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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number 1-707
A. Full title of the Plan:
Kansas City Power & Light Company
Cash or Deferred Arrangement
(Employee Savings Plus Plan)
(hereinafter referred to as "Plan")
B. Name of issuer of the securities held
pursuant to the
Plan and the address of its principal
executive office:
Kansas City Power & Light Company
1201 Walnut
Kansas City, Missouri 64106-2124
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Financial Statements and Supplemental Schedules
Contents
______________________________________________________________________
Page
Report of Independent Accountants 1
Financial Statements:
Statement of Net Assets Available for Benefits as 2
of December 31, 2000 and 1999
Statement of Changes in Net Assets Available for 3
Plan Benefits For the Years Ended December 31, 2000
and 1999
Notes to Financial Statements 4-10
Supplemental Schedules:
Schedule H, Line 4i - Schedule of Assets Held (at 11
end of year) as of December 31, 2000
Schedule H, Line 4j - Schedule of Reportable 12
Transactions For the year ended December 31, 2000
Signature Page 13
Exhibit:
Consent of Independent Accountants Exhibit 1
i
Report of Independent Accountants
To the Participants and Administrative Committee of
the Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
In our opinion, the accompanying statements of net assets
available for benefits and the related statements of changes in
net assets available for benefits present fairly, in all material
respects, the net assets available for benefits of the Kansas
City Power & Light Company Cash or Deferred Arrangement Employee
Savings Plus Plan (the "Plan") at December 31, 2000 and 1999, and
the changes in net assets available for benefits for the years
then ended in conformity with accounting principles generally
accepted in the United States of America. 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 of these
statements in accordance with auditing standards generally
accepted in the United States of America, which 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, assessing the accounting principles used and
significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
Our audits were conducted for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
supplemental schedules of Assets Held (at end of year) as of
December 31, 2000 and Reportable Transactions for the year ended
December 31, 2000 are presented for the purpose of additional
analysis and are not a required part of the basic financial
statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of
1974. These supplemental schedules are the responsibility of the
Plan's management. The supplemental schedules have been
subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, are fairly stated
in all material respects in relation to the basic financial
statements taken as a whole.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Kansas City, Missouri
June 13, 2001
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Statement of Net Assets Available for Benefits
December 31, 2000 and 1999
______________________________________________________________________
2000 1999
Assets
Investments at fair value:
Kansas City Power & Light Stock Fund $ 82,878,309 $ 69,163,105
UMB Money Market Account 5,081 -
Fidelity Managed Income Portfolio 10,037,206 10,154,490
Fidelity Puritan Fund 16,132,643 18,467,141
Fidelity Magellan Fund 49,359,823 59,177,346
Fidelity Asset Manager Fund 2,399,450 2,250,673
Fidelity OTC Portfolio 13,868,186 11,394,570
Fidelity Overseas Fund 3,851,672 3,429,599
Fidelity Blue Chip Growth Fund 7,112,761 5,766,495
Fidelity Freedom Income Fund 211,248 405,938
Fidelity Freedom 2000 Fund 349,173 323,014
Fidelity Freedom 2010 Fund 552,186 370,236
Fidelity Freedom 2020 Fund 680,385 459,730
Fidelity Freedom 2030 Fund 590,645 255,231
Loans to participants 5,206,983 5,476,981
_____________ ____________
Total investments 193,235,751 187,094,549
_____________ ____________
Receivables:
Contributions:
Employer 110,406 122,295
Employee 404,672 417,265
Loan payments from participants 88,509 95,699
_____________ ____________
Total receivables 603,587 635,259
_____________ ____________
Total net assets $ 193,839,338 $ 187,729,808
available for benefits _____________ ____________
The accompanying notes are an integral part of these financial statements.
2
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Statement of Changes in Net Assets Available for Plan Benefits
For the Years Ended December 31, 2000 and 1999
______________________________________________________________________
2000 1999
Additions
Investment income:
Net depreciation in fair value of $ (2,779,150) $ (11,687,929)
investments
Dividends 12,981,499 12,802,834
Interest:
Money market 627,991 592,552
Loans 568,514 621,338
___________ _____________
Net investment income 11,398,854 2,328,795
___________ _____________
Contributions:
Employee 10,132,046 9,075,626
Employer 2,809,009 3,196,149
Reimbursed commissions 85,832 68,560
___________ _____________
Total contributions 13,026,887 12,340,335
___________ _____________
Total additions 24,425,741 14,669,130
___________ _____________
Deductions
Distribution to participants 17,934,430 9,150,620
Transfer to another plan 381,781 -
___________ _____________
Total deductions 18,316,211 9,150,620
___________ _____________
Net increase in net assets available 6,109,530 5,518,510
for plan benefits
Net assets available for benefits:
Beginning of year 187,729,808 182,211,298
___________ _____________
End of year $193,839,338 $ 187,729,808
___________ _____________
The accompanying notes are an integral part of these financial statements.
3
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements
______________________________________________________________________
1. Description of the Plan:
The following description of the Kansas City Power & Light
Company Cash or Deferred Arrangement Employee Savings Plus
Plan (the Plan) provides only general information.
Participants should refer to the summary plan description for
a more complete description of the Plan's provisions.
The Plan is designed to encourage and assist employees of
Kansas City Power & Light Company (the Company) to adopt a
regular savings and investment program for long-term needs,
especially retirement. The Company is the plan administrator
and United Missouri Bank, N.A. (UMB) is the trustee. The
Administrative Committee is the fiduciary of the Plan and has
the responsibility of establishing the rules under which the
Plan is run.
The Plan is a contributory defined contribution plan available
to permanent full- and part-time employees of the Company.
The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
Prior to March 1, 2000, the Plan was also available to
permanent full- and part-time employees of KLT Inc., KLT Power
Inc., KLT Gas Inc. and KLT Telecom, Inc. Effective March 1,
2000, the Plan was amended to terminate the participation of
employees of KLT Inc., KLT Power Inc., KLT Gas Inc. and KLT
Telecom, Inc. The assets of these participants were
transferred to a separate plan.
Eligibility and Employee Contributions
Employees are immediately eligible to make elective
contributions to the Plan. Employees beginning employment
during the first fifteen days of a month can begin
participating in the Plan the first day of the following
month. If an employee's first day of employment is after the
fifteenth of the month, the employee is eligible to
participate in the Plan the first day of the next following
month.
Participants can contribute any whole percentage of their base
pay from 2% to 15% (12% through December 31, 1999) to the
Plan, except that contributions may not exceed the maximum
allowable under the law. The maximum individual contribution
allowed for the years ended December 31, 2000 and 1999 was
$10,500 and $10,000, respectively. Other special limitations
may reduce the participant elective and Company matching
maximum contribution amounts for highly compensated employees.
Company Matching Contributions
The Company contributes an amount equal to 50% of the
employee's elective contribution, not to exceed 3% of base
pay, as defined in the Plan. Company contributions may be
made in cash, Company stock, or a combination thereof.
Company contributions are invested in the common stock of the
Company at all times. The Company begins matching employee
contributions when the employee completes one year of service.
Effective February 24, 1999, the Plan was amended to allow
participants who have attained the age of 55 to transfer funds
in their Company-Match Account to any investment fund offered
under the Plan.
4
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements, Continued
______________________________________________________________________
Rollovers
Participants may elect to transfer funds from another
qualified retirement plan to the Plan, with permission from
the Administrative Committee.
Vesting and Forfeitures
Participants are 100% vested in their elective contribution
and rollover accounts at all times. Participants who retire
after age 55, die or become totally and permanently disabled
while an employee of the Company are considered 100% vested in
the Company-Match Account, regardless of their length of
service with the Company.
Vesting of the Company-Match Account for participants who
leave the Company for a reason other than death, disability or
retirement is based on years of service for vesting. A year
of service for Plan purposes is defined as any year in which
an employee completes at least 1,000 hours of service with the
Company. Generally all years of service with the Company are
taken into account in computing years of service for vesting.
Participants who accrue two years of service prior to
termination of employment are 20% vested. Participants are
credited with 20% additional vesting each year thereafter,
with full vesting after six years of service.
The portion of the Company-Match Account that is not vested is
forfeited by terminating participants. Forfeitures are used
to reduce future Company matching contributions. Forfeited
benefits during the years ended December 31, 2000 and 1999
were $22,317 and $6,396, respectively. The Company used
forfeiture credits of $17,236 and $15,092 during the years
ended December 31, 2000 and 1999, respectively, to reduce the
matching contributions.
Investment of Accounts
Investment of Elective Contribution and Rollover Accounts -
Participants may direct (in 5% increments) the investment of
their elective contribution and rollover accounts in one or
more of the following 13 investment funds:
Kansas City Power & Light Stock Fund
Fidelity Managed Income Portfolio (MIP)
Fidelity Puritan Fund
Fidelity Magellan Fund
Fidelity Asset Manager Fund
Fidelity OTC Portfolio
Fidelity Overseas Fund
Fidelity Blue Chip Growth Fund
Fidelity Freedom Income Fund
Fidelity Freedom 2000 Fund
Fidelity Freedom 2010 Fund
Fidelity Freedom 2020 Fund
Fidelity Freedom 2030 Fund
5
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements, Continued
______________________________________________________________________
Plan Participants
The following summarizes the number of participants by fund
(participant directed) as of December 31, 2000:
Kansas City Power & Light Company Stock Fund 786
Fidelity Managed Income Portfolio 278
Fidelity Puritan Fund 551
Fidelity Magellan Fund 1,110
Fidelity Asset Manager Fund 152
Fidelity OTC Portfolio 609
Fidelity Overseas Fund 281
Fidelity Blue Chip Growth Fund 446
Fidelity Freedom Income Fund 14
Fidelity Freedom 2000 Fund 15
Fidelity Freedom 2010 Fund 34
Fidelity Freedom 2020 Fund 66
Fidelity Freedom 2030 Fund 99
Participants also have the opportunity to change how their
past savings in their elective and rollover accounts are
invested. Participants can make such changes on a daily
basis. Participants making such elections will have their
fund shares sold, the proceeds transferred and fund shares
purchased per their request.
The nonparticipant-directed portion of the Kansas City Power &
Light Stock Fund consisted of 1,509,085 shares valued at
$41,406,274 and 1,463,798 shares valued at $32,295,036 at
December 31, 2000 and 1999, respectively.
Allocation of Investment Income
The trustee allocates investment income based on the shares
held by participants in their individual accounts. Individual
accounts are valued on each business day by the trustee to
reflect the current market value of the investments.
If contributions or participant transfers received by the
trustee cannot be immediately invested in the investment
funds, the moneys are held in short-term investment funds
under the trustee's control (see Related Party and Party-In-
Interest Transactions). Some distributions may also be
invested in the money market fund prior to payment to the
participant. Any interest earned is allocated back to the
investment accounts based on the amounts originally
transferred.
Termination Payments
Participants who leave the Company as a result of termination,
retirement or permanent disability may receive the entire
amount of their account in one lump-sum payment, rollover
their account to another trustee or elect to defer
distribution until age 62 or retirement, whichever is later.
Upon death, distributions will be made to beneficiaries in a
lump sum or in installment payments over a
6
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements, Continued
______________________________________________________________________
period of no more than three years. Payment will commence no
later than 60 days after the December 31 coinciding with or
next following the date of the participant's death.
Terminated employees may elect to defer their distribution
until age 62. The deferred totals for participants not
required to receive distributions the next calendar year were
$8,881,484 and $8,409,530 as of December 31, 2000 and 1999,
respectively.
Loans to Participants
The Plan allows participants to borrow against their vested
account balance to obtain either an installment or residential
loan. Other than by obtaining a loan, the Plan does not
provide for in-service withdrawals from elective accounts,
rollover accounts or Company-Match Accounts. Distributions
are made only upon retirement, disability, termination of
employment or death.
An installment loan may be used for any purpose, whereas a
residential loan must be used for the purchase of the
participant's primary residence. The maximum loan terms for
installment and residential loans are five and fifteen years,
respectively. A participant may have no more than one of each
type of loan outstanding at the same time.
For all loans issued through October 1989, if the
participant's account balance was $20,000 or less, a maximum
of 80% of the vested account balance, not to exceed $10,000,
could be borrowed. If the account balance was more than
$20,000, 50% of the vested account balance, not to exceed
$50,000, could be borrowed. The interest rate for these loans
was based on the Fidelity GIC Group Trust interest rate of
8.31%.
For loans issued after November 1, 1989, the maximum amount
that a participant can borrow is 50% of their vested account
balance, not to exceed $50,000. The interest rate for these
loans is UMB's prime rate plus 2%. The minimum amount a
participant can borrow is $1,000.
Principal and interest on all loans is repaid to the
participant's individual accounts based on their current
contribution allocation election. All loans are repaid by
payroll deduction except when paid in full in advance or the
unpaid principal is deducted from a total distribution which
results from a death, disability, retirement or termination.
Commissions and Administrative Expenses
During the years ended December 31, 2000 and 1999, commissions
were $85,832 and $68,560, respectively. Commissions paid by
the Plan for purchases and sales of Company common stock are
netted against distributions and contributions and reimbursed
by the Company.
Administrative expenses are also paid by the Company. During
the years ended December 31, 2000 and 1999, a net of $89,669
and $72,479, respectively, in costs for the administration of
the Plan were paid by the Company.
7
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements, Continued
______________________________________________________________________
Related-Party and Party-In Interest Transactions
The trustee is authorized under contract provisions and ERISA
regulations to invest in funds under its control and in
securities of the Company.
During the year ended December 31, 2000, purchases and sales
in the Kansas City Power & Light Stock Fund under the
trustee's control totaled $15,939,662 and $18,672,205,
respectively. During the year ended December 31, 1999,
purchases and sales in the Kansas City Power & Light Stock
Fund under the trustee's control totaled $14,540,933 and
$11,889,397, respectively.
During the year ended December 31, 2000, there were 739
purchases and 746 sales in the UMB Money Market Fund totaling
$21,852,688 and $21,994,396, respectively relating to
temporary cash balances invested in short-term investment
funds under the trustee's control. There were 689 purchases
and 676 sales in the UMB Money Market Fund totaling
$18,513,010 and $18,578,271, respectively, during the year
ended December 31, 1999.
2. Summary of Significant Accounting Policies:
Basis of Accounting
The financial statements of the Plan are prepared under the
accrual basis of accounting.
Valuation of Investments
Investments of the Plan are valued at fair value based on
quoted market prices on the last business day of the plan
year. Loans to participants are valued based on outstanding
principal amounts owed on the last business day of the plan
year as reported to the Plan by the trustee.
Use of Estimates
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States
of America requires management to make estimates and
assumptions that affect the amounts reported in the financial
statements and accompanying notes. Actual results could
differ from those estimates.
Net Appreciation (Depreciation) in Fair Value of Investments
The Plan presents in the statement of changes in net assets
available for benefits the net appreciation (depreciation) in
the fair value of its investments which consists of the
realized gains or losses and the unrealized appreciation
(depreciation) on those investments.
8
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements, Continued
______________________________________________________________________
3. Investments:
The Plan's investments are held by UMB. During the years
ended December 31, 2000 and 1999, the Plan's investments
(including investments bought and sold, as well as held,
during the year) appreciated (depreciated) in fair value as
follows:
Realized and Realized and
Unrealized Unrealized
Net Net
Appreciation Appreciation
(Depreciatio (Depreciation
n) in Fair ) in Fair
Value During Value During
Year Ended Year Ended
December 31, December 31,
2000 1999
Investments at fair value as
determined by quoted market
price:
Kansas City Power & Light $ 16,652,706 $ (22,692,927)
Stock Fund
UMB Money Market Account - -
Fidelity Investment Funds:
Managed Income Portfolio - -
Puritan Fund (230,166) (975,391)
Magellan Fund (7,541,977) 6,470,693
Asset Manager Fund (220,838) 116,534
OTC Portfolio (8,680,372) 3,640,409
Overseas Fund (1,313,263) 801,664
Blue Chip Growth Fund (1,199,985) 801,054
Freedom Income Fund (8,562) 4,624
Freedom 2000 Fund (38,445) 17,166
Freedom 2010 Fund (39,585) 37,939
Freedom 2020 Fund (80,264) 55,799
Freedom 2030 Fund (78,399) 34,507
___________ ____________
(2,779,150) (11,687,929)
Investments at estimated
fair value:
Loans to participants - -
7.75% to 12% ___________ ____________
$(2,779,150) $(11,687,929)
___________ ____________
9
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Notes to Financial Statements, Continued
______________________________________________________________________
4. Income Tax Status:
The Plan has received a determination letter from the Internal
Revenue Service dated July 16, 1998 stating that the Plan is
qualified under Section 401(1) of the Internal Revenue Code
(the Code) and, therefore, the related trust is exempt from
taxation. Once qualified, the Plan is required to operate in
conformity with the Code to maintain its qualification. The
Plan has been amended since receiving the last tax
determination letter. However, the Administrative Committee
believes the Plan is being operated in compliance with the
applicable requirements of the Code and, therefore, believes
that the Plan is qualified and the related trust is tax
exempt.
5. Form 5500:
The Form 5500 has not yet been completed for the year ended
December 31, 2000.
10
SUPPLEMENTAL SCHEDULES
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Schedule H, Line 4i - Schedule of Assets Held (at end of year)
December 31, 2000
______________________________________________________________________
Number of
Shares or Current
Identity of Issuer Units Cost Value
Corporate Stocks:
Kansas City Power & 3,020,567 $ 73,326,884 $ 82,878,309
Light Company*
Registered Investment
Companies:
UMB Money Market 5,081 5,081 5,081
Account*
Fidelity Managed 10,037,206 10,038,665 10,037,206
Income Portfolio
Fidelity Puritan Fund 856,752 15,073,947 16,132,643
Fidelity Magellan Fund 413,745 38,114,090 49,359,823
Fidelity Asset 142,655 2,553,492 2,399,450
Manager Fund
Fidelity OTC Portfolio 337,836 18,426,592 13,868,186
Fidelity Overseas Fund 112,065 4,268,568 3,851,672
Fidelity Blue Chip 138,031 7,597,229 7,112,761
Growth Fund
Fidelity Freedom 18,912 213,637 211,248
Income Fund
Fidelity Freedom 2000 29,566 376,484 349,173
Fund
Fidelity Freedom 2010 39,898 565,511 552,186
Fund
Fidelity Freedom 2020 46,730 731,964 680,385
Fund
Fidelity Freedom 2030 39,376 645,487 590,645
Fund
Loans to participants, - 5,206,983
7.75% to 12% _____________ ____________
$ 171,937,631 $ 193,235,751
_____________ ____________
*Party-in-interest to the Plan.
11
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Schedule H, Line 4j - Schedule of Reportable Transactions*
For the Year Ended December 31, 2000
________________________________________________________________________________________________________
Expense Current value
Identity incurred of asset on
of Party Description Purchase Selling with Cost transaction
Involved of assets price price transaction of asset Date Net gain
UMB Bank, Money market $21,852,688 $ - $ - $21,852,688 $21,852,688 $ -
N.A.** account
UMB Bank, Money market - 21,994,396 - 21,994,396 21,994,396 -
N.A.** account
UMB Bank, Kansas City 15,939,662 - 39,766 15,979,428 15,979,428 -
N.A.** Power & Light
Company Stock
Fund
UMB Bank, Kansas City - 18,672,205 46,070 17,492,619 18,626,135 1,133,516
N.A.** Power & Light
Company Stock
Fund
* Any single transaction within the plan year that involves more than 5% of
the current value of plan assets or any series of transactions within the
plan year with or in conjunction with the same person that, when
aggregated, involves more than 5% of the current value of plan assets.
** Party-in-interest to the Plan.
12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Administrative Committee of the Employee Savings
Plus Plan has duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
EMPLOYEE SAVINGS PLUS PLAN
(
(
(By: /s/B. M. Tate
( B. M. Tate, Chairman
(
(
(By: /s/F. L. Branca
( F. L. Branca, Member
(
(
(By: /s/J. S. Latz
( J. S. Latz, Member
June 28, 2001
13
Exhibit 1
Consent of Independent Accountants
We hereby consent to the incorporation by reference in the
Registration Statement on Form S-8 (File No. 333-32636) of
Kansas City Power & Light Company of our report dated June 13,
2001, relating to the financial statements and supplemental
schedules of the Kansas City Power & Light Company Cash or
Deferred Arrangement Employee Savings Plus Plan, which appears
in this Form 11-K.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Kansas City, Missouri
June 26, 2001