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 (FEE REQUIRED)
For the fiscal year ended December 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from __________ to ___________
Commission file number 1-707
A. Full title of the Plan:
Kansas City Power & Light Company
Cash or Deferred Arrangement
(Employee Savings Plus) (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
TABLE OF CONTENTS
Page
FINANCIAL STATEMENTS
Report of Independent Accountants 1
Statements of Financial Condition, With Fund Information
December 31, 1995 2
December 31, 1994 4
Statements of Income and Changes in Plan Equity, With Fund
Information for the Year Ended
December 31, 1995 6
December 31, 1994 8
December 31, 1993 10
Notes to Financial Statements 12
Signatures 18
Consent of Independent Accountants 19
REPORT OF INDEPENDENT ACCOUNTANTS
To the Administrative Committee,
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
We have audited the accompanying statements of financial
condition of Kansas City Power & Light Company Cash or Deferred
Arrangement Employee Savings Plus Plan as of December 31, 1995
and 1994, and the related statements of income and changes in
Plan equity for each of the three years in the period ended
December 31, 1995. 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 financial condition
of the Plan as of December 31, 1995 and 1994, and the income and
changes in Plan equity for each of the three years in the period
ended December 31, 1995, in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion
on the basic financial statements taken as a whole. The fund
information in the statement of financial condition and the
statement of income and changes in Plan equity is presented for
purposes of additional analysis rather than to present the
financial condition and the income and changes in Plan equity of
each fund. The fund information has 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/Coopers & Lybrand L.L.P.
COOPERS & LYBRAND L.L.P.
Kansas City, Missouri
June 5, 1996
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Statement of Financial Condition, With Fund Information
December 31, 1995
Fidelity Investment Funds
________________________________________________________________________
Asset OTC
ASSETS MIP Puritan Magellan Manager Portfolio Overseas
______ __________ ___________ ___________ _________ __________ __________
Investments, at market:
Short term money market $ - $ - $ - $ - $ - $ -
Kansas City Power & Light Co. Stock
2,404,607.7374 shares (cost $48,447,967) - - - - - -
Fidelity Managed Income Portfolio
(MIP) (cost $6,777,831) 6,777,831 - - - - -
Fidelity Puritan Fund
619,232.7959 shares (cost $9,242,390) - 10,533,150 - - - -
Fidelity Magellan Fund
290,249.1863 shares (cost $19,449,421) - - 24,955,625 - - -
Fidelity Asset Manager Fund
35,613.1852 shares (cost $527,945) - - - 564,469 - -
Fidelity OTC Portfolio Fund
21,852.0095 shares (cost $599,894) - - - - 662,771 -
Fidelity Overseas Fund
33,581.6574 shares (cost $947,624) - - - - - 976,219
Loans to participants - - - - - -
_________ __________ __________ _______ _______ _______
Total investments 6,777,831 10,533,150 24,955,625 564,469 662,771 976,219
_________ __________ __________ _______ _______ _______
Receivables:
Investment income 34,800 - - - - -
Money market interest - 37 72 7 8 10
Commission reimbursement - - - - - -
_________ __________ __________ _______ _______ _______
Total receivables 34,800 37 72 7 8 10
_________ __________ __________ _______ _______ _______
TOTAL ASSETS $6,812,631 $10,533,187 $24,955,697 $564,476 $662,779 $976,229
========= ========== ========== ======= ======= =======
LIABILITIES AND PLAN EQUITY
Liabilities:
Benefits payable to participants $ 155,230 $ 175,234 $ 296,722 $ 1 $ 8 $ 2,528
Plan Equity 6,657,401 10,357,953 24,658,975 564,475 662,771 973,701
_________ __________ __________ _______ _______ _______
TOTAL LIABILITIES AND PLAN EQUITY $6,812,631 $10,533,187 $24,955,697 $564,476 $662,779 $976,229
========= ========== ========== ======= ======= =======
The accompanying Notes to Financial Statements are an integral part of these statements.
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Statement of Financial Condition, With Fund Information
December 31, 1995
KCPL Loans to Total of
ASSETS Stock Fund Participants All Funds
__________ ____________ ___________
Investments at Market:
Short term money market $ 2,472 $ 234,371 $ 236,843
Kansas City Power & Light Co. Stock
2,404,607.7374 (cost $48,447,967) 63,120,953 - 63,120,953
Fidelity Managed Income Portfolio
(MIP) (cost $6,777,831) - - 6,777,831
Fidelity Puritan Fund
619,232.7959 shares (cost $9,242,390) - - 10,533,150
Fidelity Magellan Fund
290,249.1863 shares (cost $19,449,421) - - 24,955,625
Fidelity Asset Manager Fund
35,613.1852 shares (cost $527,945) - - 564,469
Fidelity OTC Portfolio Fund
21,852.0095 shares (cost $599,894) - - 662,771
Fidelity Overseas Fund
33,581.6574 shares (cost $947,624) - - 976,219
Loans to participants - 4,929,010 4,929,010
__________ __________ ___________
Total investments 63,123,425 5,163,381 112,756,871
__________ __________ ___________
Receivables:
Investment income - - 34,800
Money market interest 305 - 439
Commission reimbursement 339 - 339
__________ __________ ___________
Total receivables 644 - 35,578
__________ __________ ___________
TOTAL ASSETS $63,124,069 $5,163,381 $112,792,449
========== ========= ===========
LIABILITIES AND PLAN EQUITY
Liabilities:
Benefits payable to participants $ 1,034,580 $ 34,629 $ 1,698,932
Plan Equity 62,089,489 5,128,752 111,093,517
__________ _________ ___________
TOTAL LIABILITIES AND PLAN EQUITY $63,124,069 $5,163,381 $112,792,449
========== ========= ===========
The accompanying Notes to Financial Statements are an integral part of these statements.
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Statement of Financial Condition, With Fund Information
December 31, 1994
Fidelity Investment Funds
_________________________________________________________________________
Asset OTC
ASSETS MIP Puritan Magellan Manager Portfolio Overseas
______ _________ __________ _________ ________ __________ ________
Investments, at market:
Short term money market $ - $ - $ - $ - $ - $ -
Kansas City Power & Light Co. Stock
2,180,815.5212 shares (cost $41,924,904) - - - - - -
Fidelity Managed Income Portfolio
(MIP) (cost $5,776,249) 5,776,249 - - - - -
Fidelity Puritan Fund
546,155.1245 shares (cost $7,937,389) - 8,088,557 - - - -
Fidelity Magellan Fund
281,382.1699 shares (cost $17,853,039) - - 18,796,329 - - -
Fidelity Asset Manager Fund
26,474.6058 shares (cost $392,460) - - - 366,144 - -
Fidelity OTC Portfolio Fund
10,664.9891 shares (cost $254,399) - - - - 248,174 -
Fidelity Overseas Fund
22,738.8647 shares (cost $641,639) - - - - - 620,771
Loans to participants - - - - - -
_________ _________ __________ _______ _______ _______
Total investments 5,776,249 8,088,557 18,796,329 366,144 248,174 620,771
_________ _________ __________ _______ _______ _______
Receivables:
Investment income 28,785 - - - - -
Money market interest - 478 104 8 4 10
Commission reimbursement - - - - - -
_________ _________ __________ _______ _______ _______
Total receivables 28,785 478 104 8 4 10
_________ _________ __________ _______ _______ _______
TOTAL ASSETS $5,805,034 $8,089,035 $18,796,433 $366,152 $248,178 $620,781
========= ========= ========== ======= ======= =======
LIABILITIES AND PLAN EQUITY
Liabilities:
Benefits payable to participants $ 308,788 $ 193,202 $ 307,364 $ - $ - $ -
Plan Equity 5,496,246 7,895,833 18,489,069 366,152 248,178 620,781
_________ _________ __________ _______ _______ _______
TOTAL LIABILITIES AND PLAN EQUITY $5,805,034 $8,089,035 $18,796,433 $366,152 $248,178 $620,781
========= ========= ========== ======= ======= =======
The accompanying Notes to Financial Statements are an integral part of these statements.
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Statement of Financial Condition, With Fund Information
December 31, 1994
KCPL Loans to Total of
ASSETS Stock Fund Participants All Funds
______ __________ ____________ ____________
Investments, at market
Short term money market $ (345) $ 245,000 $ 244,655
Kansas City Power & Light Co. Stock
2,180,815.5212 shares (cost $41,924,904) 50,976,563 - 50,976,563
Fidelity Managed Income Portfolio
(MIP) (cost $5,776,249) - - 5,776,249
Fidelity Puritan Fund
546,155.1245 shares (cost $7,937,389) - - 8,088,557
Fidelity Magellan Fund
281,382.1699 shares (cost $17,853,039) - - 18,796,329
Fidelity Asset Manager Fund
26,474.6058 shares (cost $392,460) - - 366,144
Fidelity OTC Portfolio Fund
10,664.9891 shares (cost $254,399) - - 248,174
Fidelity Overseas Fund
22,738.8647 shares (cost $641,639) - - 620,771
Loans to participants - 4,163,820 4,163,820
__________ _________ __________
Total investments 50,976,218 4,408,820 89,281,262
__________ _________ __________
Receivables:
Investment income - - 28,785
Money market interest 282 - 886
Commission reimbursement 345 - 345
__________ _________ __________
Total receivables 627 - 30,016
__________ _________ __________
TOTAL ASSETS $50,976,845 $4,408,820 $89,311,278
========== ========= ==========
LIABILITIES AND PLAN EQUITY
Liabilities:
Benefits payable to participants $ 1,826,849 $ - $ 2,636,203
Plan Equity 49,149,996 4,408,820 86,675,075
__________ _________ ___________
TOTAL LIABILITIES AND PLAN EQUITY $50,976,845 $4,408,820 $89,311,278
========== ========= ===========
The accompanying Notes to Financial Statements are an integral part of these statements.
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Statement of Income and Changes in Plan Equity, With Fund Information
for the Year Ended December 31, 1995
Fidelity Investment Funds
______________________________________________________________________________
Asset OTC
ADDITIONS MIP Puritan Magellan Manager Portfolio Overseas
_________ _________ ____________ ___________ __________ _________ _________
Investment income:
Net appreciation
in the fair value of investments $ - $ 1,250,219 $ 5,356,260 $ 64,495 $ 88,298 $ 52,833
Dividends - 547,145 1,447,394 14,860 34,872 21,681
Interest:
Investments 369,126 - - - - -
Money market 8 388 725 57 104 99
Loans - - - - - -
Other - 2 (60) 2 - -
_______ _________ _________ _______ _______ _______
Net Investment income 369,134 1,797,754 6,804,319 79,414 123,274 74,613
_______ _________ _________ _______ _______ _______
Contributions:
Employee 655,886 993,120 2,158,252 101,883 133,448 226,330
Employer - - - - - -
Rollover - 8,796 11,945 2,124 1,345 7,139
Reimbursed commissions - - - - - -
Forfeiture credits - - - - - -
_________ _________ _________ _______ _______ _______
Total contributions 655,886 1,001,916 2,170,197 104,007 134,793 233,469
_________ _________ _________ _______ _______ _______
TOTAL ADDITIONS 1,025,020 2,799,670 8,974,516 183,421 258,067 308,082
_________ _________ _________ ________ _______ _______
DEDUCTIONS
Distributions to participants (594,334) (345,139) (800,329) (19,377) (17,637) (11,194)
Forfeited benefits - - - - - -
_________ _________ ________ _______ _______ _______
TOTAL DEDUCTIONS (594,334) (345,139) (800,329) (19,377) (17,637) (11,194)
_________ _________ ________ _______ _______ _______
TRANSFERS
Due to participant elections 782,883 27,745 (1,834,727) 26,100 157,510 37,459
Due to participant loans (52,414) (20,156) (169,554) 8,179 16,653 18,573
_________ _________ __________ _______ _______ _______
TOTAL TRANSFERS 730,469 7,589 (2,004,281) 34,279 174,163 56,032
_________ _________ __________ _______ _______ _______
NET CHANGE IN PLAN EQUITY 1,161,155 2,462,120 6,169,906 198,323 414,593 352,920
PLAN EQUITY, beginning of year 5,496,246 7,895,833 18,489,069 366,152 248,178 620,781
__________ __________ __________ _______ _______ _______
PLAN EQUITY, end of year $6,657,401 $10,357,953 $24,658,975 $564,475 $662,771 $973,701
========= ========== ========== ======= ======= =======
The accompanying Notes to Financial Statements are an integral part of these statements.
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Statement of Income and Changes in Plan Equity, With Fund Information
for the Year Ended December 31, 1995
KCPL Loans to Total of
Stock Fund Participants All Funds
___________ ____________ ____________
ADDITIONS
Investment income:
Net appreciation
in the fair value of investments $ 6,292,588 $ - $ 13,104,693
Dividends 3,502,951 - 5,568,903
Interest:
Investments - - 369,126
Money market 2,056 - 3,437
Loans - 436,646 436,646
Other (85) - (141)
__________ ________ ___________
Net investment income 9,797,510 436,646 19,482,664
__________ ________ ___________
Contributions:
Employee 2,392,233 - 6,661,152
Employer 2,524,326 - 2,524,326
Rollovers 13,023 - 44,372
Reimbursed commissions 46,713 - 46,713
Forfeiture credits 4,118 - 4,118
__________ _________ ___________
Total contributions 4,980,413 - 9,280,681
__________ _________ ___________
TOTAL ADDITIONS 14,777,923 436,646 28,763,345
__________ _________ ___________
DEDUCTIONS
Distributions to participants (2,406,800) (145,975) (4,340,785)
Forfeited benefits (4,118) - (4,118)
__________ _________ __________
TOTAL DEDUCTIONS (2,410,918) (145,975) (4,344,903)
__________ _________ __________
TRANSFERS
Due to participant elections 803,030 - -
Due to participant loans (230,542) 429,261 -
__________ _________ __________
TOTAL TRANSFERS 572,488 429,261 -
__________ _________ __________
NET CHANGE IN PLAN EQUITY 12,939,493 719,932 24,418,442
PLAN EQUITY, beginning of year 49,149,996 4,408,820 86,675,075
__________ _________ ___________
PLAN EQUITY, end of year $62,089,489 $5,128,752 $111,093,517
========== ========= ===========
The accompanying Notes to Financial Statements are an integral part of these statements.
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Statement of Income and Changes in Plan Equity, With Fund Information
for the Year Ended December 31, 1994
Fidelity Investment Funds
____________________________________________________________________________
Asset OTC
MIP Puritan Magellan Manager Portfolio Overseas
__________ _________ ___________ ________ _________ _________
ADDITIONS
Investment income:
Net depreciation
in the fair value of investments $ - $ (516,284) $(1,102,236) $(32,159) $ (5,169) $(22,666)
Dividends - 646,039 758,758 12,035 1,963 9,773
Interest:
Investments 338,676 - - - - -
Money market 221 366 1,199 47 29 67
Loans - - - - - -
Other - 1,488 (1,504) (1) - 2
__________ _________ ___________ _______ ______ ________
Net investment income (loss) 338,897 131,609 (343,783) (20,078) (3,177) (12,824)
__________ _________ ___________ _______ ______ ________
Contributions:
Employee 738,913 1,011,049 2,310,016 93,693 86,493 177,998
Employer - - - - - -
Rollover 6,407 981 981 - - 14,951
Reimbursed commissions - - - - - -
Forfeiture credits - - - - - -
__________ _________ ___________ _______ ______ ________
Total contributions 745,320 1,012,030 2,310,997 93,693 86,493 192,949
__________ _________ ___________ _______ ______ ________
TOTAL ADDITIONS 1,084,217 1,143,639 1,967,214 73,615 83,316 180,125
__________ _________ ___________ _______ ______ ________
DEDUCTIONS
Distributions to participants (1,348,692) (1,175,832) (1,926,499) (57,286) (20,310) (20,136)
Forfeited benefits - - - - - -
__________ _________ ___________ _______ ______ ________
TOTAL DEDUCTIONS (1,348,692) (1,175,832) (1,926,499) (57,286) (20,310) (20,136)
__________ _________ ___________ _______ ______ ________
TRANSFERS
Due to participant elections (227,974) (6,188) (483,042) 142,660 100,084 322,192
Due to participant loans (81,888) (9,492) (111,316) 11,574 8,889 33,392
__________ _________ ___________ _______ ______ ________
TOTAL TRANSFERS (309,862) (15,680) (594,358) 154,234 108,973 355,584
__________ _________ ___________ _______ ______ ________
NET CHANGE IN PLAN EQUITY (574,337) (47,873) (553,643) 170,563 171,979 515,573
PLAN EQUITY, beginning of year 6,070,583 7,943,706 19,042,712 195,589 76,199 105,208
__________ _________ ___________ _______ ______ ________
PLAN EQUITY, end of year $5,496,246 $7,895,833 $18,489,069 $366,152 $248,178 $620,781
========== ========= ========== ======= ======= =======
The accompanying Notes to Financial Statements are an integral part of these statements.
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Statement of Income and Changes in Plan Equity, With Fund Information
for the Year Ended December 31, 1994
KCPL Loans to Total of
Stock Fund Participants All Funds
___________ ____________ ____________
ADDITIONS
Investment income:
Net depreciation
in the fair value of investments $ (237,684) $ - $(1,916,198)
Dividends 3,201,956 - 4,630,524
Interest:
Investments - - 338,676
Money market 1,997 - 3,926
Loans - 354,178 354,178
Other (4) - (19)
__________ __________ _________
Net investment income 2,966,265 354,178 3,411,087
__________ __________ _________
Contributions:
Employee 2,592,423 - 7,010,585
Employer 2,658,993 - 2,658,993
Rollover 3,196 - 26,516
Reimbursed commissions 45,999 - 45,999
Forfeiture credits 4,637 - 4,637
__________ _________ __________
Total contributions 5,305,248 - 9,746,730
__________ _________ __________
TOTAL ADDITIONS 8,271,513 354,178 13,157,817
__________ _________ __________
DEDUCTIONS
Distributions to participants (7,319,343) (168,471) (12,036,569)
Forfeited benefits (4,637) - (4,637)
__________ _________ __________
TOTAL DEDUCTIONS (7,323,980) (168,471) (12,041,206)
__________ _________ __________
TRANSFERS
Due to participant elections 152,268 - -
Due to participant loans (13,297) 162,138 -
__________ _________ __________
TOTAL TRANSFERS 138,971 162,138 -
__________ _________ __________
NET CHANGE IN PLAN EQUITY 1,086,504 347,845 1,116,611
PLAN EQUITY, beginning of year 48,063,492 4,060,975 85,558,464
__________ _________ __________
PLAN EQUITY, end of year $49,149,996 $4,408,820 $86,675,075
========== ========= ==========
The accompanying Notes to Financial Statements are an integral part of these statements.
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Statement of Income and Changes in Plan Equity, With Fund Information
for the Year Ended December 31, 1993
Fidelity Investment Funds
__________________________________________________________________________
Asset OTC
MIP Puritan Magellan Manager Portfolio Overseas
__________ _________ __________ ________ _________ _________
ADDITIONS
Investment income:
Net appreciation (depreciation)
in the fair value of investments $ - $ 386,089 $ 1,878,094 $ 1,364 $(2,651) $ 2,581
Dividends - 944,052 1,774,945 7,419 4,044 1,493
Interest:
Investments 336,554 - - - - -
Money market 52 164 383 18 3 10
Loans - - - - - -
Other (2) (341) 5 - - -
_________ _________ _________ _______ ______ _______
Net investment income 336,604 1,329,964 3,653,427 8,801 1,396 4,084
_________ _________ _________ _______ ______ _______
Contributions:
Employee 866,816 1,018,861 2,328,867 6,928 9,923 10,455
Employer - - - - - -
Rollover 865 865 2,594 - - -
Reimbursed commissions - - - - - -
Forfeiture credits - - - - - -
_________ _________ _________ _______ ______ _______
Total contributions 867,681 1,019,726 2,331,461 6,928 9,923 10,455
_________ _________ _________ _______ ______ _______
TOTAL ADDITIONS 1,204,285 2,349,690 5,984,888 15,729 11,319 14,539
_________ _________ _________ _______ ______ _______
DEDUCTIONS
Distributions to participants (260,088) (210,651) (387,729) - - -
Forfeited benefits - - - - - -
_________ _________ _________ _______ ______ _______
TOTAL DEDUCTIONS (260,088) (210,651) (387,729) - - -
_________ _________ _________ _______ ______ _______
TRANSFERS
Due to participant elections (380,219) 103,021 (435,454) 179,624 63,442 88,653
Due to participant loans (72,295) (85,371) (210,809) 236 1,438 2,016
_________ _________ _________ _______ ______ _______
TOTAL TRANSFERS (452,514) 17,650 (646,263) 179,860 64,880 90,669
_________ _________ _________ _______ ______ _______
NET CHANGE IN PLAN EQUITY 491,683 2,156,689 4,950,896 195,589 76,199 105,208
PLAN EQUITY, beginning of year 5,578,900 5,787,017 14,091,816 - - -
_________ _________ __________ _______ ______ _______
PLAN EQUITY, end of year $6,070,583 $7,943,706 $19,042,712 $195,589 $76,199 $105,208
========= ========= ========== ======= ====== =======
The accompanying Notes to Financial Statements are an integral part of these statements.
Kansas City Power & Light Company
Cash or Deferred Arrangement Employee Savings Plus Plan
Statement of Income and Changes in Plan Equity, With Fund Information
for the Year Ended December 31, 1993
KCPL Loans to Total of
Stock Fund Participants All Funds
____________ ____________ ____________
ADDITIONS
Investment income:
Net appreciation (depreciation)
in the fair value of investments $ (604,609) $ - $ 1,660,868
Dividends 2,876,576 - 5,608,529
Interest:
Investments - - 336,554
Money market 983 - 1,613
Loans - 311,589 311,589
Other 252 - (86)
__________ _______ _________
Net investment income 2,273,202 311,589 7,919,067
__________ _______ _________
Contributions:
Employee 2,783,301 - 7,025,151
Employer 2,704,174 - 2,704,174
Rollover 9,122 - 13,446
Reimbursed commissions 40,266 - 40,266
Forfeiture credits 8,078 - 8,078
__________ _______ _________
Total contributions 5,544,941 - 9,791,115
__________ _______ __________
TOTAL ADDITIONS 7,818,143 311,589 17,710,182
__________ _______ __________
DEDUCTIONS
Distributions to participants (2,015,781) (84,076) (2,958,325)
Forfeited benefits (7,741) - (7,741)
__________ _______ _________
TOTAL DEDUCTIONS (2,023,522) (84,076) (2,966,066)
__________ _______ _________
TRANSFERS
Due to participant elections 380,933 - -
Due to participant loans (346,885) 711,670 -
__________ _______ _________
TOTAL TRANSFERS 34,048 711,670 -
__________ _______ _________
NET CHANGE IN PLAN EQUITY 5,828,669 939,183 14,744,116
PLAN EQUITY, beginning of year 42,234,823 3,121,792 70,814,348
__________ _________ __________
PLAN EQUITY, end of year $48,063,492 $4,060,975 $85,558,464
========== ========= ==========
The accompanying Notes to Financial Statements are an integral part of these statements.
DESCRIPTION OF THE PLAN
The following description of the Kansas City Power & Light
Company's Cash or Deferred Arrangement, alternatively known as
Employee Savings Plus Plan (the Plan) provides only general
information regarding the Plan. Participants should refer to the
Plan Agreement for more complete information.
The Plan is designed to encourage and assist employees of Kansas
City Power & Light Company and Subsidiary (the Company), to adopt
a regular savings and investment program for long term needs,
especially retirement. The Company is the Plan Administrator and
UMB 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.
1. Eligibility and Employee Contributions - Employees become
eligible to participate on the first day of each month coincident
with or following their completion of one year of service.
Participants may change the amount of their elective contribution
effective the first day of each month. A participant may cease
elective contributions at any time.
Participants can contribute any whole percentage of their
base pay from 2% up to 10% to the Plan, except that
contributions may not exceed the maximum allowable under the
law. The maximum individual contribution allowed for 1995
and 1994 was $9,240, and $8,994 for 1993. Other special
limitations may reduce the participant elective and Company
matching maximum contribution amounts for highly compensated
employees.
Effective February 1, 1996, employees are eligible to make
elective contributions to the Plan before completing one
year of service. If the employee begins employment during
the first 15 days of a month, they can begin participating
in the Plan the first day of the following month. If an
employee's first day of employment is after the 15th of the
month, they are eligible to participate in the Plan the
first day of the next following month. The Company will
begin matching employee contributions when the employee
completes one year of service.
2. Company Matching Contributions - The Company contributes an
amount equal to 50% of the employee's elective contribution, not
to exceed three percent of base pay as defined in the Plan.
Company contributions may be made in cash, Company stock, or a
combination thereof. Company contributions will at all times be
invested in the common stock of the Company.
3. Rollovers - Participants may elect to transfer funds from
another qualified retirement plan to the Plan, with permission
from the Administrative Committee.
4. Vesting and Forfeitures
a) Elective Contribution and Rollover Accounts - Participants
are at all times 100% vested in their elective contribution and
rollover accounts.
b) Company Match Account - 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 upon 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 Company Match Accounts that is not
vested is forfeited by terminating participants.
Forfeitures are used to reduce future Company matching
contributions. The 1995, 1994 and 1993 forfeited
benefits were $4,118, $4,637, and $7,741, respectively.
Forfeited benefits that have not been used by the
Company against future matching contributions are
represented as unapplied forfeiture credits. There
were no unapplied forfeiture credits for 1995 and 1994.
The Company used forfeiture credits of $4,118, $4,637,
and $8,078 for 1995, 1994 and 1993, respectively, to
reduce the matching contributions.
5. Investment of Accounts
a) 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 seven investment funds:
i) KCPL Stock Fund - a fund designed to invest solely in the
Company's common stock.
ii) Fidelity Managed Income Portfolio (MIP) Fund - a fund that
seeks to preserve capital and provide a competitive level of
income over time.
iii) Fidelity Puritan Fund - a growth and income fund that seeks
income consistent with preservation of capital by investing in a
broadly diversified portfolio of common stocks, preferred stocks,
and bonds, including lower-quality, high-yield debt securities.
iv) Fidelity Magellan Fund - a growth fund that seeks long term
capital appreciation by investing in stocks of companies with
potentially above average growth potential and a corresponding
higher level of risk.
v) Fidelity Asset Manager Fund - an asset allocation fund that
seeks high total return with reduced risk over the long term by
investing in domestic and foreign equities, bonds, and short term
instruments.
vi) Fidelity OTC Portfolio Fund - a growth fund that seeks long
term capital appreciation by investing in securities traded on
the over-the-counter securities market.
vii) Fidelity Overseas Fund - an international growth fund that
seeks long term capital growth by investing in foreign
securities that includes common stock, securities convertible
into common stock, and debt instruments.
b) Investment of Company Match Account - This account will at
all times be invested in the common stock of the Company.
As of December 31, 1995, 1,877 employees were
participating in the Plan, 1,091 of whom had invested
their elective contributions in more than one of the
available options of the Plan. There were 79 employees
contributing only to the Fidelity MIP Fund, 28
employees contributing only to the Fidelity Puritan
Fund, 176 employees contributing only to the Fidelity
Magellan Fund, 4 employees contributing only to the
Fidelity Asset Manager Fund, 16 employees contributing
only to the Fidelity OTC Portfolio Fund, 23 employees
contributing only to the Fidelity Overseas Fund, and
460 employees contributing only to the KCPL Stock Fund.
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, and the proceeds transferred and fund
shares purchased per their request.
The non-participant directed portion of the KCPL Stock Fund
consisted of 1,036,648.4941 shares for $27,212,023 and
914,307.7292 shares for $21,371,943, at December 31, 1995
and 1994, respectively.
6. Allocation of Investment Income - The Trustee allocates
investment income based on the shares held by participants in
their individual accounts.
If contributions or participant transfers received by the
Trustee cannot be immediately invested in the investment
funds, the monies are held in an interest bearing UMB Money
Market Fund. Some distributions may also be invested in the
money market fund prior to payment to the participant. Any
interest earned is allocated back to the investment accounts
based on the amounts originally transferred.
The money market interest receivable represents interest
earned in the money market accounts for December 1995 and
1994.
7. 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 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.
Benefits Payable to Participants represents an accrual for
those participants who had terminated service during the
year and had not received their distribution by December 31.
This amount, however, does not include an accrual for those
terminated employees that elected to defer their
distribution until age 62, except for those that will reach
age 62 during 1995 and 1994. The deferred to age 62 totals
for participants not required to receive distributions in
the next calendar year are $9,583,307 and $9,864,430 for
December 31, 1995 and 1994, respectively.
8. 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 5 and 15 years,
respectively. A participant may have no more than one of
each type of loan outstanding at the same time.
For all loans issued through October 1989, if the
participant's account balance was $20,000 or less, then 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, then 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.
Loans to Participants represents the total of the
outstanding loans issued from the investment funds. The
1995 Loans to Participants total of $4,929,010 was comprised
of $718,046 of residential and $4,210,964 of installment
loans. The 1994 Loans to Participants total of $4,163,820
was comprised of $561,788 of residential and $3,602,032 of
installment loans.
9. Commissions and Administrative Expenses - Total 1995, 1994
and 1993 commissions were $46,713, $45,999, and $40,266,
respectively, of which the Company owed the Plan $339 at December
31, 1995, and $345 at December 31, 1994. Commissions paid by the
Plan for purchases and sales of Company common stock are
reimbursed by the Company.
Administrative expenses are also paid by the Company.
During the year ended December 31, 1995, a total of $53,085
in costs for the administration of the Plan were billed to
the Company by the Trustee. The total administrative costs
billed to the Company for 1994 and 1993 were $55,516 and
$52,806, respectively.
10. Voluntary Early Retirement Program - On March 8, 1994, the
Board of Directors of the Company authorized the Company to offer
a Voluntary Early Retirement Program. Of the 411 eligible
employees, 312 employees with a Plan account elected to
participate in the program and retired from the Company on
June 30, 1994. Retiring employees who participated in the Plan
could elect any of the termination payment options described in
Note 7.
11. Related Party and Party-In-Interest Transactions - The
Trustee is authorized under contract provisions and ERISA
regulations, to invest in funds under its control and in
securities of the Company.
In 1995 there were 483,086 shares purchased and 184,534
shares sold in the KCPL Stock Fund under the Trustee's control
totaling $11,426,866 and $4,296,353 respectively. In 1994 there
were 484,176 shares purchased and 182,818 shares sold totaling
$10,480,132 and $3,900,346, respectively.
Temporary cash balances are invested on a daily basis in
short-term investment funds under the Trustee's control.
Although those temporary cash balances are not material to
the Plan's financial statements, there were 505 purchases
and 503 sales in the UMB Money Market Fund totaling
$15,939,033 and $16,009,474, respectively in 1995. In 1994
there were 532 purchases and 521 sales totaling $19,618,315
and $19,549,256, respectively.
12. Agreement and Plan of Merger with UtiliCorp United Inc.
(UCU) - On January 19, 1996, the Company and UtiliCorp United
Inc. (UCU) entered into an agreement and Plan or Merger which
provides for a strategic business combination of the Company and
UCU in a "merger of equals" transaction (the Transaction). The
Agreement and Plan or Merger was amended and restated May 20,
1996. Under the revised terms of the merger, a new KCPL
subsidiary will be created, and will be merged into UCU with UCU
as the surviving corporation. UCU will then be merged with KCPL
to form the combined company. The combined company will be
renamed at the time of the mergers. Shareholders of KCPL will
continue to hold their shares of KCPL, which after the merger
will become shares of the renamed company.
The Transaction is subject to approval by each company's
shareholders and a number of regulatory authorities. The
regulatory process is expected to take 12 to 18 months. The
effect of the merger on the Plan is not known at this time.
13. Summary of Other Significant Accounting Policies
Basis of Accounting - The Plan's financial statements are
maintained on the accrual basis. Plan records are
maintained on a calendar year basis. Investments are valued
at quoted market prices on the last business day of the Plan
year. In accordance with the policy of stating investments
at fair market value, the Plan presents in the statement of
income and changes in Plan equity, 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.
Reclassification - Certain amounts in the 1994 financial
statements have been reclassified to conform to the 1995
presentation.
Tax Status - The Plan has been approved by the Internal
Revenue Service as a "qualified" plan under the Internal
Revenue Code. The Plan is exempt from Federal taxes on its
income, and the participants in the Plan are not subject to
taxes on either the income or the Company's contributions
until such time as distributions are received. The Plan has
been amended since receiving the last tax determination
letter from the Internal Revenue Service. However, the
Administrative Committee believes the Plan is currently
designed and operated in compliance with the applicable
requirements of the Code. The Administrative Committee
believes the Plan is qualified and tax-exempt, as described
above, as of December 31, 1995 and 1994.
Amendment and Termination - Although the Company intends to
continue the Plan indefinitely, it reserves the right to
amend or terminate the Plan or cease Company contributions
to it. If the Plan is terminated, participants will receive
the amounts credited to their accounts and will
automatically be fully vested in the Company Match Account
regardless of the participant's years of service for
vesting.
Management's Estimates - The preparation of financial
statements in conformity with generally accepted accounting
principles requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the
reported amounts of additions to and deductions from the
Plan during the reporting period. Actual results could
differ from those estimates.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Administrative Committee of the Employee
Savings Plus Plan has duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly
authorized.
EMPLOYEE SAVINGS PLUS PLAN
(
(
(By:/s/B. M. Tate
( B. M. Tate, Chairman
(
(
( /s/S. W. Cattron
( S. W. Cattron, Member
(
(
( /s/Jeanie Sell Latz
( J. S. Latz, Member
June 27, 1996
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the
registration statement of Kansas City Power & Light Company on
Form S-8 (File No. 33-58917) of our report dated June 5, 1996,
on our audits of the financial statements of the Kansas City
Power & Light Company Cash or Deferred Arrangement Employee
Savings Plus Plan as of December 31, 1995, and 1994, and for
the years ended December 31, 1995, 1994, and 1993, which report
is included in this Annual Report on Form 11-K.
/s/COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND L.L.P.
Kansas City, Missouri
June 26, 1996
