SEC Info - Connecticut Natural Gas Corp - ‘10-K/A’ for 9/30/94

SEC Info℠

Home

Help

Please Sign In

Connecticut Natural Gas Corp – ‘10-K/A’ for 9/30/94 – EX-99.2

As of: Thursday, 6/29/95 · For: 9/30/94 · Accession #: 23432-95-4 · File #: 1-07727

  As Of                Filer                Filing    For·On·As Docs:Size

 6/29/95  Connecticut Natural Gas Corp      10-K/A      9/30/94    4:94K

Amendment to Annual Report — Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K/A      Amendment #1 to 10-K for 09/30/94                     12     73K 
 2: EX-99.1     Exhibit Index                                          2     10K 
 3: EX-99.2     Form 11-K for Employee Savings Plan                   17     68K 
 4: EX-99.3     Form 11-K for Union Employee Savings Plan             17     67K

EX-99.2 — Form 11-K for Employee Savings Plan

EX-99.2 1st Page of 17 TOC ↑Top Previous Next ↓Bottom Just 1st
 
   CONNECTICUT NATURAL GAS CORPORATION
   -----------------------------------

   EMPLOYEE SAVINGS PLAN
   ---------------------

    FINANCIAL STATEMENTS AND SCHEDULES
    ----------------------------------

    AS OF DECEMBER 31, 1994, 1993 AND 1992
    --------------------------------------

   TOGETHER WITH
    --------------

    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
    ----------------------------------------

EX-99.2 2nd Page of 17 TOC 1st Previous Next ↓Bottom Just 2nd
                       CONNECTICUT NATURAL GAS CORPORATION
                       -----------------------------------

                       EMPLOYEE SAVINGS PLAN
                       ---------------------

                       INDEX
                       -----

                                                                            PAGE
                                                                            ----

   Report of Independent Public Accountants                                  1

Financial Statements:                                                   
Statement of Net Assets Available for Benefits                      
       with Fund Information as of December 31, 1994                         2

Statement of Net Assets Available for Benefits                      
       with Fund Information as of December 31, 1993                         3

Statement of Changes in Net Assets Available for Benefits           
       with Fund Information for the Year Ended December 31, 1994            4

Statement of Changes in Net Assets Available for Benefits           
       with Fund Information for the Year Ended December 31, 1993            5

Statement of Changes in Net Assets Available for Benefits           
       with Fund Information for the Year Ended December 31, 1992            6

   Notes to Financial Statements                                             7

Schedules:                                                              
Schedule I - Item 27a - Schedule of Assets Held for Investment      
       Purposes as of December 31, 1994                                     11

Schedule II - Item 27d - Schedule of Reportable Transactions for    
      the Year Ended December 31, 1994                                      12

EX-99.2 3rd Page of 17 TOC 1st Previous Next ↓Bottom Just 3rd
   ARTHUR ANDERSEN LLP

  REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
  ----------------------------------------

To the Plan Administrator of Connecticut Natural                          
Gas Corporation Employee Savings Plan:                            

We have audited the accompanying statements of net assets available for   
benefits with fund information of Connecticut Natural Gas Corporation     
Employee Savings Plan (the Plan) as of December 31, 1994 and 1993, and the
related statements of changes in net assets available for benefits with   
fund information for each of the three years in the period ended December 
31, 1994.  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 with fund 
information of the Plan as of December 31, 1994 and 1993, and the changes 
in its net assets available for benefits with fund information for each of
the three years in the period ended December 31, 1994, in conformity with 
generally accepted accounting principles.                                 

Our audits were 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 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 the audits of the basic financial statements for the year ended
December 31, 1994 and, in our opinion, are fairly stated in all material  
respects in relation to the basic financial statements taken as a whole.  

                                By Arthur Andersen LLP
                                ----------------------
                             Arthur Andersen LLP

Hartford, Connecticut                                                     
May 31, 1995                                                              

EX-99.2 4th Page of 17 TOC 1st Previous Next ↓Bottom Just 4th
                                                        [Enlarge/Download Table]


                                                              -2-                                                        

                                              CONNECTICUT NATURAL GAS CORPORATION                                        
                                              -----------------------------------                                        
                                                     EMPLOYEE SAVINGS PLAN                                               
                                                     ---------------------                                               
                             STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION                        
                             --------------------------------------------------------------------                        
                                                    AS OF DECEMBER 31, 1994                                              
                                                   ------------------------                                              

                                                                                                   Non-                  
                                                                                               Participant               
                                                Participant Directed                             Directed                
                               -------------------------------------------------------         -----------               
                                                                                                                         
                                                                      The Putnam                                         
                      Putnam Fiduciary   Putnam U.S.    The George     Fund for      Common       Common                 
                        Trust Company     Government    Putnam Fund   Growth and     Stock        Stock                  
                      Stable Value Fund  Income Trust    of Boston      Income        Fund         Fund         Total    
                      ----------------  -------------  ------------   ----------   ----------   ----------    --------   
 Assets                                                                                                                  
 ------                                                                                                                  
 Investments, at                                                                                                         
   current value           $ 1,145,585    $ 1,072,279   $ 2,475,895  $ 3,277,169  $ 2,728,961  $ 7,292,947   $17,992,836 
                           -----------    -----------   -----------  -----------  -----------  -----------   ----------- 
 Cash and temporary                                                                                                      
   investments                  -              -             -            -            41,429      111,765       153,194 
                           -----------    -----------   -----------  -----------  -----------  -----------   ----------- 
 Accounts receivable:                                                                                                    
   Connecticut                                                                                                           
   Natural Gas Corp.             3,805          6,091        17,798       35,505        7,996       41,306       112,501 
   Other                        -              -             -            -             1,716        4,734         6,450 
                           -----------    -----------   -----------  -----------  -----------  -----------   ----------- 
                                 3,805          6,091        17,798       35,505        9,712       46,040       118,951 
                           -----------    -----------   -----------  -----------  -----------  -----------   ----------- 
     Total Assets            1,149,390      1,078,370     2,493,693    3,312,674    2,780,102    7,450,752    18,264,981 
                           -----------    -----------   -----------  -----------  -----------  -----------   ----------- 

 Liabilities                                                                                                             
 -----------                                                                                                             
 Accounts payable to                                                                                                     
   broker                       -              -             -            -          (41,030)     (110,597)     (151,627)
                           -----------    -----------   -----------  -----------  -----------  -----------   ----------- 

EX-99.2 5th Page of 17 TOC 1st Previous Next ↓Bottom Just 5th
     Net Assets                                                                                                          
      Available for                                                                                                      
      Plan Benefits        $ 1,149,390    $ 1,078,370   $ 2,493,693  $ 3,312,674  $ 2,739,072  $ 7,340,155   $18,113,354 
                           ===========    ===========   ===========  ===========  ===========  ===========   =========== 

  The accompanying notes are an integral part of this financial statement.

EX-99.2 6th Page of 17 TOC 1st Previous Next ↓Bottom Just 6th
[CAPTION]                                                                       

                                                        [Enlarge/Download Table]
                                                              -3-                                                       

                                             CONNECTICUT NATURAL GAS CORPORATION                                        
                                             -----------------------------------                                        
                                                    EMPLOYEE SAVINGS PLAN                                               
                                                    ---------------------                                               
                            STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION                        
                            --------------------------------------------------------------------                        
                                                   AS OF DECEMBER 31, 1993                                              
                                                  ------------------------                                              

                                                                                                  Non-                  
                                                                                              Participant               
                                               Participant Directed                             Directed                
                              -------------------------------------------------------         -----------               
                                                                                                                        
                                                                     The Putnam                                         
                     Putnam Fiduciary   Putnam U.S.    The George     Fund for      Common       Common                 
                       Trust Company     Government    Putnam Fund   Growth and     Stock        Stock                  
                     Stable Value Fund  Income Trust    of Boston      Income        Fund         Fund         Total    
                     ----------------- -------------  ------------   ----------   ----------   ----------    --------   
Assets                                                                                                                  
------                                                                                                                  
Investments, at                                                                                                         
  current value             $ 824,473    $ 1,442,808   $ 2,384,557  $ 2,831,408  $ 2,964,501  $ 8,663,752   $19,111,499 
Cash and temporary                                                                                                      
  investments                   3,474         -             -            -            47,557      145,942       196,973 
                            ---------    -----------   -----------  -----------  -----------  -----------   ----------- 
    Total Assets              827,947      1,442,808     2,384,557    2,831,408    3,012,058    8,809,694    19,308,472 
                            ---------    -----------   -----------  -----------  -----------  -----------   ----------- 

Liabilities                                                                                                             
-----------                                                                                                             
Accounts payable to                                                                                                     
  broker                       -              -             -            -          (39,678)     (113,672)     (153,350)
                            ---------    -----------   -----------  -----------  -----------  -----------   ----------- 
    Net Assets                                                                                                          
     Available for                                                                                                      
     Plan Benefits          $ 827,947    $ 1,442,808   $ 2,384,557  $ 2,831,408  $ 2,972,380  $ 8,696,022   $19,155,122 
                            =========    ===========   ===========  ===========  ===========  ===========   =========== 

  The accompanying notes are an integral part of this financial statement.

EX-99.2 7th Page of 17 TOC 1st Previous Next ↓Bottom Just 7th
                                                        [Enlarge/Download Table]

                                                              -4-                                                                

                                              CONNECTICUT NATURAL GAS CORPORATION                                                
                                               ----------------------------------                                                
                                                     EMPLOYEE SAVINGS PLAN                                                       
                                                     ---------------------                                                       
                        STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION                          
                        -------------------------------------------------------------------------------                          
                                              FOR THE YEAR ENDED DECEMBER 31, 1994                                               
                                             -------------------------------------                                               
                                                                                                          Non-                   
                                                                                                       Participant               
                                                           Participant Directed                         Directed                 
                                    -----------------------------------------------------------------  -----------               
                                                                                                                                 
                                       Putnam                                                                                    
                                      Fiduciary                               The Putnam                                         
                                    Trust Company  Putnam U.S.   The George    Fund for      Common      Common                  
                                    Stable Value   Government    Putnam Fund  Growth and     Stock        Stock                  
                                        Fund      Income Trust    of Boston     Income        Fund         Fund        Total     
                                    ------------- -------------------------- -----------   ----------  ----------    ----------  
Additions to net assets                                                                                                          
 attributed to:                                                                                                                  
 Dividends and interest income         $   51,801  $    88,894   $   162,233 $   199,825  $   158,004  $   427,006   $ 1,087,763 
                                       ----------  -----------   ----------- -----------  -----------  -----------   ----------- 
 Realized gains                                                                                                                  
  (losses), net                              -         (23,461)       (6,864)        (66)     (20,752)     (60,713)     (111,856)
                                       ----------  -----------   ----------- -----------  -----------  -----------   ----------- 
         Unrealized appreciation                                                                                                 
  (depreciation) of investments              -         (98,811)     (164,204)   (209,645)    (634,736)  (1,859,543)   (2,966,939)
                                       ----------  -----------   ----------- -----------  -----------  -----------   ----------- 
  Contributions:                                                                                                                 
    Employees                              53,792       91,679       245,201     430,814      123,277         -          944,763 
    Employer                                 -            -             -           -            -         511,479       511,479 
                                       ----------  -----------   ----------- -----------  -----------  -----------   ----------- 
      Total contributions                  53,792       91,679       245,201     430,814      123,277      511,479     1,456,242 
                                       ----------  -----------   ----------- -----------  -----------  -----------   ----------- 
  Transfers, net                          231,403     (408,181)     (86,276)      78,854      162,566      (20,510)      (42,144)
                                       ----------  -----------   ----------- -----------  -----------  -----------   ----------- 
  Other, net                                 -            -            -            -            (256)        (747)       (1,003)
                                       ----------  -----------   ----------- -----------  ------------ -----------   ----------- 
Total additions (deductions)              336,996     (349,880)      150,090     499,782     (211,897)  (1,003,028)     (577,937)
                                       ----------  -----------   ----------- -----------  -----------  -----------   ----------- 
Deductions from net assets                                                                                                       
  attributed to:                                                                                                                 
  Benefits paid to participants           (15,553)     (14,558)      (40,954)    (18,516)     (21,411)    (352,839)     (463,831)
                                       ----------  -----------   ----------- -----------  -----------  -----------   ----------- 
Net increase (decrease)                   321,443     (364,438)      109,136     481,266     (233,308)  (1,355,867)   (1,041,768)
                                       ----------  -----------   ----------- -----------  -----------  -----------   ----------- 
Net Assets Available                                                                                                             
 for Plan Benefits:                                                                                                              
    Beginning of year                     827,947    1,442,808     2,384,557   2,831,408    2,972,380    8,696,022    19,155,122 
                                       ----------  -----------   ----------- -----------  -----------  -----------   ----------- 
    End of year                        $1,149,390  $ 1,078,370   $ 2,493,693 $ 3,312,674  $ 2,739,072  $ 7,340,155   $18,113,354 
                                       ==========  ===========   =========== ===========  ===========  ===========   =========== 

The accompanying notes are an integral part of this financial statement.  

EX-99.2 8th Page of 17 TOC 1st Previous Next ↓Bottom Just 8th
                                                        [Enlarge/Download Table]

                                                              -5-                                                                

                                              CONNECTICUT NATURAL GAS CORPORATION                                                
                                               ----------------------------------                                                
                                                     EMPLOYEE SAVINGS PLAN                                                       
                                                     ---------------------                                                       
                        STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION                          
                        -------------------------------------------------------------------------------                          
                                              FOR THE YEAR ENDED DECEMBER 31, 1993                                               
                                             -------------------------------------                                               
                                                                                                             Non-                
                                                                                                         Participant             
                                                         Participant Directed                              Directed              
                                 ----------------------------------------------------------------------- -----------             
                                                                                                                                 
                                              Putnam                                                                             
                                            Fiduciary                            The Putnam                                      
                                  Fixed   Trust Company Putnam U.S.  The George   Fund for      Common      Common               
                                 Income    Stable Value  Government  Putnam Fund Growth and     Stock       Stock                
                                  Fund         Fund     Income Trust  of Boston    Income        Fund        Fund        Total   
                               ------------------------ ------------------------ ----------- ----------- -----------   ----------
Additions to net assets                                                                                                          
attributed to:                                                                                                                   
Dividends and interest income $      -       $  102,066 $    71,892 $   171,272 $   179,236  $   145,056 $   404,265 $ 1,073,787 
                              -----------    ---------- ----------- ----------- -----------  ----------- ----------- ----------- 
Realized gains                                                                                                                   
(losses), net                        -             -         (1,434)     (1,161)      1,587      108,447     337,916     445,355 
                              -----------    ---------- ----------- ----------- -----------  ----------- ----------- ----------- 
Unrealized appreciation                                                                                                          
(depreciation) of investments        -             -        (31,912)    (25,583)     37,148      160,130     456,800     596,583 
                              -----------    ---------- ----------- ----------- -----------  ----------- ----------- ----------- 
Contributions:                                                                                                                   
 Employees                           -          192,987      74,513     189,661     316,561      136,268        -        909,990 
 Employer                            -             -           -           -           -            -        490,017     490,017 
                              -----------    ---------- ----------- ----------- -----------  ----------- ----------- ----------- 
  Total contributions                -          192,987      74,513     189,661     316,561      136,268     490,017   1,400,007 
                              -----------    ---------- ----------- ----------- -----------  ----------- ----------- ----------- 
Transfers, net                 (6,897,892)      602,769   1,435,183   2,186,042   2,431,592      295,129      34,971      87,794 
                              -----------    ---------- ----------- ----------- -----------  ----------- ----------- ----------- 
Other, net                         77,736        (1,169)       (618)     (6,721)     (2,440)      14,953      40,590     122,331 
                              -----------    ---------- ----------- ----------- -----------  ----------- ----------- ----------- 
Total additions (deductions)   (6,820,156)      896,653   1,547,624   2,513,510   2,963,684      859,983   1,764,559   3,725,857 
                              -----------    ---------- ----------- ----------- -----------  ----------- ----------- ----------- 
Deductions from net assets                                                                                                       
attributed to:                                                                                                                   
Benefits paid to participants        -          (68,706)   (104,816)   (128,953)   (132,276)    (254,463)   (443,619) (1,132,833)
                              -----------    ---------- ----------- ----------- -----------  ----------- ----------- ----------- 
Net increase (decrease)        (6,820,156)      827,947   1,442,808   2,384,557   2,831,408      605,520   1,320,940   2,593,024 
                              -----------    ---------- ----------- ----------- -----------  ----------- ----------- ----------- 
Net Assets Available                                                                                                             
for Plan Benefits:                                                                                                               
 Beginning of year              6,820,156          -           -           -           -       2,366,860   7,375,082  16,562,098 
                              -----------    ---------- ----------- ----------- -----------  ----------- ----------- ----------- 
 End of year                  $      -       $  827,947 $ 1,442,808 $ 2,384,557 $ 2,831,408  $ 2,972,380 $ 8,696,022 $19,155,122 
                              ===========    ========== =========== =========== ===========  =========== =========== =========== 

  The accompanying notes are an integral part of this financial statement.

EX-99.2 9th Page of 17 TOC 1st Previous Next ↓Bottom Just 9th
                                                        [Enlarge/Download Table]

                                               -6-                                      

                               CONNECTICUT NATURAL GAS CORPORATION                      
                               -----------------------------------                      
                                      EMPLOYEE SAVINGS PLAN                             
                                      ---------------------                             
         STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
         -------------------------------------------------------------------------------
                              FOR THE YEAR ENDED DECEMBER 31, 1992                      
                              ------------------------------------                      

                                                                                        
                                    Fixed         Common                                
                                    Income         Stock                                
                                     Fund          Fund         Total                   
                                   ---------     --------      --------                 
Additions to net assets                                                                 
  attributed to:                                                                        
  Dividends                        $    -       $   478,460   $   478,460               
  Interest                             606,275          502       606,777               
                                   -----------  -----------   -----------               
    Total investment income            606,275      478,962     1,085,237               
                                   -----------  -----------   -----------               
  Realized gains, net                   -            88,960        88,960               
                                   -----------  -----------   -----------               
  Unrealized appreciation                                                               
    of investments                      -         2,215,808     2,215,808               
                                   -----------  -----------   -----------               
  Contributions:                                                                        
   Employees                           648,679       94,015       742,694               
   Employer                             -           439,736       439,736               
                                   -----------  -----------   -----------               
     Total contributions               648,679      533,751     1,182,430               
                                   -----------  -----------   -----------               
     Total additions                 1,254,954    3,317,481     4,572,435               
                                   -----------  -----------   -----------               
Deductions from net                                                                     
 assets attributed to:                                                                  
  Benefits paid to participants       (215,229)    (165,391)     (380,620)              
                                   -----------  -----------   -----------               
   Net increase                      1,039,725    3,152,090     4,191,815               
Net Assets Available for                                                                
 Plan Benefits:                                                                         
  Beginning of year                  5,780,431    6,589,852    12,370,283               
                                   -----------  -----------   -----------               
  End of year                      $ 6,820,156  $ 9,741,942   $16,562,098               
                                   ===========  ===========   ===========               

  The accompanying notes are an integral part of this financial statement.

EX-99.2 10th Page of 17 TOC 1st Previous Next ↓Bottom Just 10th
   -7-

   CONNECTICUT NATURAL GAS CORPORATION
   -----------------------------------

   EMPLOYEE SAVINGS PLAN
   ---------------------

   NOTES TO FINANCIAL STATEMENTS
   -----------------------------

1.  Description of the Plan:                                              
------------------------                                          

  The following description of the Connecticut Natural Gas Corporation
  Employee Savings Plan (the Plan) is provided for general information
purposes only.  More complete information regarding the Plan's    
provisions may be found in the Plan document.                     

a.  General -                                                     
-------                                                   

      The Plan is a defined contribution thrift plan open to non-union
       employees of Connecticut Natural Gas Corporation and subsidiaries
       (the Company).  The Plan was established by the Company under the
          provisions of Section 401(a) of the Internal Revenue Code (IRC), and
          it includes a qualified deferred arrangement as described in Section
    401(k) of the IRC for the benefit of eligible employees of the
     Company.  The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).  The Plan 
      Administrator is the Company.  The Compensation Committee of the
        Company's Board of Directors appointed an Administrative Committee
to serve as manager of the Plan.                          

b.  Eligibility -                                                 
-----------                                               

       Employees are eligible to participate when the following criteria
are met:                                                  

(1) Are at least age 21.                                  

(2) Are employed by the Company for one year or more.     

     (3) Have completed 1,000 hours or more of service in a 12-month
period beginning with date of hire.               

    (4) Are on the management payroll or are subject to the Salary
Administration Program.                           

          The number of employees participating in the Plan as of December 31,
1994 and 1993 were 296 and 323, respectively.             

c.  Contributions -                                               
-------------                                             

 Eligible employees may elect to participate in the Plan and
      authorize payroll deductions of not less than 1% and not greater
  than 20% of basic earnings as savings contributions to their

EX-99.2 11th Page of 17 TOC 1st Previous Next ↓Bottom Just 11th
accounts during each year.                                

       The Company will match a percentage of an employee's compensation
         depending on age or years of continuous service.  The amount of the
       Company contribution will be determined according to the schedule
         below.  However, if an employee's elected savings allotment is less
     than the percentage contained in the schedule, the Company will
    match no more than the percentage contributed by the employee.

EX-99.2 12th Page of 17 TOC 1st Previous Next ↓Bottom Just 12th
   -8-

As of December 31, 1994, if an employee's:                

                                                                [Download Table]
                                                                        
 Years of Continuous                                                    
     Service are          Or      Age is     The Company Will Contribute
--------------------      --      ------     ---------------------------
         30                         50            6% of compensation    
         20                         45          4-1/2% of compensation  
         10                         35            3% of compensation    
    Less than l0                 Under 35         2% of compensation    

d.  Investment Options -                                          
------------------                                        

        Plan participants direct their contributions among five investment
  options in 5% increments, and they may elect to change their
          investment options once during each calendar quarter.  A description
of each investment option is provided below:              

      (1) PUTNAM FIDUCIARY TRUST COMPANY STABLE VALUE FUND - This fund
              preserves principal and seeks to achieve relatively high current
    income through a diversified portfolio of high-quality
investment contracts.                             

      (2) PUTNAM U.S. GOVERNMENT INCOME TRUST - This mutual fund seeks
            current income through a portfolio of securities backed by the
    full faith and credit of the United States Government.

     (3) THE GEORGE PUTNAM FUND OF BOSTON - This mutual fund seeks a
    balance of capital growth and current income through a
diversified portfolio of common stocks and bonds. 

        (4) THE PUTNAM FUND FOR GROWTH AND INCOME - This mutual fund seeks
              capital growth and current income through a portfolio of income-
producing common stocks.                          

       (5) COMMON STOCK FUND - This fund seeks to provide current income
             and capital appreciation through investment in the common stock
          of the Company purchased at not more than fair market value.

         All Company matching contributions are invested in the Common Stock
Fund.                                                     

         In addition to transfers between the various funds noted above as a
         result of investment elections made by Plan participants, transfers
        are also made to or from the Union Employee Savings Plan for those
      employees who transfer to (from) one of the Company's collective
bargaining units.                                         

e.  Vesting -                                                     
-------                                                   

  Participants are fully vested in their contributions and the
        earnings thereon.  Participants are vested in the Company matching
contributions and the earnings thereon as follows:        

                                                                [Download Table]
                                                               
Years of Continuous Service are               Percentage Vested
-------------------------------               -----------------
          Less than 1                                 0%       
       1 but less than 2                             20        
       2 but less than 3                             40        
       3 but less than 4                             60        
       4 but less than 5                             80        
           5 or more                                100        

     Participants also become fully vested in their Company matching
contribution account if any one of the following occurs:  

(1) Death                                                 

(2) Disability                                            

(3) Attainment of age 65 (normal retirement date)         

   -9-

(4) Total or partial termination of the Plan              

(5) Discontinuance of Company contributions to the Plan   

        Upon termination of employment before full vesting, the non-vested
         Company match portion of a participant's common stock account shall
         be forfeited after five years if the participant is not rehired and
      applied as a credit against the employer's future contributions.

f.  Benefits -                                                    
--------                                                  

      Upon termination of employment due to retirement, disability, or
          death, a participant (or his/her beneficiary) may elect to receive a
          lump-sum distribution equal to the value of the participant's vested
      interest in his/her account as soon as practicable following the
     termination date or defer the distribution to some future date.

         Participants may request the withdrawal of certain account balances
        prior to termination of employment.  Application for withdrawal of
        after-tax contributions and employee IRA contributions may be made
     once a year.  There are no Plan penalties for such withdrawals.

     Participant benefits under the Plan are excluded from insurance
coverage of the Pension Benefit Guaranty Corporation.     

g.  Participant Accounts -                                        
--------------------                                      

Individual accounts are maintained for each of the Plan's 
          participants to reflect the participant's share of the Plan's income
         and the participant's and the Company's contributions.  Allocations
         of Plan income are based on the share balances in the participants'
accounts.                                                 

2.  Transfer of Plan Assets to New Trustee:                               
--------------------------------------                            

   In January 1993, the Trustee of the Plan was changed from Fleet Bank,
Connecticut (Fleet) to Putnam Fiduciary Trust Company (PFTC).  All
      assets held in trust by Fleet, consisting of common stock of the Company
and three Hartford Life Insurance Company immediate participation 
guarantee contracts, together with associated cash and temporary  
  investments, were transferred to PFTC and placed in the Common Stock
     Fund and the PFTC Stable Value Fund, respectively.  The balances of the

EX-99.2 13th Page of 17 TOC 1st Previous Next ↓Bottom Just 13th
immediate participation guarantee contracts and associated cash on
    January 1, 1993 are reflected in the "Fixed Income Fund" column on the
accompanying statement of changes in net assets for the year ended
December 31, 1993.  In April 1993, transfers of assets from the   
participant directed portion of the Common Stock Fund and the PFTC
     Stable Value Fund to the five investment funds described in Note 1 were
completed based upon investment elections made by the Plan's      
participants.                                                     

3.  Summary of Significant Accounting Policies:                           
------------------------------------------                        

a.  Basis of Accounting -                                         
-------------------                                       

       The accompanying financial statements are prepared on the accrual
basis of accounting.                                      

b.  Income Recognition -                                          
------------------                                        

    Dividend income is recorded on the ex-dividend date.  Interest
income is recorded as earned on the accrual basis.        

EX-99.2 14th Page of 17 TOC 1st Previous Next ↓Bottom Just 14th
  -10-

c.  Investment Valuation -                                        
--------------------                                      

        The Plan's investments are reflected at current value.  The shares
       of the Common Stock Fund and the Putnam mutual funds owned by the
        Plan, with the exception of the PFTC Stable Value Fund, are valued
       at market as determined by the quoted market price as of the last
       business day of the year.  The latter fund is valued at cost plus
  accumulated earnings.  Purchases and sales of securities are
       reflected on a trade date basis.  Beginning in 1994, realized and
        unrealized appreciation/depreciation presented in the statement of
        changes in net assets available for benefits with fund information
          are computed based on the current value of the Plan assets.  Current
         value represents the market value of the assets as of the beginning
of the year.                                              

d.  Administrative Expenses -                                     
-----------------------                                   

   Administrative expenses of the Plan may be paid by either the
       Company or the Plan.  During 1994, 1993 and 1992 the Company paid
all administrative expenses relating to the Plan.         

4.  Federal Income Tax Status:                                            
-------------------------                                         

   In 1994 the Plan was amended and restated to meet the requirements of
the Tax Reform Act of 1986, and the Plan received a favorable     
    determination letter from the Internal Revenue Service dated September
  19, 1994.  The Plan Administrator and management believe that during
1994, the Plan was designed and operated in compliance with the   
   applicable requirements of the IRC.  Therefore, they believe that the
      Plan was qualified and the related trust was tax-exempt through the year
ended December 31, 1994.                                          

5.  Investments:                                                          
-----------                                                       

   Putnam Fiduciary Trust Company, trustee of the Plan, holds the Plan's
investments and executes transactions therein.                    

      The fair market values of individual assets that represent 5% or more of
    the Plan's net assets as of December 31, 1994 and 1993 are as follows:

                                                                [Download Table]
                                                                 
1994:                                                            
   Connecticut Natural Gas Corporation                           
      common stock                                    $10,021,908
   The Putnam Fund for Growth and Income                3,277,169
   The George Putnam Fund of Boston                     2,475,895
   Putnam Fiduciary Trust Company Stable                         
      Value Fund                                        1,145,585
   Putnam U.S. Government Income Trust                  1,072,279

1993:                                                            
   Connecticut Natural Gas Corporation                           
      common stock                                    $11,628,253
   The Putnam Fund for Growth and Income                2,831,408
   The George Putnam Fund of Boston                     2,384,557
   Putnam U.S. Government Income Trust                  1,442,808

6.    Concentration of Credit Risk:                                       
----------------------------                                  

      The Plan's assets are invested in the mutual funds managed by Putnam
       Investments, Inc. described in Note 1 and the Company's common stock.
    In the event of any uncertainties in the financial marketplace the
Plan may be exposed to financial risks.                       

EX-99.2 15th Page of 17 TOC 1st Previous Next ↓Bottom Just 15th
                                                        [Enlarge/Download Table]

                                                             -11-                                                        
                                                                                                               Schedule I
                                                                                                           EIN 06-0383860
                                                                                                                  PIN 007
                                              CONNECTICUT NATURAL GAS CORPORATION                                        
                                              -----------------------------------                                        
                                                     EMPLOYEE SAVINGS PLAN                                               
                                                     ---------------------                                               
                                  ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES                             
                                  ----------------------------------------------------------                             
                                                    AS OF DECEMBER 31, 1994                                              
                                                   ------------------------                                              

                                                                                                                         
                                                 Description of Investment                                               
                                               Including Maturity Date, Rate                                             
    Identity of Issue, Borrower, Lessor, or     of Interest, Collateral, Par                  Current                    
                 Similar Party                       or Maturity Value           Cost          Value                     
    ---------------------------------------    -----------------------------   ---------     ----------                  
*Putnam Fiduciary Trust Company Stable Value   Fund comprised of                                                         
  Fund                                          investment contracts          $ 1,145,585     $ 1,145,585                
                                                                              -----------     -----------                

*Putnam U.S. Government Income Trust           Mutual fund comprised of U.S.                                             
                                                Government securities           1,194,394       1,072,279                
                                                                              -----------     -----------                

*The George Putnam Fund of Boston              Mutual fund comprised of                                                  
                                                 common stocks and bonds        2,665,078       2,475,895                
                                                                              -----------     -----------                

*The Putnam Fund for Growth and Income         Mutual fund comprised of                                                  
                                                 common stocks                  3,447,836       3,277,169                
                                                                              -----------     -----------                

*Connecticut Natural Gas Corporation           Participant directed -                                                    
                                                 Common stock                   2,240,115       2,728,961                
                                                 Temporary investments             41,429          41,429                
                                                                              -----------     -----------                
                                                                                2,281,544       2,770,390                
                                                                              -----------     -----------                
                                               Non-participant directed -                                                
                                                 Common stock                   5,986,905       7,292,947                
                                                 Temporary investments            111,765         111,765                
                                                                              -----------     -----------                
                                                                                6,098,670       7,404,712                
                                                                              -----------     -----------                

EX-99.2 16th Page of 17 TOC 1st Previous Next ↓Bottom Just 16th
                                                     Total Common Stock Fund    8,380,214      10,175,102                
                                                                              -----------     -----------                
                                                     Total Investments        $16,833,107     $18,146,030                
                                                                              ===========     ===========                
<FN>                                                                                                                        
*   Represents a party-in-interest for the year ended December 31, 1994.                                                 

   The accompanying notes are an integral part of this schedule.

EX-99.2 Last Page of 17 TOC 1st Previous Next ↓Bottom Just 17th
                                                        [Enlarge/Download Table]


                                                       -12-                                                        

                                                                                               SCHEDULE II         
                                                                                            EIN 06-0383860         
                                                                                                   PIN 007         
                                       CONNECTICUT NATURAL GAS CORPORATION                                         
                                              EMPLOYEE SAVINGS PLAN                                                
                                  ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS                                   
                                       FOR THE YEAR ENDED DECEMBER 31, 1994                                        

                                               c>                                                                  
                                                      Purchases                           Sales                    
                                               -----------------------  ------------------------------------------ 
      Identity of             Description        Number of   Purchase   Number of    Selling    Cost of   Net Gain 
     Party Involved            of Asset        Transactions    Price   Transactions   Price      Asset    or (Loss)
     --------------            --------        ------------  --------- ------------ ---------  ---------  -------- 
Putnam Fiduciary Trust  Fund comprised of                                                                          
 Company Stable Value     investment contracts                                                                     
 Fund                                               46      $  497,044      15       $179,405   $179,405  $    -   

Putnam U.S. Government  Mutual fund comprised                                                                      
 Income Trust            of U.S. Government                                                                        
                         securities                 29         188,171      29        436,425    467,802   (31,377)

The George Putnam       Mutual fund comprised                                                                      
 Fund of Boston          of common stocks and                                                                      
                         bonds                      27         470,598      22        208,190    214,338    (6,148)

The Putnam Fund for     Mutual fund comprised                                                                      
 Growth and Income       of common stocks           37         753,445      20         97,961     98,074      (113)

Connecticut Natural                                                                                                
 Gas Corporation        Common stock                27       1,436,305      45        499,601    386,598   113,003 

<FN>                                                                                                                   
 Note: For the purpose of this schedule, a reportable transaction is                                               
       defined as a transaction or a series of transactions of the                                                 
       same issue or with the same person which involves an amount in                                              
       excess of 5% of the current value of plan assets at the                                                     
       beginning of the plan year.                                                                                 

   The accompanying notes are an integral part of this schedule.

EX-99.2	1st Page of 17	TOC	↑Top	Previous	Next	↓Bottom	Just 1st

EX-99.2	2nd Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 2nd

EX-99.2	3rd Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 3rd

EX-99.2	4th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 4th

EX-99.2	5th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 5th

EX-99.2	6th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 6th

EX-99.2	7th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 7th

EX-99.2	8th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 8th

EX-99.2	9th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 9th

EX-99.2	10th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 10th

EX-99.2	11th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 11th

EX-99.2	12th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 12th

EX-99.2	13th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 13th

EX-99.2	14th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 14th

EX-99.2	15th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 15th

EX-99.2	16th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 16th

EX-99.2	Last Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 17th

Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10-K/A’ Filing	Date	First	Last	Other Filings

Filed on:	6/29/95
	5/31/95	3
	12/31/94	1	17	10-Q
For Period End:	9/30/94			10-K
	9/19/94	14
	12/31/93	1	14	10-Q
	1/1/93	13
	12/31/92	1	9
				List all Filings

↑Top

Filing Submission 0000023432-95-000004 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Connecticut Natural Gas Corp – ‘10-K/A’ for 9/30/94 – EX-99.2

As of: Thursday, 6/29/95 · For: 9/30/94 · Accession #: 23432-95-4 · File #: 1-07727

Previous ‘10-K’: ‘10-K’ on 12/27/94 for 9/30/94 · Next: ‘10-K/A’ on 6/28/96 for 9/30/95 · Latest: ‘10-K/A’ on 6/5/97 for 9/30/96

Amendment to Annual Report — Form 10-KFiling Table of Contents

EX-99.2 — Form 11-K for Employee Savings Plan

Dates Referenced Herein and Documents Incorporated by Reference

Amendment to Annual Report — Form 10-K
Filing Table of Contents