- ------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1994 Commission File Number 1-973
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
PUBLIC SERVICE ELECTRIC AND GAS COMPANY THRIFT AND TAX-DEFERRED
SAVINGS PLAN
80 PARK PLAZA
NEWARK, NEW JERSEY 07101
MAILING ADDRESS: P.O. Box 570
NEWARK, NEW JERSEY 07101-0570
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
See page 2.
- ------------------------------------------------------------------------
- ------------------------------------------------------------------------
Equities Growth Fund A NEW YORK LIFE INSURANCE
TWENTIETH CENTURY INVESTORS, INC. COMPANY
4500 MAIN STREET 51 MADISON AVENUE
P.O. BOX 419200 NEW YORK, NEW YORK 10010
KANSAS CITY, MISSOURI 64141-6200
Balanced Fund B PROVIDENT NATIONAL ASSURANCE
PHOENIX SERIES FUND COMPANY
101 MUNSON STREET FOUNTAIN SQUARE
GREENFIELD, MASSACHUSETTS 01301 CHATTANOOGA, TENNESSEE 37402
Fixed Income Fund C: Enterprise Common Stock Fund D
THE PRUDENTIAL INSURANCE COMPANY and ESOP Fund
OF AMERICA PUBLIC SERVICE ENTERPRISE GROUP
PRUDENTIAL PLAZA INCORPORATED
NEWARK, NEW JERSEY 07101 80 PARK PLAZA
NEWARK, NEW JERSEY 07101-1171
Stock Index Equities Fund E
METROPOLITAN LIFE INSURANCE BANKERS TRUST COMPANY
COMPANY 280 PARK AVENUE
ONE MADISON AVENUE NEW YORK, NEW YORK 10017
NEW YORK, NEW YORK 10010-3690
Utilities Equities Fund E
TRANSAMERICA OCCIDENTAL LIFE FIDELITY PORTFOLIOS
INSURANCE COMPANY 82 DEVONSHIRE STREET
1150 SOUTH OLIVE BOSTON, MASSACHUSETTS 02109
LOS ANGELES, CALIFORNIA 90015-2287
Government Securities Fund G
ALLSTATE LIFE INSURANCE COMPANY WEISS, PECK AND GREER
ALLSTATE PLAZA WEST ONE NEW YORK PLAZA
3100 SANDERS ROAD NEW YORK, NEW YORK 10004
NORTHBROOK, ILLINOIS 60062
International Stock Fund H
PRINCIPAL MUTUAL LIFE INSURANCE T. ROWE PRICE INC.
COMPANY 100 EAST PRATT STREET
THE PRINCIPAL FINANCIAL GROUP BALTIMORE, MARYLAND 21202
DES MOINES, IOWA 50392-0001
STATE MUTUAL LIFE INSURANCE
COMPANY
440 LINCOLN STREET
WORCESTER, MASS 01653
- ------------------------------------------------------------------------
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
THRIFT AND TAX-DEFERRED SAVINGS PLAN
INDEX
PAGE
-----
INDEPENDENT AUDITORS' REPORT..................................... 4
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1994 AND 1993............................... 5-9
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994 and 1993................. 10-14
NOTES TO FINANCIAL STATEMENTS.................................... 15-24
SCHEDULE OF ASSETS HELD FOR INVESTMENT - Item 27a................ 25
SCHEDULES OF REPORTABLE TRANSACTIONS - Item 27d.................. 26
SIGNATURES....................................................... 27
EXHIBIT INDEX.................................................... 28
INDEPENDENT AUDITORS' REPORT
Employee Benefits Committee of
Public Service Electric and Gas Company:
We have audited the accompanying statements of net assets available for
benefits of the Public Service Electric and Gas Company Thrift and Tax-
Deferred Savings Plan (the "Plan") as of December 31, 1994 and 1993, and
the related statements of changes in net assets available for benefits for
the years then ended. These financial statements are the responsibility
of the Plan's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with 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, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan at December
31, 1994 and 1993, and the changes in net assets available for benefits
for each of the years then ended in conformity with generally accepted
accounting principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental information
by fund is presented for the purpose of additional analysis of the basic
financial statements rather than to present information regarding the net
assets available for benefits and changes in net assets available for
benefits of the individual funds, and is not a required part of the basic
financial statements. The supplemental schedules of (1) assets held for
investment as of December 31, 1994 and (2) transactions in excess of five
percent of the current value of plan assets for the year ended December
31, 1994 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, as amended. The supplemental information and the
supplemental schedules are the responsibility of the Plan's management.
Such supplemental information and schedules have been subjected to the
auditing procedures applied in our audit of the basic 1994 financial
statements and, in our opinion, are fairly stated in all material respects
when considered in relation to the basic financial statements taken as a
whole.
DELOITTE & TOUCHE LLP
Parsippany, New Jersey
June 23, 1995
PAGE 1 OF 3
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
THRIFT AND TAX-DEFERRED SAVINGS PLAN
Statement of Net Assets Available for Benefits
December 31, 1994
Supplemental Information by Fund
---------------------------------------------------------
Equities Fixed Enterprise
Growth Balanced Income Common Stock
Total Fund A Fund B Fund C Fund D
------------ ------------ ------------ ------------ ------------
ASSETS
- ------
Investments
Enterprise Common Stock....... $ 63,158,483 $ -- $ -- $ -- $ 55,926,236
Equities Growth Fund.......... 13,120,332 13,120,332 -- -- --
Balanced Fund................. 7,091,225 -- 7,091,225 -- --
Insurance Annuity Contracts
(GICs)...................... 217,684,400 -- -- 217,684,400 --
Stock Index Equities Fund..... 31,419,790 -- -- -- --
Utilities Equities Fund....... 6,514,351 -- -- -- --
Government Securities Fund.... 5,338,527 -- -- -- --
International Stock Fund...... 9,321,491
------------ ------------ ------------ ------------ ------------
Total Investments........ 353,648,599 13,120,332 7,091,225 217,684,400 55,926,236
Participant Loans Receivable.. 14,066,064 -- -- -- --
Receivables - Interest
and Dividends............... 4,928,117 1,907,512 66,642 1,301,476 589,325
Cash and Temporary Cash
Investments................. 1,784,474 -- -- 765,840 814,375
------------ ------------ ------------ ------------ ------------
Total Assets............. $374,427,254 $ 15,027,844 $ 7,157,867 $219,751,716 $ 57,329,936
============ ============ ============ ============ ============
LIABILITIES
- -----------
Due to Active Participants.... $2,397,524 $ 99,735 $ 468 $ 1,758,789 $ 36,799
Purchases of Securities....... 1,120,383 -- -- -- 1,120,383
Accounts Payable.............. 350,736 1,813,160 63,065 (1,647,898) (428,945)
Forfeitures................... 126,104
Other......................... (45,568) (5,765) 488 (34,434) 825
------------ ------------ ------------ ------------ ------------
Total Liabilities........ 3,949,179 1,907,130 64,021 76,457 729,062
Net Assets Available for
Benefits.................... 370,478,075 13,120,714 7,093,846 219,675,259 56,600,874
------------ ------------ ------------ ------------ ------------
Total Liabilities and
Net Assets Available
for Benefits............. $374,427,254 $ 15,027,844 $ 7,157,867 $219,751,716 $ 57,329,936
============ ============ ============ ============ ============
<FN>
See Notes to Financial Statements.
PAGE 2 OF 3
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
THRIFT AND TAX-DEFERRED SAVINGS PLAN
Statement of Net Assets Available for Benefits (Continued)
December 31, 1994
Supplemental Information by Fund (Continued)
------------------------------------------------------------------------
Stock Index Utilities Government
Equities Equities Securities International
Fund E Fund F Fund G Fund H ESOP Fund
------------ ------------ ------------ ------------ ------------
ASSETS
- ------
Investments
Enterprise Common Stock....... $ -- $ -- $ -- $ -- $ 7,232,247
Equities Growth Fund.......... -- -- -- -- --
Balanced Fund................. -- -- -- -- --
Insurance Annuity Contracts
(GICs)...................... -- -- -- -- --
Stock Index Equities Fund..... 31,419,790 -- -- -- --
Utilities Equities Fund....... -- 6,514,351 -- -- --
Government Securities Fund.... -- -- 5,338,527 -- --
International Stock Fund...... -- -- -- 9,321,491 --
------------ ------------ ------------ ------------ ------------
Total Investments........ 31,419,790 6,514,351 5,338,527 9,321,491 7,232,247
Participant Loans Receivable.. -- -- -- -- --
Receivables - Interest
and Dividends............... 131,176 215,173 20,752 618,980 58,777
Cash and Temporary Cash
Investments................. 84,661 78 -- (77) 779
------------ ------------ ------------ ------------ ------------
Total Assets............. $ 31,635,627 $ 6,729,602 $ 5,359,279 $ 9,940,394 $ 7,291,803
============ ============ ============ ============ ============
LIABILITIES
- -----------
Due to Active Participants.... $ 267,111 $ 1,814 $ 127,643 $ (82) $ 105,247
Purchases of Securities....... -- -- -- -- --
Accounts Payable.............. (46,955) 211,300 (110,919) 618,905 (45,977)
Forfeitures................... -- -- -- -- --
Other......................... (6,664) -- (18) -- --
------------ ------------ ------------ ------------ ------------
Total Liabilities........ 213,492 213,114 16,706 618,823 59,270
Net Assets Available for
Benefits.................... 31,422,135 6,516,488 5,342,573 9,321,571 7,232,533
------------ ------------ ------------ ------------ ------------
Total Liabilities and
Net Assets Available
for Benefits............. $ 31,635,627 $ 6,729,602 $ 5,359,279 $ 9,940,394 $ 7,291,803
============ ============ ============ ============ ============
<FN>
See Notes to Financial Statements.
PAGE 3 OF 3
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
THRIFT AND TAX-DEFERRED SAVINGS PLAN
Statement of Net Assets Available for Benefits (Concluded)
December 31, 1994
Supplemental Information by Fund (Concluded)
----------------------------------------------------------------
Holding Trust
Account Loan Fund
------------ ------------
ASSETS
- ------
Investments
Enterprise Common Stock....... $ -- $ --
Equities Growth Fund.......... -- --
Balanced Fund................. -- --
Insurance Annuity Contracts
(GICs)...................... -- --
Stock Index Equities Fund..... -- --
Utilities Equities Fund....... -- --
Government Securities Fund.... -- --
International Stock Fund......
------------ ------------
Total Investments........ -- --
Participant Loans Receivable.. -- 14,066,064
Receivables - Interest
and Dividends............... 18,304 --
Cash and Temporary Cash
Investments................. 118,818 --
------------ ------------
Total Assets............. $ 137,122 $ 14,066,064
============ ============
LIABILITIES
- -----------
Due to Active Participants.... $ -- $ --
Purchases of Securities....... -- --
Accounts Payable.............. -- (75,000)
Forfeitures................... 126,104 --
Other......................... -- --
------------ ------------
Total Liabilities........ 126,104 (75,000)
Net Assets Available for
Benefits.................... 11,018 14,141,064
------------ ------------
Total Liabilities and
Net Assets Available
for Benefits............. $ 137,122 $ 14,066,064
============ ============
<FN>
See Notes to Financial Statements.
PAGE 1 OF 2
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
THRIFT AND TAX-DEFERRED SAVINGS PLAN
Statement of Net Assets Available for Benefits
December 31, 1993
Supplemental Information by Fund
---------------------------------------------------------
Equities Fixed Enterprise
Growth Balanced Income Common Stock
Total Fund A Fund B Fund C Fund D
------------ ------------ ------------ ------------ ------------
ASSETS
- ------
Investments
Enterprise Common Stock....... $ 74,669,728 $ -- $ -- $ -- $ 65,318,496
Equities Growth Fund.......... 10,426,417 10,426,417 -- -- --
Balanced Fund................. 7,057,512 -- 7,057,512 -- --
Insurance Annuity Contracts
(GICs)...................... 197,646,000 -- -- 197,646,000 --
Stock Index Equities Fund..... 29,767,620 -- -- -- --
Utilities Equities Fund....... 9,907,794 -- -- -- --
Government Securities Fund.... 6,751,401 -- -- -- --
------------ ------------ ------------ ------------ ------------
Total Investments........ 336,226,472 10,426,417 7,057,512 197,646,000 65,318,496
Participant Loans Receivable.. 14,091,862 -- -- -- --
Receivables - Interest
and Dividends............... 4,839,940 1,146,677 4,385 1,162,091 1,068,138
Cash and Temporary Cash
Investments................. 3,333,918 -- -- 2,443,658 885,197
------------ ------------ ------------ ------------ ------------
Total Assets............. $358,492,192 $ 11,573,094 $ 7,061,897 $201,251,749 $ 67,271,831
============ ============ ============ ============ ============
LIABILITIES
- -----------
Due to Active Participants.... $ 737,618 $ 3,047 $ 2,362 $ 178,742 $ 503,208
Purchases of Securities....... 3,638,599 1,139,725 -- -- 1,092,556
Due to (from) Others.......... -- 94,919 (3,557) (214,620) 103,033
Accounts Payable.............. 102,269 7,580 3,283 59,267 4,542
------------ ------------ ------------ ------------ ------------
Total Liabilities........ 4,478,486 1,245,271 2,088 23,389 1,703,339
Net Assets Available for
Benefits.................... 354,013,706 10,327,823 7,059,809 201,228,360 65,568,492
------------ ------------ ------------ ------------ ------------
Total Liabilities and
Net Assets Available
for Benefits............. $358,492,192 $ 11,573,094 $ 7,061,897 $201,251,749 $ 67,271,831
============ ============ ============ ============ ============
<FN>
See Notes to Financial Statements.
PAGE 2 OF 2
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
THRIFT AND TAX-DEFERRED SAVINGS PLAN
Statement of Net Assets Available for Benefits (Concluded)
December 31, 1993
Supplemental Information by Fund (Concluded)
------------------------------------------------------------------------
Stock Index Utilities Government
Equities Equities Securities Trust
Fund E Fund F Fund G ESOP Fund Loan Fund
------------ ------------ ------------ ------------ ------------
ASSETS
- ------
Investments
Enterprise Common Stock....... $ -- $ -- $ -- $ 9,351,232 $ --
Equities Growth Fund.......... -- -- -- -- --
Balanced Fund................. -- -- -- -- --
Insurance Annuity Contracts
(GICs)...................... -- -- -- -- --
Stock Index Equities Fund..... 29,767,620 -- -- -- --
Utilities Equities Fund....... -- 9,907,794 -- -- --
Government Securities Fund.... -- -- 6,751,401 -- --
------------ ------------ ------------ ------------ ------------
Total Investments........ 29,767,620 9,907,794 6,751,401 9,351,232 --
Participant Loans Receivable.. -- -- -- -- 14,091,862
Receivables - Interest
and Dividends............... 12,339 1,298,679 147,613 18 --
Cash and Temporary Cash
Investments................. -- -- -- 5,063 --
------------ ------------ ------------ ------------ ------------
Total Assets............. $ 29,779,959 $ 11,206,473 $ 6,899,014 $ 9,356,313 $ 14,091,862
============ ============ ============ ============ ============
LIABILITIES
- -----------
Due to Active Participants.... $ 23,648 $ 3,613 $ 16,582 $ 6,416 $ --
Purchases of Securities....... -- 1,271,638 134,680 -- --
Due to (from) Others.......... 181,100 106,929 555 (36) (268,323)
Accounts Payable.............. 23,110 3,007 1,480 -- --
------------ ------------ ------------ ------------ ------------
Total Liabilities........ 227,858 1,385,187 153,297 6,380 (268,323)
Net Assets Available for
Benefits.................... 29,552,101 9,821,286 6,745,717 9,349,933 14,360,185
------------ ------------ ------------ ------------ ------------
Total Liabilities and
Net Assets Available
for Benefits............. $ 29,779,959 $ 11,206,473 $ 6,899,014 $ 9,356,313 $ 14,091,862
============ ============ ============ ============ ============
<FN>
See Notes to Financial Statements.
PAGE 1 OF 3
THRIFT AND TAX-DEFERRED SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
For the Year Ended December 31, 1994
Supplemental Information by Fund
---------------------------------------------------------
Equities Fixed Enterprise
Growth Balanced Income Common Stock
Total Fund A Fund B Fund C Fund D
------------ ------------ ------------ ------------ ------------
ADDITIONS
- ---------
Participant Deposits............ $ 26,690,446 $ 2,281,492 $ 1,231,830 $ 13,244,076 $ 4,068,718
Cash Receipts................... 77,238,184 -- -- -- --
Received from Savings Plan...... 3,985,701 70,897 41,235 1,402,331 1,115,155
Additions to Trust Loan Fund.... 7,263,595 -- -- -- --
Employers Contributions......... 8,513,249 675,800 379,437 4,303,215 1,368,734
Interfund Transfer - net........ -- 478,457 (938,499) 4,073,562 (4,823,702)
Participant Loan Repayments..... -- 381,676 242,581 2,964,830 954,642
------------ ------------ ------------ ------------ ------------
Total Deposits and
Contributions.............. 123,691,175 3,888,322 956,584 25,988,014 2,683,547
------------ ------------ ------------ ------------ ------------
Income
Interest........................ 13,974,847 -- -- 13,909,712 48,976
Dividends....................... 9,808,759 1,913,021 217,547 -- 4,285,904
Loan Interest Income............ 799,208 52,315 31,375 413,835 143,643
------------ ------------ ------------ ------------ ------------
Total Income............... 24,582,814 1,965,336 248,922 14,323,547 4,478,523
------------ ------------ ------------ ------------ ------------
Appreciation (Depreciation)
of Investments................ (18,165,924) (2,159,800) (539,629) -- (10,453,045)
------------ ------------ ------------ ------------ ------------
Total Additions............ 130,108,065 3,693,858 665,877 40,311,561 (3,290,975)
------------ ------------ ------------ ------------ ------------
DEDUCTIONS
- ----------
Cash Disbursements.............. 77,556,173 -- -- -- --
Withdrawals..................... 28,076,864 395,934 362,133 17,887,677 4,415,351
Dividends paid.................. 607,787 -- -- -- --
Participant Loans............... 7,263,595 500,142 257,525 3,967,805 1,237,000
Forfeitures..................... 69,907 4,891 12,182 9,180 24,292
Other........................... 69,370 -- -- -- --
------------ ------------ ------------ ------------ ------------
Total Deductions........... 113,643,696 900,967 631,840 21,864,662 5,676,643
------------ ------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR BENEFITS... 16,464,369 2,792,891 34,037 18,446,899 (8,967,618)
NET ASSETS AVAILABLE FOR
BENEFITS BEGINNING OF PERIOD.. 354,013,706 10,327,823 7,059,809 201,228,360 65,568,492
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS END OF PERIOD........ $370,478,075 $ 13,120,714 $ 7,093,846 $219,675,259 $ 56,600,874
============ ============ ============ ============ ============
<FN>
See Notes to Financial Statements.
PAGE 2 OF 3
THRIFT AND TAX-DEFERRED SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS (Continued)
For the Year Ended December 31, 1994
Supplemental Information by Fund (Continued)
---------------------------------------------------------
Stock Index Utilities Government
Equities Equities Securities International
Stock ESOP
Fund E Fund F Fund G Fund H Fund
------------ ------------ ------------ ------------ ------------
ADDITIONS
- ---------
Participant Deposits............ $ 2,967,197 $ 1,112,724 $ 737,621 $ 1,029,529 $ --
Cash Receipts................... -- -- -- -- --
Received from Savings Plan...... 408,038 56,300 12,088 162,777 557,575
Additions to Trust Loan Fund.... -- -- -- -- --
Employers Contributions......... 945,727 340,969 206,701 292,666 --
Interfund Transfer - net........ (1,325,266) (3,980,939) (1,413,795) 8,334,717 (404,535)
Participant Loan Repayments..... 630,117 204,357 128,970 195,841 --
------------ ------------ ------------ ------------ ------------
Total Deposits and
Contributions.............. 3,625,813 2,266,589 (328,415) 10,015,530 153,040
------------ ------------ ------------ ------------ ------------
Income
Interest........................ -- 76 -- -- 175
Dividends....................... 1,096,363 688,663 408,274 583,745 607,787
Loan Interest Income............ 84,661 30,599 16,242 26,538 --
------------ ------------ ------------ ------------ ------------
Total Income............... 1,181,024 719,338 424,516 610,283 607,962
------------ ------------ ------------ ------------ ------------
Appreciation (Depreciation)
of Investments................ (632,810) (1,254,907) (969,114) (947,437) (1,562,428)
------------ ------------ ------------ ------------ ------------
Total Additions............ 4,174,027 (2,802,158) (873,013) 9,678,376 (801,426)
------------ ------------ ------------ ------------ ------------
DEDUCTIONS
- ----------
Cash Disbursements.............. -- -- -- -- --
Withdrawals..................... 1,585,879 295,306 408,689 83,210 708,187
Dividends paid.................. -- -- -- -- 607,787
Participant Loans............... 713,963 202,217 118,694 266,249 --
Forfeitures..................... 4,151 5,117 2,748 7,346 --
Other........................... -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total Deductions........... 2,303,993 502,640 530,131 356,805 1,315,974
------------ ------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR BENEFITS... 1,870,034 (3,304,798) (1,403,144) 9,321,571 (2,117,400)
NET ASSETS AVAILABLE FOR
BENEFITS BEGINNING OF PERIOD.. 29,552,101 9,821,286 6,745,717 -- 9,349,933
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS END OF PERIOD........ $ 31,422,135 $ 6,516,488 $ 5,342,573 $ 9,321,571 $ 7,232,533
============ ============ ============ ============ ============
<FN>
See Notes to Financial Statements.
PAGE 3 OF 3
THRIFT AND TAX-DEFERRED SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS (Concluded)
For the Year Ended December 31, 1994
Supplemental Information by Fund (Concluded)
---------------------------------------------------
Holding Trust Loan
Account Fund
------------ ------------
ADDITIONS
- ---------
Participant Deposits............ $ 17,259 $ --
Cash Receipts................... 77,238,915 --
Received from Savings Plan...... (731) 159,305
Additions to Trust Loan Fund.... -- 7,263,595
Employers Contributions......... -- --
Interfund Transfer - net........ -- --
Participant Loan Repayments..... -- (5,703,014)
------------ ------------
Total Deposits and
Contributions.............. 77,255,443 1,719,886
------------ ------------
Income
Interest........................ 15,908 --
Dividends....................... 7,455 --
Loan Interest Income............ -- --
------------ ------------
Total Income............... 23,363 --
------------ ------------
Appreciation (Depreciation)
of Investments................ 353,246 --
------------ ------------
Total Additions............ 77,632,052 1,719,886
------------ ------------
DEDUCTIONS
- ----------
Cash Disbursements.............. 77,556,173 --
Withdrawals..................... -- 1,934,498
Dividends paid.................. -- --
Participant Loans............... -- --
Forfeitures..................... -- --
Other........................... 64,861 4,509
------------ ------------
Total Deductions........... 77,621,034 1,939,007
------------ ------------
INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR BENEFITS... 11,018 (219,121)
NET ASSETS AVAILABLE FOR
BENEFITS BEGINNING OF PERIOD.. -- 14,360,185
------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS END OF PERIOD........ $ 11,018 $ 14,141,064
============ ============
<FN>
See Notes to Financial Statements.
PAGE 1 OF 2
THRIFT AND TAX-DEFERRED SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
For the Year Ended December 31, 1993
Supplemental Information by Fund
---------------------------------------------------------
Equities Fixed Enterprise
Growth Balanced Income Common Stock
Total Fund A Fund B Fund C Fund D
------------ ------------ ------------ ------------ ------------
ADDITIONS
- ---------
Participant Deposits............ $ 26,296,895 $ 2,117,430 $ 1,178,169 $ 13,614,687 $ 4,501,834
Additions to Trust Loan Fund.... 6,824,549 -- -- -- --
Employers Contributions......... 8,512,962 648,736 360,505 4,500,435 1,481,453
Interfund Transfer - net........ -- (400,893) 631,300 (731,320) (1,344,273)
Participant Loan Repayments..... -- 315,875 186,260 2,697,482 911,490
------------ ------------ ------------ ------------ ------------
Total Deposits and
Contributions.............. 41,634,406 2,681,148 2,356,234 20,081,284 5,550,504
------------ ------------ ------------ ------------ ------------
Income
Interest........................ 13,616,261 89 59 13,611,262 4,519
Dividends....................... 8,302,040 1,139,725 347,620 -- 4,261,144
Loan Interest Income............ 804,541 50,814 30,208 435,580 151,731
------------ ------------ ------------ ------------ ------------
Total Income............... 22,722,842 1,190,628 377,887 14,046,842 4,417,394
------------ ------------ ------------ ------------ ------------
Net Appreciation (Depreciation)
of Investments................ 3,522,936 (715,465) 10,630 -- 1,981,940
------------ ------------ ------------ ------------ ------------
Total Additions............ 67,880,184 3,156,311 2,744,751 34,128,126 11,949,838
------------ ------------ ------------ ------------ ------------
DEDUCTIONS
- ----------
Withdrawals..................... 19,123,529 168,113 103,016 12,113,656 4,432,604
Dividends paid.................. 652,710 -- -- -- --
Participant Loans............... 6,824,549 309,350 215,369 3,861,094 1,322,167
Other........................... 102,485 7,580 3,283 59,267 4,542
------------ ------------ ------------ ------------ ------------
Total Deductions........... 26,703,273 485,043 321,668 16,034,017 5,759,313
------------ ------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR BENEFITS... 41,176,911 2,671,268 2,423,083 18,094,109 6,190,525
NET ASSETS AVAILABLE FOR
BENEFITS
BEGINNING OF PERIOD............. 312,836,795 7,656,555 4,636,726 183,134,251 59,377,967
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE
FOR BENEFITS
END OF PERIOD................... $354,013,706 $ 10,327,823 $ 7,059,809 $201,228,360 $ 65,568,492
============ ============ ============ ============ ============
<FN>
See Notes to Financial Statements.
PAGE 2 OF 2
THRIFT AND TAX-DEFERRED SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS (Concluded)
For the Year Ended December 31, 1993
Supplemental Information by Fund (Concluded)
------------------------------------------------------------------------
Stock Index Utilities Government
Equities Equities Securities Trust
Fund E Fund F Fund G ESOP Fund Loan Fund
------------ ------------ ------------ ------------ ------------
ADDITIONS
- ---------
Participant Deposits............ $ 2,913,291 $ 1,262,277 $ 709,207 $ -- $ --
Additions to Trust Loan Fund.... -- -- -- -- 6,824,549
Employers Contributions......... 924,279 373,809 223,745 -- --
Interfund Transfer - net........ (284,749) 2,518,754 (44,597) (344,222) --
Participant Loan Repayments..... 540,114 208,129 110,083 -- (4,969,433)
------------ ------------ ------------ ------------ ------------
Total Deposits and
Contributions.............. 4,092,935 4,362,969 998,438 (344,222) 1,855,116
------------ ------------ ------------ ------------ ------------
Income
Interest........................ 72 47 24 189 --
Dividends....................... -- 1,349,210 551,631 652,710 --
Loan Interest Income............ 84,165 35,310 16,733 -- --
------------ ------------ ------------ ------------ ------------
Total Income............... 84,237 1,384,567 568,388 652,899 --
------------ ------------ ------------ ------------ ------------
Net Appreciation (Depreciation)
of Investments................ 2,637,960 (738,801) (46,016) 392,688 --
------------ ------------ ------------ ------------ ------------
Total Additions............ 6,815,132 5,008,735 1,520,810 701,365 1,855,116
------------ ------------ ------------ ------------ ------------
DEDUCTIONS
- ----------
Withdrawals..................... 1,226,025 135,847 404,554 539,714 --
Dividends paid.................. -- -- -- 652,710 --
Participant Loans............... 753,712 253,968 108,889 -- --
Other........................... 23,110 3,103 1,597 3 --
------------ ------------ ------------ ------------ ------------
Total Deductions........... 2,002,847 392,918 515,040 1,192,427 --
------------ ------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR BENEFITS... 4,812,285 4,615,817 1,005,770 (491,062) 1,855,116
NET ASSETS AVAILABLE FOR
BENEFITS
BEGINNING OF PERIOD............. 24,739,816 5,205,469 5,739,947 9,840,995 12,505,069
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE
FOR BENEFITS
END OF PERIOD................... $ 29,552,101 $ 9,821,286 $ 6,745,717 $ 9,349,933 $ 14,360,185
============ ============ ============ ============ ============
<FN>
See Notes to Financial Statements.
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF THE PLAN
The Board of Directors of Public Service Electric and Gas Company (PSE&G)
adopted the PSE&G Thrift and Tax-Deferred Savings Plan (Plan) to encourage
thrift and savings by eligible employees (Eligible Employees). It was
first offered to Eligible Employees in 1981. The Plan was last amended
October 17, 1994, effective January 1, 1995. Participation in the Plan is
entirely voluntary, except with respect to those employees who
participated in the Employee Stock Ownership Plan (ESOP) Fund as a result
of their participation in PSE&G's TRASOP and/or PAYSOP, which plans were
merged into this Plan. Eligible Employees are those employees not covered
by a collective bargaining agreement and who have completed 1,000 hours of
service with PSE&G or any affiliate of PSE&G participating in the Plan
(together hereafter each called an "Employer" or collectively
"Employers"). Certain Eligible Employees may also elect to have a
distribution from another qualified corporate plan contributed as a
rollover contribution with the approval of the Employee Benefits Committee
of PSE&G (Committee), the Plan Administrator. The Plan's Trust Fund now
consists of the Thrift Account Fund and the ESOP Fund, which are
separately maintained.
Under the Plan, participating Eligible Employees (Participants) may elect
to make basic deposits to Investment Funds of such Participants choosing
within the Thrift Account Fund of 1%, 2%, 3%, 4%, 5% or 6% of their
compensation (Basic Deposits), and their respective Employer will
contribute an amount equal to 50% thereof, subject to certain exceptions
and limitations (Employer Contributions). In addition, Participants may
elect to make supplemental deposits to such Funds in increments of 1% of
Compensation up to an additional 9% of Compensation (19% starting January
1, 1995) (Supplemental Deposits), subject to certain limitations, without
any corresponding matching Employer Contribution. Participants may
designate such Basic and/or Supplemental Deposits as Nondeferred (post-
income tax contributions) or Deferred (pre-income tax contributions).
Starting January 1, 1995, each Participant may, within any Plan Year, make
one or more Additional Lump Sum Deposits on a nondeferred basis in the
minimum amount of $250 and in such total amounts which when aggregated
with such Participant's Basic Deposits and Supplemental Deposits, do not
exceed 25% of his or her Compensation for that Plan Year.
The maximum amount of Deferred Deposits to a Participant's Thrift Account
may have to be limited to less than 15% of Compensation to meet
requirements of the Internal Revenue Code of 1986, as amended (IRC). The
extent of any such limitation will be determined from time to time by the
Committee based on the actual pattern of Deferred Deposits by all
Participants. If the maximum permitted percentage of Compensation for
Thrift Account Deferred Deposits is reduced, then all Deferred Deposits in
excess of such percentage will automatically be treated as Nondeferred
Deposits. This will result in taxable income to the affected Participants
for Deferred Deposits in excess of any limit so established. The Committee
will attempt to assure that any such limitation will apply only to future
contributions, but it is possible
NOTES TO FINANCIAL STATEMENTS - (Continued)
that, in order to meet requirements of the IRC, the limitation will, in
some circumstances, have to be applied retroactively. Deferred Deposits
may not generally be withdrawn until age 59-1/2. Nondeferred Deposits, on
the other hand, may be withdrawn at any time subject to certain penalties
and restrictions.
Thrift Account Deposits are made through payroll deductions by the
Participant's Employer, rollover contributions from other qualified plans
and, starting January 1, 1995, Additional Lump Sum Deposits. Deposits by
Participants and contributions by their respective Employers are
transferred to a Trustee and separately held in the Plan's Thrift Account
Fund of the Trust Fund for investment and other transactions, as directed
by Participants. Participants are entitled to choose from among the
Investment Funds offered under the Plan in which to invest Deposits and
Employer Contributions.
Bankers Trust Company is the Trustee of the Trust Fund established
pursuant to the Plan.
Loan Provisions
The Trustee may, subject to the approval of PSE&G's General Manager,
Compensation and Benefits, lend a Participant who is employed by an
Employer an amount up to 50% of the value of the vested portion of such
Participant's Thrift Account and ESOP Fund, but no more than the aggregate
value of such Participant's Thrift Account or $ 50,000, whichever is less.
Any Participant loan must be for a principal amount of $ 1,000 or more and
no Participant may have more than two loans outstanding at any time
(beginning January 1, 1995 lump sum payments are also accepted). All
loans, including interest thereon, must be repaid by payroll deductions in
equal monthly installments of 12, 24, 36, 48 or 60 months as selected by
the Participant. However, a Participant may repay any such loan in full by
check at any time in accordance with such rules as may be prescribed by
the Committee. A Participant may not apply for more than one loan in any
calendar year. A loan to a Participant is considered an investment of
such Participant's Thrift Account and repayments of principal of any loan
together with interest thereon, are invested in the Thrift Account
Investment Funds of the Plan in accordance with the Participant's then-
current investment direction for Deposits and Employer Contributions.
Each loan bears interest at a rate fixed from time to time by the
Committee taking into consideration interest rates currently then being
charged. The rate of interest applicable to any loan at its inception
remains in effect for the duration of such loan. During 1994, the rate of
interest on loans granted to Participants, by quarter and starting with
the first quarter, was 6%, 6-1/4%, 7-1/4%, and 7-3/4%. (See Note 2.
SIGNIFICANT ACCOUNTING POLICIES - Loans.)
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Plan have been prepared in accordance with
generally accepted accounting principles.
NOTES TO FINANCIAL STATEMENTS - (Continued)
Dividends and Interest
Dividends, interest, and other income attributable to each Investment Fund
of the Plan are reinvested in that Investment Fund to the extent not used
to pay direct expenses of that Fund. (See Expenses of Plan, below.)
All Deposits and Employer Contributions to Fixed Income Fund C earn
interest at the composite rate of all Guaranteed Investment Contracts of
insurance companies (GICs) in which the assets of such fund are then
invested. Such rate varies as such GICs mature or are entered into and as
Deposits and Employer Contributions are made to and withdrawn from such
GICs. Under the GICs in effect during 1994, the composite rate of
interest earned by such assets so invested was not less than 7%.
ESOP Fund Participants receive quarterly payments directly from the
Trustee equal to the dividends paid to the Trustee on the shares of Common
Stock of Public Service Enterprise Group Incorporated (Enterprise), the
parent of PSE&G, held for their ESOP Fund.
Valuation of Investments
Investments of Equities Growth Fund A, Balanced Fund B, Enterprise Common
Stock Fund D, Stock Index Equities Fund E, Utilities Equities Fund F,
Government Securities Fund G, International Stock Fund H, and the shares
of Enterprise Common Stock held by the ESOP Fund are based upon quoted
market values. The Plan has invested the assets of Fixed Income Fund C in
GICs. The value of Fixed Income Fund C is based on the contract value of
all GICs in which the assets of the fund are invested. Temporary
investments are valued at cost which approximates fair market value.
Securities transactions are accounted for on the trade date.
In September 1994, the American Institute of Certified Public Accountants
issued Statement of Position 94-4 (SOP94-4), "Reporting of Investment
Contracts Held by Health and Welfare Benefit Plans and Defined-
Contribution Pension Plans" which requires investment contracts issued by
either an insurance enterprise or other entity to be reported at either
fair value or contract value. SOP 94-4 is effective for plan years
beginning after December 15, 1994, except that the application to
investment contracts entered into before December 31, 1993, is delayed to
plan years beginning after December 15, 1995. The Plan is currently
evaluating what impact, if any, the adoption of SOP 94-4 will have on the
financial statements of the Plan as of and for the year ended December 31,
1995.
The Plan's financial statements have been prepared in accordance with the
financial reporting requirements of the Employee Retirement Income
Security Act of 1974, as amended (ERISA), as permitted by the applicable
rules. Under such requirements, realized gains and losses from securities
transactions are computed using an adjusted cost basis as prescribed by
the Department of Labor's (DOL) Rules and Regulations for Reporting and
Disclosure. The adjusted cost is the fair value of the security at the
beginning of the Plan year, or cost if acquired since that date.
Unrealized gains and losses on securities held for investment are computed
on the basis of the change in fair value between the beginning and ending
of the Plan year.
Expenses of Plan
All expenses incurred in connection with the administration of the Plan,
including expenses of the Trustee, but excluding brokerage commissions and
taxes relating to the sale of shares of Enterprise Common Stock at the
direction of Participants, were paid directly by PSE&G and its
Participating Affiliates.
NOTES TO FINANCIAL STATEMENTS - (Continued)
The assets of Common Stock Fund D and ESOP Fund are invested in shares of
Enterprise Common Stock. Shares of Enterprise Common Stock required for
Fund D are purchased by the Trustee either directly from Enterprise, at
its sole discretion, on the open market through a broker or from the ESOP
Fund. All shares sold for Common Stock Fund D and the ESOP Fund are sold
by the Trustee on the open market through a broker. Brokerage commissions
and taxes are paid by the Participants. However, in situations where the
ESOP is in a "sell" position and Fund D is in a "buy" position, Fund D
will buy from the ESOP at the closing price on the NY Stock Exchange. In
such case no brokerage commissions are charged in the transaction.
Loans
A loan to a Participant is considered an investment of such Participant's
Thrift Account and the principal amount of the loan is treated as a
separate investment within the various sub-accounts of the Participant's
Thrift Account. Repayments of the principal amount of the loan are
credited to each such sub-account, and repayments of principal along with
any accrued interest thereon are invested in the Plan's Investment Funds
in the same manner as the Participant's then-current investment direction
for Deposits and Employer Contributions. Loan amounts are taken from sub-
accounts of a Participant's Thrift Account in the following order:
(a) Deferred Deposits
(b) Unmatured vested Employer Contributions
(c) Matured vested Employer Contributions
(d) Rollover Contributions
(e) Unmatured post-1986 Nondeferred Deposits
(f) Matured post-1986 Nondeferred Deposits
(g) Pre-1987 Nondeferred Deposits
Each loan is secured by an assignment of the Participant's entire right,
title and interest in and to the Trust Fund to the extent of the loan and
accrued interest thereon (See Note 1. SUMMARY OF THE PLAN - Loan
Provisions).
Interfund Transfers - ESOP Fund to Thrift Account
Participants are permitted to transfer all, but not less than all, shares
from their ESOP Funds to their Thrift Accounts. To effect such transfers,
the Trustee will sell the shares of Enterprise Common Stock held in the
ESOP Fund and invest the proceeds in the Thrift Account Funds designated
by the Participant. The cash value of each share of Enterprise Common
Stock so transferred will be equal to the price per share of Enterprise
Common Stock actually received by the Trustee. Any such transfer is
treated as a rollover contribution.
NOTES TO FINANCIAL STATEMENTS - (Continued)
Vesting
Employer Contributions to a Participant's Thrift Account are immediately
vested upon a Participant's completion of five years of service with the
Employer or when a Participant is eligible for an immediately payable
retirement benefit, attains age 65, is disabled, is laid off or dies. All
amounts credited to a Participant's ESOP Fund are fully vested.
Penalties upon Withdrawal
If a Participant withdraws vested Employer Contributions and/or Deposits
before they have been in the Plan for two full calendar years, such
Participant loses the matching Employer Contributions on Deposits made
during the subsequent three months. Distributions to Participants
electing to withdraw Nondeferred Deposits and Employer Contributions are
made as soon as practicable after such elections are received by the Plan
Administrator. Nondeferred Deposits may be withdrawn at any time but
certain penalties may apply. Deferred Deposits may not be withdrawn during
employment prior to age 59-1/2 except for reasons of extraordinary
financial hardship and to the extent permitted by the IRC. Distributions
to Participants of approved hardship withdrawals are made as soon as
practicable after such approval.
Benefits Payable
The AICPA Audit and Accounting Guide requires that benefits payable to
persons who are no longer active participants in a defined contribution
plan be disclosed in the footnotes to the financial statements rather than
be recorded as a liability of the Plan. As of December 31, 1994 and
December 31, 1993 the net assets available for benefits included benefits
due to Participants who are no longer active Participants in the Plan in
the amount of $469,756 and $2,420,944, respectively.
3. INVESTMENTS
The financial statements of the Plan include the following:
a. Thrift Account Investment Funds
(1) The assets of Equities Growth Fund A are invested in the
capital stock of the Twentieth Century Investors Inc.
Growth Fund (the "Twentieth Century Growth Fund"), a no-
load, open-ended investment company or mutual fund. The
prospectus for the Twentieth Century Growth Fund indicates
that such fund invests primarily in the common stock of
companies considered by its investment manager to have
above average potential for capital appreciation.
NOTES TO FINANCIAL STATEMENTS - (Continued)
(2) The assets of Balanced Fund B are invested in the capital
stock of Phoenix Series Fund Balanced Series (the "Phoenix
Balanced Fund"), a no-load, open-ended investment company
or mutual fund. The prospectus for the Phoenix Balanced
Fund indicates that such fund invests primarily in a
combination of equity and fixed income debt securities that
its investment manager expects to provide current income
along with long-term capital growth and conservation of
capital.
(3) The assets of Fixed Income Fund C are invested in GICs with
various insurance companies which contractually provide for
a guarantee of principal and interest for the respective
contract periods.
The following GICs are continuing:
(i) A four and one half year contract that will expire June 30, 1997
and two five year contracts expiring December 31, 1997 and
December 31 1998, with Provident National Assurance Company,
effective interest rates of 6.67% and 6.81%, and 5.85%
respectively;
(ii) A five year contract with Metropolitan Life Insurance Company,
which will expire June 30, 1998, effective interest rate of
5.70%;
(iii) A four and one-half year contract with The Prudential Insurance
Company of America, which will expire on June 30, 1995,
effective interest rate of 9.11%;
(iv) Two five year contracts with Allstate Life Insurance Company,
which will expire January 2, 1996 and June 30, 1998,
respectively, effective interest rates of 9.21% and 6.00%,
respectively;
(v) A three and one-half year contract with the Principal Mutual
Life Insurance Company, which will expire on July 1, 1996,
effective interest rate of 6.55%.
(vi) A four and one-half year contract with Transamerica Occidental
Life Insurance Company, which will expire January 1, 1997,
effective interest rate of 6.72%;
(vii) A five year contract with State Mutual Life Insurance Company,
which will expire January 3, 1999, effective interest rate of
5.66%; and
(viii) A five year contract with New York Life Insurance Company, which
will expire June 30, 1999, effective interest rate of 7.07%.
NOTES TO FINANCIAL STATEMENTS - (Continued)
(4) The assets of Enterprise Common Stock Fund D are invested
by the Trustee in Enterprise Common Stock.
(5) The assets of Stock Index Equities Fund E are invested by
the Trustee in BT Institutional Equity 500 Index Fund
("Stock Index Equities Fund"), a no-load mutual fund
managed by Bankers Trust Company, so as to achieve the
approximate return of the Standard and Poor's 500 Composite
Stock Index.
(6) The assets of Utilities Equities Fund F are invested in the
capital stock of Fidelity Utilities Income Fund (the
"Fidelity Utilities Fund"), a no-load, open-ended
investment company or mutual fund. The prospectus for the
Fidelity Utilities Fund indicates that such fund invests
primarily in equity securities of gas and electric utility
companies and companies engaged in the communications
field. The Fidelity Utilities Fund may, from time to time,
include shares of Enterprise Common Stock or PSE&G
preferred stock.
(7) The assets of Government Securities Fund G are invested in
the capital stock of Weiss, Peck and Greer Mutual Fund's
Government Securities Fund (the "WPG Government Securities
Fund"), a no-load, open-ended investment company or mutual
fund. The prospectus for the WPG Government Securities Fund
indicates that such fund invests primarily in debt
obligations issued or guaranteed by the U.S.Government, its
agencies or instrumentalities which have remaining
maturities of one year or more.
(8) The assets of International Stock Fund H are invested in
the capital stock of T. Rowe Price International Funds Inc.
(the "T. Rowe Price International Stock Fund"), a no-load,
open-ended investment company or mutual fund. The
prospectus for the T. Rowe Price International Stock Fund
indicates that such fund invests primarily in common stocks
of established, non-U.S. companies.
b. ESOP Fund
Shares of Enterprise Common Stock held as assets of the Plan's
ESOP Fund were transferred to the Plan in 1988 as a result of
the spin-off and merger with the Plan of the non-bargaining unit
portions of the PSE&G's former TRASOP and PAYSOP. No additional
contributions in or transfers into the ESOP Fund are presently
permitted or were allowed during 1994.
NOTES TO FINANCIAL STATEMENTS - (Continued)
c. PARTICIPANTS
Participants
As of December 31,
-------------------------
1994 1993 1992
----- ----- ------
Total Plan Participants........... 6,260 5,909 5,429
Participants by Fund
--------------------
Equities Growth Fund A ........... 1,385 1,222 1,032
Balanced Fund B .................. 978 950 742
Fixed Income Fund C .............. 4,522 4,568 4,657
Enterprise Common Stock Fund D ... 2,963 3,167 3,092
Stock Index Equities Fund E....... 2,039 1,908 1,815
Utilities Equities Fund F ........ 948 1,026 734
Government Securities Fund G ..... 821 867 800
International Stock Fund H (1).... 909 -- --
ESOP Fund ........................ 759 777 841
---------------------------------
(1) New investment option in 1994.
4. UNIT VALUE INFORMATION - THRIFT ACCOUNT INVESTMENT FUNDS
Unit values of the Investment Funds were determined the last business day
of each month and, starting February 1, 1994 have been determined at the
end of each business day (Valuation Date) by dividing the market value of
net assets available for benefits by the number of units allocated to all
Participants as of the respective Valuation Date.
New units were allocated to each Participant's Thrift Account monthly and,
starting February 1, 1994, have been allocated at the end of each business
day by dividing Deposits made by, or on behalf of, such Participant for
such month or business day and the related Employer Contributions, if any,
together with repayment of the principal amount of any loan to the
Participant's Thrift Account including interest earned thereon during the
month or business day, respectively, by the unit value determined as of
the end of the Valuation Date. If a Participant makes a transfer between
Investment Funds, makes a withdrawal, receives a distribution or a loan,
or makes a rollover contribution, the amount so transferred, withdrawn,
distributed, loaned, or rolled over is also determined by the unit value
of each Investment Fund as of the applicable Valuation Date for such
transaction.
NOTES TO FINANCIAL STATEMENTS - (Continued)
The Investment Fund unit information as of the last business day of each year
is as follows:
Investment Fund Year Unit Value Number of Units
- --------------- ---- ---------- ---------------
(Dollars)
---------
Equities Growth Fund A ........... 1994 18.740000 700,124.439
1993 10.00000 1,032,668.832
1992 1.004332 7,623,531.474
Equities Fund B .................. 1994 14.830000 478,167.565
1993 10.00000 705,705.202
1992 1.073954 4,317,433.730
Fixed Income Fund C............... 1994 10.653906 20,432,355.982
1993 10.000000 19,954,177.882
1992 3.628257 50,474,442.711
Enterprise Common Stock Fund D.... 1994 9.437915 5,925,698.207
1993 10.000000 6,517,479.127
1992 6.956667 8,535,404.995
Stock Index Equities Fund E....... 1994 10.440000 3,009,558.429
1993 10.000000 2,936,964.917
1992 1.965397 12,587,696.874
Utilities Equities Fund F ........ 1994 13.060000 498,801.761
1993 9.697310 1,012,537.574
1992 1.090748 4,772,385.797
Government Securities Fund G ..... 1994 9.010923 592,450.629
1993 10.000000 661,622.960
1992 1.078720 5,321,072.072
International Stock Fund H (1).... 1994 11.320000 823,453.268
- -------------------------------
(1) New investment option in 1994.
ESOP FUND VALUATION
Enterprise Common Stock share value is determined by using the closing
market price on the New York Stock Exchange as reported in the Wall Street
Journal as Composite Transactions. If a Participant withdraws shares, the
shares are, at Participant's election, either distributed to such
Participant or sold by the Trustee and the proceeds, net of commissions
and taxes, are distributed to the Participant.
NOTES TO FINANCIAL STATEMENTS - (Continued)
The ESOP Fund information as of the last business day of each year is as
follows:
Year Price per share Number of shares
---- --------------- ----------------
ESOP Fund 1994 $26.500 272,915
1993 $32.000 291,483
1992 $30.875 318,736
5. FEDERAL INCOME TAXES
The Company believes that the Plan and its related Trust including the
portions of the former TRASOP and PAYSOP applicable to non-bargaining unit
Participants, which portions were spun-off and merged with the Plan
effective January 1, 1988, qualified under Sections 401(a) and 501(a) of
the IRC and, as such, the Plan is exempt from taxation on its earnings.
A determination letter to such effect was obtained from the Internal
Revenue Service (IRS) in 1986. Participants are not taxed either on
Employer Contributions or on the earnings credited to their Thrift Account
Fund, until distribution of such Thrift Account Fund. On December 30,
1994, the Company submitted an application to the IRS for a determination
that the Plan and Trust continue to be qualified under applicable law.
6. COMPLIANCE WITH ERISA
The Plan is generally subject to the provisions of Titles I and II of
ERISA, including the provisions with respect to reporting, disclosure,
participation, vesting and fiduciary responsibility. However it is not
subject to the funding requirements of Title I, and benefits under the
Plan are not guaranteed by the Pension Benefit Guarantee Corporation under
Title IV of ERISA.
7. SUBSEQUENT EVENTS
The assets of Fixed Income Fund C will be invested after December 31, 1994
in GICs with the following insurance companies which contractually provide
for a return of principal and a fixed interest rate for the contract
period:
Effective January 1, 1995, a five year contract with Principal Mutual
Insurance Company which will expire December 31, 1999, net effective
interest rate of 8.15%.
Effective January 1, 1995, a five year contract with Metropolitan
Life Insurance Company which will expire December 31, 1999, effective
interest rate of 8.17%.
Starting January 18, 1995 the following new investment fund became
available:
The assets of Government Securities Fund G were transferred from
the Weiss, Peck and Greer Mutual Fund's Government Securities
Fund to the Voyageur U.S. Government Securities Fund (the
"Voyageur U.S. Government Securities Fund"), an open-end
investment company or mutual fund.
NOTES TO FINANCIAL STATEMENTS - (Continued)
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
THRIFT AND TAX-DEFERRED SAVINGS PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT - ITEM 27a
DECEMBER 31, 1994
Identity of Issue Units/Shares Historical Cost Market Value Unit Value
- ----------------- ------------ --------------- ------------ ------------
Equities Growth Fund A................. 700,128 $ 15,660,479 $ 13,120,332 $ 18.74
---------- ------------ ------------ ------------
Balanced Fund B........................ 478,169 $ 7,515,311 $ 7,091,225 $ 14.83
---------- ------------ ------------ ------------
Fixed Income Fund C (Insurance
Annuity Contracts-GICs)
Provident National Assurance Company
-- 6.67%, four-year contract
expiring 6/30/97................. 16,974,389 $ 16,974,389 $ 16,974,389 --
-- 6.81%, five year contract
expiring 12/31/97................ 21,336,573 $ 21,336,573 $ 21,336,573 --
-- 5.85%, five-year contract
expiring 12/31/98................ 16,757,352 $ 16,757,352 $ 16,757,352 --
Metropolitan Life Insurance Company
-- 5.70%, five-year contract
expiring 3/30/98................. 15,623,020 $ 15,623,020 $ 15,623,020 --
Prudential Life Insurance Company
-- 9.11%, four and one half-year
contract expiring 6/30/95........ 14,395,917 $ 14,395,917 $ 14,395,917 --
Pacific Mutual Life Insurance Company
-- 8.95%, four-year contract
expiring 12/31/94................ 23,436,140 $ 23,436,140 $ 23,436,140 --
Allstate Life Insurance Company
-- 9.21%, five-year contract
expiring 1/2/96.................. 16,421,308 $ 16,421,308 $ 16,421,308 --
-- 6% five-year contract
expiring 6/30/98.................. 16,269,881 $ 16,269,881 $ 16,269,881 --
Principal Mutual Life Insurance Company
-- 6.55%, three and one half-year
contract expiring 7/1/96......... 15,582,387 $ 15,329,706 $ 15,329,706 --
Transamerica Life Insurance Company
-- 6.72%, four and one half-year
contract expiring 1/1/97......... 15,743,199 $ 15,743,199 $ 15,743,199 --
State Mutual Life Insurance Company
-- 5.66%, five year
contract expiring 1/3/99......... 16,819,121 $ 16,819,121 $ 16,819,121 --
New York Life Insurance Company
-- 7.07%, five year contract
expiring 6/30/99................. 28,325,113 $ 28,325,113 28,325,113 --
----------- ------------ ------------ ------------
217,684,400 $217,684,400 $217,684,400 $ 1.00
----------- ------------ ------------ ------------
Enterprise Common Stock Fund D
(Common Stock of Public Service
Enterprise Group, Inc............... 2,110,424 $ 57,831,575 $ 55,926,236 $ 26.50
----------- ----------- ------------ ------------
Stock Index Equities Fund E
(BT Institutional Equity 500
Index Fund)......................... 3,009,558 $ 32,303,586 $ 31,419,790 $ 10.44
----------- ----------- ------------ ------------
Utilities Equities Fund F.............. 498,802 $ 7,466,743 $ 6,514,351 $ 13.06
----------- ----------- ------------ ------------
Government Securities Fund G........... 592,451 $ 6 095,840 $ 5,338,527 $ 9.01
----------- ----------- ------------ ------------
Employee Stock Ownership Plan(Common
Stock of Public Service Enterprise
Group, Inc.)......................... 272,915 $ 6,184,254 $ 7,232,247 $ 26.50
International Stock Fund H............. 823,453 $ 10,163,580 $ 9,321,491 $ 11.32
----------- ------------ ------------ ------------
Total Investments................. -- $360,905,768 $ 353,648,599 --
Loans to Participants (interest
rates ranging from 6% to
7.75%, maturity date of one
to five years)................ -- $ 14,066,064 $ 14,066,064 --
----------- ------------ ------------- ------------
Total Assets Held for Investments.. -- $374,971,832 $ 367,714,663 --
=========== ============ ============= ============
<FN>
Required by Department of Labor Regulation 2520.103-10(b)(6).103-6.
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
THRIFT AND TAX-DEFERRED SAVINGS PLAN
SCHEDULE OF REPORTABLE CUMULATIVE TRANSACTIONS FOR THE YEAR
ENDED DECEMBER 31, 1994* - Item 27d
Number Number Value Value
of of of of Net
Security Purchases Sales Purchases Sales Gain (Loss)
- -------- --------- ------ ----------- ----------- -----------
Investment Contracts:
New York Life Insurance Company........ 18 7 $ 30,420,358 $ 2,095,246 --
Metropolitan Life Insurance Company.... 1 1 $ 134,184 $ 18,448,542 --
Provident National Assurance Company... 15 2 $ 20,997,352 $ 4,240,000 --
T. Rowe Price International Stock
Fund................................. 155 72 $ 14,901,170 $ 4,631,791 ($105,799)
BT Pyramid Directed Account Cash Fund.. 358 422 $124,558,400 $126,192,429 --
BT Institutional Equity Index Fund..... 0 3 $ -- $ 30,101,814 $8,197,548
SCHEDULE OF REPORTABLE INDIVIDUAL TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1994* - Item 27d
Purchases Sales Net Gain
----------- ------------ -----------
BT Institutional Equity Index Fund..... -- -- -- $ 29,703,842 $8,086,977
BT Pyramid Directed Account Cash Fund.. -- -- $ 22,205,290 -- --
New York Life Insurance Company........ -- -- $ 20,500,000 -- --
Metropolitan Life Insurance Company.... -- -- -- $ 18,448,542 --
* Reportable transactions as required by ERISA consist of any transaction
or series of transactions within the plan year with the same person or
entity which, when aggregated, involves an amount that is in excess of 5%
of the current value of plan assets at the beginning of the plan year.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) have duly caused this
annual report to be signed by the undersigned thereunto duly authorized.
Public Service Electric and Gas Company
Thrift and Tax-Deferred Savings Plan
---------------------------------------
(Name of Plan)
By JAMES T. FORAN
---------------------------------------
JAMES T. FORAN
Member of the Employee
Benefits Committee
Date: June 30, 1995
EXHIBIT INDEX
- ------------------------------
Exhibit Number
- ------------------------------
1 Public Service Electric and Gas Company
Thrift and Tax-Deferred Savings Plan, as
amended as of October 17, 1994, and
effective January 1, 1995.
2 Independent Auditors' Consent.