UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
|
x |
Annual Report Pursuant to Section 15(d) |
of the Securities Exchange Act of 1934
For the Fiscal Year Ended December 31, 2006
or
|
o |
Transition Report Pursuant to Section 15(d) |
Of the Securities Exchange Act of 1934
For the Transition Period from _____________ to _____________
Commission File Number 1-14762
SERVICEMASTER PROFIT SHARING AND RETIREMENT PLAN
(Full Title of Plan)
THE SERVICEMASTER COMPANY
860 Ridge Lake Boulevard,
Memphis, Tennessee 38120
(Name of Issuer of the
Securities Held Pursuant to the Plan
And the Address of the Principal Executive Office)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Committee and Plan administrators have duly caused this annual report to be signed by the undersigned thereunto duly authorized.
SERVICEMASTER Profit Sharing and Retirement Plan
By: /s/ Deborah A. OConnor
Deborah A. OConnor
Senior Vice President and Controller
By: /s/ Eric R. Zarnikow
Eric R. Zarnikow
Senior Vice President and Treasurer
Date: |
June 28, 2007 |
2
|
ServiceMaster Financial Statements |
3
SERVICEMASTER PROFIT SHARING AND RETIREMENT PLAN
TABLE OF CONTENTS
NOTE: |
All other schedules required by Section 2520.103-10 of the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable. |
4
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Equity Plans Administrative Committee of
ServiceMaster Profit Sharing and Retirement Plan
We have audited the accompanying statements of net assets available for benefits of ServiceMaster Profit Sharing and Retirement Plan (the Plan) as of December 31, 2006 and 2005, and the related statement of changes in net assets available for benefits for the year ended December 31, 2006. These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plans internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, 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, 2006 and 2005, and the changes in net assets available for benefits for the year ended December 31, 2006 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 schedules of assets (held at end of year) as of December 31, 2006 and delinquent participant contributions for the year ended December 31, 2006 are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These schedules are the responsibility of the Plans management. Such schedules have been subjected to the auditing procedures applied in our audit of the basic 2006 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.
/s/ Deloitte & Touche LLP
Chicago, Illinois
June 25, 2007
5
2006 |
2005 |
|||||||
---|---|---|---|---|---|---|---|---|
ASSETS: | ||||||||
Non-interest-bearing cash | $ | 32,766 | $ | 7,990 | ||||
Investments, at fair value: | ||||||||
Participant-directed Investments (Note 3) | 293,082,323 | 279,362,662 | ||||||
The ServiceMaster Company Common Stock Fund (Note 4) | 44,625,597 | 48,535,857 | ||||||
Total Investments | 337,707,920 | 327,898,519 | ||||||
Receivables: | ||||||||
Employer contribution receivable | 8,299,733 | 9,209,593 | ||||||
Employee contribution receivable | 906,798 | 973,518 | ||||||
Total Receivables | 9,206,531 | 10,183,111 | ||||||
Net Assets Available for Benefits at Fair Value | 346,947,217 | 338,089,620 | ||||||
Adjustment from fair value to contract value for fully | ||||||||
benefit-responsive investment contracts (Note 1) | 174,739 | 195,457 | ||||||
NET ASSETS AVAILABLE FOR BENEFITS | $ | 347,121,956 | $ | 338,285,077 | ||||
See accompanying notes to financial statements.
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ADDITIONS: | |||||
Contributions: | |||||
Employee contributions | $ | 26,666,095 | |||
Employer contributions | 9,714,580 | ||||
Rollover contributions | 1,465,747 | ||||
Total Contributions | 37,846,422 | ||||
Investment Income: | |||||
Net appreciation in fair value of investments | 32,985,846 | ||||
Dividends | 9,725,468 | ||||
Interest from participant loans | 716,304 | ||||
Net Investment Income | 43,427,618 | ||||
Total Additions | 81,274,040 | ||||
DEDUCTIONS: | |||||
Benefits paid to participants | 37,389,693 | ||||
Deemed distributions of loans to participants | 1,230,934 | ||||
Administrative expenses | 78,656 | ||||
Transfers from Plan (Note 1) | 33,737,878 | ||||
Total Deductions | 72,437,161 | ||||
INCREASE IN NET ASSETS | 8,836,879 | ||||
NET ASSETS AVAILABLE FOR BENEFITS: | |||||
Beginning of year | 338,285,077 | ||||
End of year | $ | 347,121,956 | |||
See accompanying notes to financial statements.
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SERVICEMASTER PROFIT SHARING AND RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
1. |
DESCRIPTION OF THE PLAN |
GeneralThe following description of the ServiceMaster Profit Sharing and Retirement Plan (the Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plans provisions. The Plan is a defined contribution plan covering substantially all nonunion employees of The ServiceMaster Company and its subsidiaries (the Company) who have completed 90 days of service and are at least 18 years of age. Leased employees and employees who are or who become covered by a collective bargaining agreement which does not allow for Plan participation, are not eligible to participate in the Plan. The Plan is administered by the Equity Plans Administrative Committee. T. Rowe Price Trust Company serves as the trustee of the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.
Sales of the American Residential Services and American Mechanical Services BusinessesIn the third quarter of 2006, the Company completed the sales of American Residential Services (ARS) and American Mechanical Services (AMS). As of the sale dates, employees of these businesses were no longer eligible to contribute to the Plan. Account balances of these businesses participants of $33,737,878 in cash, Company stock, and participant loans were transferred out of the Plan between July 19 and December 31, 2006 to successor plans. Additionally, balances of $239,183 in cash, Company stock and participant loans were transferred out of the Plan as of April 16, 2007 to successor plans.
ContributionsParticipants may elect to contribute a minimum of 1% up to a maximum of 75% of pretax annual compensation, as defined in the Plan, subject to certain Internal Revenue Code (IRC) limitations. The first 4% of pretax compensation (base contribution) contributed to the Plan is eligible for a discretionary employer matching contribution. The Company matching contribution is determined each year by the Board of Directors. Participants have complete investment discretion over all Company contributions. The Board of Directors approved a discretionary Company matching contribution of 65% of participants base contribution across all employee groups for the years ended December 31, 2006 and 2005. Participants may also make rollover contributions representing distributions from other qualified plans. For the 2006 plan year, the Companys matching contribution was made in cash and was invested according to the participants direction. As a result of the sale of ARS and AMS, a portion of the Companys matching contribution for the 2006 plan year was paid during 2006. During 2006, the Company remitted to the Plan $1,387,106 employer matching contributions earned as of the date of sale for the participants of the sold ARS and AMS businesses. In 2007, the Company remitted to the Plan the remaining employer matching contribution for the 2006 plan year totaling $8,299,733.
Participant AccountsIndividual accounts are maintained for each Plan participant. Each participants account is credited with the participants contribution and an allocation of the Companys discretionary contribution and Plan earnings, and charged with withdrawals and an allocation of Plan losses and administrative expenses, where applicable. Allocations are based on participant contributions or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participants vested account.
8
InvestmentsParticipants direct the investment of their contributions into various investment options offered by the Plan, which currently consist of The ServiceMaster Company Common Stock Fund, 17 mutual funds (including 10 target date retirement funds), and 3 common/collective trust funds.
VestingParticipants are vested immediately in their contributions plus actual earnings thereon. Vesting in the Companys contributions, and earnings thereon, is based on the following schedule, except in the event of death or permanent disability, in which case the participant immediately becomes 100% vested:
Completed Years of Service |
Percent Vested | ||||
---|---|---|---|---|---|
Less than 2 years of service | 0 | % | |||
2 years of service but less than 3 | 25 | ||||
3 years of service but less than 4 | 50 | ||||
4 years of service but less than 5 | 75 | ||||
5 years of service or more | 100 |
Participant LoansParticipants may borrow from their fund accounts a minimum of $500 up to a maximum of the lesser of: (a) $50,000 or (b) 50% of their vested account balance (limited to the value of the participants contributions and earnings thereon), minus their highest outstanding loan balance in the previous 12 months. A participants loan is secured by the balance in the participants account and bears interest at the Prime interest rate as listed in The Wall Street Journal on the first business day of the month in which the loan is issued, plus 1%. Principal and interest are paid ratably through payroll deductions.
Benefit PaymentsA participant may elect to have the value of his or her vested account (minus any outstanding loan balance) distributed to him or her upon permanent disability, upon reaching normal retirement age (65), or upon termination of employment. A participant may elect to receive either a lump-sum amount equal to the value of the participants vested interest in his or her account, or monthly, quarterly, or annual installments for a specified number of years not to exceed the participants life expectancy and that of his or her beneficiary. At the time of distribution, shares of The ServiceMaster Company Common Stock Fund in the participants account can be taken in kind or in cash.
ForfeituresForfeitures are first used to reinstate all rehired participants forfeitures, and then they are used to offset a portion of the employers matching contribution and/or used to pay certain plan expenses normally paid by the Company. Unallocated forfeitures were $389,307 and $315,648 at December 31, 2006 and 2005, respectively. Forfeitures in the amount of $476,000 were used to offset a portion of the employers matching contribution for the plan year ended December 31, 2006.
2. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of AccountingThe accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.
Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Plan to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Risks and UncertaintiesThe Plan utilizes various investment securities, including The ServiceMaster Company Common Stock Fund, mutual funds, common/collective trust funds, and investment contracts. Investment securities, in general, are exposed to various risks, such as interest
9
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 RecognitionThe Plans investments are stated at fair value based on quoted market prices or estimated fair value as reported by the Plans trustee. Shares of mutual funds are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year-end. Participant loans are valued at the outstanding loan balances.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
The ServiceMaster Stable Value Fund invests in the T. Rowe Price Stable Value Fund which invests in guaranteed investment contracts, funding agreements and security-backed investment contracts, and separate accounts issued or wrapped by insurance companies, banks, or other financial institutions (collectively referred to herein as Investment Contracts). Investment Contracts are normally held to maturity, and meet the fully benefit responsive requirements of AICPA Statement of Position 94-4-1, Reporting of Investment Contracts Held by Health and Welfare Benefit Plans and Defined Contribution Pension Plans, as amended. As required by the FSP, the Statement of Net Assets Available for Benefits includes these fully benefit responsive investment contracts at fair value as well as the adjustment from fair value to contract value. Fair value of the contract is calculated by discounting the related cash flows based on current yields of similar instruments with comparable durations. At December 31, 2006 and 2005, The ServiceMaster Stable Value Fund was 100% invested in the T. Rowe Price Stable Value Fund, with no additional types of investments.
Administrative ExpensesAdministrative expenses are paid by the Plan to the extent not paid by the Company, as provided in the Plan document. Expenses paid by the Company include payments to third-party service providers for trust, investment, and legal services, among others. Expenses paid by the Plan include participant loan initiation and maintenance fees.
Payment of BenefitsBenefit payments to participants are recorded upon distribution. There were no amounts, exclusive of distributions for which participants have elected to be paid on an installment basis, allocated to accounts of persons who had elected to withdraw from the Plan but had not yet been paid at December 31, 2006 or 2005, respectively.
Recently Adopted Accounting PrinciplesAs of December 31, 2006, the Plan adopted Financial Accounting Standards Board Staff Position FSP AAG INV-1 and Statement of Position No. 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans (the FSP). The FSP requires that the Statement of Net Assets Available for Benefits present the fair value of the Plans investments as well as the adjustment from fair value to contract value for the fully benefit-responsive investment contracts. Contract value is the relevant measurement attribute for fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis for the fully benefit-responsive investment contracts, and consequently was not affected by the adoption of the FSP. The FSP was applied retroactively to the prior period presented on the Statement of Net Assets Available for Benefits as of December 31, 2005. The impact of the adoption of the FSP was to increase the reported amounts of participant-directed investments as of December 31, 2005 by $195,457 from the amounts previously reported.
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3. |
INVESTMENTS |
The fair values of the Plans investments that represented 5% or more of the Plans net assets available for benefits as of December 31, 2006 and 2005, are as follows:
2006 |
2005 |
|||||||
---|---|---|---|---|---|---|---|---|
(1) ServiceMaster Stable Value Fund, 20,557,821 and | ||||||||
23,423,376 shares, respectively | $ | 20,557,821 | $ | 23,423,376 | ||||
(2) The ServiceMaster Company Common Stock Fund, | ||||||||
3,403,936 and 4,061,578 shares, respectively | 44,625,597 | 48,535,857 | ||||||
T. Rowe Price Retirement 2015 Fund, | ||||||||
1,415,141 and 1,487,428 shares, respectively | 17,505,295 | 16,988,940 | ||||||
T. Rowe Price Retirement 2020 Fund, | ||||||||
1,464,027 and 1,454,543 shares, respectively | 25,400,875 | 22,734,502 | ||||||
T. Rowe Price Retirement 2025 Fund, | ||||||||
1,981,848 and 1,946,461 shares, respectively | 25,486,564 | 22,325,903 | ||||||
T. Rowe Price Retirement 2030 Fund, | ||||||||
1,044,221 and 1,062,925 shares, respectively | 19,412,061 | 17,527,634 | ||||||
T. Rowe Price Equity Index Fund, 1,016,732 and | ||||||||
1,232,731 shares, respectively | 42,092,705 | 44,144,104 | ||||||
T. Rowe Price Bond Index Fund, 1,357,960 and | ||||||||
1,539,698 shares, respectively | 31,776,258 | 34,612,412 | ||||||
T. Rowe Price Equity Income Fund, 855,343 and | ||||||||
901,724 shares, respectively | 25,275,395 | 23,372,684 |
|
(1) |
The amounts above for the Stable Value Fund are presented at contract value. The fair value of this investment as of December 31, 2006 and 2005 was $20,383,082 and $23,227,918, respectively. |
|
(2) |
Includes both participant-directed and non participant-directed amounts. |
During the year ended December 31, 2006, the Plans investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value as follows:
Mutual funds | $ 21,048,314 | ||
Common/collective trust funds | 7,857,741 | ||
The ServiceMaster Company Common Stock Fund | 4,079,791 | ||
Net appreciation in fair value of investments | $ 32,985,846 | ||
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4. |
THE SERVICEMASTER COMPANY COMMON STOCK FUND |
Participants have complete investment discretion over all employee and Company contributions, including amounts previously contributed to The ServiceMaster Company Common Stock Fund. Participants, at their discretion, may also direct their investment to The ServiceMaster Company Common Stock Fund. Information about the net assets as of December 31, 2006 and 2005, and the significant components of the changes in net assets relating to The ServiceMaster Company Common Stock Fund for the year ended December 31, 2006, is as follows:
2006 |
2005 |
|||||||
---|---|---|---|---|---|---|---|---|
Net assets: | ||||||||
The ServiceMaster Company Common Stock Fund - end of year | $ | 44,625,597 | $ | 48,535,857 | ||||
Changes in net assets: | ||||||||
Contributions | 1,579,192 | |||||||
Dividends from The ServiceMaster Company Common | ||||||||
Stock Fund | 1,742,984 | |||||||
Net investment appreciation | 4,079,791 | |||||||
Benefits paid to participants | (5,000,441 | ) | ||||||
Net transfers into other investments | (3,463,716 | ) | ||||||
Transfers from Plan (Note 1) | (2,848,070 | ) | ||||||
Net change | (3,910,260 | ) | ||||||
The ServiceMaster Company Common | ||||||||
Stock Fundbeginning of year | 48,535,857 | |||||||
The ServiceMaster Company Common | ||||||||
Stock Fundend of year | $ | 44,625,597 | ||||||
5. |
EXEMPT PARTY-IN-INTEREST TRANSACTIONS |
Certain Plan investments are shares of mutual funds and interests in common/collective trust funds managed by T. Rowe Price. T. Rowe Price acts as trustee, as defined by the Plan, and record keeper for the Plan. The Plan also allows participants to invest in Company stock and allows loans to participants. These transactions qualify as party-in-interest transactions. Fees paid by the Plan for investment management services were included as a reduction of the return earned on each fund.
At December 31, 2006 and 2005, the Plan held 3,403,936 and 4,061,578 shares, respectively, of common stock of The ServiceMaster Company, the sponsoring employer, with a cost basis of $37,117,191 and $44,222,983, respectively. During the year ended December 31, 2006, the Plan recorded dividend income of $1,742,984 from its investment in The ServiceMaster Company Common Stock Fund.
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6. |
PLAN TERMINATION |
Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and terminate the Plan, subject to the provisions of ERISA. In the event the Plan is terminated, participants would become 100% vested in their accounts.
7. |
FEDERAL INCOME TAX STATUS |
The Internal Revenue Service had determined and informed the Company by a letter dated August 27, 2002, that the Plan and related trust were designed in accordance with the applicable regulations of the IRC. The Plan has been amended since receiving the determination letter; however, the Company and the plan administrator believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC and the Plan and related trust continue to be tax-exempt. Therefore, no provision for income tax has been included in the Plans financial statements.
8. |
NONEXEMPT PARTY-IN-INTEREST TRANSACTIONS |
In connection with a change in payroll processing systems, the Company inadvertently remitted various payments for the months of January through March of 2005, totaling $34,608 to the trustee, by May 25, 2005, which was later than is required by the Department of Labor (DOL) Regulation 2510.3-102. The Company filed Form 5330 with the Internal Revenue Service and paid the required excise tax on these transactions. In addition, participant accounts were credited with the amount of investment income which would have been earned had the participant contribution been remitted on a timely basis.
9. |
SUBSEQUENT EVENT |
On March 19, 2007, the Company announced the execution of a definitive merger agreement to be acquired by CDRSVM Topco, Inc., a corporation formed by a fund managed by Clayton, Dubilier & Rice, Inc. The transaction is subject to receipt of shareholder approval, and approval of the California Department of Insurance and the Florida Office of Insurance Regulation, as well as satisfaction or waiver of other closing conditions. The Company has announced that it will hold a special meeting of shareholders on June 28, 2007 to consider and vote on a proposal to approve the merger agreement. If the merger is completed, ServiceMasters shareholders will receive $15.625 in cash for each outstanding share of common stock of the Company. As a result, the ServiceMaster Stock Fund will cease to be offered as an investment option under the Plan and the portion of a participants account balance invested in the ServiceMaster Stock Fund at the time the merger closes will be converted to cash and reinvested in a T. Rowe Price Retirement Fund with a target date closest to the year the participant will turn age 65.
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10. |
RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 |
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
December 31, 2006 |
December 31, 2005 |
|||||||
---|---|---|---|---|---|---|---|---|
Net assets available for benefits per the financial statements | $ | 347,121,956 | $ | 338,285,077 | ||||
Less: Adjustment from fair value to contract value for fully | ||||||||
benefit-responsive investment contracts | (174,739 | ) | (195,457 | ) | ||||
Net assets available for benefits per the Form 5500 | $ | 346,947,217 | $ | 338,089,620 | ||||
The following is a reconciliation of investment income per the financial statements to the Form 5500:
December 31, 2006 |
||||||||
---|---|---|---|---|---|---|---|---|
Total investment income per the financial statements | $ | 43,427,618 | ||||||
Less: Adjustment from fair value to contract value for fully | ||||||||
benefit-responsive investment contracts | (174,739 | ) | ||||||
Total investment income per the Form 5500 | $ | 43,252,879 | ||||||
******
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(b) Identity of Issue/ (a) (c) Description of Investment |
(d) Cost | (e) Current Value | ||||||
---|---|---|---|---|---|---|---|---|
MUTUAL FUNDS: | ||||||||
* T. Rowe Price Retirement 2005 Fund | N/A | $ | 4,072,150 | |||||
* T. Rowe Price Retirement 2010 Fund | N/A | 11,684,317 | ||||||
* T. Rowe Price Retirement 2015 Fund | N/A | 17,505,295 | ||||||
* T. Rowe Price Retirement 2020 Fund | N/A | 25,400,875 | ||||||
* T. Rowe Price Retirement 2025 Fund | N/A | 25,486,564 | ||||||
* T. Rowe Price Retirement 2030 Fund | N/A | 19,412,061 | ||||||
* T. Rowe Price Retirement 2035 Fund | N/A | 11,576,048 | ||||||
* T. Rowe Price Retirement 2040 Fund | N/A | 7,686,783 | ||||||
* T. Rowe Price Retirement 2045 Fund | N/A | 869,879 | ||||||
* T. Rowe Price Retirement Income Fund | N/A | 1,266,484 | ||||||
* T. Rowe Price International Growth & Income Fund | N/A | 10,080,607 | ||||||
* T. Rowe Price Mid-Cap Value Fund | N/A | 5,261,837 | ||||||
* T. Rowe Price Growth Stock Fund | N/A | 5,898,858 | ||||||
* T. Rowe Price New Horizons Fund | N/A | 3,511,198 | ||||||
* T. Rowe Price Equity Income Fund | N/A | 25,275,395 | ||||||
Vanguard Mid-Cap Growth Fund | N/A | 5,316,021 | ||||||
Vanguard Small Cap Value Index Fund | N/A | 8,268,646 | ||||||
COMMON/COLLECTIVE TRUST FUNDS: | ||||||||
* T. Rowe Price Bond Index | N/A | 31,776,258 | ||||||
* ServiceMaster Stable Value Fund | N/A | 20,383,082 | ||||||
* T. Rowe Price Equity Index | N/A | 42,092,705 | ||||||
EMPLOYER SECURITIESCommon shares: | ||||||||
* The ServiceMaster Company Common Stock Fund | $ 37,117,191 | 44,625,597 | ||||||
* PARTICIPANT LOANS (Interest rates generally from | ||||||||
5.00% to 9.75% maturing 2006 to 2012) | N/A | 10,257,260 | ||||||
Total | $ | 337,707,920 | ||||||
* Party-in-interest.
N/A: | Cost information is not required for participant-directed investments and, therefore, is not included. The ServiceMaster Company Common Stock Fund includes both participant-directed and nonparticipant-directed investments. |
15
Question 4a Did the employer
fail to transmit to the plan any participant contributions within the time period
described
in 29 CFR 2510.3-102, was answered yes.
Identity of Party Involved |
Relationship to Plan, Employer, or Other Party-in-Interest |
Description of Transactions | Amount | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
The ServiceMaster Company | Employer/Plan Sponsor | Participant contributions for employees were not funded | $34,608 | ||||||||
within the time period prescribed by D.O.L. Regulation | |||||||||||
2510.3-102. Certain participant contributions for January | |||||||||||
through March of 2005 were deposited by May 25, 2005. |
16