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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number 1-707
A. Full title of the Plan:
Kansas City Power & Light Company
Cash or Deferred Arrangement
(Employee Savings Plus Plan)
(hereinafter referred to as "Plan")
B. Name of issuer of the securities held
pursuant to the Plan and the address
of its principal executive office:
Kansas City Power & Light Company
1201 Walnut
Kansas City, Missouri 64106-2124
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Financial Statements, Supplemental Schedules and Exhibits
Contents
- ------------------------------------------------------------------------------
Page
Report of Independent Accountants 1
Report of Independent Auditors 2
Financial Statements:
Statement of Net Assets Available for Benefits
as of December 31, 1999 and 1998 3
Statement of Changes in Net Assets Available for Benefits
for the Years Ended December 31, 1999 and 1998 4
Notes to Financial Statements 5-14
Supplemental Schedules:
Schedule H, Line 4i - Schedule of Assets Held for Investment
Purposes as of December 31, 1999 15
Schedule H, Line 4j - Schedule of Reportable Transactions
for the year ended December 31, 1999 16
Exhibits:
Consent of Independent Accountants Exhibit 1
Consent of Independent Auditors Exhibit 2
Report of Independent Accountants
The Administrative Committee
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
We have audited the accompanying statement of net assets
available for benefits of the Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan (the
Plan) as of December 31, 1999 and the related statement of
changes in net assets available for benefits for the year then
ended. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards
generally accepted in the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. 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 audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for benefits of the Plan as of December 31, 1999 and
the changes in net assets available for benefits for the year
then ended in conformity with accounting principles generally
accepted in the United States.
Our audit was performed for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
supplemental schedules listed in the table of contents 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 audit 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.
Kansas City, Missouri
June 23, 2000
Report of Independent Auditors
The Administrative Committee
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
We have audited the accompanying statement of net assets
available for benefits of the Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan (the
Plan) as of December 31, 1998 and the related statement of
changes in net assets available for benefits for the year then
ended. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards
generally accepted in the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. 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 audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for benefits as of December 31, 1998 and the changes
in net assets available for benefits for the year then ended in
conformity with accounting principles generally accepted in the
United States.
/s/Ernst & Young LLP
Kansas City, Missouri
June 11, 1999
2
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Statement of Net Assets Available for Benefits
December 31, 1999 and 1998
- ------------------------------------------------------------------------------
Assets 1999 1998
Investments at fair value:
Kansas City Power & Light Stock Fund $ 69,163,105 $ 89,135,730
Fidelity Managed Income Portfolio 10,154,490 9,149,784
Fidelity Puritan Fund 18,467,141 19,258,447
Fidelity Magellan Fund 59,177,346 47,434,268
Fidelity Asset Manager Fund 2,250,673 1,812,232
Fidelity OTC Portfolio 11,394,570 5,142,776
Fidelity Overseas Fund 3,429,599 2,378,507
Fidelity Blue Chip Growth Portfolio 5,766,495 1,318,563
Fidelity Freedom Income Fund 405,938 136,097
Fidelity Freedom 2000 Fund 323,014 54,842
Fidelity Freedom 2010 Fund 370,236 294,050
Fidelity Freedom 2020 Fund 459,730 133,883
Fidelity Freedom 2030 Fund 255,231 74,415
Loans to participants 5,476,981 5,887,704
----------- -----------
Total investments 187,094,549 182,211,298
----------- -----------
Receivables:
Contributions:
Employer 122,295 -
Employee 417,265 -
Loan payments from participants 95,699 -
----------- -----------
Total receivables 635,259 -
----------- -----------
Total net assets available for benefits $187,729,808 $182,211,298
----------- -----------
----------- -----------
The accompanying notes are an integral part of these financial statements.
3
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Statement of Changes in Net Assets Available for Benefits
For the Years Ended December 31, 1999 and 1998
- ------------------------------------------------------------------------------
1999 1998
Additions
Investment income:
Net appreciation (depreciation)
in fair value of investments $(11,687,929) $ 11,062,578
Dividends 12,802,834 9,677,125
Interest:
Investments 587,793 483,879
Money market 4,759 7,575
Loans 621,338 506,912
---------- ----------
Net investment income 2,328,795 21,738,069
---------- ----------
Contributions:
Employee 9,075,626 8,657,892
Employer 3,187,453 2,777,009
Reimbursed commissions 68,560 49,768
Forfeitures 15,092 11,655
---------- ----------
Total contributions 12,346,731 11,496,324
---------- ----------
Total additions 14,675,526 33,234,393
---------- ----------
Deductions
Distribution to participants 9,150,620 6,466,088
Transfer to another plan - 490,877
Forfeited benefits 6,396 17,871
---------- ----------
Total deductions 9,157,016 6,974,836
Net increase in net assets
available for plan benefits 5,518,510 26,259,557
Net assets available for benefits:
Beginning of year 182,211,298 155,951,741
----------- -----------
End of year $ 187,729,808 $ 182,211,298
----------- -----------
----------- -----------
The accompanying notes are an integral part of these financial statements.
4
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements
- ------------------------------------------------------------------------------
1. Description of the Plan:
The following description of the Kansas City Power & Light
Company Cash or Deferred Arrangement Employee Savings Plus
Plan (the Plan) provides only general information.
Participants should refer to the summary plan description for
a more complete description of the Plan's provisions.
The Plan is designed to encourage and assist employees of
Kansas City Power and Light Company (the Company) to adopt a
regular savings and investment program for long-term needs,
especially retirement. The Company is the plan administrator
and United Missouri Bank, N.A. (UMB) is the trustee. The
Administrative Committee is the fiduciary of the Plan and has
the responsibility of establishing the rules under which the
Plan is run.
The Plan is a contributory defined contribution plan available
to permanent full- and part-time employees of the Company, KLT
Inc., KLT Power Inc., KLT Gas Inc. and KLT Telecom, Inc. The
Plan is subject to the provisions of the Employee Retirement
Income Security Act of 1974 (ERISA).
Eligibility and Employee Contributions
Employees are immediately eligible to make elective
contributions to the Plan. Employees beginning employment
during the first 15 days of a month, can begin participating
in the Plan the first day of the following month. If an
employee's first day of employment is after the 15th of the
month, he/she is eligible to participate in the Plan the first
day of the next following month.
Participants can contribute any whole percentage of their base
pay from 2% to 12% (see note 5), to the Plan, except that
contributions may not exceed the maximum allowable under the
law. The maximum individual contribution allowed for 1999 and
1998 was $10,000. Other special limitations may reduce the
participant elective and Company matching maximum contribution
amounts for highly compensated employees.
Company Matching Contributions
The Company contributes an amount equal to 50% of the
employee's elective contribution, not to exceed 3% of base
pay, as defined in the Plan. Company contributions may be
made in cash, Company stock, or a combination thereof.
Company contributions will be invested in the common stock of
the Company at all times. The Company begins matching
employee contributions when the employee completes one year of
service.
Effective February 24, 1999, the Plan was amended to allow
participants who have attained the age of 55 to transfer funds
in their Company-Match Account to any investment fund offered
under the Plan.
5
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements, Continued
- -------------------------------------------------------------------------------
Rollovers
Participants may elect to transfer funds from another
qualified retirement plan to the Plan, with permission from
the Administrative Committee.
Vesting and Forfeitures
Participants are 100% vested in their elective contribution
and rollover accounts at all times. Participants who retire
after age 55, die or become totally and permanently disabled
while an employee of the Company are considered 100% vested in
the Company-Match Account, regardless of their length of
service with the Company.
Vesting of the Company-Match Account for participants who
leave the Company for a reason other than death, disability or
retirement is based on years of service for vesting. A year
of service for Plan purposes is defined as any year in which
an employee completes at least 1,000 hours of service with the
Company. Generally all years of service with the Company are
taken into account in computing years of service for vesting.
Participants who accrue two years of service prior to
termination of employment are 20% vested. Participants are
credited with 20% additional vesting each year thereafter,
with full vesting after six years of service.
The portion of the Company-Match Account that is not vested is
forfeited by terminating participants. Forfeitures are used
to reduce future Company matching contributions. The 1999 and
1998 forfeited benefits were $6,396 and $17,871, respectively.
The Company used forfeiture credits of $15,092 and $11,655 for
1999 and 1998, respectively, to reduce the matching
contributions.
Investment of Accounts
Investment of Elective Contribution and Rollover Accounts -
Participants may direct (in 5% increments) the investment of
their elective contribution and rollover accounts in one or
more of the following 13 investment funds:
(i) KCPL Stock Fund - A fund designed to invest solely in the
Company's common stock.
(ii) Fidelity Managed Income Portfolio (MIP) - A collective
investment trust that seeks to preserve capital and provide a
competitive level of income over time.
(iii) Fidelity Puritan Fund - A growth and income fund that
seeks income consistent with preservation of capital by investing
in a broadly diversified portfolio of common stock, preferred
stock and bonds, including lower-quality, high-yield debt
securities.
6
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements, Continued
- -------------------------------------------------------------------------------
(iv) Fidelity Magellan Fund - A growth fund that seeks long-term
capital appreciation by investing in stocks of companies with
potentially above average growth potential and a corresponding
higher level of risk.
(v) Fidelity Asset Manager Fund - An asset allocation fund that
seeks high total return with reduced risk over the long term by
investing in domestic and foreign equities, bonds and short-term
instruments.
(vi) Fidelity OTC Portfolio - A growth fund that seeks long-term
capital appreciation by investing in securities traded on the
over-the-counter securities market.
(vii) Fidelity Overseas Fund - An international growth fund
that seeks long-term capital growth by investing in foreign
securities that include common stock, securities convertible into
common stock and debt instruments.
(viii) Fidelity Blue Chip Growth Fund - A growth fund that
seeks long-term capital growth by investing mainly in common
stocks of well-known and established companies.
(ix) Fidelity Freedom Income Fund - A high current income fund
which also has a secondary objective, capital appreciation. The
fund invests in a combination of Fidelity funds allocating assets
according to a stable target asset allocation that emphasizes
fixed income and money market funds but also includes equity
funds.
(x) Fidelity Freedom 2000 Fund - A high total return fund that
invests in a combination of Fidelity equity, fixed income and
money market funds and allocates its assets among those funds
according to an asset allocation strategy that becomes
increasingly conservative as Freedom 2000 approaches its target
retirement date. Targeted to investors expected to retire around
the year 2000.
(xi) Fidelity Freedom 2010 Fund - A high total return fund that
invests in a combination of Fidelity equity, fixed income and
money market funds and allocates its assets among those funds
according to an asset allocation strategy that becomes
increasingly conservative as Freedom 2010 approaches its target
retirement date. Targeted to investors expected to retire around
the year 2010.
(xii) Fidelity Freedom 2020 Fund - A high total return fund
that invests in a combination of Fidelity equity, fixed income
and money market funds and allocates its assets among those funds
according to an asset allocation strategy that becomes
increasingly conservative as Freedom 2020 approaches its target
retirement date. Targeted to investors expected to retire around
the year 2020.
7
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements, Continued
- -------------------------------------------------------------------------------
(xiii) Fidelity Freedom 2030 Fund - A high total return fund
that invests in a combination of Fidelity equity, fixed income
and money market funds and allocates its assets among those funds
according to an asset allocation strategy that becomes
increasingly conservative as Freedom 2030 approaches its target
retirement date. Targeted to investors expected to retire around
the year 2030.
As of December 31, 1999, 1,845 employees were participating in
the Plan, 1,175 of whom were investing their elective
contributions in more than one of the available options of the
Plan. There were 66 employees contributing only to Fidelity
MIP, 32 employees contributing only to the Fidelity Puritan
Fund, 152 employees contributing only to the Fidelity Magellan
Fund, 3 employees contributing only to the Fidelity Asset
Manager Fund, 24 employees contributing only to the Fidelity
OTC Portfolio, 4 employees contributing only to the Fidelity
Overseas Fund, 349 employees contributing only to the KCPL
Stock Fund, 1 employee contributing only to the Freedom Income
Fund, 4 employees contributing only to Freedom 2000 Fund, 3
employees contributing only to Freedom 2010, 6 employees
contributing only to Freedom 2020, 3 employees contributing
only to Freedom 2030 and 23 employees contributing only to the
Fidelity Blue Chip Growth Portfolio.
Participants also have the opportunity to change how their
past savings in their elective and rollover accounts are
invested. Participants can make such changes on a daily
basis. Participants making such elections will have their
fund shares sold, the proceeds transferred and fund shares
purchased per their request.
The nonparticipant-directed portion of the KCPL Stock Fund
consisted of 1,463,798 shares valued at $32,295,036 and
1,373,495 shares valued at $40,689,749 at December 31, 1999
and 1998, respectively.
Allocation of Investment Income
The trustee allocates investment income based on the shares
held by participants in their individual accounts. Individual
accounts are valued on each business day by the trustee to
reflect the current market value of the investments.
If contributions or participant transfers received by the
trustee cannot be immediately invested in the investment
funds, the moneys are held in an interest-bearing UMB Money
Market Fund. Some distributions may also be invested in the
money market fund prior to payment to the participant. Any
interest earned is allocated back to the investment accounts
based on the amounts originally transferred.
8
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements, Continued
- -------------------------------------------------------------------------------
Termination Payments
Participants who leave the Company as a result of termination,
retirement or permanent disability may receive the entire
amount of their account in a one lump-sum payment, rollover
their account to another trustee or elect to defer
distribution until age 62 or retirement, whichever is later.
Upon death, distributions will be made to beneficiaries in a
lump sum or in installment payments over a period of no more
than three years. Payment will commence no later than 60 days
after the December 31 coinciding with or following the date of
the participant's death.
Terminated employees may elect to defer their distribution
until age 62. The deferred totals for participants not
required to receive distributions in the next calendar year
are $8,409,530 and $10,376,119 as of December 31, 1999 and
1998, respectively.
Loans to Participants
The Plan allows participants to borrow against their vested
account balance to obtain either an installment or residential
loan. Other than by obtaining a loan, the Plan does not
provide for in-service withdrawals from elective accounts,
rollover accounts or Company-Match Accounts. Distributions
are made only upon retirement, disability, termination of
employment or death.
An installment loan may be used for any purpose, whereas a
residential loan must be used for the purchase of the
participant's primary residence. The maximum loan terms for
installment and residential loans are five and 15 years,
respectively. A participant may have no more than one of each
type of loan outstanding at the same time.
For all loans issued through October 1989, if the
participant's account balance was $20,000 or less, a maximum
of 80% of the vested account balance, not to exceed $10,000,
could be borrowed. If the account balance was more than
$20,000, 50% of the vested account balance, not to exceed
$50,000, could be borrowed. The interest rate for these loans
was based on the Fidelity GIC Group Trust interest rate of
8.31%.
For loans issued after November 1, 1989, the maximum amount
that a participant can borrow is 50% of their vested account
balance, not to exceed $50,000. The interest rate for these
loans is UMB's prime rate plus 2%. The minimum amount a
participant can borrow is $1,000.
Principal and interest on all loans is repaid to the
participant's individual accounts based on their current
contribution allocation election. All loans are repaid by
payroll deduction except when paid in full in advance or the
unpaid principal is deducted from a total distribution which
results from a death, disability, retirement or termination.
9
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements, Continued
- -------------------------------------------------------------------------------
Commissions and Administrative Expenses
Total 1999 and 1998 commissions were $68,560 and $49,768,
respectively. Commissions paid by the Plan for purchases and
sales of Company common stock are netted against distributions
and contributions and are reimbursed by the Company.
Administrative expenses are also paid by the Company. During
the years ended December 31, 1999 and 1998, a net of $(71,362)
and $(39,969), respectively, in costs for the administration
of the Plan were billed to the Company by the Trustee after
deducting plan expense reimbursements from Fidelity
Investment.
Related-Party and Party-In Interest Transactions
The trustee is authorized under contract provisions and ERISA
regulations to invest in funds under its control and in
securities of the Company.
In 1999, purchases and sales in the KCPL Stock Fund under the
trustee's control totaled $14,540,933 and $11,889,397,
respectively. In 1998, purchases and sales in the KCPL Stock
Fund under the trustee's control totaled $12,264,877 and
$8,012,960, respectively.
Temporary cash balances are invested on a daily basis in short-
term investment funds under the trustee's control. Although
those temporary cash balances are not material to the Plan's
financial statements, in 1999 there were 689 purchases and 676
sales in the UMB Money Market Fund totaling $18,513,010 and
$18,578,271, respectively. There were 476 purchases and 490
sales in the UMB Money Market Fund totaling $19,738,449 and
$19,742,933, respectively, in 1998.
2. Summary of Significant Accounting Policies:
Basis of Accounting
The financial statements of the Plan are prepared under the
accrual method of accounting.
Valuation of Investments
Investments of the Plan are valued at fair value based on
quoted market prices on the last business day of the plan
year. Loans to participants are valued based on outstanding
principal amounts owed on the last business day of the plan
year as reported to the Plan by the trustee.
10
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements, Continued
- -------------------------------------------------------------------------------
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 amounts
reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
Financial Statement Presentation
On September 15, 1999, the American Institute of Certified
Public Accountants issued Statement of Position 99-3,
Accounting for and Reporting of Certain Deferred Contribution
Plan Investments and Other Disclosure Matters ("SOP 99-3")
which, among other things, eliminated previous requirements
for defined contribution plans to present plan investments by
general type for participant-directed investment programs and
to disclose participant-directed investment programs. SOP 99-
3 is effective for financial statements for Plan years ending
after December 15, 1999. Accordingly, the accompanying
financial statements for both 1998 and 1999 do not include
details of the Plan's participant-directed investment
programs.
Net Appreciation (Depreciation) in Fair Value of Investments
The Plan presents in the statement of changes in net assets
availble for benefits the net appreciation (depreciation) in the
fair value of its investments which consists of the realized
gains or losses and the unrealized appreciation (depreciation)
on those investments.
3. Investments:
The Plan's investments are held by UMB. The following tables
present the Plan's investments including separate
identification of investments that represent 5% or more of the
Plan's net assets available for benefits. During 1999 and
1998, the Plan's investments (including investments bought and
sold, as well as held, during the year) appreciated
(depreciated) in fair value as follows:
11
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements, Continued
- -------------------------------------------------------------------------------
Realized and
Unrealized Net
Appreciation
(Depreciation) Fair Value
in Fair Value at End
During Year of Year
Year ended December 31, 1999:
Investments at fair value as determined by
quoted market price:
Kansas City Power & Light Stock Fund $ (22,692,927) $ 69,163,105
Fidelity Investment Funds:
Managed Income Portfolio Fund - 10,154,490
Puritan Fund (975,391) 18,467,141
Magellan Fund 6,470,693 59,177,346
Asset Manager Fund 116,534 2,250,673
OTC Portfolio 3,640,409 11,394,570
Overseas Fund 801,664 3,429,599
Blue Chip Growth Portfolio 801,054 5,766,495
Freedom Income Fund 4,624 405,938
Freedom 2000 Fund 17,166 323,014
Freedom 2010 Fund 37,939 370,236
Freedom 2020 Fund 55,799 459,730
Freedom 2030 Fund 34,507 255,231
----------- -----------
(11,687,929) 181,617,568
Investments at estimated fair value:
Loans to participants, 7.75% to 12% - 5,476,981
------------ -----------
$ (11,687,929) $187,094,549
------------ -----------
------------ -----------
12
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements, Continued
- -------------------------------------------------------------------------------
Realized and
Unrealized Net
Appreciation
(Depreciation) Fair Value
in Fair Value at End
During Year of Year
Year ended December 31, 1998:
Investments at fair value as determined by
quoted market price:
Kansas City Power & Light Stock Fund $ (774,899) $ 89,135,730
Fidelity Investment Funds:
Managed Income Portfolio Fund - 9,149,784
Puritan Fund 771,994 19,258,447
Magellan Fund 9,714,854 47,434,268
Asset Manager Fund (85,805) 1,812,232
OTC Portfolio 1,119,461 5,142,776
Overseas Fund 204,113 2,378,507
Blue Chip Growth Portfolio 91,925 1,318,563
Freedom Income Fund 1,897 136,097
Freedom 2000 Fund (326) 54,842
Freedom 2010 Fund 2,042 294,050
Freedom 2020 Fund 14,117 133,883
Freedom 2030 Fund 3,205 74,415
----------- ------------
11,062,578 176,323,594
Investments at estimated fair value:
Loans to participants, 7.75% to 12% - 5,887,704
----------- ------------
$ 11,062,578 $ 182,211,298
----------- ------------
----------- ------------
13
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements, Continued
- -------------------------------------------------------------------------------
4. Income Tax Status:
The Plan has received a determination letter from the Internal
Revenue Service dated July 16, 1998 stating that the Plan is
qualified under Section 401(1) of the Internal Revenue Code
(the Code) and, therefore, the related trust is exempt from
taxation. Once qualified, the Plan is required to operate in
conformity with the Code to maintain its qualification. The
Plan has been amended since receiving the last tax
determination letter. However, the Administrative Committee
believes the Plan is being operated in compliance with the
applicable requirements of the Code and, therefore, believes
that the Plan is qualified and the related trust is tax
exempt.
5. Subsequent Event:
Effective January 1, 2000, the Plan was amended to allow
participants to contribute up to 15% of their base pay to the
Plan.
6. Form 5500:
The Form 5500 has not yet been completed for the year ended
December 31, 1999.
14
SUPPLEMENTAL SCHEDULES
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Schedule H, Line 4i - Schedule of Assets Held for Investment Purposes
December 31, 1999
- ------------------------------------------------------------------------------
Number
of Shares Current
Identity of Issuer or Units Cost Value
- ------------------------------------------------------------------------------
Corporate Stocks:
Kansas City Power & Light Company* 3,134,897 $ 74,987,744 $ 69,163,105
Registered Investment Companies:
Fidelity Managed Income Portfolio 10,290,852 10,294,145 10,154,490
Fidelity Puritan Fund 970,423 16,863,042 18,467,141
Fidelity Magellan Fund 433,121 37,721,263 59,177,346
Fidelity Asset Manager Fund 122,452 2,141,459 2,250,673
Fidelity OTC Portfolio 167,641 6,952,818 11,394,570
Fidelity Overseas Fund 71,435 2,452,489 3,429,599
Fidelity Blue Chip Growth Portfolio 95,932 4,920,820 5,766,495
Fidelity Freedom Income Fund 35,829 400,589 405,938
Fidelity Freedom 2000 Fund 24,866 310,340 323,014
Fidelity Freedom 2010 Fund 24,898 339,865 370,236
Fidelity Freedom 2020 Fund 28,067 396,076 459,730
Fidelity Freedom 2030 Fund 15,120 220,654 255,231
Participant loans, 7.75% to 12% - 5,476,981
---------- -----------
$158,001,304 $187,094,549
------------ ------------
------------ ------------
*Party-in-interest to the Plan.
15
Current
Expense value of
incurred asset on
Identity of Purchase Selling with Cost transaction Net
Party Involved Description of asset price price transaction of asset date gain
UMB Bank, N.A.** Money market account $18,513,010 $ - $ - $18,513,010 $18,513,010 $ -
UMB Bank, N.A.** Money market account - 18,578,271 - 18,578,271 18,578,271 -
UMB Bank, N.A.** Kansas City Power &
Light Company Stock
Fund 14,540,933 - 37,208 14,578,141 14,578,141 -
UMB Bank, N.A.** Kansas City Power
Light Company Stock
Fund - 11,889,397 31,962 10,938,890 11,857,435 918,545
Fidelity
Investments Fidelity Magellan 4,908,101 - - 4,908,101 4,908,101 -
Fidelity Fund
Investments Fidelity Magellan - 4,489,578 - 3,007,887 4,489,578 1,481,691
Fund
* Any single transaction within the plan year that involves more than 5% of
the current value of plan assets or any series of transactions within the
plan year with or in conjunction with the same person that, when
aggregated, involves more than 5% of the current value of plan assets.
** Party-in-interest to the Plan.
16
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Administrative Committee of the Employee Savings
Plus Plan has duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
EMPLOYEE SAVINGS PLUS PLAN
(
(
(By: /s/B. M. Tate
( B. M. Tate, Chairman
(
(
( /s/F. L. Branca
( F. L. Branca, Member
(
(
( /s/J. S. Latz
( J. S. Latz, Member
June 28, 2000
Exhibit 1
Consent of Independent Accountants
We consent to the incorporation by reference in the
registration statement of Kansas City Power & Light Company on
Form S-8 (File No. 333-32636) of our report dated June 23,
2000, on our audit of the financial statements and supplemental
schedules of Kansas City Power & Light Company Cash or Deferred
Arrangement Employee Savings Plus Plan as of and for the year
ended December 31, 1999, which report is included in this
Annual Report on Form 11-K.
/s/PricewaterhouseCoopers LLP
Kansas City, Missouri
June 28, 2000
Exhibit 2
Consent of Independent Auditors
We consent to the incorporation by reference in the
registration statement (Form S-8 No. 333-32636) pertaining to
the Kansas City Power & Light Company Cash or Deferred
Arrangement Employee Savings Plus Plan of Kansas City Power &
Light Company of our report dated June 11, 1999, with respect
to the financial statements of the Kansas City Power & Light
Company Cash or Deferred Arrangement Employee Savings Plus Plan
as of and for the year ended December 31, 1998, which is
included in this Annual Report (Form 11-K) for the year ended
December 31, 1999.
/s/Ernst & Young LLP
Kansas City, Missouri
June 28, 2000