-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SNuEs+iSaW564rUJkBAEFr62gfj+ffjWMRzm3EiuIE2GvIqCQprDh4JaR9Wel1AV ceXfB/Ytg1bWnt1TLxk2tw== 0000950129-99-002862.txt : 19990629 0000950129-99-002862.hdr.sgml : 19990629 ACCESSION NUMBER: 0000950129-99-002862 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN ECOLOGY CORP CENTRAL INDEX KEY: 0000742126 STANDARD INDUSTRIAL CLASSIFICATION: REFUSE SYSTEMS [4953] IRS NUMBER: 953889638 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-11688 FILM NUMBER: 99653740 BUSINESS ADDRESS: STREET 1: 805 W IDAHO STREET 2: STE 200 CITY: BOSIE STATE: ID ZIP: 83702 BUSINESS PHONE: 2083318400 MAIL ADDRESS: STREET 1: 805 W IDAHO STREET 2: STE 200 CITY: BOISE STATE: ID ZIP: 83702 11-K 1 AMERICAN ECOLOGY CORPORATION - DATED 12/31/1998 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1998 COMMISSION FILE NUMBER 0-11688 A. American Ecology Corporation 401(k) Savings and Retirement Plan and Trust B. American Ecology Corporation 805 W. Idaho Street Suite 200 Boise, Idaho 83702 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. American Ecology Corporation Retirement Plan Date: June 28, 1999 /s/ R.S. THORN ----------------------- --------------------------------------- R. S. Thorn As Trustee for the Plan 2 FINANCIAL STATEMENTS ----- AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST ----- DECEMBER 31, 1998 AND 1997 3 TABLE OF CONTENTS
Page No. -------- INDEPENDENT AUDITORS' REPORT ........................................................... 1 FINANCIAL STATEMENTS Statements of Net Assets Available for Benefits..................................... 2 Statement of Changes in Net Assets Available for Benefits...................................................................... 3 Notes to Financial Statements....................................................... 4 SUPPLEMENTAL INFORMATION Item 27a - Schedule of Assets Held for Investment Purposes.......................... 18 Item 27d - Schedule of Reportable Transactions...................................... 22
4 INDEPENDENT AUDITORS' REPORT To the Administrative Committee American Ecology Corporation 401(k) Savings and Retirement Plan and Trust We have audited the accompanying statements of net assets available for benefits of American Ecology Corporation 401(k) Savings and Retirement Plan and Trust as of December 31, 1998 and 1997 and the related statement of changes in net assets available for benefits for the year ended December 31, 1998. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of American Ecology Corporation 401(k) Savings Plan as of December 31, 1998 and 1997 and the changes in net assets available for benefits for the year ended December 31, 1998 in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for purposes 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. The supplemental schedules have been subjected to the auditing procedures applied in our 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. June 7, 1999 -1- 5 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS December 31, 1998 and 1997
1998 1997 ------------ ------------ ASSETS Cash $ -- $ 411 Investments, at fair value Equity investment funds 8,350,031 7,015,190 Common stock of American Ecology Corporation 143,564 140,188 Bond fund 27,374 24,028 Money market fund 1,000,645 1,134,590 Investment in guaranteed interest accounts, at contract value 98,893 452,054 Participant loans 387,331 284,630 ------------ ------------ TOTAL INVESTMENTS 10,007,838 9,050,680 Contributions receivable -- 69,714 ------------ ------------ TOTAL ASSETS 10,007,838 9,120,805 LIABILITIES -- -- ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $ 10,007,838 $ 9,120,805 ============ ============
See accompanying notes -2- 6 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS Year Ended December 31, 1998 ADDITIONS TO NET ASSETS ATTRIBUTED TO Investment income Net appreciation in fair value of investments $ 1,006,272 Interest 33,597 Dividends 43,463 --------------- 1,083,332 Contributions Employer 205,104 Employee 517,137 --------------- 722,241 --------------- TOTAL ADDITIONS 1,805,573 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO Withdrawals and benefit payments 916,803 Forfeitures 1,737 --------------- TOTAL DEDUCTIONS 918,540 --------------- NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 887,033 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 9,120,805 --------------- NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $ 10,007,838 ===============
See accompanying notes -3- 7 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1998 and 1997 NOTE A - DESCRIPTION OF THE PLAN General American Ecology Corporation 401(k) Savings and Retirement Plan and Trust ("the Plan"), was adopted effective January 1, 1987, as a defined contribution plan. The Plan covers all employees of American Ecology Corporation and its subsidiaries ("the Company"), hired in a job category which will result in 1,000 hours of service during any consecutive 12-month period and who have attained the age of 21. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). Participants should refer to the Plan agreement for a more complete description of the Plan. An administrative committee, appointed by the board of directors of the Company, is responsible for the general administration of the Plan. The administrative committee is given all powers necessary to enable it to carry out its duties including, but not limited to, the power to interpret the Plan, decide on all questions of eligibility and the status and rights of participants and direct disbursements of benefits in accordance with the provisions of the Plan. Effective November 20, 1996, the administrative committee appointed Pinnacle Pension Service as plan administrator, Manulife Financial as recordkeeper of the plan, and Fleet Investment Advisors as the trustee of the Plan. As plan trustee, Fleet Investment Advisors has the authority to control the assets of the Plan in accordance with the terms of the Plan. Employee Contributions Participants may defer up to 15 percent of their compensation as defined by the Plan, up to the maximum deferrable amount allowed by the Internal Revenue Service. Participants may elect to deposit their contributions in any of the investment options available. Employer Contributions The Company contributes a discretionary matching contribution which is determined by the Employer. For 1998 and 1997 the Company established the discretionary matching contribution for all participants equal to 55 percent of the amount of compensation deferred by each participant for the calendar quarter not exceeding 6 percent of compensation. A discretionary profit sharing contribution which is determined by the Company from time to time and is determined separately for union and non-union participants. From February 1997 through February 1998, the Company contributed 5 percent of the employees compensation that is not excess compensation plus 10 percent of the employees' excess compensation for union employees. These are non-elective contributions. The Company's matching contributions are subject to the vesting schedule detailed below. -4- 8 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1998 and 1997 Vesting The vesting schedule is as follows on Company matching contributions and actual earnings thereon:
Union Employees (non-elective contributions): Percentage of Service Vested Interest ------- --------------- 1 year 20% 2 years 40% 3 years 60% 4 years 80% 5 years or more 100% Non-Union Employees (non-elective and matching) and Union Employees (matching contributions):: Percentage of Service Vested Interest ------- --------------- 1 year 20% 2 years 60% 3 years or more 100%
The Plan provides for participants to be 100% vested upon death, permanent disability or the attainment of age 65. Investment Options Upon enrollment in the Plan, a participant may direct employee and employer contributions in any of the following investment options: Manulife Life Style Fund-Conservative - seeks growth by investing in funds specializing in fixed income and stock funds. Manulife Life Style Fund-Moderate - seeks growth by investing in funds that emphasize capital preservation with a combination of income and modest capital growth. Manulife Life Style Fund-Balance - seeks growth by investing in fixed income funds and stock funds. Manulife Life Style Fund-Growth - seeks growth by investing in growth and undervalued stocks, as well as domestic and international. -5- 9 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1998 and 1997 Manulife Life Style Fund-Aggressive - seeks to maximize long-term growth by investing in Manulife's stock funds. Manulife Guaranteed Interest Accounts - invested primarily in federal and other government bonds and commercial mortgages. Interest rate are established upon enrollment and guaranteed by Manulife as long as held to maturity, with a choice or 3, 5, or 10 year terms. Manulife Money Market Fund - invests primarily in short-term debt holdings of the U.S. and Canadian Governments and their agencies, major bank certificates of deposit and high-quality commercial paper. Manulife Short-Term Government Fund - seeks growth by investing in shares of the Vanguard Fixed Income Securities Fund - Short-Term Federal Portfolio which invests in high level of safety of principal. Manulife High-Quality Bond Fund - invests in U.S. Treasury and Agency bonds and high-quality corporate bonds. Manulife Income Fund - invests in shares of T. Rowe Price Spectrum Income Fund that invests in a diversified group of fixed income securities. Manulife High-Yield Fund - seeks growth by investing in shares of the Fidelity Advisor High Yield Fund which invests in high-yielding non-investment grade, fixed-income, zero coupon securities, convertible securities and preferred stocks. Manulife Diversified Capital Fund - seeks growth by investing in shares of SoGen International Fund which invests in a diversified portfolio of assets of U.S. and foreign companies. Manulife Balanced Fund - seeks capital growth by investing in equity and fixed income securities. Manulife Growth & Income Fund - seeks growth by investing in shares of T. Rowe Price Growth & Income Fund which invests primarily in common stocks of companies that are expected to grow at a rate in excess of that of common stocks in general and are adequate to support a growing dividend. Manulife Value Fund - seeks growth by investing in shares of Neuberger & Berman Guardian Trust which invests in common stock of well-established, high-quality companies considered to be undervalued in comparison to stocks of similar companies. -6- 10 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1998 and 1997 Manulife Mid-Cap Value Fund - seeks growth by investing in shares of the Mutual Beacon Fund that invests in common and preferred stocks that have been determined to be below their intrinsic values. Manulife Index Stock Fund - invests in common stock, futures contracts and short-term investments of companies that are on the Standard & Poor's 500 Stock Index. Manulife Capital Growth Stock Fund - seeks capital growth by investing in stocks of U.S. companies which have above-average growth rates and meet specific market capitalization levels. Manulife Growth Plus Stock Fund - invests in the stocks of U.S. companies which have above-average earnings growth rates. Manulife Selective Growth Stock Fund - invests in the stocks of U.S. companies which have above-average earnings growth rates that do not do business with specified foreign countries. Manulife Growth Opportunities Fund - invests in shares of the Fidelity Advisor Growth Opportunities Fund that invests in common stock and securities convertible into common stocks of companies with long-term growth potential. Manulife Equity Income Fund - invests in common and preferred stock of companies whose yield is considered a major factor as well as the potential for earnings and dividend growth. Manulife Small Cap Value Fund - invests in shares of Franklin Balance Sheet Investment Fund which invests in the common and preferred stock of companies whose assets may have been overlooked in conventional balance sheet calculations. Manulife Contra Fund - invests in shares of Fidelity Contra-fund which invests in undervalued common stocks and convertible securities in companies that are currently out of favor with the investing public. Manulife Foreign Fund - invests in shares of the Templeton Foreign Fund that invests in stocks primarily outside of the U.S. Manulife International Stock Fund - invests solely in shares of the T. Rowe Price International Stock Fund which invests in common stocks of foreign companies that have the potential for growth of capital or income or both. -7- 11 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1998 and 1997 Manulife Mid-Cap Growth Fund - invests in shares of the AIM Constellation Fund which invests in a portfolio of primarily small to medium-sized stocks with strong earnings growth and earnings potential. Manulife Capital Appreciation Fund - invests in shares of the PBHG Growth Fund which invests in common stock of small to medium capitalization companies. Manulife Emerging Growth Stock Fund - seeks capital growth by investing in stocks of a wide variety of small to medium-sized U.S. companies in such industries as health care, technology and consumer services. Manulife Science & Technology Fund - invests in shares of T. Rowe Price Science & Technology Fund that normally invests a majority of its assets in domestic and foreign companies that seek to develop or use scientific and technological advances. Manulife Discovery Fund - invests in shares of Mutual Discovery Fund which typically invests in common and preferred stocks that are traded at price below their intrinsic value according to standard valuation methods. Manulife Developing Markets Fund - invests in shares of Templeton Developing Markets Trust which typically invests in equity securities of developing or emerging countries. Manulife Socially Responsible Fund - invests in shares of the Domini Social Equity Fund which invests primarily in large capitalization companies that enforce a code of conduct in selecting where and with whom they will do business. Manulife Growth Fund - invests in shares of the Founders Growth Fund which seeks long-term growth by investing at least 65% of its assets in common stock of well-established, high quality growth companies. The fund may also invest up to 30% of its assets in foreign securities (no more than 25% may be invested in one foreign country). Manulife Small Company Stock Fund - invests in shares of the Lord Abbett Developing Growth Fund which seeks long-term growth of capital through a portfolio consisting of developing growth companies, many of which are traded over the counter. American Ecology Corporation Common Stock - invests in common stock of American Ecology Corporation. Prior to January 1993, the Company had entered into a group annuity contract with Principal Mutual Life Insurance Company ("PMLIC"). The Company and participants had several investment options under this contract and had utilized guaranteed interest accounts which bear -8- 12 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1998 and 1997 interest at a rate in effect at the date of contribution as determined by PMLIC (composite rate of 5.40% at December 31, 1997). The balances matured in 1998 and the guaranteed interest accounts were transferred. Participant Accounts Each participant's account is credited with the participant's elective deferral, the Company's discretionary contribution, and the Company's matching contribution. Dividend and interest income, net of administrative expenses with respect to each category of investments, is allocated quarterly to participants' accounts based upon their pro-rata share of equity in each investment fund before allocation. Forfeitures of terminated participant's nonvested benefits are applied to pay administrative expenses and reduce the Company's contributions to the Plan. Effective November 20, 1996, the Plan was amended to allow the Company to withdraw any excess forfeitures. As of December 31, 1998 and December 31, 1997 the Plan had unused forfeitures of $-- and $40,254, respectively. The Plan determined $1,797 of forfeitures was available to be returned to the Company during 1998. Payment of Withdrawals and Benefits Upon normal retirement or death, vested benefits due to participants and their beneficiaries may be paid in the form of either a lump-sum distribution or fixed period annuities. Terminated employees who have a vested balance greater than $3,500 and current employees who have discontinued contributions to the Plan are not required to withdraw amounts from their Plan accounts. The Plan has provisions for hardship withdrawals from the participant's deferral account. Matching contributions and allocated earnings are not available for hardship withdrawals. Expenses Expenses of administering the Plan are the responsibility of the Plan. The Company paid $2,138 and $108,061 of administrative expenses during the years ended December 31, 1998 and 1997, respectively, on behalf of the Plan. Manulife's fee for the administration of the plan funds for 1998 and 1997 of $19,054 and $23,057, respectively, was taken directly from fund earnings before being allocated to plan assets. -9- 13 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1998 and 1997 Termination Although the Company expects to continue the Plan indefinitely, the Company may terminate the Plan in whole or in part at any time upon giving written notice to all parties concerned. If the Plan is terminated, the account of each participant will be 100% vested and nonforfeitable as of the effective date of the Plan termination. Participant Notes Receivable Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. Loan transactions are treated as a transfer from the investment to the Participant Notes fund. Payments on loans are treated as a transfer from the Participants Notes fund to the investment fund. Loan terms range from 1-5 years or up to 15 years for the purchase of a primary residence. The loans are secured by the balance in the participant's account and bear interest at a rate commensurate with local prevailing rates as determined by the Plan administrator. Interest rates range from 9.25% to 9.50%. Principal and interest is paid ratably through monthly payroll deductions. Plan Amendments As of February 1, 1997 the plan was amended to require an employer contribution equal to five percent of the compensation not in excess of the excess compensation of each union participant who is eligible under the Plan, plus ten percent of such compensation in excess of such union participant's excess compensation. Excess compensation is defined as compensation exceeding the social security taxable wage base in effect at the beginning of the Plan year. During 1998 the Plan was amended for employer contributions for union employees to match the amount required by the union contract. NOTE B - SUMMARY OF ACCOUNTING POLICIES Investment Valuation and Income Recognition Investments in guaranteed interest accounts are carried at contract value, which approximates principal amounts contributed to the accounts, plus accrued interest, less distributions from the contract. Investments in all other investment options are carried at their fair value measured and quoted market prices in active markets or by the contracted price. Investment income is recorded as earned. Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. -10- 14 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1998 and 1997 Payment of Benefits Benefits are recorded when paid. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires the plan administrator to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates. NOTE C - GUARANTEED INTEREST ACCOUNTS The guaranteed interest accounts held by the Plan are as follows:
December 31, ----------------------- 1998 1997 ---------- --------- Guaranteed interest account with interest at rate in effect of date of contribution (rate of 4.75% as of December 31, 1998 and 5.85% as of December 31, 1997) maturing on December 31, 2005 $ 11,721 $ 10,812 Guaranteed interest account with interest at rate in effect of date of contribution (rate of 4.75 as of December 31, 1998 and 5.85% as of December 31, 1997) maturing on December 31, 2006 3,053 2,885 Guaranteed interest account with interest at rate in effect of date of contribution (rate of 4.55% as of December 31, 1998 and 5.75% as of December 31, 1997) maturing on December 31, 1998 44,974 43,004 Guaranteed interest account with interest at rate in effect of date of contribution (rate of 4.55% as of December 31, 1998 and 5.75% as of December 31, 1997) maturing on December 31, 1999 6,581 6,154
-11- 15 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1998 and 1997 Guaranteed interest account with interest at rate in effect of date of contribution (rate of 4.55% as of December 31, 1998 and 5.80% as of December 31, 1997) maturing on December 31, 2000 26,075 21,278 Guaranteed interest account with interest at rate in effect of date of contribution (rate of 4.55% as of December 31, 1998 and 5.80% as of December 31, 1997) maturing on December 31, 2001 2,830 4,006 Guaranteed interest account with interest at rate in effect of date of contribution (rate of 4.55% as of December 31, 1998) maturing on December 31, 2002 868 -- Guaranteed interest account with interest at rate in effect of date of contribution (rate of 4.75% as of December 31, 1998) maturing on December 31, 2007 2,791 -- Guaranteed interest account with interest at rate in effect at date of contribution (rate of 5.40% at December 31, 1997) maturing on December 31, 1997 -- 363,915 --------- --------- $ 98,893 $ 452,054 ========= =========
NOTE D - INCOME TAX STATUS The Plan obtained its latest determination letter on May 27, 1997 in which the Internal Revenue Service stated that the Plan, as originally adopted in September 7, 1988, and all amendments through November 26, 1996, were in compliance with the applicable requirements of the Internal Revenue Code ("IRC"). The Plan has been amended since receiving the determination letter. However, the Plan administrator believes the Plan is currently designed and being operated in -12- 16 compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan's financial statements. NOTE E- PARTICIPANT DATA The following is the statement of changes in net assets available for benefits by fund at December 31, 1998: -13- 17 American Ecology Corporation 401(k) Savings and Retirement Plan and Trust STATEMENT OF CHANGES IN NET ASSETS For the Year Ended December 31, 1998
Participant directed --------------------------------------------------------------------------------------------------------- Guaranteed Guaranteed Lifestyle Lifestyle Lifestyle Lifestyle Lifestyle Interest Interest Conserve Moderate Balance Growth Aggressive 3 yr 5 yr --------------------------------------------------------------------------------------------------------- Additions Investment income (loss) Net appreciation (loss) $ 17,101 $ 4,962 $ 103,227 $ 174,239 $ 67,749 $ -- $ -- Interest -- -- -- -- -- 2,517 1,241 Dividends -- -- -- -- -- -- -- ----------------------------------------------------------------------------------------------- Subtotal 17,101 4,962 103,227 174,239 67,749 2,517 1,241 Contributions Employer 4,538 2,572 28,043 32,613 14,504 1,921 612 Employee 14,543 7,051 58,137 80,805 38,282 3,188 1,231 ----------------------------------------------------------------------------------------------- Subtotal 19,081 9,623 86,180 113,418 52,786 5,109 1,843 ----------------------------------------------------------------------------------------------- Interfund transfers 9,458 (10,271) (491,759) 80,386 43,844 783 255 ----------------------------------------------------------------------------------------------- Total additions 45,640 4,314 (302,352) 368,043 164,379 8,409 3,339 Deductions Withdrawals and benefit payments 6,764 4,995 175,013 18,638 91,871 -- 4,631 Forfeitures -- -- -- -- -- -- -- ----------------------------------------------------------------------------------------------- Total deductions 6,764 4,995 175,013 18,638 91,871 -- 4,631 ----------------------------------------------------------------------------------------------- Net increase (decrease) during year 38,876 (681) (477,365) 349,405 72,508 8,409 (1,292) Net assets available for benefits, beginning of year 202,157 48,452 1,208,288 1,453,477 681,746 49,158 25,284 ----------------------------------------------------------------------------------------------- Net assets available for benefits, end of year $ 241,033 $ 47,771 $ 730,923 $ 1,802,882 $ 754,254 $ 57,567 $ 23,992 ===============================================================================================
Participant directed ------------------------------------------------------------------------------------ Guaranteed Interest Money ST Hi-Qual High-Yield 10 yr Market Govt Bond Income Fund ------------------------------------------------------------------------------------ Additions Investment income (loss) Net appreciation (loss) $ -- $ -- $ 124 $ 1,949 $ 3,839 $ (1,031) Interest 804 -- -- -- -- -- Dividends -- 43,463 -- -- -- -- ------------------------------------------------------------------------------------ Subtotal 804 43,463 124 1,949 3,839 (1,031) Contributions Employer 921 10,172 707 241 2,192 3,463 Employee 1,662 13,548 1,883 479 5,463 9,437 ------------------------------------------------------------------------------------ Subtotal 2,583 23,720 2,590 720 7,655 12,900 ------------------------------------------------------------------------------------ Interfund transfers 250 65,999 66 677 13,314 (59,517) ------------------------------------------------------------------------------------ Total additions 3,637 133,182 2,780 3,346 24,808 (47,648) Deductions Withdrawals and benefit payments -- 267,127 -- -- 7,162 816 ------------------------------------------------------------------------------------ Forfeitures -- -- -- -- -- -- ------------------------------------------------------------------------------------ Total deductions -- 267,127 -- -- 7,162 816 Net increase (decrease) during year 3,637 (133,945) 2,780 3,346 17,646 (48,464) Net assets available for benefits, beginning of year 13,697 1,134,590 1,530 24,028 63,700 170,100 ------------------------------------------------------------------------------------ Net assets available for benefits, end of year $ 17,334 $ 1,000,645 $ 4,310 $ 27,374 $ 81,346 $ 121,636 ====================================================================================
Participant directed -------------------------- Diversified Capital Balanced -------------------------- Additions Investment income (loss) Net appreciation (loss) $ (555) $ 10,200 Interest -- -- Dividends -- -- -------------------------- Subtotal (555) 10,200 Contributions Employer 814 962 Employee 2,787 1,901 -------------------------- Subtotal 3,601 2,863 -------------------------- Interfund transfers 559 147,663 -------------------------- Total additions 3,605 160,726 Deductions Withdrawals and benefit payments 67 7,919 Forfeitures -- -- -------------------------- Total deductions 67 7,919 -------------------------- Net increase (decrease) during year 3,538 152,807 Net assets available for benefits, beginning of year 64,021 36,729 -------------------------- Net assets available for benefits, end of year $ 67,559 $ 189,536 ==========================
-14- 18 American Ecology Corporation 401(k) Savings and Retirement Plan and Trust STATEMENT OF CHANGES IN NET ASSETS For the Year Ended December 31, 1998
Participant directed ---------------------------------------------------------------------------------------------- Growth & Value Mid-Cap Index Capital Growth Select Growth Income Fund Value Stock Growth Plus Growth Oppor ---------------------------------------------------------------------------------------------- Additions Investment income (loss) Net appreciation (loss) $ 36,159 $ 2,905 $ 782 $ 66,218 $ 20,297 $ 19,162 $ 11,138 $ 94,892 Interest -- -- -- -- -- -- -- -- Dividends -- -- -- -- -- -- -- -- ---------------------------------------------------------------------------------------------- Subtotal 36,159 2,905 782 66,218 20,297 19,162 11,138 94,892 Contributions Employer 8,916 3,315 894 6,438 2,758 3,250 1,476 9,713 Employee 22,311 10,812 2,977 16,760 7,168 7,768 3,798 26,788 ---------------------------------------------------------------------------------------------- Subtotal 31,227 14,127 3,871 23,198 9,926 11,018 5,274 36,501 ---------------------------------------------------------------------------------------------- Interfund transfers 196,922 16,606 25,849 (37,273) 7,333 3,908 19,377 99,964 ---------------------------------------------------------------------------------------------- Total additions 264,308 33,638 30,502 52,143 37,556 34,088 35,789 231,357 Deductions Withdrawals and benefit payments 21,013 10,098 9,365 30,845 11,659 27,104 1,006 22,092 Forfeitures -- -- -- -- -- -- -- -- ---------------------------------------------------------------------------------------------- Total deductions 21,013 10,098 9,365 30,845 11,659 27,104 1,006 22,092 ---------------------------------------------------------------------------------------------- Net increase (decrease) during year 243,295 23,540 21,137 21,298 25,897 6,984 34,783 209,265 Net assets available for benefits, beginning of year 341,220 140,921 23,921 234,268 93,737 122,770 39,624 361,103 ---------------------------------------------------------------------------------------------- Net assets available for benefits, end of year $ 584,515 $ 164,461 $ 45,058 $ 255,566 $ 119,634 $ 129,754 $ 74,407 $ 570,368 ==============================================================================================
Participant directed ---------------------------------------------------------------------------------------- Equity Small Int'l Mid-cap Capital Income Cap Value Contra Foreign Stock Growth Apprec ---------------------------------------------------------------------------------------- Additions Investment income (loss) Net appreciation (loss) $ 395 $ (489) $ 146,650 $ (6,694) $ 15,058 $ 64,751 $ 1,070 Interest -- -- -- -- -- -- -- Dividends -- -- -- -- -- -- -- ---------------------------------------------------------------------------------------- Subtotal 395 (489) 146,650 (6,694) 15,058 64,751 1,070 Contributions Employer 1,400 636 11,874 2,569 1,444 9,395 10,662 Employee 3,650 2,533 36,464 8,247 4,422 26,005 27,174 ---------------------------------------------------------------------------------------- Subtotal 5,050 3,169 48,338 10,816 5,866 35,400 37,836 Interfund transfers (16,354) 4,417 58,371 (7,706) 4,617 (8,813) (58,496) ---------------------------------------------------------------------------------------- Total additions (10,909) 7,097 253,359 (3,584) 25,541 91,338 (19,590) Deductions Withdrawals and benefit payments 1,241 9,528 57,431 12,352 6,773 18,481 22,809 Forfeitures -- -- -- -- -- -- -- ---------------------------------------------------------------------------------------- Total deductions 1,241 9,528 57,431 12,352 6,773 18,481 22,809 Net increase (decrease) during year (12,150) (2,431) 195,928 (15,936) 18,768 72,857 (42,399) Net assets available for benefits, beginning of year 17,093 14,751 470,126 131,525 98,336 329,859 249,218 ---------------------------------------------------------------------------------------- Net assets available for benefits, end of year $ 4,943 $ 12,320 $ 666,054 $ 115,589 $ 117,104 $ 402,716 $ 206,819 =========================================================================================
-15- 19 American Ecology Corporation 401(k) Savings and Retirement Plan and Trust STATEMENT OF CHANGES IN NET ASSETS For the Year Ended December 31, 1998
Participating directed ------------------------------------------------------------------------------------------------- Emerging Science & Developing Socially Small Growth Technology Discovery Markets Responsible Growth Company Other ------------------------------------------------------------------------------------------------- Additions Investment income (loss) Net appreciation (loss) $ (446) $ 138,167 $ (1,452) $ (3,919) $ 13,429 $ 708 $ 2,075 $ -- Interest -- -- -- -- -- -- -- -- Dividends -- -- -- -- -- -- -- -- ------------------------------------------------------------------------------------------------- Subtotal (446) 138,167 (1,452) (3,919) 13,429 708 2,075 -- Contributions Employer 3,123 19,928 546 1,089 894 182 327 -- Employee 10,885 49,282 1,640 3,771 2,526 340 1,419 -- ------------------------------------------------------------------------------------------------- Subtotal 14,008 69,210 2,186 4,860 3,420 522 1,746 -- ------------------------------------------------------------------------------------------------- Interfund transfers (7,512) (23,435) 5,254 (2,129) 213,724 13,578 21,213 89,588 ------------------------------------------------------------------------------------------------- Total additions 6,050 183,942 5,988 (1,188) 230,573 14,808 25,034 118,623 Deductions Withdrawals and benefit payments 1,178 24,488 9,354 7,232 -- -- -- -- Forfeitures -- -- -- -- -- -- -- 1,737 ------------------------------------------------------------------------------------------------- Total deductions 1,178 24,488 9,354 7,232 -- -- -- 1,737 Net increase (decrease) during year 4,872 159,454 (3,366) (8,420) 230,573 14,808 25,034 (70,125) Net assets available for benefits, beginning of year 62,470 324,125 17,981 11,942 -- -- -- 70,125 ------------------------------------------------------------------------------------------------- Net assets available for benefits, end of year $ 67,342 $ 483,579 $ 14,615 $ 3,522 $ 230,573 $ 14,808 $ 25,034 $ -- =================================================================================================
Non- participant Participant directed directed -------------------------- ------------ American Gauranteed Participant Ecology Interest Note Rec Common Account Total -------------------------- ------------ ------------ Additions Investment income (loss) Net appreciation (loss) $ -- $ 3,612 $ -- $ 1,006,272 Interest 29,035 -- -- 33,597 Dividends -- -- -- 43,463 ------------------------------------------------------ Subtotal 29,035 3,612 -- 1,083,332 Contributions Employer -- -- -- 205,104 Employee -- -- -- 517,137 ------------------------------------------------------ Subtotal -- -- -- 722,241 ------------------------------------------------------ Interfund transfers 89,588 11,593 (363,915) -- ------------------------------------------------------ Total additions 118,623 15,205 (363,915) 1,805,573 Deductions Withdrawals and benefit payments 15,922 11,829 916,803 Forfeitures -- -- -- 1,737 ------------------------------------------------------ Total deductions 15,922 11,829 -- 918,540 ------------------------------------------------------ Net increase (decrease) during year 102,701 3,376 (363,915) 887,033 Net assets available for benefits, beginning of year 284,630 140,188 363,915 9,120,805 ------------------------------------------------------ Net assets available for benefits, end of year $ 387,331 $ 143,564 $ -- $10,007,838 ======================================================
-16- 20 SUPPLEMENTAL INFORMATION 21 AMERICAN ECOLOGY CORPORATION EIN: 95-3889638 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST PLAN NUMBER 003 ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1998
(e) Current (a) (b) Identity of Issue (c) Description (d) Cost Value - ------------------------- --------------- ------------ --------------- Manulife Lifestyle Conservative $ 207,226 $ 241,033 Manulife Lifestyle Moderate 43,040 47,771 Manulife Lifestyle Balanced 622,331 730,923 Manulife Lifestyle Growth 1,488,311 1,802,882 Manulife Lifestyle Aggressive 629,407 754,254 Manulife GICS Maturing December 31, 1998, with interest rates of 5.21% to 5.30% 44,974 44,974 Maturing December 31, 1999, with interest rates of 5.55% to 5.66% 6,546 6,581 Maturing December 31, 2000, with interest rates of 4.30% to 5.75% 25,877 26,075 Maturing December 31, 2001, with interest rates of 5.60% to 5.85% 2,782 2,830 Maturing December 31, 2002, with interest rates of 4.60% to 5.80% 863 868 Maturing December 31, 2005, with interest rates of 5.77% to 5.80% 11,305 11,721 Maturing December 31, 2006, with interest rates of 6.05% to 6.60% 3,121 3,053 Maturing December 31, 2007 with interest rates of 5.38% to 5.85% 2,747 2,791 Manulife Money Market Conservative 930,104 1,000,645 Vanguard Short Term Federal Portfolio 4,108 4,310 Manulife High-Quality Bond Fund Bonds 23,612 27,374 T. Rowe Price Fixed Spectrum Income Securities 72,546 81,346
-18- 22 AMERICAN ECOLOGY CORPORATION EIN: 95-3889638 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST PLAN NUMBER 003 ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued) December 31, 1998
(e) Current (a) (b) Identity of Issue (c) Description (d) Cost Value - ---------------------------- ----------------- ----------- ------------- Fidelity Institutional Retirement Services Advisor High Yield Company Fund 114,925 121,636 Fidelity Institutional Retirement Services Advisor Diversified Company Capital Fund 65,431 67,559 Manulife Balanced Balanced Fund 177,218 189,536 T. Rowe Price Growth & Income Common Stock 498,464 584,515 Manulife Value Fund Guardian Trust 144,761 164,461 Manulife Mid-Cap Value Fund Common/Preferred 43,263 45,058 Manulife Index Stock Fund S&P's 500 Index 178,082 255,566 Manulife Capital Growth Stock Fund 84,922 119,634 Manulife Growth Plus Stock Fund 92,634 129,754 Manulife Selective Growth Stock Fund 57,432 74,407 Fidelity Institutional Retirement Services Advisor Growth Company Opportunities Fund 416,311 570,368 Manulife Equity Income Fund Stock Fund 4,544 4,943 Franklin Balance Sheet Investment Fund Stock Fund 11,723 12,320
-19- 23 AMERICAN ECOLOGY CORPORATION EIN: 95-3889638 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST PLAN NUMBER 003 ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued) December 31, 1998
(e) Current (a) (b) Identity of Issue (c) Description (d) Cost Value - ------------------------- ------------------ ----------- -------------- Fidelity Institutional Retirement Services Advisor Contrafund 463,782 666,054 Company Templeton Funds, Inc. Foreign Fund 116,810 115,589 T. Rowe Price International Stock 100,875 117,104 AIM Constellation Mid-cap Growth 311,504 402,716 PBHG Growth Fund 203,945 206,819 Manulife Emerging Growth Stock Fund 59,836 67,342 T. Rowe Price Science & Technology Fund 351,412 483,579 Mutual Discovery Fund Stock Fund 14,635 14,615 Templeton Developing Markets Plus Foreign 4,360 3,522 Domini Social Equity Fund Stock Fund 217,005 230,573 Founders Growth Fund Stock Fund 14,091 14,808 Lord Abbett Developing Growth Fund Stock Fund 22,940 25,034 Borrower Participant loans 9.25%-9.5% -- 387,331
-20- 24 AMERICAN ECOLOGY CORPORATION EIN: 95-3889638 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST PLAN NUMBER 003 ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (continued) December 31, 1998
(e) Current (a) (b) Identity of Issue (c) Description (d) Cost Value - -------------------------- ------------------- ------------ ------------- * American Ecology Corporation Common Stock 121,248 143,564 ------------ ------------- TOTAL ASSETS HELD FOR INVESTMENT PURPOSES $ 8,011,053 $ 10,007,838 ============ =============
- ----------- *Known party in interest -21- 25 American Ecology Corporation EIN: 95-3889638 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST Item 27d - Schedule of Reportable Transactions Plan Number 003 For the Year Ended December 31, 1998
(h) Current Value of asset (i) Net (c) Purchase (d) Selling (g) Cost of at date of Gain (a) Identity of Party Involved (b) Description of asset Price Price Asset transaction \ (Loss) - ------------------------------- ------------------------ --------------- ------------- ------------- -------------- --------- Category (iii): A series of transactions in excess of 5% of plan assets Manulife Financial Savings & Retirement Services Lifestyle-Balanced $ - $ 930,900 $ 803,981 $ 930,900 $126,919 Manulife Financial Savings & Retirement Services Lifestyle-Growth $ 464,039 $ - $ 464,039 $ - $ - A reportable transaction represents a transaction, or series of transactions in the same security involving an aggregate amount in excess of 5% of the Plan assets as of January 1, 1998. There were no category (i), (ii) or (iv) reportable transactions during 1998.
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