ComEd 2001 Annual Report Download - page 80

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78
Exelon provides certain health care and life insurance benefits for retired employees. In 2001, Exelon adopted an
amendment to the former Unicom postretirement medical benefit plan that changed the eligibility requirement of the plan
to cover only employees who retire with 10 years of service after age 45 rather than with 10 years of service and having
attained the age of 55. Welfare benefits for active employees are provided by several insurance policies or self-funded plans
whose premiums or contributions are based upon the benefits paid during the year.
Additionally, Exelon sponsors nonqualified supplemental retirement plans which cover any excess pension benefits that
would be payable to management employees under the qualified plan but which are limited by the Internal Revenue Code.The
fair value of plan assets excludes $58 million held in trust as of December 31, 2001 for the payment of benefits under the
supplemental plan and $8 million held in trust as of December 31, 2001 for the payment of postretirement medical benefits.
Exelon sponsors savings plans for the majority of its employees.The plans allow employees to contribute a portion of their
pretax income in accordance with specified guidelines. Exelon matches a percentage of the employee contribution up to
certain limits. The cost of Exelon’s matching contribution to the savings plans totaled $57 million, $17 million and $7 million
in 2001, 2000 and 1999, respectively.
(17) Preferred Securities of Subsidiaries
Preferred and Preference Stock
At December 31, 2001 and 2000, Series Preference Stock of PECO, no par value, consisted of 100,000,000 shares authorized,
of which no shares were outstanding. At December 31, 2001 and 2000, cumulative Preferred Stock of PECO, no par value,
consisted of 15,000,000 shares authorized and the amounts set forth below:
Current at December 31,
Redemption 2001 2000 2001 2000
Price(a) Shares Outstanding Dollar Amount
Series (without mandatory
redemption)
$ 4.68 $ 104.00 150,000 150,000 $ 15 $ 15
$ 4.40 112.50 274,720 274,720 27 27
$ 4.30 102.00 150,000 150,000 15 15
$ 3.80 106.00 300,000 300,000 30 30
$ 7.48 (b) 500,000 500,000 50 50
1,374,720 1,374,720 137 137
Series (with mandatory
redemption)
$ 6.12 (c) 185,400 370,800 19 37
Total preferred stock 1,560,120 1,745,520 $ 156 $ 174
(a) Redeemable, at the option of PECO, at the indicated dollar amounts per share, plus accrued dividends.
(b) None of the shares of this series is subject to redemption prior to April 1, 2003.
(c) PECO made the annual sinking fund payments of $18.5 million on August 1, 2001 and August 2,2000.The future sinking fund requirement in 2002 is $18.5 million.
At December 31, 2001, ComEd Prior Preferred Stock and ComEd Preference Stock consisted of 850,000 and 6,810,451 shares
authorized, respectively, none of which were outstanding.