Gas Corporation 44,022 44,022
Other 34,192 34,192
--------------------------------------
(1,195,024) (1,195,024)
Dividends:
New York State Electric & Gas
Corporation 2,232,419 2,232,419
Other 1,040,481 1,040,481
Interest on securities 259,723 259,723
Interest on loans to participants $ 107,088 107,088
--------------------------------------
2,337,599 107,088 2,444,687
Contributions:
Employer 1,177,250 1,177,250
Employee 8,227,455 8,227,455
Interfund transfers (net) (541,693) 541,693 0
--------------------------------------
Total additions 11,200,611 648,781 11,849,392
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule III - Changes in Net Assets Available for Plan Benefits (Continued)
Year Ended December 31, 1993
(Continued)
Subtotal
Brought Loan
Forward Fund Total
-------------------------------------
Withdrawal benefits - stock 620,045 620,045
Withdrawal benefits - cash 217,229 217,229
Transfers to Salaried Plan 184,973 184,973
Administrative fees 15,789 15,789
-------------------------------------
Total deductions 1,038,036 1,038,036
-------------------------------------
Net increase 10,162,575 648,781 10,811,356
Net assets available for plan
benefits at beginning of year 48,422,261 1,324,508 49,746,769
-------------------------------------
Net assets available for plan
benefits at end of year $58,584,836 $1,973,289 $60,558,125
=====================================
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule III - Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1992
Guaranteed
Capital Government Money Company Investment
Appreciation Equity Obligation Market Stock Contract
Fund Fund Fund Fund Fund Fund Subtotal
------------------------------------------------------------------------------------------
Investment income:
Net unrealized appreciation
(depreciation) in current
value of securities $ 145,148 $ 151,323 $ (3,258) $ 3,259,108 $ 3,552,321
Net realized gain on security sales:
Common stock of New York State
Electric & Gas Corporation 79,466 79,466
Other 5,913 24,041 2,749 32,703
------------------------------------------------------------------------------------------
151,061 175,364 (509) 3,338,574 3,664,490
Dividends:
New York State Electric & Gas
Corporation 1,792,905 1,792,905
Other 150,150 419,508 27,552 $ 48,424 645,634
Interest on securities $ 391,487 391,487
Interest on loans to participants
------------------------------------------------------------------------------------------
301,211 594,872 27,043 48,424 5,131,479 391,487 6,494,516
Contributions:
Employer 1,062,874 1,062,874
Employee 919,697 895,177 437,448 821,708 4,333,031 7,407,061
Interfund transfers (net) 1,044,172 755,789 330,623 577,945 480,618 (3,858,404) (669,257)
------------------------------------------------------------------------------------------
Total additions 2,265,080 2,245,838 795,114 1,448,077 11,008,002 (3,466,917) 14,295,194
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule III - Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1992
(Continued)
Guaranteed
Capital Government Money Company Investment
Appreciation Equity Obligation Market Stock Contract
Fund Fund Fund Fund Fund Fund Subtotal
-----------------------------------------------------------------------------------------
Withdrawal benefits - stock 337,311 337,311
Withdrawal benefits - cash 42,038 46,861 13,800 25,146 124,136 251,981
Transfers to Salaried Plan 43,787 100,286 15,083 7,219 375,917 46,993 589,285
Administrative fees 25,104 25,104
-----------------------------------------------------------------------------------------
Total deductions 85,825 147,147 28,883 32,365 713,228 196,233 1,203,681
-----------------------------------------------------------------------------------------
Net increase (decrease) 2,179,255 2,098,691 766,231 1,415,712 10,294,774 (3,663,150) 13,091,513
Net assets available for plan
benefits at beginning of year 1,093,245 4,244,694 1,084,731 20,786,053 8,122,025 35,330,748
-----------------------------------------------------------------------------------------
Net assets available for plan
benefits at end of year $3,272,500 $6,343,385 $ 766,231 $2,500,443 $31,080,827 $4,458,875 $48,422,261
=========================================================================================
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule III - Changes in Net Assets Available for Plan Benefits (Continued)
Year Ended December 31, 1992
Subtotal
Brought Loan
Forward Fund Total
------------------------------------
Investment income:
Net unrealized appreciation
(depreciation) in current
value of securities $ 3,552,321 $ 3,552,321
Net realized gain on security sales:
Common stock of New York State
Electric & Gas Corporation 79,466 79,466
Other 32,703 32,703
------------------------------------
3,664,490 3,664,490
Dividends:
New York State Electric & Gas
Corporation 1,792,905 1,792,905
Other 645,634 645,634
Interest on securities 391,487 391,487
Interest on loans to participants $ 62,654 62,654
------------------------------------
6,494,516 62,654 6,557,170
Contributions:
Employer 1,062,874 1,062,874
Employee 7,407,061 7,407,061
Interfund transfers (net) (669,257) 669,257 0
------------------------------------
Total additions 14,295,194 731,911 15,027,105
New York State Electric & Gas Corporation
Tax Deferred Savings Plan for Hourly Paid Employees
Schedule III - Changes in Net Assets Available for Plan Benefits (Continued)
Year Ended December 31, 1992
(Continued)
Subtotal
Brought Loan
Forward Fund Total
-------------------------------------
Withdrawal benefits-stock 337,311 337,311
Withdrawal benefits-cash 251,981 251,981
Transfers to Salaried Plan 589,285 589,285
Administrative fees 25,104 25,104
-------------------------------------
Total deductions 1,203,681 1,203,681
-------------------------------------
Net increase 13,091,513 731,911 13,823,424
Net assets available for plan
benefits at beginning of year 35,330,748 592,597 35,923,345
-------------------------------------
Net assets available for plan
benefits at end of year $48,422,261 $1,324,508 $49,746,769
=====================================
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration
Statement (Post-effective Amendment No. 1 to Form S-8 No. 33-31897)
pertaining to the New York State Electric & Gas Corporation Tax
Deferred Savings Plan for Hourly Paid Employees of our report dated
February 17, 1995, with respect to the financial statements and
schedules of the New York State Electric & Gas Corporation Tax
Deferred Savings Plan for Hourly Paid Employees included in this
Annual Report (Form 11-K) for the year ended December 31, 1994.
Syracuse, New York Ernst & Young LLP
March 6, 1995