<TABLE>
<CAPTION>
FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
<S>
[ X ]ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
[FEE REQUIRED]
For the fiscal year ended December 31,1993
OR
[ ]TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
[NO FEE REQUIRED]
For the transition period from .........to.........
Commission Title Number 0-9831
<C>
LIZ CLAIBORNE SAVINGS PLAN
(FULL TITLE OF PLAN)
LIZ CLAIBORNE, INC.
(NAME OF ISSUER OF THE SECURITIES HELD
PURSUANT TO THE PLAN)
1441 BROADWAY
NEW YORK, NEW YORK 10018
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)<PAGE>
FINANCIAL STATEMENTS AND EXHIBITS
Financial Statements
See Index to Financial Statements and Schedule at page F-1 and the
accompanying Financial Statements.
Exhibits
10(a) Liz Claiborne Savings Plan ("Savings Plan"), as amended and restated,
is incorporated herein by reference from Exhibit 10(f) to the
Company's Annual Report on Form 10-K for the fiscal year ended
December 30, 1989.
10(b) Amendment Nos. 1 and 2 to the Savings Plan are incorporated herein by
reference from Exhibit 10(g) to the Company's Annual Report on Form
10-K for the fiscal year ended December 26, 1992.
10(c) Amendment Nos. 3 and 4 to the Savings Plan are incorporated herein
by reference from Exhibit 10(g)(i) to the Company's Annual Report on
Form 10-K for the fiscal year ended December 25, 1993.
10(d) Trust agreement (the "Trust") related to the Plan is incorporated
herein by reference from Exhibit 10(f) to the Company's Annual Report
on Form 10-K for the fiscal year ended December 27, 1986.
10(d)(i)Amendment to the Trust dated May 22, 1991.
24 Consent of Independent Public Accountants
<PAGE>
</TABLE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Administrative Committee has duly caused this annual report to be signed by
the undersigned hereunto duly authorized.
LIZ CLAIBORNE SAVINGS PLAN
(Name of Plan)
By /s/ Jerome A. Chazen
Jerome A. Chazen
Member of Administrative
June 7, 1994 Committee
<PAGE>
LIZ CLAIBORNE SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND SCHEDULE
Page
Number
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS F-2
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Plan Participants
as of December 31, 1993 and 1992 F-3 to F-4
Statements of Changes in Net Assets Available for Plan
Participants for the Years Ended December 31, 1993,
1992 and 1991 F-5 to F-7
Notes to Financial Statements F-8 to F-12
Supplemental Schedule:
Schedule I. Investments F-13
Note: Schedules other than that referred to above have been omitted as
inapplicable or not required under the instructions contained in Regulation
S-X or the information is included elsewhere in the financial statements or
the notes thereto.
F-1<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Administrative Committee of
The Liz Claiborne Savings Plan:
We have audited the accompanying statements of net assets available for plan
participants of the Liz Claiborne Savings Plan (the "Plan") as of December 31,
1993 and 1992, and the related statements of changes in net assets available
for plan participants for each of the three years in the period ended December
31, 1993. These financial statements and the schedule referred to below are
the responsibility of the Plan's management. Our responsibility is to express
an opinion on these financial statements and schedule 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 of the Plan as of December 31, 1993 and
1992, and the changes in its net assets for each of the three years in the
period ended December 31, 1993 in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The schedule listed in the index to
financial statements and schedule is presented for purposes of complying with
the Securities and Exchange Commission's rules and is not part of the basic
financial statements. This schedule has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, fairly states in all material respects the financial data required to
be set forth therein in relation to the basic financial statements taken as a
whole.
New York, New York
March 22, 1994
F-2<PAGE>
LIZ CLAIBORNE SAVINGS PLAN
Statements of Net Assets Available for Plan Participants
As of December 31, 1993
<TABLE>
<CAPTION>
FIXED INCOME EQUITY MONEY COMPANY
CONTRACT FUND FUND MARKET FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C> <C>
PLAN ASSETS
Cash $ 7,330 $ 50,581 $ 0 $ 2,048 $ 59,959
Investments at market value 18,254,053 5,413,278 1,172,980 5,691,258 30,531,569
Accrued interest and dividends 97,735 126 2,682 136 100,679
Loans to participants 562,441 240,446 40,706 305,685 1,149,278
TOTAL PLAN ASSETS 18,921,559 5,704,431 1,216,368 5,999,127 31,841,485
PLAN LIABILITIES
Due to (from) Plan Sponsor 16,724 9,364 (5,436) 11,164 31,816
TOTAL PLAN LIABILITIES 16,724 9,364 (5,436) 11,164 31,816
NET ASSETS AVAILABLE FOR
PLAN PARTICIPANTS $18,904,835 $ 5,695,067 $1,221,804 $5,987,963 $31,809,669
The accompanying notes to financial statements are an integral part of these statements.
</TABLE>
F-3<PAGE>
LIZ CLAIBORNE SAVINGS PLAN
Statements of Net Assets Available for Plan Participants
As of December 31, 1992
<TABLE> FIXED INCOME EQUITY MONEY COMPANY
<CAPTI0N> CONTRACT FUND FUND MARKET FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C> <C>
PLAN ASSETS
Investments at market value $14,426,581 $ 3,420,114 $1,251,327 $8,452,666 $27,550,688
Accrued interest and dividends 98,396 52 2,950 130 101,528
Loans to participants 336,200 123,671 27,419 308,870 796,160
TOTAL PLAN ASSETS 14,861,177 3,543,837 1,281,696 8,761,666 28,448,376
PLAN LIABILITIES
Due to Plan Sponsor 16,635 674 2,266 10,679 30,254
TOTAL PLAN LIABILITIES 16,635 674 2,266 10,679 30,254
NET ASSETS AVAILABLE FOR
PLAN PARTICIPANTS $14,844,542 $ 3,543,163 $1,279,430 $8,750,987 $28,418,122
The accompanying notes to financial statements are an integral part of these statements.
</TABLE>
F-4<PAGE>
LIZ CLAIBORNE SAVINGS PLAN
Statements of Changes in Net Assets Available for Plan Participants
For the Year Ended December 31, 1993
<TABLE>
<CAPTION>
FIXED INCOME EQUITY MONEY COMPANY
CONTRACT FUND FUND MARKET FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
Interest Income $ 1,318,278 $ 23,903 $ 39,119 $ 23,298 $ 1,404,598
Dividends -- 138,134 -- 96,890 235,024
Securities Transactions:
Proceeds -- -- -- 78,999 78,999
Aggregate Costs (Weighted Average Basis) -- -- -- 101,856 101,856
Net Gain -- -- (22,857) (22,857)
Changes in Unrealized Appreciation
(Depreciation) of Investments -- 269,994 -- (4,082,284) (3,812,290)
FROM CONTRIBUTION AND PAYMENT ACTIVITIES:
Employer Contributions 987,533 386,288 84,312 557,240 2,015,373
Employee Contributions 3,480,682 1,556,035 100,535 1,604,717 6,741,969
Amounts Withdrawn by Participants (1,726,200) (222,450) (281,592) (940,028) (3,170,270)
Change in Net Assets Available
for Plan Participants 4,060,293 2,151,904 (57,626) (2,763,024) 3,391,547
NET ASSETS AVAILABLE FOR PLAN
PARTICIPANTS, BEGINNING BALANCE 14,844,542 3,543,163 1,279,430 8,750,987 28,418,122
NET ASSETS AVAILABLE FOR PLAN
PARTICIPANTS, ENDING BALANCE $18,904,835 $5,695,067 $1,221,804 $5,987,963 $ 31,809,669
The accompanying notes to financial statements are an integral part of these statements.
</TABLE>
F-5<PAGE>
LIZ CLAIBORNE SAVINGS PLAN
Statements of Changes in Net Assets Available for Plan Participants
For the Year Ended December 31, 1992
<TABLE>
<CAPTION>
FIXED INCOME EQUITY MONEY COMPANY
CONTRACT FUND FUND MARKET FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
Interest Income $ 1,046,111 $ 15,436 $ 44,733 $ 25,316 $ 1,131,596
Dividends -- 44,675 -- 68,895 113,570
Securities Transactions:
Proceeds -- 2,654,563 -- 78,276 2,732,839
Aggregate Costs (Weighted Average Basis) -- 2,604,308 -- 86,586 2,690,894
Net Gain (Loss) -- 50,255 -- (8,310) 41,945
Changes in Unrealized Appreciation
of Investments -- 211,915 -- 44,571 256,486
FROM CONTRIBUTION AND PAYMENT ACTIVITIES:
Employer Contributions 870,654 279,364 91,786 563,411 1,805,215
Employee Contributions 2,992,305 997,868 127,495 1,635,373 5,753,041
Amounts Withdrawn by Participants (836,676) (170,694) (109,781) (405,512) (1,522,663)
Change in Net Assets Available
for Plan Participants 4,072,394 1,428,819 154,233 1,923,744 7,579,190
NET ASSETS AVAILABLE FOR PLAN
PARTICIPANTS, BEGINNING BALANCE 10,772,148 2,114,344 1,125,197 6,827,243 20,838,932
NET ASSETS AVAILABLE FOR PLAN
PARTICIPANTS, ENDING BALANCE $14,844,542 $3,543,163 $1,279,430 $8,750,987 $28,418,122
The accompanying notes to financial statements are an integral part of these statements
</TALBE>
F-6<PAGE>
LIZ CLAIBORNE SAVINGS PLAN
Statements of Changes in Net Assets Available for Plan Participants
For the Year Ended December 31, 1991
</TABLE>
<TABLE>
<CAPTION>
FIXED INCOME EQUITY MONEY COMPANY
CONTRACT FUND FUND MARKET FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
Interest Income $ 743,891 $ 4,222 $ 64,600 $ 12,538 $ 825,251
Dividends -- 39,377 -- 47,674 87,051
Securities Transactions:
Proceeds -- 1,078,536 -- 973,128 2,051,664
Aggregate Costs (Weighted Average Basis) -- 936,069 -- 815,242 1,751,311
Net Gain -- 142,467 -- 157,886 300,353
Changes in Unrealized Appreciation
of Investments -- 175,364 -- 1,746,956 1,922,320
FROM CONTRIBUTION AND PAYMENT ACTIVITIES:
Employer Contributions 790,246 159,780 103,490 417,071 1,470,587
Employee Contributions 3,631,897 504,559 27,288 122,265 4,286,009
Amounts Withdrawn by Participants (786,643) (112,984) (111,237) (497,859) (1,508,723)
Change in Net Assets Available
for Plan Participants 4,379,391 912,785 84,141 2,006,531 7,382,848
NET ASSETS AVAILABLE FOR PLAN
PARTICIPANTS, BEGINNING BALANCE 6,392,757 1,201,559 1,041,056 4,820,712 13,456,084
NET ASSETS AVAILABLE FOR PLAN
PARTICIPANTS, ENDING BALANCE $10,772,148 $2,114,344 $1,125,197 $6,827,243 $20,838,932
The accompanying notes to financial statements are an integral part of these statements
</TABLE>
F-7<PAGE>
LIZ CLAIBORNE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
(1) Description of the Plan:
The Liz Claiborne Savings Plan (the "Plan") was adopted by Liz Claiborne,
Inc. (the "Company") and became effective January 1, 1985. An
administrative committee (the "Administrative Committee") has been
appointed by the Board of Directors of the Company to supervise the
administrative and investment operations of the Plan. Generally
administrative expenses are paid by the Company. The Plan is a
trusteed, defined contribution plan subject to the reporting and
disclosure requirements, participation and vesting standards and
fiduciary responsibility provisions of the Employee Retirement Income
Security Act of 1974 ("ERISA"). The provisions of the Plan comply with the
requirements of ERISA.
Employees of the Company and certain of its wholly-owned subsidiaries
who are not covered by certain collective bargaining agreements become
eligible to participate in the Plan on the first entry date on or after
they have attained age 21, and have completed one year of employment.
Entry dates are January 1, April 1, July 1 and October 1, or as otherwise
determined by the Administrative Committee.
The Plan provides for contributions by the participating employee of
amounts from 1% to 15% of compensation as defined in the Plan, and for
contributions by the Company, which includes for purposes hereof the
Company and certain of its wholly-owned subsidiaries, equal to 50% of
the participant's contributions, limited to the first 5% of compensation
contributed. Participants' contributions are made at the option of the
employee, except that certain participants may be restricted as to the
amount of the contribution, pursuant to the provisions of the Internal
Revenue Code as amended (the "Code").
Participants can change the amount they contribute, make fund transfers
and make changes in investment elections effective on the first day of
a calendar quarter. In addition, participants may suspend elective
contributions effective on the first day of any month. After a
suspension, they may elect to begin voluntary contributions, on the
first day of a calendar quarter, only after three months have lapsed.
Participants become vested in their Company matching contribution
account based on number of years of service with the Company. The
vesting schedule is as follows:
Years of service Vested
with the Company Percentage
Less than 2 0%
2 20%
3 40%
4 60%
5 80%
6 or more 100%
F-8<PAGE>
Participants' interest in their Company matching contribution account
is fully vested and nonforfeitable in the event of death, disability or
retirement at or after Normal Retirement Date (age 65).
Upon termination of employment, the value of the participants' vested
account is payable in stock of the Company or in cash. At the
participants' election, such payment is to be made as soon as practicable
(i) after the valuation date coincident with or next following the date on
which employment terminates, or (ii) after the end of the Plan year in
which employment terminates, or (iii) if the account balance is in excess
of $3,500, in equal installments over a period not to exceed ten years,
or (iv) if the account balance is in excess of $3,500, as of the end of any
calendar quarter between the time employment terminates and when the
participant reaches age 65.
As allowed under Internal Revenue Service rules, participants may
withdraw funds from their account while employed if needed to satisfy an
immediate and heavy financial need. Any amount withdrawn will be subject
to income taxes and may be subject to an additional tax based on early
withdrawal.
Active participants may borrow up to 50% of their vested account
balance. The minimum loan amount is $1,000 and the maximum amount is
$50,000. Loan amounts must be in increments of $250. The interest rate
applicable to a loan is determined for each quarter based on
commercially comparable rates. The rate in effect on December 31, 1993
was 7.0%.
Participants repay their loans through payroll deductions. The
participant has a choice of repaying the loan over a period of 12, 24, 36,
48 or 54 months. In addition, any outstanding principal balance can be
repaid in full on the first day of any calendar quarter. Upon termination
of employment, the participant must repay the outstanding principal
balance in full. In the event the loan is not repaid in full, it is
treated as a taxable distribution.
Contributions to the participants' account are held by First Fidelity
Bank, N.A., of New Jersey (the "Trustee"); participants direct how funds
in their account are invested under the options described in Note 2.(Note
10 Subsequent Event)
(2) Investment programs:
Each employee may direct the Administrative Committee to invest his
contribution in one or more of the following investment funds:
(a) Fixed Income Contract Fund consisting of contracts with insurance
companies which each provide for interest at a fixed rate of return:
approximately 2126 participants at December 31, 1993 and 1919
participants at December 31, 1992;
(b) Equity Fund consisting of three separate portfolios of common
stocks of publicly traded corporations managed by the Trustee:
approximately 1097 participants at December 31, 1993 and 756
participants at December 31, 1992;
F-9<PAGE>
(c) Money Market Fund consisting principally of short-term money
market instruments: approximately 440 participants at December 31,
1993 and 413 participants at December 31, 1992;
(d) Company Stock Fund invested in the common stock of the Company,
par value $1 per share (the "Common Stock"): approximately 1617
participants at December 31, 1993 and 1587 participants at December
31, 1992 (Note 8).
(3) Investments:
Investments are carried at market value, with the exception of
Guaranteed Investment Contracts held by the Fixed Income Contract Fund
which are carried at contract value.
Security transactions are recorded on a settlement date basis.
Dividend income is recorded at the ex-dividend date. Income from other
investments is recorded as earned on an accrual basis.
The Company and certain of its officers and directors are parties to
several pending legal proceedings and claims. Although the effect of
such litigation cannot be determined with certainty, management of the
Company is of the opinion that the final outcome should not have a
material adverse effect on the Company's results of operations or
financial position or on the Plan's net assets.
(4) Valuation of accounts:
Accounts of participants are stated at market value as of the last day
of each calendar quarter. As of each valuation date, an investment
adjustment reflecting accrued earnings and realized and unrealized gains
and losses since the preceding valuation date is determined for each
investment fund and is allocated among accounts entitled to share in the
adjustment.
(5) Realized and unrealized gains and losses
Realized and unrealized gains and losses on plan assets are based on the
value of the assets at the beginning of the plan year or at the time of
purchase during the year.
(6) Federal income taxes:
On behalf of the Plan, the Company has received a favorable
determination letter, dated June 26, 1987 from the Internal Revenue
Service to the effect that the Plan is qualified under Sections 401(a) and
401(k) of the Code. The Company will apply in the ordinary course of
business for a new determination letter on the Plan in the form amended
and restated. Since the Plan is qualified, participants are not taxed on
contributions or on the related earnings until they receive
distributions from the Plan or default on their loan repayments.
Additionally, the Plan is not taxed on its dividend and interest income or
any capital gains whether realized or unrealized.
F-10<PAGE>
(7) Plan termination:
The Plan may be terminated at any time at the Company's sole discretion.
Upon termination, contributions by the Company and participants cease
and all Company contributions which had been credited to each
participants' account would fully vest immediately.
(8) Related party transactions:
The current members of the Plan's Administrative Committee are also
Directors of the Company and currently serve in the following
respective positions: Chairman of the Board; Vice Chairman of the Board
and President. One of the investment funds of the Plan invests
exclusively in shares of the Company's Common Stock (Note 2). The Plan
owned 247,964 shares of Common Stock at December 31, 1993, with a cost
based on beginning market value of $9,692,470 and a market value of
$5,610,186 and 201,037 shares of Common Stock at December 31, 1992, with
a cost based on beginning market value of $8,323,594 and a market value
of $8,368,165.
(9) Vested benefits payable:
The financial statements of the Plan have been prepared using the
accrual basis accounting, except for distributions to participants which
are presented using the cash basis of accounting in conformity with the
American Institute of Certified Public Accountants' Audit and Accounting
Guide for Audits of Employee Benefit Plans which was issued in May 1992
(the "Guide"). Prior to the issuance of the Guide, the plan accounted for
distributions to participants using the accrual basis of accounting.
Accordingly, the 1991 amounts have been restated to reflect
distributions to participants using the cash basis of accounting to
conform with the presentation in the 1993 and 1992 financial statements.
As of December 31, 1993 and 1992, there was approximately $3,345,000 and
$2,403,000, respectively, of vested benefits payable to terminated
participants.
(10) Subsequent Event
Effective July 1, 1994 IDS Financial Services will become the Plan's
trustee and recordkeeper.
The new trustee will provide certain enhancements which include:
(a) Daily account valuation - accounts will be updated daily rather
than quarterly.
(b) Access to account information through a toll free number and the
ability to obtain current account balances, change contribution
rate or investment funds, request a loan or receive specific
information about a fund performance on a daily basis.
(c) Ability to have multiple loans outstanding at one time.
The investment fund options will be the following:
(a) Liz Claiborne Income Account Fund consisting of fixed income
contracts issued by insurance companies and banks.
F-11<PAGE>
(b) IDS Federal Income Fund investing primarily in U.S. government and
government agency securities.
(c) IDS Mutual investing in common stocks and bonds issued by U.S. and
foreign companies.
(d) IDS Trust Equity Index Fund II consisting primarily of common stock
of U.S. companies upon which the Standard & Poors's 500 Index is
based.
(e) IDS New Dimensions Fund investing primarily in common stocks of U.S.
and foreign companies.
(f) The Liz Claiborne Company Stock Fund investing in the common stock
of the Company.
A portion of any of the Plan's investment funds may consist of short-
term interest bearing accounts to meet the distribution needs or
administrative requirements of the Plan.
Participants will be able to direct to which fund their current account
balances are to be transferred.
F-12<PAGE>
LIZ CLAIBORNE SAVINGS PLAN
Schedule of Investments SCHEDULE I
As of December 31, 1993 and 1992
<TABLE>
<CAPTION> 1993 1992
COST BASED COST BASED
SHARES OR ON BEGINNING MARKET SHARES OR ON BEGINNING MARKET
UNITS MARKET VALUE VALUE UNITS MARKET VALUE VALUE
FIXED INCOME CONTRACT FUND
<S> <C> <C> <C> <C> <C> <C>
Confederation Life 2,316,692$ 2,316,692 $ 2,316,692 2,106,802 $ 2,106,802$ 2,106,802
Hartford Life 3,603,651 3,603,651 3,603,651 3,320,113 3,320,113 3,320,113
John Hancock Life 4,165,122 4,165,122 4,165,122 3,699,513 3,699,513 3,699,513
New York Life 4,118,621 4,118,621 4,118,621 3,789,053 3,789,053 3,789,053
Metropolitan Life 3,350,403 3,350,403 3,350,403 -- -- --
Crown Life -- -- -- 1,013,915 1,013,915 1,013,915
Southwestern Life -- -- -- 494,647 494,647 494,647
First Fidelity Bank:
Lexicon Cash Management Fund 699,564 699,564 699,564 2,538 2,538 2,538
18,254,053 18,254,053 14,426,581 14,426,581
EQUITY FUND
First Fidelity Bank:
Lexicon Capital Appreciation Fund 147,003 1,640,910 1,696,417 102,855 1,078,437 1,138,609
Lexicon Select Value Fund 148,339 1,608,904 1,705,895 108,206 1,090,603 1,150,228
Lexicon Small Company Growth Fund 156,962 1,747,208 1,864,704 102,175 1,037,932 1,130,050
Lexicon Cash Management Fund 146,262 146,262 146,262 1,227 1,227 1,227
5,143,284 5,413,278 3,208,199 3,420,114
MONEY MARKET FUND
First Fidelity Bank:
Lexicon Cash Management Fund 1,172,980 1,172,980 1,172,980 1,251,327 1,251,327 1,251,327
1,172,980 1,172,980 1,251,327 1,251,327
COMPANY STOCK FUND
Liz Claiborne, Inc. Common Stock 247,964 9,692,470 5,610,186 201,037 8,323,594 8,368,165
First Fidelity Bank:
Lexicon Cash Management Fund 81,072 81,072 81,072 84,501 84,501 84,501
9,773,542 5,691,258 8,408,095 8,452,666
Total Investments $34,343,859 $30,531,569 $27,294,202$27,550,688
Loans to Participants $ 1,149,278$ 1,149,278 $ 796,160$ 796,160
</TABLE>
AMENDMENT
This is an Amendment to X Trust Agreement; Investment Management
Agreement;
Other: Agreement between First Fidelity Bank, N.A., New Jersey
("Bank") and
Liz Claiborne, Inc. Savings Plan.
The effective date of this Amendment is May 22, 1991.
The Agreement is hereby amended as of the effective date with respect to the
investment authority and power of Bank as follows:
1. Bank may invest in and transfer all or part of the Account of Fund to any
collective, common or pooled trust or investment funds ("Collective
Investment Funds") created and maintained by any bank including the Bank
herein or any of Bank's affiliates which contemplates the commingling for
investment purposes of such trust assets with assets of other trusts
qualified under Sections 401(a) and 501(a) of the Internal Revenue Code of
1986, as amended, ("Code") and/or government plans, subject to all terms
and provisions of the particular Collective Investment Funds or Funds in
which invested. All the provisions of the particular Collective Investment
Funds's Declaration of Trust, as amended, shall be deemed to be
incorporated herein and shall be a part hereof at all times when any
Account or Fund property is held in any of the Collective Investment
Funds.
IN WITNESS WHEREOF, the Parties have executed this Amendment as of the
effective date.
Witness: Employer:
By:
Title: Vice President and Treasurer
Trustee(s):
First Fidelity Bank, N.A., New Jersey
By:
Title:
<PAGE>
EXHIBIT 24
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation of
our report included in this Form 11-K, into Liz Claiborne, Inc.'s previously
filed Registration Statement on Form S-8 File No. 2-95258.
New York, New York
June 23, 1994
<PAGE>
