UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 11-K
X ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
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ACT OF 1934
For the fiscal year ended December 31, 2002
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OR
TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
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ACT OF 1934
For the transition period from to
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Commission file number 33-10665
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THE GMAC MORTGAGE GROUP, INC. SAVINGS INCENTIVE PLAN
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(Full title of the plan)
General Motors Corporation
300 Renaissance Center, Detroit, Michigan 48265-3000
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(Name of issuer of the securities held pursuant to
the plan and the address of its principal
executive offices)
Registrant's telephone number, including area code (313) 556-5000
Notices and communications from the Securities and
Exchange Commission relative to this report should
be forwarded to:
Peter R. Bible
Chief Accounting Officer
General Motors Corporation
300 Renaissance Center
Detroit, Michigan 48265-3000
FINANCIAL STATEMENTS AND EXHIBIT
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(a) FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
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Page No.
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The GMAC Mortgage Group, Inc. Savings Incentive Plan:
Independent Auditors' Report ............................ 3
Statements of Net Assets Available for Benefits ......... 4
Statement of Changes in Net Assets Available for Benefits 5
Notes to Financial Statements ........................... 6
Supplemental schedule as of and for the year ended,
December 31, 2002
Schedule H, Part IV, Line 4i - Schedule of Assets Held at
End of Year ................................. 14
Schedules required under the Employee Retirement Income Security Act of 1974,
other than the schedule listed above, are omitted because of the absence of the
conditions under which such schedules are required or because such schedules
have been previously submitted to the Department of Labor.
(b) EXHIBIT
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Exhibit 23 - Independent Auditors' Consent.................... 17
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the Administrative Committee has duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized.
THE GMAC MORTGAGE GROUP, INC.
SAVINGS INCENTIVE PLAN
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(Name of Plan)
Date June 26, 2003 By
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/s/David C. Walker
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(David C. Walker,
Chief Financial Officer,
GMAC Mortgage Group, Inc.)
INDEPENDENT AUDITORS' REPORT
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To the Trustees and Participants of
The GMAC Mortgage Group, Inc. Savings Incentive Plan
Horsham, Pennsylvania
We have audited the accompanying statements of net assets available for benefits
of the GMAC Mortgage Group Savings Incentive Plan (the "Plan") as of December
31, 2002 and 2001, and the related statements of changes in net assets available
for benefits for the year ended December 31, 2002. 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 auditing standards generally accepted
in the United States of America. 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, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
2002 and 2001, and the changes in net assets available for benefits for the year
ended December 31, 2002 in conformity with accounting principles generally
accepted in the United States of America.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets held
for investment purposes as of December 31, 2002 is presented for the purpose of
additional analysis and is not a required part of the basic financial statements
but is supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedule is the responsibility of the
Plan's management. Such supplemental schedule has been subjected to the auditing
procedures applied in our audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects when considered in relation
to the basic financial statements taken as a whole.
/s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Detroit, Michigan
May 19, 2003
THE GMAC MORTGAGE GROUP SAVINGS INCENTIVE PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, DECEMBER 31, 2002 and 2001.
2002 2001
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Assets:
Investments (Note 4) $265,224,292 $261,266,443
Loans Receivable 6,159,920 5,709,390
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NET ASSETS AVAILABLE FOR BENEFITS $271,384,212 $266,975,833
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See notes to financial statements.
THE GMAC MORTGAGE GROUP SAVINGS INCENTIVE PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS THE YEAR
ENDED DECEMBER 31, 2002.
2002
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Interest and dividends 4,132,974
Net depreciation in fair
value of investments(Note 4) (47,589,410)
Contributions:
Employee 42,998,527
Employer - net 17,917,169
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Total contributions 60,915,696
Distributions to participants (17,442,639)
Rollovers 4,391,758
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Increase in net assets available
for benefits during the year 4,408,379
Net assets available for benefits,
beginning of year 266,975,833
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Net assets available for benefits,
end of year 271,384,212
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See notes to financial statements.
THE GMAC MORTGAGE GROUP, INC. SAVINGS INCENTIVE PLAN
NOTES TO FINANCIAL STATEMENTS
THE YEARS ENDED DECEMBER 31, 2002 AND 2001
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1. DESCRIPTION OF THE PLAN
The GMAC Mortgage Group, Inc. Savings Incentive Plan (the "Plan") was
adopted by action of the Board of Directors of GMAC Mortgage Group, Inc.
(the "Group") on April 30, 1986. The Plan was restated effective January 1,
1998. The Plan was amended as of November 29, 1999 and December 15, 2000
with an effective date of January 1, 1999 for both amendments. The Plan was
amended and restated effective January 1, 2001. The Plan was amended
primarily to clarify existing plan features and to effect administrative
changes. The Plan is subject to the provisions of the Employee Retirement
Income Security Act of 1974, as amended.
General - The Plan is a defined contribution plan with a cash or deferred
arrangement for employees of the Group, its participating subsidiaries and
any related entities electing to adopt the Plan. The primary subsidiaries
or related entities and their respective subsidiaries participating in the
Plan include:
o GMAC Residential Holding Corp. ("GMAC Residential")
o GMAC-RFC Holding Corp. ("RFC")
o GMAC Commercial Holding Corp. ("GMAC Commercial Mortgage").
The Plan is sponsored and administered by the Group. At December 31, 2002
and 2001, all assets were held in trust at Fidelity Management Trust Company
("Fidelity"). A general description of the Plan provisions is incorporated
in the notes that follow. The Plan document includes a complete description
of the Plan provisions.
6
Acquisitions by the Group and subsidiaries affecting the Plan:
Acquisition Acquisition Number of Type of Dollar Plan Year
Entity Acquired Date Type Employees Transfer (1,2,3) Amount (4) Affected
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2000
GMAC Residential Holding Corp.
Koening & Strey 08/12/1999 Stock 200 Trust to Trust $2,094,000
Pacific Union Real
Estate Group 03/01/2000 Stock 150 Trust to Trust 1,300,000
Hammond Residential
Real Estate 03/13/2000 Net Assets 37 Rollover
GHS New York Metro Inc. 04/17/2000 Net Assets 72 Rollover
Johnson & Johnson 07/17/2000 Net Assets 10 Rollover
Solomon Wilmington &
Associates 09/15/2000 Net Assets 4 Rollover
Siery & Kiem 10/24/2000 Net Assets 10 Rollover
GMAC RFC Holding Corp.
ULG (CA) 04/01/2000 Net Assets 177 Rollover
GMAC Commercial Holding Corp.
CSC Cypress
Financial, Inc. 12/01/2000 Net Assets 6 Rollover
See notes on page 9.
7
Acquisitions by the Group and subsidiaries affecting the Plan:
Acquisition Acquisition Number of Type of Dollar Plan Year
Entity Acquired Date Type Employees Transfer (1,2,3) Amount (4) Affected
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2001
GMAC Residential Holding Corp.
Clayton National, Inc 03/31/2001 Net Assets 86 Rollover
GMAC Commercial Holding Corp.
Univest Financial
Services, LLC 01/09/2001 Net Assets 68 Rollover
Keystone Mortgage
Partners, LLC 02/02/2001 Net Assets 42 Rollover
Paramount Financial
Group, LLC 03/12/2001 Net Assets 135 Rollover
FASRE Field Services
Inc 04/06/2001 Net Assets 11 Rollover
Carey Kramer Company
08/09/2001 Net Assets 11 Rollover
FCC Health Capital
Group 10/01/2001 Net Assets 18 Rollover
See notes on page 9.
8
Notes:
(1) Trust to Trust transfers involve mapping the funds from the former
entity's plan to the Group's current plan. Funds are directly
transferred from the former entity's trustee to the Group's trustee.
(2) Rollovers afford the former entity's plan participants the
opportunity to roll their funds into the Group's Plan. Participants
are eligible to rollover to the Group's Plan as of the entity's
acquisition date.
(3) In all types of transfers, employees of the former entity are vested
in accordance with the Plan's vesting schedule and their original
dates of hire, except where noted.
(4) Approximate amount of assets to be transferred in a Trust to Trust
transfer is noted above. No amount is disclosed for Rollovers as
participants are not required to roll funds over to the Plan.
Eligibility - Employees, except those in an ineligible classification, are
eligible to participate. Employees considered ineligible are those covered
by a collective bargaining agreement, part-time commissioned employees,
part-time employees scheduled to work less than 20 hours per week, temporary
employees, those employed as mortgage loan agents by GMAC Home Services,
Inc., a non-resident alien with no United States source income, leased
employees (paid by an entity other than the Group), or independent
contractors. Temporary employees and those scheduled to work less than 20
hours per week become eligible once they complete one year of eligibility
service and are employed by the Group on that date. Eligible employees may
generally start to make pre-tax contributions to the Plan on the first day
of any calendar month following 30 days of employment.
Contributions - Annual additions to a participant's account are subject to
certain limitations imposed by the Plan, and the Internal Revenue Code of
1986, as amended (the "Code"). Employees may elect to contribute to the Plan
on a pre-tax basis, in even multiples of 1% of base compensation, up to 99%
for 2002 and 12% for 2001 of compensation (subject to a limit of $11,000 and
$10,500 for the years ended December 31, 2002 and 2001, respectively). The
participant contribution limitation is evaluated annually by the Internal
Revenue Service to determine if an adjustment for cost of living increases
is necessary to the extent permitted by the Code. The Group will match a
participant's contribution in cash up to 6% of compensation, to an annual
matching limit of $3,000. Employer contributions are made to the General
Motors Unitized Stock Fund. Based on the participant's election, participant
contributions can be directed to any of several investment funds or options
(see Note 4). Participants may elect to change contribution elections daily
and are permitted to change allocations among funds or transfer balances
between funds, in 1% increments daily.
Participant Accounts - Two pre-tax basis accounts are maintained for each
Plan participant. The Salary Reduction Account consists of a participant's
contributions. The Matching Account consists of the Group's contributions.
The benefit to which a participant is entitled is the benefit that can be
provided from the participant's vested account. Any increase or decrease in
the market value of each investment category and all accrued income,
expense and realized profit or loss shall be added to or deducted from the
account of each participant.
9
Vesting - Participants are immediately vested in their contributions in the
Salary Reduction Account plus actual earnings thereon. Vesting in the
Group's contributions in the Matching Account plus earnings thereon is
based on years of continuous service. The participants' Matching Account
vested balance is 20% after one year of credited service and increases 20%
per year thereafter until fully vested.
Participant Loans - Active participants in the Plan are generally eligible
to borrow from the Plan up to the lesser of $50,000 or 50% of the
participant's vested account balance. Interest on participant loans is
determined by the Plan Administrator based on rates offered by commercial
lenders for similar type loans. Loan repayments are in level monthly
installments over a term not to exceed ten years if loan is used for home
purchase or five years if loan is used for any other purpose. Loans are
funded through the liquidation of the participant's related investments.
Repayments of principal are reinvested based upon the participant's current
investment options.
Distributions - A participant may withdraw his or her vested accrued benefit
at any time after termination of employment, subject to an excise tax
penalty if withdrawn prior to age 59 1/2. Prior to termination of
employment, the participant's vested accrued benefit may only be withdrawn
because of disability or financial hardship. A participant will receive his
or her withdrawal in a lump-sum payment. A participant may also elect a
distribution of shares of stock to the extent that a participant's accrued
benefit is invested in employer stock.
Forfeitures - Upon termination, the non-vested portion of the participant's
Matching Account is forfeited. At December 31, 2002, forfeited nonvested
accounts totaled $844,387 and will be used to reduce subsequent Group
contributions.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The accompanying financial statements have been
prepared in accordance with accounting principles generally accepted in the
United States of America.
Use of Estimates - The preparation of the financial statements in conformity
with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions (specifically,
the fair value of plan assets) that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results may differ from those
estimates.
Risks and Uncertainties - The Plan utilizes various investment instruments.
Investment securities, in general, are exposed to various risks, such as
interest rate, credit, and overall market volatility. Due to the level of
risk associated with certain investment securities, it is reasonably
possible that changes in the values of investment securities will occur in
the near term and that such changes could materially affect the amounts
reported in the financial statements.
Investment Valuation and Income Recognition - Investment transactions are
recorded on the trade date and investment balances are stated at fair value.
Assets are invested in common stocks, mutual funds and pooled separate
accounts and are carried at quoted market price. Net appreciation in fair
value of investments is computed based on the fair value of investments at
the beginning of the Plan year compared with the fair value of investments
at the end of the Plan year. Dividends and interest are included in income
when earned based on the term of the investments and the periods during
which the investments are owned by the Plan.
10
Participant loans are valued at cost, which approximates fair value.
Balances in the loan fund are carried at the principal balance outstanding.
Distributions - Distributions are recorded when paid.
Expenses - Administrative expenses of the Plan are paid by the Group.
3. PLAN TERMINATION
Although it has not expressed any intent to do so, the Group has the right
under the Plan to discontinue its contributions at any time and to terminate
the Plan subject to the provisions of ERISA. In the event of Plan
termination, each participant's Matching Account becomes fully vested to the
extent of the amount in the participant's Matching Account.
4. INVESTMENTS AND INVESTMENT OPTIONS
The following presents investments that represent 5 percent or more of the
Plan's net assets.
December 31,
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Identity of Issue 2002 2001
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Fidelity Management Trust Company:
Growth & Income Fund (1,193,316 and
1,130,466 shares, respectively) $36,169.403 $42,256,822
Magellan Fund (338,196 and 303,930
shares, respectively) 26,703,977 31,675,539
Contrafund (529,517 and 505,003 shares,
respectively) 20,439,354 21,598,983
Managed Income Fund (24,325,125 and
21,143,313 shares, respectively) 24,325,125 21,143,313
Retirement Government Money Market
(20,729,207 shares and 15,410,539
shares, respectively) 20,729,207 15,410,539
General Motors Unitized Common Stock Fund*
(5,039,691 and 4,004,296 shares,
respectively) 46,113,175 46,249,623
During 2002, the Plan's investments, which were all mutual funds (including
gains and losses on investments bought and sold, as well as held during the
year), depreciated in value by $47,589,410.
The Plan currently offers 32 mutual funds and one common stock as
investment options for participants. Effective May 1, 2003, one fund was
frozen to new contributions while six new investment options were added to
the Plan.
11
Employer contributions are automatically invested in the General Motors
Unitized Stock ("GMUS") Fund. Participants have the ability to transfer
these funds to another investment option immediately. The objective of the
GMUS Fund is to provide a General Motors stock investment option that can
be traded and accessed with the same frequency and timeliness as a Fidelity
mutual fund. This fund is primarily comprised of GM Common Stock and a
small percentage of cash and/or other liquid investments (usually 1-3%).
The availability of the cash makes it possible to trade shares of GM Common
Stock without waiting the mandatory five-day settlement period. During 2002
and 2001, contributions to each participant's Matching Accounts were
initially invested in the GM Unitized Common Stock Fund. See Note 7 for
more detailed financial information.
5. TAX STATUS
The Internal Revenue Service has determined and informed the Company by a
letter dated August 20, 2002 that the Plan and related trust were designed
in accordance with the applicable regulations of the Internal Revenue Code
(IRC). The Plan has been amended since receiving the determination letter.
However, the Plan Administrator and the Plan's tax counsel believe that the
Plan is designed and is currently operated in compliance with the applicable
requirements of the IRC.
6. RELATED PARTY TRANSACTIONS
Advisory, auditing and accounting services are paid for by the Group on
behalf of the Plan. Costs for such outside services amounted to
approximately $361,000 during the year ended December 31, 2002. The
administrative expenses relating to the funds are paid directly by the
participants from the fund's assets and are factored into the net asset
value.
The Plan has invested in common stock of General Motors Corporation ("GM"),
the indirect parent of the Group, which is classified as nonparticipant
directed investments. See Note 7 for more detailed financial information.
During the years ended December 31, 2002 and 2001, the Plan had the
following GM stock transactions:
2002 2001
Total dollar amount of purchases $22,508,896 $21,641,714
Total dollar amount of sales 10,097,078 8,948,748
Two employees of the Group who serve on the Pension Committee also have
outstanding loans receivable. Loan activity for these individuals for the
years ended December 31, 2002 and 2001 is as follows:
2002 2001
New Loans $ - $ -
Principal repayments 28,256 12,015
Average balance at December 31 2,709 16,837
Average rate 9.00% 9.00%
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7. NONPARTICIPANT-DIRECTED INVESTMENTS
At December 31,
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2002 2001
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Net Assets - Common stock $48,257,100 $49,887.958
Year Ended
December 31, 2002
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Interest and dividends $ 39,929
Net depreciation in fair
value of investments (13,770,469)
Contributions:
Employee 1,733,003
Employer - gross 17,351,295
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Total contributions 19,084,298
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Distributions to participants (2,728,657)
Rollovers 112,614
Transfers among investment options (4,364,573)
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Decrease in net assets available
for benefits during year (1,630,858)
Net assets available for benefits,
beginning of year 49,887,958
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Net assets available for benefits,
end of year $48,257,100
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8. PLAN AMENDMENTS
During 2002, the Plan was amended and restated to be in compliance with the
provisions of the Uruguay Round Agreement Act, the Uniformed Services
Employment and Reemployment Rights Act, the Small Business Job Protection
Act of 1996, the Taxpayer Relief Act of 1997 and various regulations and
rulings issued by governmental agencies (together "GUST") and the Economic
Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA"). These
amendments specify, among other things, changes in allowable rollover
contributions into the Plan, changes in distributions resulting from
termination of employment prior to early or normal retirement dates and
other options for participants in the Plan.
During 2002, the Plan implemented four additional amendments. On March 29,
2002 the Plan adopted certain "model amendments" prepared by the Internal
Revenue Service to establish good faith compliance with certain provisions
of the Economic Growth and Tax Relief Reconciliation Act of 2001. Also on
March 29, 2002 the Plan was amended to state that each employee who becomes
eligible to participate may contribute any percentage of his compensation
remaining after applicable income or payroll tax or other withholding
elections as he shall elect in a manner prescribed by the Administrator.
"Compensation" shall not include bonuses(except for employees of GMAC
Commercial Mortgage), incentive compensation other than commissions,
severance or termination pay, expense reimbursements or allowances, or the
value of welfare benefits or perquisites paid in cash. On September 13,
2002 the Plan was amended to indicate that the maximum term of a loan
generally may not exceed five years, however, if the participant
establishes to the satisfaction of Fidelity that the participant intends to
use the loan to acquire his principal residence, the maximum term of the
loan is ten years. Furthermore, the Group contribution for a member shall
be adjusted as the Pension Committee shall direct to the extent necessary
for the matching contribution amount to be the amount that would have been
contributed if the member's salary reduction contributions for the Plan
year were made as an equal percentage of compensation during the portion of
the year the member was eligible for matching contributions.
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THE GMAC MORTGAGE GROUP, INC. SAVINGS INCENTIVE PLAN
Schedule H, Part IV, Line 4i - SCHEDULE OF ASSETS HELD AT END OF YEAR
DECEMBER 31, 2002
Market
Identity of Issue Description of Investment Cost Value
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Participant Loans (Interest rates from
5.75.% to 10.75%) $6,159,920 $6,159,920
Fidelity Management Trust Company
Growth & Income Fund (2) Growth & Income Fund 44,335,495 36,169,403
Fidelity Management Trust Company
Magellan Fund (2) Growth Fund 35,673,230 26,703,977
Fidelity Management Trust Company
Contrafund (2) Growth Fund 25,721,861 20,439,354
Fidelity Management Trust Company
Managed Income Fund (2) Stable Value Fund 24,325,125 24,325,125
Fidelity Management Trust Company
Asset Manager Fund Asset Allocation Fund 14,599,961 12,133,804
Fidelity Management Trust Company
Retirement Government Money Market
Fund (2) Money Market Fund 20,729,207 20,729,207
Fidelity Management Trust Company
OTC Portfolio Fund Growth Fund 15,692,368 8,635,754
Fidelity Management Trust Company
Overseas Fund International Growth Fund 10,564,851 6,733,244
Fidelity Management Trust Company
Blue Chip Growth Fund Growth & Income Fund 11,840,430 8,119,199
Fidelity Management Trust Company
Small Cap Stock Fund Growth Fund 5,673,384 4,858,137
Fidelity Management Trust Company
Aggressive Growth Fund Growth Fund 7,333,120 3,490,652
Fidelity Management Trust Company
Spartan U.S. Equity Index Fund Growth Fund 6,747,253 4,990,904
14
THE GMAC MORTGAGE GROUP, INC. SAVINGS INCENTIVE PLAN
Schedule H, Part IV, Line 4i - SCHEDULE OF ASSETS HELD AT END OF YEAR
DECEMBER 31, 2002
Market
Identity of Issue Description of Investment Cost Value
--------------------------------------- -------------------------------------- ---------- ----------
Fidelity Management Trust Company
Puritan Fund Balanced Fund 5,554,327 4,800,558
Fidelity Management Trust Company
Ginnie Mae Fund Income Fund 6,416,313 6,612,608
Fidelity Management Trust Company
U.S. Bond Index Bond Fund 6,069,724 6,270,740
Fidelity Management Trust Company
Low-Price Stock Fund Growth Fund 5,793,139 5,457,380
Fidelity Management Trust Company
Equity Income Fund Growth Fund
1,755,315 1,489,436
Fidelity Management Trust Company
Freedom Income Fund Asset Allocation Fund 484,495 471,199
Freedom 2000 Fund Asset Allocation Fund 580,211 535,015
Freedom 2010 Fund Asset Allocation Fund 2,765,866 2,420,970
Freedom 2020 Fund Asset Allocation Fund 4,336,520 3,457,325
Freedom 2030 Fund Asset Allocation Fund 4,088,700 3,158,463
Freedom 2040 Fund Asset Allocation Fund 238,030 200,986
Fidelity Management Trust Company Growth Fund
Value Fund 3,088,365 2,819,149
Fidelity Management Trust Company International Growth Fund
Diversified International Fund 849,204 789,507
15
THE GMAC MORTGAGE GROUP SAVINGS INCENTIVE PLAN
Schedule H, Part IV, Line 4i - SCHEDULE OF ASSETS HELD AT END OF YEAR
DECEMBER 31, 2002
Market
Identity of Issue Description of Investment Cost Value
--------------------------------------- -------------------------------------- ---------- ----------
Fidelity Management Trust Company
General Motors Unitized Common Stock
Fund (1)(2) Common Stock Fund 60,802,526 46,113,175
Fidelity Management Trust Company
Delphi Automotive Unitized Common Stock
Fund (1) Common Stock Fund 2,715,255 1,750,621
Fidelity Management Trust Company
GM Class H Common (1) Common Stock Fund 690,469 414,484
Raytheon Corp
Raytheon Common Stock (1)
Common Stock Fund 561,625 393,305
Wachovia
Wachovia Corporation Stock Fund Common Stock Fund 294,080 740,611
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TOTAL $336,480,369 $271,384,212
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(1) Party in interest.
(2) Individual investment represents 5% or more of the Plan's net assets.
16