________________________________________________________________________________
________________________________________________________________________________
FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1997
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED]
For the transition period from .................... to ....................
Commission file number: (1-13888)
---------------------------------------------------------
UCAR CARBON SAVINGS PLAN
(Full title of the plan)
---------------------------------------------------------
UCAR INTERNATIONAL INC.
(Name of issuer of the securities held pursuant to the plan)
39 OLD RIDGEBURY ROAD, J-4, DANBURY, CONNECTICUT 06817-0001
(Address of principal executive office)
________________________________________________________________________________
________________________________________________________________________________
<PAGE>
TABLE OF CONTENTS
FINANCIAL STATEMENTS:
- --------------------
Statements of Net Assets Available for Plan Benefits
as of December 31, 1997 and 1996........................... Page 3
Statement of Changes in Net Assets Available for Plan Benefits
for the Year Ended December 31, 1997....................... Page 4
Notes to Financial Statements.................................. Page 5
SUPPLEMENTAL SCHEDULES:
- ----------------------
Schedule I: Line 27a - Schedule of Assets Held for
Investment Purposes.......................................... Page 14
Schedule II: Line 27a - Schedule of Assets Held for
Investment Purposes Which Were Both Acquired and
Disposed of Within the Plan Year............................. Page 15
Schedule III: Line 27d - Schedule of Reportable Transactions... Page 16
INDEPENDENT AUDITORS' REPORT..................................... Page 18
- ----------------------------
INDEPENDENT AUDITORS' CONSENT.................................... Page 19
- -----------------------------
<PAGE>
UCAR CARBON SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31, 1997 and 1996
1997 1996
---- ----
ASSETS:
Investments:
At fair value:
Fidelity Magellan Fund...................... $ - $ 8,154,624
Fidelity Equity Income Fund................. - 5,839,616
Vanguard Windsor II Equity Income and
Growth Fund............................... 21,175,061 -
State Street Global Advisors' Domestic
Index Fund................................ - 7,363,267
State Street Global Advisors' Daily Bond
Market Fund............................... - 1,041,591
Vanguard Index Trust-500 Fund............... 12,004,011 -
Vanguard Life Strategy Conservative
Growth Fund............................... 4,400,488 -
Vanguard Retirement Savings Trust........... 6,509,670 -
Union Carbide Corp. common stock............ 3,701,114 3,914,721
Praxair Inc. common stock................... 4,118,112 4,636,162
UCAR International Inc. common stock........ 11,976,617 11,490,374
Loans receivable............................ 4,149,523 3,803,963
At contract value:
Contracts with insurance companies.......... 42,236,905 45,686,856
----------- -----------
Total investments......................... 110,271,501 91,931,174
Receivable for investments sold................. - 752
Contributions receivable........................ - 206,826
Investment income receivable.................... 48,917 30,913
Cash and cash equivalents....................... 292,531 3,031,070
Other receivable .............................. - 132,721
----------- ----------
Total assets.............................. 110,612,949 95,333,456
LIABILITIES:
Investments purchased payable................... - 72,640
Other liabilities............................... - 14,828
----------- ----------
Net assets available for plan benefits... $110,612,949 $ 95,245,988
=========== ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
3
<PAGE>
UCAR CARBON SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1997
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Transfers from other plans.................................... $ 157,728
-----------
Investment income:
Dividends................................................... 1,229,179
Interest.................................................... 2,956,359
Net realized and unrealized gains on investments............ 8,846,896
-----------
Total investment income................................... 13,032,434
-----------
Contributions:
Employer ................................................... 1,159,714
Employees................................................... 5,497,366
-----------
Total contributions....................................... 6,657,080
-----------
Total additions........................................... 19,847,242
-----------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants................................. 4,456,281
Administrative fees........................................... 24,000
-----------
Total deductions.......................................... 4,480,281
-----------
Net additions for the year................................ 15,366,961
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year............................................. 95,245,988
-----------
End of year................................................... $ 110,612,949
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
4
<PAGE>
UCAR CARBON SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
(1) DESCRIPTION OF THE PLAN
The following brief description of the UCAR Carbon Savings Plan (herein
referred to as the "Plan") is provided for general information only.
Participants should refer to the plan document for more complete
information.
GENERAL
The Plan is a defined contribution plan consisting of several separate
investment funds as described below.
ADMINISTRATION
The Plan is administered by the Savings Plan Administrative Committee.
PARTICIPATION
The Plan is available to all regular employees of UCAR Carbon Company
Inc. and participating affiliate companies (collectively, the "Company").
CONTRIBUTIONS
Participating employees can contribute 1% to 7.5% of their compensation
into the Plan as basic contributions. An additional 0.5% to 10% of
employee compensation may be contributed as supplemental contributions.
Employee contributions are subject to applicable Internal Revenue Code
limitations.
The Company contributes on behalf of each participating employee an
amount equal to 30% of the employee's basic contributions.
VESTING AND DISTRIBUTIONS
Participants are immediately vested in 100% of their account balance
(including employer contributions plus actual earnings thereon).
Withdrawals from the 401(k) plans can be made for financial hardship,
after age 59 1/2, retirement or other termination of employment or may be
deferred under the terms of the Plan. Other savings plan withdrawals are
subject to conditions stated in the Plan.
PARTICIPANT ACCOUNTS
Participants' accounts are credited with participant contributions,
contributions from the Company and an allocation of investment income
from the Plan. The allocations of investment income are based upon
participants' account balances.
5
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
The Plan permits participants to borrow money from their accounts. A
minimum account balance of $2,000 is required to qualify for a loan. The
minimum loan is $ 1,000 and the maximum loan is 50% of a participants'
account balance up to a maximum loan of $50,000. Participants are
required to repay the loan plus a fixed interest rate based on current
lending rates. Interest is added to the participant's account.
TRUSTEE AND RECORDKEEPER
Effective December 31, 1997, the Plan changed its trustee from State
Street Bank and Trust Company to Vanguard Fiduciary Trust Company and its
recordkeeper from William M. Mercer Inc. to The Vanguard Group. In
conjunction with the change, participant assets were transferred and
automatically invested in some of the Plan's new investment options. The
new investment options are discussed below under Investment Programs.
INVESTMENT PROGRAMS
Participants may invest their basic and supplemental contributions in one
percentage point increments in any or all of the following funds:
EQUITY GROWTH FUND - This fund invested in the Fidelity Magellan
Fund during 1996 and 1997. The Fidelity Magellan Fund invests
primarily in common stocks spread across many sectors of the
market, with above average growth potential and a correspondingly
higher level of risk. Upon the change in trustee, this fund's
balance was transferred to The Vanguard Windsor II Equity Income
and Growth Fund.
EQUITY INCOME FUND - This fund invested in a Fidelity Equity
Income Fund during 1996 and 1997. It aimed for a yield better than
the Standard & Poor's Composite Index of 500 Stocks (the "S&P 500
Index"). Upon the change in trustee, this fund's balance was
transferred to The Vanguard Windsor II Equity Income and Growth
Fund.
WINDSOR II (EQUITY INCOME AND GROWTH) FUND - This fund invests in
the common stock of a diversified group of large companies
striving for long term growth of capital and income from
dividends. This fund option replaced the Equity Growth and Equity
Income funds upon the change in trustee.
EQUITY INDEXED FUND - This fund mirrored the S&P 500 Index and was
managed by State Street Global Advisors, the institutional
investment management affiliate of State Street Bank and Trust
Company . This fund invested in the State Street Global Advisors'
Domestic Index Fund during 1996 and 1997. Upon the change in
trustee, this fund balance was transferred to the Vanguard Index
Trust-500 Fund.
INDEX TRUST-500 FUND - This fund attempts to mirror S&P 500
Composite Stock Price Index. Upon the change in trustee, it
replaced the Equity Indexed Fund.
BALANCED FUND - This fund sought a high level, long-term rate of
return while being cautious about investment risk. The fund was
managed by State Street Global Advisors. It invested
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
50% in stocks of the S&P 500 Index and 50% in bonds that
correspond to those in the Lehman Aggregate Bond Index. This fund
invested in the State Street Global Advisors' Domestic Index and
Daily Bond Market Funds during 1996 and 1997. This fund's balance
was transferred to the Vanguard Life Strategy Conservative Growth
Fund upon the change in trustee.
CONSERVATIVE GROWTH FUND - This fund seeks a high level of income
and moderate long term growth of capital and income by investing
in stocks, bonds and short term investments. Upon the change in
trustee, this fund option replaced the Balanced Fund.
UCAR STOCK FUND AND UCAR DISCOUNTED STOCK FUND - The UCAR Stock
Fund invests primarily in common stock of UCAR International Inc.
(herein referred to as "UCAR Stock"). The UCAR Discounted Stock
Fund purchases UCAR Stock at 90% of market price. Because the
stock is discounted, certain restrictions apply. The restrictions
include the following:
- Only the employee contributions and the Company's matching
contributions may be used to invest in this fund.
- Any units purchased must remain in the fund for at least
twelve months.
- Supplemental deposits or loan repayments may not be invested
in this fund.
This fund option was carried over to the new trustee.
UCAR stock is publicly traded and had a readily ascertainable
market value of $39.94 per share at December 31, 1997. At June 19,
1998, the closing price of UCAR stock was $29.75.
FIXED INCOME FUND - This fund mainly invests in fixed income
contracts with highly rated insurance companies. Upon the change
in trustee, these contracts were transferred to the UCAR Stable
Value Fund.
UCAR STABLE VALUE FUND - This fund option replaced the Fixed
Income Fund upon the change in trustee. The Stable Value Fund will
continue to hold the fixed income contracts with the insurance
companies held by the Fixed Income Fund upon transition. As those
contracts expire and new monies are received, the funds will be
invested in the Vanguard Retirement Savings Trust. This is a
collective, commingled trust that aims for a high level of income
while maintaining the initial investment. The trust will offer a
low risk, fixed income investment option.
In addition to the preceding funds, two other funds from earlier plans
still exist (the Union Carbide ("UCC") Stock Fund and the Praxair Stock
Fund). Participants may no longer invest their contributions in these
funds. Dividends from both the Union Carbide Stock Fund and the Praxair
Stock Fund are automatically reinvested in the Stable Value Fund.
Participants cannot elect to invest any future contributions in either
stock fund. These funds investments were transferred to the new trustee.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements have been prepared on the accrual basis of
accounting.
INVESTMENTS
Investments are reported at market value, based upon quoted market
prices, except for a portion of the Stable Value Fund. Stable Value Fund
investments consist primarily of investment contracts with insurance
companies which are carried at contract value since they are fully
benefit-responsive (see note 7). Unrealized appreciation or depreciation
of investments is recognized currently in the financial statements.
Purchases and sales of investments are recorded on the trade date.
Interest income is recorded on the accrual basis. Dividends are recorded
on the ex-dividend date.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of additions to net assets
and deductions from net assets during the reporting period. Actual
results could differ from those estimates.
(3) FEDERAL INCOME TAXES
On December 7, 1995, the Plan secured a favorable determination as a
qualified plan under Section 401(a) of the Internal Revenue Code (IRC),
and that the trust created under the Plan is exempt from Federal income
tax under Section 501(a) of the IRC. This determination letter was
applicable for amendments adopted on March 17, 1995. The Plan has been
amended since March 17, 1995. However, the Plan administrator believes
that the Plan is designed and is currently being operated in compliance
with the applicable provisions of the IRC.
(4) EXPENSES
All costs and expenses, including transfer taxes and brokerage
commissions incurred in connection with the sale of stock of Union
Carbide or Praxair shall be deducted from the proceeds of such sale.
Similar costs and expenses incurred in connection with the sale or
purchase of stock in the UCAR Stock Fund or UCAR Discounted Stock Fund
are charged to the applicable fund. Fees of the Fixed Income Fund
investment advisors are paid by the Plan. For the year ended December 31,
1997 and 1996, the Company paid all costs of administration and bore the
expenses of collecting and distributing amounts from and to the
participants and of keeping the records of the Plan.
(5) PLAN TERMINATION
Although it has not expressed any intent to do so, the Company reserves
the right to amend, modify, suspend or terminate the Plan. In the event
of Plan termination, participants would receive the full value of their
accounts.
8
<PAGE>
<TABLE>
UCAR CARBON SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
(6) NET ASSETS AVAILABLE FOR PLAN BENEFITS BY FUND
<CAPTION>
EQUITY EQUITY CONSERVATIVE
INCOME & GROWTH INDEX GROWTH
DECEMBER 31, 1997 FUND FUND FUND
----------------- ---- ---- ----
<S> <C> <C> <C>
ASSETS:
Investments:
At fair value:
Vanguard Windsor II Equity Income & Growth Fund $21,175,061 $ -- $ --
Vanguard Index-Trust 500 Fund ................. -- 12,004,011 --
Vanguard Lifestrategy Conservative Growth Fund -- -- 4,400,488
Vanguard Retirement Savings Trust ............. -- -- --
Union Carbide Corp. common stock .............. -- -- --
Praxair Inc. common stock ..................... -- -- --
UCAR International Inc. common stock .......... -- -- --
At contract value: .............................. -- -- --
Contracts with insurance companies ............ -- -- --
---------- ---------- ---------
Total Investments ........................... 21,175,061 12,004,011 4,400,488
Investment income receivable ..................... -- -- --
Loans receivable ................................. -- -- --
Cash and cash equivalents ........................ -- -- --
---------- ---------- ---------
Total assets ................................ 21,175,061 12,004,011 4,400,488
Net assets available for plan benefits ...... $21,175,061 $12,004,011 $4,400,488
========== ========== =========
<CAPTION>
UNION CARBIDE PRAXAIR UCAR
STOCK STOCK STOCK
DECEMBER 31, 1997 FUND FUND FUND
----------------- ---- ---- ----
<S> <C> <C> <C>
ASSETS:
Investments:
At fair value:
Vanguard Windsor II Equity Income & Growth Fund $ -- $ -- $ --
Vanguard Index-Trust 500 Fund ................. -- -- --
Vanguard Lifestrategy Conservative Growth Fund -- -- --
Vanguard Retirement Savings Trust ............. -- -- --
Union Carbide Corp. common stock .............. 3,701,114 -- --
Praxair Inc. common stock ..................... -- 4,118,112 --
UCAR International Inc. common stock .......... -- -- 10,469,096
At contract value: .............................. -- -- --
Contracts with insurance companies ............ -- -- --
--------- --------- ----------
Total Investments ........................... 3,701,114 4,118,112 10,469,096
Investment income receivable ..................... -- -- --
Loans receivable ................................. -- -- --
Cash and cash equivalents ........................ -- -- 227,680
--------- --------- ----------
Total assets ................................ 3,701,114 4,118,112 10,696,776
Net assets available for plan benefits ...... $3,701,114 $4,118,112 $10,696,776
========= ========= ==========
<CAPTION>
UCAR UCAR
DISCOUNTED STABLE TOTAL
STOCK VALUE SAVINGS
DECEMBER 31, 1997 FUND FUND LOANS PLAN
----------------- ---- ---- ----- ----
<S> <C> <C> <C> <C>
ASSETS:
Investments:
At fair value:
Vanguard Windsor II Equity Income & Growth Fund $ -- $ -- $ -- $ 21,175,061
Vanguard Index-Trust 500 Fund ................. -- -- -- 12,004,011
Vanguard Lifestrategy Conservative Growth Fund -- -- -- 4,400,488
Vanguard Retirement Savings Trust ............. -- 6,509,670 -- 6,509,670
Union Carbide Corp. common stock .............. -- -- -- 3,701,114
Praxair Inc. common stock ..................... -- -- -- 4,118,112
UCAR International Inc. common stock .......... 1,507,521 -- -- 11,976,617
At contract value: .............................. -- -- -- --
Contracts with insurance companies ............ -- 42,236,905 -- 42,236,905
--------- ---------- --------- -----------
Total Investments ........................... 1,507,521 48,746,575 -- 106,121,978
Investment income receivable ..................... -- 48,917 -- 48,917
Loans receivable ................................. -- -- 4,149,523 4,149,523
Cash and cash equivalents ........................ 64,851 -- -- 292,531
--------- ---------- --------- -----------
Total assets ................................ 1,572,372 48,795,492 4,149,523 110,612,949
Net assets available for plan benefits ...... $1,572,372 $48,795,492 $4,149,523 $110,612,949
========= ========== ========= ===========
</TABLE>
9
<PAGE>
<TABLE>
UCAR CARBON SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
(6) NET ASSETS AVAILABLE FOR PLAN BENEFITS BY FUND
<CAPTION>
EQUITY EQUITY EQUITY UNION CARBIDE PRAXAIR UCAR
GROWTH INCOME INDEXED BALANCED STOCK STOCK STOCK
DECEMBER 31, 1996 FUND FUND FUND FUND FUND FUND FUND
----------------- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments:
At fair value:
Fidelity Magellan Fund .................... $8,154,624 $ -- $ -- $ -- $ -- $ -- $ --
Fidelity Equity Income Fund ............... -- 5,839,616 -- -- -- -- --
State Street Global Advisors':
Domestic Index Fund...................... -- -- 6,055,907 1,307,360 -- -- --
Daily Bond Market Fund .................. -- -- -- 1,041,591 -- -- --
Union Carbide Corp. common stock .......... -- -- -- -- 3,914,721 -- --
Praxair Inc. common stock ................. -- -- -- -- -- 4,636,162 --
UCAR International Inc. common stock ...... -- -- -- -- -- -- 10,608,745
At contract value:
Contracts with insurance companies ........ -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ----------
Total investments ....................... 8,154,624 5,839,616 6,055,907 2,348,951 3,914,721 4,636,162 10,608,745
Receivable for investments sold ................ -- -- -- -- -- -- --
Contributions receivable (payable).............. 21,898 13,882 13,990 8,019 -- -- 3,964
Investment income receivable ................... -- -- -- -- -- -- 1,566
Transfers receivable (payable) ................. (43,902) 40,322 45,803 142 -- -- 15,194
Loans receivable ............................... -- -- -- -- -- -- --
Cash and cash equivalents ...................... -- 289,898 4,623 -- 491 213 352,089
Other receivable ............................... 307 94,423 344 -- 8,093 6,096 19,682
--------- --------- --------- --------- --------- --------- ----------
Total assets ............................ 8,132,927 6,278,141 6,120,667 2,357,112 3,923,305 4,642,471 11,001,240
LIABILITIES:
Investments purchased payable .................. -- -- -- -- -- -- 72,640
Other liabilities -- -- -- 7,431 -- -- --
--------- --------- --------- --------- --------- --------- ----------
Total liabilities -- -- -- 7,431 -- -- 72,640
Net Assets Available For Plan Benefits... $8,132,927 $6,278,141 $6,120,667 $2,349,681 $3,923,305 $4,642,471 $10,928,600
========= ========= ========= ========= ========= ========= ==========
<CAPTION>
UCAR
DISCOUNTED FIXED TOTAL
STOCK INCOME SAVINGS
DECEMBER 31, 1996 FUND FUND LOANS PLAN
----------------- ---- ---- ---- -----
<S> <C> <C> <C> <C>
ASSETS:
Investments:
At fair value:
Fidelity Magellan Fund ..................... $ -- $ -- $ -- $ 8,154,624
Fidelity Equity Income Fund ................ -- -- -- 5,839,616
State Street Global Advisors':
Domestic Index Fund ...................... -- -- -- 7,363,267
Daily Bond Market Fund ................... -- -- -- 1,041,591
Union Carbide Corp. common stock ........... -- -- -- 3,914,721
Praxair Inc. common stock .................. -- -- -- 4,636,162
UCAR International Inc. common stock ....... 881,629 -- -- 11,490,374
At contract value:
Contracts with insurance companies ......... -- 45,686,856 -- 45,686,856
---------- ----------- ---------- -----------
Total investments ........................ 881,629 45,686,856 -- 88,127,211
Receivable for investments sold ................. 752 -- -- 752
Contributions receivable (payable)............... 24,201 120,872 -- 206,826
Investment income receivable .................... -- 29,347 -- 30,913
Transfers receivable (payable) .................. -- (11,151) (46,408) --
Loans receivable ................................ -- -- 3,803,963 3,803,963
Cash and cash equivalents ....................... -- 2,323,964 59,792 3,031,070
Other Receivable................................. 3,521 255 -- 132,721
---------- ----------- ---------- ---------
Total Assets 910,103 48,150,143 3,817,347 95,333,456
LIABILITIES:
Investments purchased payable ................... -- -- -- 72,640
Other liabilities................................ 571 6,826 -- 14,828
---------- ----------- ---------- -----------
Total Liabilities......................... 571 6,826 -- 87,468
Net Assets Available For Plan Benefits ... $ 909,532 $ 48,143,317 $ 3,817,347 $ 95,245,988
========== =========== ========== ===========
</TABLE>
10
<PAGE>
UCAR CARBON SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
(7) FIXED INCOME FUND
The following is a summary of investments in contracts with insurance
companies at contract value within the UCAR Stable Value at December 31,
1997 and the Fixed Income Fund at December 31, 1996. Contract value
represents original deposits under the contract credited with actual
earnings and charged for expenses and withdrawals. Contract value
approximates fair value.
1997 1996
---- ----
Metropolitan Life Insurance Company:
Contract No. 13919, 7.84%, due 3/31/01... $2,327,756 $ 2,873,811
Transamerica Life Insurance:
Contract No. GIC, 6.23%, due 10/01/01.... 4,246,761 6,945,121
Life of Virginia:
Contract No. 2832, 8.14%, due 10/02/00... 2,369,006 2,845,013
The Protective Life Insurance Company:
Contract No. 1, 6.05%, due 9/30/99....... 1,119,550 2,066,179
Contract No. 916, 5.39%, due 3/31/00..... 1,429,378 1,762,978
New York Life Insurance Company:
Contract No. 06740, 5.70%, due 3/31/99... 2,819,609 5,189,007
Allstate Life Insurance Company:
Contract No. 5618, 7.22%, due 10/01/01... 3,671,148 4,448,289
Principal Mutual:
Contract No. 10081, 5.20%, due 10/02/00.. 4,029,496 4,979,195
CNA:
Contract No. 12972, 7.12%, due 9/30/00... 3,529,709 4,279,990
Combined Insurance Company of America:
Contract No. CG1061, 6.45%, due 3/31/97.. - 1,510,827
Contract No. 1061, 6.45%, due 3/31/02.... 2,959,570 -
People Security Life
Contract No. 00614FR, 6.83%, due 10/01/01 2,176,008 2,646,565
Contract No. 00625FR, 6.94%, due 10/01/01 2,179,376 -
Providian Capital
Contract No. 625FR, 6.94%, due 9/30/01... - 2,647,851
Sunamerica Life Insurance Co.
Contract No. 4667, 6.56%, due 3/31/02.... 2,863,710 3,492,030
Sunamerica Life Insurance Co.
Contract No. 4714, 7.12%, due 9/30/02.... 2,148,537 -
John Hancock
Contract No. 8910, 6.95%, due 09/30/02... 4,367,291 -
----------- ----------
Total contracts with insurance companies... $ 42,236,905 $ 45,686,856
=========== ==========
The crediting interest rates, shown above, are determined at the
inception of the contracts. The average yield for contracts with
investment companies in the aggregate was 6.5% and 6.9% for the years
ended December 31, 1997 and 1996, respectively.
At December 31, 1997 the remainder of the Stable Value fund is invested
in the Vanguard Retirement Savings Trust which is a collective,
commingled trust. The Plan owns 6,509,670 shares in the trust at December
31, 1997. As the above contracts with insurance companies expire and new
monies are received, the funds will be invested in this trust.
11
<PAGE>
<TABLE>
UCAR CARBON SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
(8) CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY FUND
<CAPTION>
EQUITY EQUITY EQUITY EQUITY INDEX
GROWTH INCOME INCOME & INDEX TRUST-500
YEAR ENDED DECEMBER 31, 1997 FUND FUND GROWTH FUND FUND FUND
---------------------------- ---- ---- ----------- ---- ----
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Transfer from other plans ....................... $ 15,319 $ 28,763 $ -- $ 59,851 $ --
---------- --------- ---------- ---------- ----------
Investment income:
Dividends ..................................... 642,989 586,190 -- -- --
Interest ...................................... -- -- -- -- --
Net realized and unrealized gain on investments 1,453,609 1,645,996 -- 2,477,624 --
---------- --------- ---------- ---------- ----------
Total investment income .................... 2,096,598 2,232,186 -- 2,477,624 --
---------- --------- ---------- ---------- ----------
Contributions:
Employer ...................................... 118,895 96,844 -- 95,110 --
Employee ...................................... 619,055 456,637 -- 500,035 --
---------- --------- ---------- ---------- ----------
Total contributions ........................ 737,950 553,481 -- 595,145 --
---------- --------- ---------- ---------- ----------
Loan repayment .................................. 56,783 48,029 -- 68,621 --
Transfer between funds .......................... (10,745,504) (8,853,871) 21,175,061 (9,060,309) 12,004,011
---------- --------- ---------- ---------- ----------
Total additions ............................ (7,838,854) (5,991,412) 21,175,061 (5,859,068) 12,004,011
---------- --------- ---------- ---------- ----------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants ................... 177,351 211,790 -- 167,243 --
Loans to participants ........................... 116,722 74,939 -- 94,356 --
Administrative fees ............................. -- -- -- -- --
---------- --------- ---------- ---------- ----------
Total deductions ........................... 294,073 286,729 -- 261,599 --
---------- --------- ---------- ---------- ----------
Net additions (deductions) for the year .... (8,132,927) (6,278,141) 21,175,061 (6,120,667) 12,004,011
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of the year ........................... 8,132,927 6,278,141 -- 6,120,667 --
---------- --------- ---------- ---------- ----------
End of the year ................................. $ -- $ -- $21,175,061 $ -- $12,004,011
========== ========= ========== ========== ==========
<CAPTION>
CONSERVATIVE UNION CARBIDE PRAXAIR UCAR
BALANCED GROWTH STOCK STOCK STOCK
YEAR ENDED DECEMBER 31, 1997 FUND FUND FUND FUND FUND
---------------------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Transfer from other plans ....................... $ 15,416 $ -- $ -- $ -- $ --
---------- --------- ---------- --------- ----------
Investment income:
Dividends ..................................... -- -- -- -- --
Interest ...................................... -- -- -- -- --
Net realized and unrealized gain on investments 667,328 -- 249,175 (71,991) 1,666,734
---------- --------- ---------- --------- ----------
Total investment income .................... 667,328 -- 249,175 (71,991) 1,666,734
---------- --------- ---------- --------- ----------
Contributions:
Employer ...................................... 50,244 -- -- -- 19,253
Employee ...................................... 270,237 -- -- -- 92,527
---------- --------- ---------- --------- ----------
Total contributions ........................ 320,481 -- -- -- 111,780
---------- --------- ---------- --------- ----------
Loan repayment .................................. 22,742 -- -- -- 25,910
Transfer between funds .......................... (3,216,484) 4,400,488 (466,944) (440,236) (1,910,089)
---------- --------- ---------- --------- ----------
Total additions ............................ (2,190,517) 4,400,488 (217,769) (512,227) (105,665)
---------- --------- ---------- --------- ----------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants ................... 78,809 -- 4,172 11,882 101,164
Loans to participants ........................... 80,355 -- 250 250 24,995
Administrative fees ............................. -- -- -- -- --
---------- --------- ---------- --------- ----------
Total deductions ........................... 159,164 -- 4,422 12,132 126,159
---------- --------- ---------- --------- ----------
Net additions (deductions) for the year .... (2,349,681) 4,400,488 (222,191) (524,359) (231,824)
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of the year ........................... 2,349,681 -- 3,923,305 4,642,471 10,928,600
---------- --------- ---------- --------- ----------
End of the year ................................. $ -- $4,400,488 $3,701,114 $4,118,112 $10,696,776
========= ========= ========= ========= ==========
<CAPTION>
UCAR UCAR
DISCOUNTED FIXED STABLE TOTAL
STOCK INCOME VALUE SAVINGS
YEAR ENDED DECEMBER 31, 1997 FUND FUND FUND LOANS PLAN
---------------------------- ---- ---- ---- ----- ----
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Transfer from other plans ....................... $ -- $ 38,379 $ -- $ -- $ 157,728
---------- --------- ---------- ---------- ----------
Investment income:
Dividends ..................................... -- -- -- -- 1,229,179
Interest ...................................... -- 2,695,068 -- 261,291 2,956,359
Net realized and unrealized gain on investments 28,596 728,063 -- 1,762 8,846,896
---------- --------- ---------- ---------- ----------
Total investment income .................... 28,596 3,423,131 -- 263,053 13,032,434
---------- --------- ---------- ---------- ----------
Contributions:
Employer ...................................... 216,190 563,178 -- -- 1,159,714
Employee ...................................... 634,088 2,924,787 -- -- 5,497,366
---------- --------- ---------- ---------- ----------
Total contributions ........................ 850,278 3,487,965 -- -- 6,657,080
---------- --------- ---------- ---------- ----------
Loan repayment .................................. -- 1,756,413 -- (1,978,498) --
Transfer between funds .......................... (214,604) (51,467,011) 48,795,492 -- --
---------- ---------- ---------- ---------- ----------
Total additions ............................ 664,270 (42,761,123) 48,795,492 (1,715,445) 19,847,242
---------- ---------- ---------- ---------- ----------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants ................... 732 3,515,859 -- 187,279 4,456,281
Loans to participants ........................... 698 1,842,335 -- (2,234,900) --
Administrative fees ............................. -- 24,000 -- -- 24,000
---------- ---------- ---------- ---------- ----------
Total deductions ........................... 1,430 5,382,194 -- (2,047,621) 4,480,281
---------- ---------- ---------- ---------- ----------
Net additions (deductions) for the year .... 662,840 (48,143,317) 48,795,492 332,176 15,366,961
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of the year ........................... 909,532 48,143,317 -- 3,817,347 95,245,988
---------- ---------- ---------- ---------- ----------
End of the year ................................. $ 1,572,372 $ -- $48,795,492 $ 4,149,523 $110,612,949
========== ========== ========== ========= ===========
</TABLE>
12
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
(9) SUBSEQUENT EVENTS
On January 1, 1998 the UCAR Carbon Savings Plan was amended. Under the
amended plan, the Company match increased to 50% of employee basic
contributions while supplemental contribution guidelines have been
revised. Withdrawal and loan guidelines have been simplified. In
addition, under the new trustee, the plan will offer a total of 12
investment options to participants.
13
<PAGE>
<TABLE>
SCHEDULE I
UCAR CARBON SAVINGS PLAN
LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1997
<CAPTION>
MARKET
DESCRIPTION COST VALUE
----------- ---- -----
<S> <C> <C>
*UCAR International Inc. common stock, 299,884 shares, par value $.01... $ 10,000,136 $ 11,976,617
Union Carbide Corp. common stock, 86,198 shares, par value $1.......... 738,138 3,701,114
Praxair Inc. common stock, 91,514 shares, par value $.01............... 1,104,026 4,118,112
*Vanguard Index Trust-500 Fund, 133,274 shares.......................... 12,004,011 12,004,011
*Vanguard Windsor II Equity Income & Growth Fund, 739,869 shares........ 21,175,061 21,175,061
*Vanguard Life Strategy Conservative Growth Fund, 328,395 shares........ 4,400,488 4,400,488
*Vanguard Retirement Savings Trust, 6,509,670 shares.................... 6,509,670 6,509,670
Contracts with insurance companies, at contract value:
Metropolitan Life Insurance Company:
Contract No. 13919, 7.84%, due 3/31/01......................... 2,327,756 2,327,756
The Transamerica Life Co.:
Contract No. GIC, 6.23 %, due 10/01/01......................... 4,246,761 4,246,761
Life Of Virginia:
Contract No. 2832, 8.14%, due 10/02/00......................... 2,369,006 2,369,006
Protective Insurance Company:
Contract No. 1, 6.05%, due 9/30/99............................. 1,119,550 1,119,550
Contract No. 916 , 5.39%, due 3/31/00.......................... 1,429,378 1,429,378
New York Life Insurance:
Contract No. 06740, 5.70% due 3/31/99.......................... 2,819,609 2,819,609
Allstate Life Insurance Company:
Contract No. 5618, 7.22%, due 10/01/01......................... 3,671,148 3,671,148
Principal Mutual:
Contract No. 10081, 5.20%, due 10/02/00........................ 4,029,496 4,029,496
CNA:
Contract No. 12972, 7.12%, due 9/30/00......................... 3,529,709 3,529,709
Combined Insurance Company of America:
Contract No. CG1061, 6.45%, due 3/31/02........................ 2,959,570 2,959,570
People Security Life:
Contract No. 00614FR, 6.83%, due 10/01/01...................... 2,176,008 2,176,008
Contract No. 00625FR, 6.94%, due 10/01/01...................... 2,179,376 2,179,376
Sunamerica Life Insurance Co.
Contract No. 4667, 6.56%, due 3/31/02.......................... 2,863,710 2,863,710
Sunamerica Life Insurance Co.
Contract No. 4714, 7.12%, due 9/30/02.......................... 2,148,537 2,148,537
John Hancock
Contract No. 8910, 6.95%, due 9/30/02.......................... 4,367,291 4,367,291
Subtotal.................................................. 98,168,435 106,121,978
Loans to participants................................................... 4,149,523 4,149,523
------------ -----------
Total................................................. $ 102,317,958 $ 110,271,501
============ ===========
</TABLE>
*REPRESENTS PARTY-IN-INTEREST.
14
<PAGE>
SCHEDULE II
UCAR CARBON SAVINGS PLAN
LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
WHICH WERE BOTH ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR
DECEMBER 31, 1997
COST OF PROCEEDS OF
DESCRIPTION ACQUISITION DISPOSITION
----------- ----------- -----------
John Hancock
GIC, 6.95%, due 9/30/01............ $ 514,282 $ 514,282
Sunamerica
GIC, 7.12%, due 9/30/02............ 529,117 529,117
15
<PAGE>
<TABLE>
SCHEDULE III
UCAR CARBON SAVINGS PLAN
LINE 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
DECEMBER 31, 1997
<CAPTION>
EXPENSE
DESCRIPTION PURCHASE SELLING LEASE INCURRED WITH
PARTY INVOLVED OF ASSETS PRICE PRICE RENTAL TRANSACTION
-------------- --------- ----- ----- ------ -----------
<S> <C> <C> <C> <C> <C>
UCAR International Inc. stock Common Stock $ 9,253,352 $ -- $ -- $ --
UCAR International Inc. stock Common Stock -- 11,045,633 -- --
----------- ----------- -------- -----------
Total (77 Purchases, 138 Sales) $ 9,253,352 $11,045,633 $ -- $ --
Fidelity Investments Fidelity Magellan Fund $ 3,097,165 $ -- $ -- $ --
Fidelity Investments Fidelity Magellan Fund -- 12,705,477 -- --
----------- ----------- -------- -----------
Total (115 Purchases, 93 Sales) $ 3,097,165 $12,705,477 $ -- $ --
Fidelity Investments Fidelity Equity Income Fund $ 5,310,650 $ -- $ -- $ --
Fidelity Investments Fidelity Equity Income Fund -- 12,751,189 -- --
----------- ----------- -------- -----------
Total (140 Purchases, 72 Sales) $ 5,310,650 $12,751,189 $ -- $ --
Combined Insurance of America GIC $ 5,721,459 $ -- $ -- $ --
Combined Insurance of America GIC -- 4,288,482 -- --
----------- ----------- -------- -----------
Total (15 Purchases, 10 Sales) $ 5,721,459 $ 4,288,482 $ -- $ --
John Hancock GIC $ 4,856,571 $ -- $ -- $ --
John Hancock GIC -- 514,282 -- --
----------- ----------- -------- -----------
Total (13 Purchases, 2 Sales) $ 4,856,571 $ 514,282 $ -- $ --
Transamerica Life Co. GIC $ 347,359 $ -- $ -- $ --
Transamerica Life Co. GIC -- 3,068,399 -- --
----------- ----------- -------- -----------
Total (11 Purchases, 13 Sales) $ 347,359 $ 3,068,399 $ -- $ --
New York Life Insurance GIC $ 188,969 $ -- $ -- $ --
New York Life Insurance GIC -- 2,571,701 -- --
----------- ----------- -------- -----------
Total (11 Purchases, 13 Sales) $ 188,969 $ 2,571,701 $ -- $ --
CURRENT VALUE
DESCRIPTION COST OF TRANSACTION GAIN
PARTY INVOLVED OF ASSETS ASSETS DATE (LOSS)
- -------------- --------- ------ ---- ------
UCAR International Inc. stock Common Stock $ 9,253,352 $ 9,253,352 $ --
UCAR International Inc. stock Common Stock 9,536,549 11,045,633 1,509,084
----------- ----------- ----------
Total (77 Purchases, 138 Sales) $18,789,901 $20,298,985 $1,509,084
Fidelity Investments Fidelity Magellan Fund $ 3,097,165 $ 3,097,165 $ --
Fidelity Investments Fidelity Magellan Fund 11,251,789 12,705,477 1,453,688
----------- ----------- ----------
Total (115 Purchases, 93 Sales) $14,348,954 $15,802,642 $1,453,688
Fidelity Investments Fidelity Equity Income Fund $ 5,310,650 $ 5,310,650 $ --
Fidelity Investments Fidelity Equity Income Fund 11,150,265 12,751,189 1,600,924
----------- ----------- ----------
Total (140 Purchases, 72 Sales) $16,460,915 $18,061,839 $1,600,924
Combined Insurance of America GIC $ 5,721,459 $ 5,721,459 $ --
Combined Insurance of America GIC 4,288,482 4,288,482 --
----------- ----------- ----------
Total (15 Purchases, 10 Sales) $10,009,941 $10,009,941 $ --
John Hancock GIC $ 4,856,571 $ 4,856,571 $ --
John Hancock GIC 514,282 514,282 --
----------- ----------- ----------
Total (13 Purchases, 2 Sales) $ 5,370,853 $ 5,370,853 $ --
Transamerica Life Co. GIC $ 347,359 $ 347,359 $ --
Transamerica Life Co. GIC 3,068,399 3,068,399 --
----------- ----------- ----------
Total (11 Purchases, 13 Sales) $ 3,415,759 $ 3,415,759 $ --
New York Life Insurance GIC $ 188,969 $ 188,969 $ --
New York Life Insurance GIC 2,571,701 2,571,701 --
----------- ----------- ----------
Total (11 Purchases, 13 Sales) $ 2,760,670 $ 2,760,670 $ --
16
<PAGE>
<CAPTION>
SCHEDULE III
(Continued)
UCAR CARBON SAVINGS PLAN
LINE 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
DECEMBER 31, 1997
EXPENSE
DESCRIPTION PURCHASE SELLING LEASE INCURRED WITH
PARTY INVOLVED OF ASSETS PRICE PRICE RENTAL TRANSACTION
-------------- --------- ----- ----- ------ -----------
<S> <C> <C> <C> <C> <C>
State Street Global Advisors Equity Index Fund $11,543,529 $ -- $ -- $ --
State Street Global Advisors Equity Index Fund -- 12,563,856 -- --
----------- ----------- ------ --------
Total (69 Purchases, 40 Sales) $11,543,529 $12,563,856 $ -- $ --
State Street Global Advisors Equity Index Fund $ 332,314 $ -- $ -- $ --
State Street Global Advisors Equity Index Fund -- 9,303,036 -- --
----------- ----------- ------ --------
Total (16 Purchases, 8 Sales) $ 332,314 $ 9,303,036 $ -- $ --
State Street Global Advisors Balanced Fund $ 2,647,348 $ -- $ -- $ --
State Street Global Advisors Balanced Fund -- 2,847,329 --
----------- ----------- ------ --------
Total (49 Purchases, 43 Sales) $ 2,647,348 $ 2,847,329 $ -- $ --
State Street Global Advisors Balanced Fund $ 2,385,879 $ -- $ -- $ --
State Street Global Advisors Balanced Fund -- 2,491,415 -- --
----------- ----------- ------ --------
Total (52 Purchases, 36 Sales) $ 2,385,879 $ 2,491,415 $ -- $ --
The Vanguard Group Equity Income & Growth Fund $21,175,061 $ -- $ -- $ --
----------- ----------- ------ --------
Total (2 Purchases, 0 Sales) $21,175,061 $ -- $ -- $ --
The Vanguard Group Index Fund $12,004,011 $ -- $ -- $ --
----------- ----------- ------ --------
Total (1 Purchase, 0 Sales) $12,004,011 $ -- $ -- $ --
The Vanguard Group Stable Value Fund $ 6,509,670 $ -- $ -- $ --
----------- ----------- ------ --------
Total (1 Purchase, 0 Sales) $ 6,509,670 $ -- $ -- $ --
<CAPTION>
CURRENT VALUE
DESCRIPTION COST OF TRANSACTION GAIN
PARTY INVOLVED OF ASSETS ASSETS DATE (LOSS)
- -------------- --------- ------ ---- ------
<S> <C> <C> <C> <C>
State Street Global Advisors Equity Index Fund $11,543,529 $11,543,529 $ --
State Street Global Advisors Equity Index Fund 11,543,529 12,563,856 1,020,328
----------- ----------- ----------
Total (69 Purchases, 40 Sales) $23,087,058 $24,107,385 $1,020,328
State Street Global Advisors Equity Index Fund $ 332,314 $ 332,314 $ --
State Street Global Advisors Equity Index Fund 7,871,886 9,303,036 1,431,150
----------- ----------- ----------
Total (16 Purchases, 8 Sales) $ 8,204,200 $ 9,635,350 $1,431,150
State Street Global Advisors Balanced Fund $ 2,647,348 $ 2,647,348 $ --
State Street Global Advisors Balanced Fund 2,647,348 2,847,329 199,981
----------- ----------- ----------
Total (49 Purchases, 43 Sales) $ 5,294,696 $ 5,494,677 $ 199,981
State Street Global Advisors Balanced Fund $ 2,385,879 $ 2,385,879 $ --
State Street Global Advisors Balanced Fund 2,385,879 $ 2,491,415 105,536
----------- ----------- -------
Total (52 Purchases, 36 Sales) $ 4,771,758 $ 4,877,294 $ 105,536
The Vanguard Group Equity Income & Growth Fund $21,175,061 $21,175,601 $ --
----------- ----------- ----------
Total (2 Purchases, 0 Sales) $21,175,061 $21,175,061 $ --
The Vanguard Group Index Fund $12,004,011 $12,004,011 $ --
----------- ------------ ----------
Total (1 Purchase, 0 Sales) $12,004,011 $12,004,011 $ --
The Vanguard Group Stable Value Fund $ 6,509,670 $ 6,509,670 $ --
----------- ----------- ----------
Total (1 Purchase, 0 Sales) $ 6,509,670 $ 6,509,670 $ --
</TABLE>
17
<PAGE>
UCAR CARBON SAVINGS PLAN
INDEPENDENT AUDITORS' REPORT
To the Plan Administrator of the UCAR Carbon Savings Plan:
We have audited the accompanying statements of net assets available for plan
benefits of the UCAR Carbon Savings Plan (the "Plan") as of December 31, 1997
and 1996, and the related statement of changes in net assets available for plan
benefits for the year ended December 31, 1997. 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 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 Plan as of
December 31, 1997 and 1996, and the changes in net assets available for plan
benefits for the year ended December 31, 1997 in conformity with generally
accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules I, II and III
are presented for the purpose of additional analysis and are not a required part
of the basic 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 the audits
of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
/s/ KMPG Peat Marwick LLP
- ---------------------------
KPMG Peat Marwick LLP
Stamford, Connecticut
June 19, 1998
18
<PAGE>
UCAR CARBON SAVINGS PLAN
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in the Registration Statement on
Form S-8 (No. 33-95548) of UCAR International Inc. of our report dated June 19,
1998 appearing on page 18 of this Annual Report on Form 11-K for the year ended
December 31, 1997.
/s/ KPMG Peat Marwick LLP
- --------------------------
KPMG Peat Marwick LLP
Stamford, Connecticut
June 25, 1998
19
<PAGE>
UCAR CARBON SAVINGS PLAN
SIGNATURE
Pursuant to the requirement of the Securities Exchange Act of 1934, the trustees
(or other persons who administer the employee benefit plan) have duly caused
this annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
UCAR CARBON SAVINGS PLAN
Date: June 25, 1998 By: /s/ Fred C. Wolf
-----------------
FRED C. WOLF
VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
MEMBER OF THE SAVINGS PLAN
ADMINISTRATIVE COMMITTEE
20
