eix11k
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
__________
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK
PURCHASE, SAVINGS AND SIMILAR PLANS
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One):
|X|ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2008
OR
[ ]TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to ______________
Commission File Number 1-9936
EDISON 401(K) SAVINGS PLAN
(Full Title of the Plan)
EDISON INTERNATIONAL
(Name of Issuer)
2244 Walnut Grove Avenue (P.O. Box 976), Rosemead, California 91770
(Address of principal executive office)
Page
Edison 401(k) Savings Plan
Financial Statements and
Supplemental Schedule
As of December 31, 2008 and 2007 and
for the Year Ended December 31, 2008
Page i
Edison 401(k) Savings Plan
Financial Statements and
Supplemental Schedule
As of December 31, 2008 and 2007 and
for the Year Ended December 31, 2008
Page 1
Edison 401(k) Savings Plan
Contents
Report of Independent Registered Public Accounting Firm 3
Financial Statements
Statements of Net Assets Available for Plan Benefits as of
December 31, 2008 and 2007 4
Statement of Changes in Net Assets Available for Plan Benefits
for the Year Ended December 31, 2008 5
Notes to Financial Statements 6 - 19
Supplemental Schedule
Schedule I: Form 5500 - Schedule H - Line 4i -
Schedule of Assets (Held at End of Year) as of
December 31, 2008 20 - 22
Consent of Independent Registered Public Accounting Firm Exhibit 23
Note: All schedules other than that listed above have been
omitted since the information is either disclosed elsewhere
in the financial statements or not required by 29 CFR
2520.103-10 of the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974, as amended.
Page 2
Report of Independent Registered Public Accounting Firm
Southern California Edison Company
Benefits Committee
Edison 401(k) Savings Plan
Rosemead, California
We have audited the accompanying statements of net assets available for plan
benefits of the Edison 401(k) Savings Plan (the "Plan") as of December 31,
2008 and 2007, and the related statement of changes in net assets available
for plan benefits for the year ended December 31, 2008. 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 the 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 controls 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 Plan's
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, the financial statements referred to above present fairly, in all
material respects, the net assets available for plan benefits of the plan as of
December 31, 2008 and 2007, and the changes in net assets available for plan
benefits for the year ended December 31, 2008 in conformity with accounting
principles generally accepted in the United States of America.
Our audits were performed for the purpose of forming opinions on the basic
financial statements taken as a whole. The accompanying supplemental
schedule of assets
(held at end of year) as of December 31, 2008 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. This supplemental schedule has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Costa Mesa, California
June 24, 2009
Page 3
Edison 401(k) Savings Plan
Statements of Net Assets Available for Plan Benefits
December 31, 2008 2007
-------------------------------------------------------------------------------
(in 000's)
Assets
Cash $ 868 $ 3,166
Investments, at fair value 2,742,470 3,812,143
Receivables
Dividends receivable 7,338 9,533
Interest receivable 653 2,181
Profit sharing receivable 2,821 4,784
Receivable from brokers 5,118 5,579
-------------------------------------------------------------------------------
Total receivables 15,930 22,077
-------------------------------------------------------------------------------
Total assets 2,759,268 3,837,386
-------------------------------------------------------------------------------
Liabilities
Payable to brokers and others 10,226 31,213
-------------------------------------------------------------------------------
Total liabilities 10,226 31,213
-------------------------------------------------------------------------------
Net assets available for plan benefits $ 2,749,042 $ 3,806,173
-------------------------------------------------------------------------------
See accompanying notes to financial statements.
Page 4
Edison 401(k) Savings Plan
Statement of Changes in Net Assets Available for Plan Benefits
For the year ended December 31, 2008
-------------------------------------------------------------------------------
(in
000's)
Additions
Investment income
Dividends $ 27,883
Interest 20,353
-------------------------------------------------------------------------------
48,236
Less: Management fees 592
-------------------------------------------------------------------------------
Net investment income 47,644
-------------------------------------------------------------------------------
Contributions
Employer contributions, net of forfeitures 78,377
Participant and rollover contributions 150,921
-------------------------------------------------------------------------------
Total net contributions 229,298
-------------------------------------------------------------------------------
Total additions 276,942
Deductions
Distributions to participants 197,611
Net depreciation in fair value of investments 1,136,437
Loans in default 25
-------------------------------------------------------------------------------
Total deductions 1,334,073
-------------------------------------------------------------------------------
Net decrease (1,057,131)
Net assets available for plan benefits
Beginning of year 3,806,173
-------------------------------------------------------------------------------
End of year $ 2,749,042
-------------------------------------------------------------------------------
See accompanying notes to financial statements.
Page 5
Edison 401(k) Savings Plan
Notes to Financial Statements
1. Plan Description The following description of the Edison 401(k) Savings
Plan (the Plan), provides only general information.
The Plan sponsor is the Southern California Edison
Company (the Plan Sponsor). Participants should refer
to the summary plan description and Plan document, as
amended, for a more complete description of the Plan's
provisions.
Nature of Plan
Eligibility
The Plan is a defined-contribution plan with a 401(k)
feature, in which qualifying full-time and part-time
employees of Edison International (the Company) and
many of its subsidiary companies are eligible to
participate. The Plan is subject to the provisions of
the Employee Retirement Income Security Act of 1974
(ERISA), as amended. An employee, as defined by the Plan
document, is eligible to participate in the Plan
immediately upon employment.
Contributions
Subject to statutory limits, all participants may
defer up to 84 percent of eligible pay. Participating
employers provide matching contributions up to 6.0
percent of a participant's eligible pay. Certain
participating subsidiaries also provide a fixed profit
sharing contribution of 3.0 percent of eligible pay
each pay period and a variable profit sharing
contribution annually (if certain business objectives
are reached) to eligible employees. The Plan also
accepts rollover contributions from other qualified
plans.
Vesting
Participants immediately vest in their contributions
plus actual earnings thereon. Employer contributions
plus actual earnings thereon vest at a rate of 20
percent per year. After five years of service or
reaching age 65, all existing and future employer
contributions are fully vested.
Page 6
Edison 401(k) Savings Plan
Notes to Financial Statements (Continued)
1. Plan Description Forfeitures
(Continued)
At December 31, 2008, and 2007, the unused portion of
forfeited non-vested accounts totaled $6,256 and
$5,301, respectively. These accounts are used to
reduce future employer contributions. During 2008,
employer contributions were reduced by $437,717 from
forfeited non-vested accounts.
Plan Trust
Plan assets are held in trust with State Street Bank
and Trust Company (the Trustee) for the benefit of
participants and their beneficiaries. The mutual
covenants to which the Plan Sponsor and the Trustee
agree are disclosed in the trust agreement between the
Plan Sponsor and the Trustee.
Plan Administration
The Plan is administered by the Southern California
Edison Company Benefits Committee (the Plan
Administrator). Hewitt Associates LLC is the Plan's
record keeper. As of December 31, 2008 and 2007, the
Plan provided investment choices in 43 and 45
investment funds, respectively. The Plan provides to
participants a detailed description of each investment
fund choice and lists the respective investment
manager.
Administrative and Investment Expenses
The Plan Sponsor pays the cost of administering the
Plan, including fees and expenses of the Trustee and
record keeper. The fees, taxes and other expenses
incurred by the Trustee or investment managers in
making investments are paid out of the applicable
investment funds. These expenses also include
brokerage fees for sales or purchases of Edison
International Common Stock on the open market. No
additional costs are incurred in connection with sales
of Edison International Common Stock within the trust
or the transfer of assets between funds.
Page 7
1. Plan Description Mutual funds pay fees to the Plan record keeper for
(Continued) administrative services to participants that would
otherwise have to be provided by the mutual funds. The
majority of fees received by the Plan record keeper
are used to reduce the record keeping and
communication expenses of the Plan paid by the Plan
Sponsor. See Note 7 for a discussion of
party-in-interest transactions.
Participant Accounts
Each participant account is adjusted for the
participant's contribution, the employer's
contribution, if applicable, and allocations of
investment earnings/losses and expenses. Allocation of
earnings/losses and expenses is based on account
balances. The benefit to which a participant is
entitled is the benefit that can be provided from the
vested portion of the participant's account.
Participant Loans
Participants may borrow from their account, a minimum
of $1,000 to a maximum of $50,000, with certain
restrictions. Loan transactions are treated as a
transfer from (to) the investment fund to (from)
participant loans. Loan terms range from one to four
years for general purpose loans or up to 15 years for
the purchase of a primary residence. Loans bear
interest at the prime rate plus one percent. Interest
rates on outstanding loans range from 5.0 percent to
10.5 percent as of December 31, 2008. Principal and
interest are paid ratably through payroll deductions.
Some separated participants may repay loan obligations
directly, rather than through payroll deductions.
Participant loans amounted to approximately
$73,260,000 and $64,755,000 as of December 31, 2008,
and 2007, respectively.
Distribution to Participants
Account balances are distributed as soon as
practicable after a participant dies, becomes entitled
to a distribution and requests a distribution, or
terminates employment with an account balance of
$5,000 or less. Participants may otherwise delay
distribution, subject to the minimum distribution
requirements under Internal Revenue Code Section
401(a)(9). Participants may choose a lump
Page 8
1. Plan Description sum, partial distribution or an installment form of
(Continued) payment. Participants who terminate employment on or
after January 28, 2005, with a vested account balance
greater than $1,000 but less than or equal to $5,000
will have their vested account balance automatically
rolled over to individual retirement accounts (IRA)
selected by the Chair or Secretary of the Plan
Administrator, unless the participants make a timely
distribution election. In addition, hardship withdrawals
are permitted if certain criteria are met.
Profit Sharing
Certain non-represented employees of Edison Mission
Group Inc.'s (EMG) participating subsidiaries are
eligible for two types of profit sharing contributions:
(i) Fixed profit sharing is comprised of a 3.0
percent profit sharing contribution each pay
period to the Plan on behalf of eligible
employees. Fixed profit sharing contributions
in 2008 amounted to $2,782,456.
(ii) Variable profit sharing is comprised of an
additional annual profit sharing contribution
to the Plan on behalf of eligible employees if
certain business objectives are reached.
Variable profit sharing contributions made in
2009 and 2008 for the 2008 and 2007 plan year
were 3.25% and 6.25% of eligible earnings for
eligible EMG employees for a total amount of
$2,820,832 and $4,783,683, respectively. Such
amount are presented as "Profit sharing
receivable" on the Statement of Net Assets
Available for Plan Benefits as of December 31,
2008 and 2007, respectively.
2. Summary Basis of Accounting
of Significant
Accounting The financial statements are presented on the accrual
Policies basis of accounting and in conformity with accounting
principles generally accepted in the United States of
America (U.S.A.) applicable to employee benefit plans
and ERISA.
Page 9
2. Summary Use of Estimates
of Significant
Accounting The preparation of financial statements in conformity
Policies with accounting principles generally accepted in the
(Continued) United States of America requires management to make
estimates and assumptions that affect the reported
amounts of assets, liabilities, and changes therein,
and disclosure of contingent assets and liabilities.
Actual results could differ materially from those
estimates.
Risks and Uncertainties
The Plan's investment in Edison International Common
Stock amounted to approximately $762,101,000 and
$1,185,905,000 as of December 31, 2008, and 2007,
respectively. Such investments represented
approximately 28 and 31 percent of the Plan's total
net assets as of December 31, 2008, and 2007,
respectively. For risks and uncertainties regarding
investment in the Company's common stock, participants
should refer to the annual report on Form 10-K for the
period ended December 31, 2008, and the quarterly
report on Form 10-Q for the period ended March 31,
2009, of Edison International, and its affiliate
entities listed below:
Southern California Edison Company
Edison Mission Energy
Midwest Generation, LLC
EME Homer City Generation L.P.
The Plan provides for various funds that hold
investment securities. Investment securities are
exposed to various risks such as interest rate,
market, and credit risk. Due to the level of risk
associated with certain investment securities and the
level of uncertainty related to changes in the value
of investment securities, it is at least reasonably
possible that changes in risk in the near term would
materially affect participants' account balances and
the amounts reported in the Statements of Net Assets
Available for Plan Benefits and the Statement of
Changes in Net Assets Available for Plan Benefits.
Page 10
2. Summary The Plan participates in various investment options
of Significant that comprise securities of foreign companies, which
Accounting involve special risks and considerations not typically
Policies associated with investing in U.S.A. companies. These
(Continued) risks include devaluation of currencies, less reliable
information about issuers, different securities
transaction clearance and settlement practices, and
possible adverse political and economic developments.
Moreover, securities of many foreign companies and
their markets may be less liquid and their prices more
volatile than securities of comparable U.S.A.
companies.
Investment Valuation and Income Recognition
The Plan's investments are stated at fair value or
estimated fair value. Investments in mutual funds are
valued at quoted market prices and represent units held
by the Plan at year end. Investments in the common
collective funds invest in premixed portfolios and
institutional funds (see Note 4). Investments in the
common collective funds are valued at net asset value
of shares held by the Plan at year-end. Edison
International Common Stock is valued at its quoted
market price at year-end. Participant loans are
valued at cost, which approximates fair value.
Purchases and sales of securities are recorded on a
trade-date basis. See below for further discussion of
fair value of investments. Interest income is recorded
on the accrual basis. Dividends are recorded on the
ex-dividend date.
Participant loans that are in default as provided in
the Plan document, are treated as deemed distributions
for tax purposes and also reported as such in the Form
5500. Management has determined these loans in default
as uncollectible. For the year ended December 31,
2008, $24,756 of participant loans in default were
deemed to be uncollectible and written-off. Such
amount is included as loans in default in the
Statement of Changes in Net Assets Available for Plan
Benefits.
Page 11
2. Summary Net Appreciation (Depreciation) in Fair Value of
of Significant Investments
Accounting
Policies Realized and unrealized appreciation (depreciation) in
(Continued) fair value of investments is based on the
difference between the fair value of the assets at the
beginning of the year, or at the time of purchase for
assets purchased during the year, and the related fair
value on the day investments are sold with respect to
realized appreciation (depreciation), or on the last
day of the year for unrealized appreciation
(depreciation).
Distributions to Participants
Distributions to participants, other than loans, are
recorded when paid.
Fair Value Measurements
On January 1, 2008, the Plan adopted Statement Financial
Accounting Standards No. 157, "Fair Value Measurements,"
("SFAS No.
157") defines the fair value of an asset as the price
that would be received to sell the asset in an orderly
transaction between market participants at the
measurement date (referred to as an "exit price" in
SFAS No. 157). SFAS No. 157 clarifies that a fair
value measurement should reflect non-performance risk.
In addition, SFAS No. 157 establishes a fair value
hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted market
prices in active markets for identical assets (Level 1
measurements) and the lowest priority to unobservable
inputs (Level 3 measurements). The three levels of the
fair value hierarchy under SFAS No. 157 are:
o Level 1 - Unadjusted quoted market prices in active
markets that are accessible at the measurement
date for identical assets;
o Level 2 - Pricing inputs include quoted market
prices for
similar assets in active markets and inputs that
are observable for the asset either directly or
indirectly, for substantially the full term of the
financial instrument; and
Page 12
2. Summary o Level 3 - Prices or valuations that require inputs
of Significant that are both significant to the fair value
Accounting measurements and unobservable.
Policies
(Continued) Plan assets carried at fair value consist of the
following investments: Edison International Common
Stock, a money market fund, common collective funds
and mutual funds. Edison International Common Stock
and mutual funds are classified as Level 1 as fair
value is determined by observable, unadjusted quoted
market prices in active or highly liquid and
transparent markets. Common collective funds are
valued at the net asset value of shares held by the
Plan. Although common collective funds and the money
market fund fair values are determined by observable
prices, they are classified as Level 2 because they
trade in markets that are less active and transparent.
The fair value of the underlying investments in equity
mutual funds and equity common collective funds are
based upon stock-exchange prices. The fair value of
the underlying investments in fixed-income
common collective funds and fixed-income mutual funds
are based on evaluated prices that reflect significant
observable market information such as reported trades,
actual trade information of similar securities,
benchmark yields, broker/dealer quotes, issuer
spreads, bids, offers and relevant credit information.
The following table sets forth financial assets that
were accounted for at fair value as of December 31,
2008 by level within the fair value hierarchy:
In thousands Level 1 Level 2 Level 3 Total
----------------------------------------------------------
Investments
Edison International
Common Stock $ 762,101 $ - $ - $ 762,101
Common Collective
Funds - 568,304 - 568,304
Participant Loans - 73,260 - 73,260
Money Market
Funds - 659,780 - 659,780
Mutual Funds 679,025 - - 679,025
----------------------------------------------------------
Total investments
at fair
value $1,441,12 $1,301,344 $ - $2,742,470
----------------------------------------------------------
Page 13
2. Summary In February 2007, the FASB issued Statement of
of Significant Financial Accounting Standards No. 159, "The Fair Value
Accounting Option for Financial Assets and Financial Liabilities -
Policies Including an Amendment of FASB Statement No. 115"
(Continued) ("SFAS No. 159"). SFAS No. 159 provides an option to
report financial assets and liabilities at fair value,
with changes in fair value recognized in earnings.
SFAS No. 159 is effective for fiscal years beginning
after November 15, 2007. The Plan sponsor adopted this
pronouncement effective January 1, 2008. The adoption
of this standard had no impact on the Plan's financial
statements.
3. Investment The Trustee invests contributions in accordance with
Elections participant instructions.
Participants may elect changes to their investment mix
effective each business day, with certain
restrictions. The Plan imposes a seven-day trading
restriction for most participants that applies to all
funds except the Edison International Common Stock Fund.
Reallocation elections are also subject to trading
restrictions, redemption fees, or other measures
imposed by investment fund managers. Participants may
effect changes to their deferral percentages and
deferral investment elections coincident with their pay
frequency.
4. Investment The transfer of a participant's investment from one
Options fund to any other fund is based on the net asset value
of the units allocated to the participant's account, as
of close of market on the date of transfer.
As of December 31, 2008, all participants were able to
choose from among 43 investment fund offerings. These
investment funds consisted of the following:
o Three Pre-mixed Portfolios - Funds are invested
in portfolios which include U.S. stocks, non-U.S.
stocks and corporate and government bonds;
Page 14
4. Investment o Six Institutional Funds - Funds are invested in a
Options broad selection of asset classes; large and small
(Continued) U.S. stocks (including Edison International Common
Stock), non-U.S. stocks and fixed income
instruments; and
o Thirty Four Mutual Funds - Funds are invested in
a variety of retail mutual funds from multiple
asset classes.
The Plan Sponsor's Trust Investment Committee may
direct the Trustee to establish new investment funds or
discontinue existing ones as well as change the
investment medium for each investment fund.
Participants should refer to the summary plan
description for a more complete discussion of the
various investment options.
5. Investments The following presents investments that represent 5
percent or more of the Plan's net assets:
December 31, 2008 2007
----------------------------------------------------
(in 000's)
Investments at Fair Value as Determined
by Quoted Market Prices:
Edison International Common Stock
Fund, 23,858,578 and 22,157,661
shares, respectively (See Note 7) $772,516 $1,226,225
Other-Mutual Funds (individually
less than 5%) 679,025 1,116,180
------------------------------------------------------
1,451,541 2,342,405
------------------------------------------------------
Investments at Estimated Fair Value:
State Street Bank & Trust Co.
- Money Market Fund,
649,365,366 and
477,135,798 units,
respectively (See Note 7) 649,365 477,136
BZW Barclay's Global
Investors - Common Stock
Fund, 7,136,110 and
7,804,835 units,
respectively 208,811 362,483
Other - Frank Russell Trust
Company Funds (individually
less than 5%) 359,493 565,364
Participant Loans (less than 5%) 73,260 64,755
----------------------------------------------------------
1,290,929 1,469,738
----------------------------------------------------------
Total Investments $2,742,470 $3,812,143
----------------------------------------------------------
Page 15
5. Investments During 2008, the Plan's investments (including gains
(Continued) and losses on investments bought and sold, as well as
held during the year) depreciated in value as follows:
Net Depreciation in Fair Value of Investments:
For the year ended December 31, 2008
--------------------------------------------------------
(in 000's)
Investments at Fair Value as
Determined by Quoted Market Prices
Edison International Common
Stock Fund $ (481,582)
Mutual Funds (372,996)
--------------------------------------------------------
(854,578)
Investments at Estimated Fair Value
Common Collective Funds (281,859)
--------------------------------------------------------
Net depreciation in fair value of
investments $ (1,136,437)
--------------------------------------------------------
6. Reconciliation The following is a reconciliation of net assets
of Financial available for plan benefits per the financial
Statements to statements to the Form 5500:
Form 5500
December 31, 2008 2007
------------------------------------------------------
(in 000's)
Net assets available for plan
benefits per the
financial statements $2,749,042 $3,806,173
Less: Amounts allocated to
withdrawing participants 324 991
-----------------------------------------------------
Net assets available for plan benefits
per Form 5500 $2,748,718 $3,805,182
-----------------------------------------------------
Page 16
6. Reconciliation The following is a reconciliation of benefits paid to
of Financial participants per the financial statements to the Form
Statements 5500:
to Form 5500
(Continued) For the year ended December 31, 2008
------------------------------------------------------
(in 000's)
Benefits paid to participants per the
financial statements $197,611
Add: Amounts allocated to
withdrawing participants at
December 31, 2008 324
Less: Amounts allocated to withhdrawing
participants at December 31, 2007 991
-----------------------------------------------------
Benefits paid to participants per the
Form 5500 $196,944
-----------------------------------------------------
Amounts allocated to withdrawing participants are
recorded on the Form 5500 for benefit claims that have
been processed and approved for payment prior to
December 31 but not paid as of that date.
7. Party-In-Interest The Money Market Fund is managed by State Street Bank
Transactions and Trust Company, which also serves as the Plan's
Trustee. Fees earned by the Trustee in its capacity as
fund manager for the Plan were $449,290 for 2008 and
were reported as management fees on the Statement of
Changes in Net Assets Available for Plan Benefits.
The Plan's investment options include the Company's
Common Stock as a fund option. See Note 2 for a
discussion of the amount of the Plan's investment in
the Company's Common Stock. In addition, State Street
Global Advisors, an affiliate of State Street Bank and
Trust Company, is the investment manager of the Edison
International Common Stock Fund. Fees earned by State
Street Global Advisors in its capacity as the
investment manager of the Edison International Common
Stock Fund were $142,264 for 2008 and were reported as
management fees on the Statement of Changes in Net
Assets Available for Plan Benefits.
Page 14
7. Party-In-Interest Fees paid by the Plan Sponsor for administrative and
Transactions other services rendered to the Plan were based on
(Continued) customary rates for such services. Various mutual funds
offered as investment options in the Plan transfer to
Hewitt Associates, the Plan's record keeper, certain
shareholder servicing and distribution services fees
they charge to Plan participants who invest in the
mutual funds (these shareholder servicing and
distribution service fees are charged to all investors
in the mutual funds). These transferred fees, which
totaled $1,674,729 for 2008, were used to reduce Hewitt
Associates' charge to the Plan Sponsor for services
Hewitt Associates provided to the Plan.
See Note 1 for a discussion of the Plan's loans to
participants and Note 2 for a discussion of the
participant loans in default.
8. Plan Termination Although it has not expressed intent to do so, the Plan
Sponsor 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, participants will become fully vested
in their accounts. The Trust will continue after
termination until all Trust assets have been
distributed to participants and their beneficiaries.
9. Tax Status The Internal Revenue Service has determined and
informed the Plan Sponsor by a letter dated May 22,
2002, that the Plan and related trust as amended
through November 29, 2001, are designed in accordance
with the applicable qualification sections of the
Internal Revenue Code (IRC). The Plan has been amended
since receiving the determination letter. However, the
Plan Administrator believes that the Plan, as amended,
is designed in compliance with the applicable
qualification requirements of the IRC. In addition,
the Plan Administrator is not aware of any operational
issues that will prevent the continuation of the Plan's
qualified tax status.
10. Employee Stock The Edison International Common Stock Fund constitutes
Ownership Plan an employee stock ownership plan that allows for the
current distribution of dividends to all participants.
Such distributions amounted to $5,222,899 for the year
ended December 31, 2008. On December 18, 2008, the
board of directors of Edison International
Page 18
10. Employee Stock declared a common stock dividend of $0.31 per share
Ownership Plan payable on January 31, 2009, to the shareholders of
(Continued) record as of December 31, 2008. As the record date was
at year end, dividend income of $0.31 per share
amounting to $7,338,499 was accrued and included in
dividends receivable in the accompanying Statement
of Net Assets Available for Plan Benefits at
December 31, 2008.
11. Subsequent Effective January 1, 2009, the Plan was amended to
Events provide that participants may designate certain
contributions under the Plan as Roth elective deferrals,
and make and receive Roth rollovers.
Page 19
Supplemental Schedule
Page
Edison 401(k) Savings Plan
Schedule I: Form 5500 - Schedule H - Line 4i-
Schedule of Assets (Held at End of Year) as of December 31, 2008
20
EIN: 95-1240335
Plan Number: 002
(a) (b) (c) (d) (e)
Current
Identity of Issuer, Borrower, Lessor, Description of Investment Cost** Value
or Similar Party Including Maturity Date, (in
Rate of Interest, Par or *000's)
Maturity Date
-------------------------------------------------------------------------------
Edison International Common Stock Fund
* Edison International Common Stock - No Par Value $762,101
* State Street Bank &
Trust Co. Short Term Investment Fund 10,415
------
Total Edison International Common Stock 772,516
-----
Money Market Fund
* State Street Bank & Money Market Fund - Collective
Trust Co. Investment in the State Street Bank
Short-Term Income Fund 649,365
-----
Common Collective Funds
BZW Barclay's Global Common Stock Fund - Collective
Investors Investment in the BZW Barclay's Global
Investors Equity Index Fund 208,811
Frank Russell Trust Balanced Fund - Collective Investment in
Company Frank Russell Balanced Fund 113,987
Frank Russell Trust Bond Fund - Collective Investment in
Company Frank Russell Intermediate-Term Bond
Fund 80,744
Frank Russell Trust US Large Company - Collective Investment
Company in Frank Russell US Large Company
Equity I Fund 41,403
Frank Russell Trust US Small Company - Collective Investment
Company in Frank Russell US Small Company
Equity II Fund 24,923
Frank Russell Trust Conservative Growth Portfolio -
Company Collective Investment in Frank Russell
Conservative Balanced Fund 30,617
Frank Russell Trust Aggressive Growth Portfolio - Collective
Company Investment in Frank Russell Aggressive
Balanced Fund 67,819
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Total Common Collective Funds 568,303
-----
Mutual Funds
Capital Research & Collective Investment in The American
Management Funds Group Europacific Growth Fund 63,722
T. Rowe Price Collective Investment in T. Rowe Price
Blue Chip Fund 13,356
Page
(a) (b) (c) (d) (e)
Current
Identity of Issuer, Borrower, Lessor, Description of Investment Cost** Value
or Similar Party Including Maturity Date, (in
Rate of Interest, Par or *000's)
Maturity Date
-------------------------------------------------------------------------------
C&S Realty
Collective Investment in C&S
Institutional Realty Share Value
Fund 18,280
Vanguard Collective Investment in
Group Vanguard/Inflation Protected
Securities Fund 43,391
Artisan Funds Collective Investment in Small Cap
Value Fund 26,313
Dreyfus Collective Investment in Appreciation
Management Fund 5,964
Turner
Investment Collective Investment in Turner Small
Partners Cap Growth Fund 8,828
Capital
Research & Collective Investment in Washington
Management Mutual Investors Fund 19,406
Dimensional Collective Investment in Dimensional
Fund Advisors Emerging Markets Fund 30,725
William Collective Investment in Small Cap
Blair & Co Growth Fund 6,180
T. Rowe Price Collective Investment in Mid-Cap
Growth 32,104
Salomon Collective Investment in Salomon High
Brothers Yield Value Bond 9,313
Oppenheimer Collective Investment in Oppenheimer
Funds Main Street Small Cap Y Fund 10,040
Franklin Collective Investment in Franklin
Advisors Utilities A 22,138
Allianz/PIMCO Collective Investment in Total Return
Advisors Fund Admin Shares 49,986
T. Rowe Price Collective Investment in T. Rowe
Price Health and Science Fund 14,853
MFS Collective Investment in
Investment Institutional TR International
Management Equity Funds 30,114
Capital Collective Investment in American
Research & Funds - New
Management Perspective A 32,074
William Collective Investment in
Blair & Co. International Equity Fund CL 1 4,176
Allianz/PIMCO Collective Investment in Low Duration
Advisors Admin Fund 9,796
DWS Scudder Collective Investment in Scudder
Investments -Dreman High Return Equity A Fund 12,200
Vanguard Collective Investment in Mid Cap
Group Index Fund 43,234
Artisan Funds Collective Investment in Mid Cap Fund
A 6,251
T. Rowe Collective Investment in Mid Cap
Price Value Fund 22,238
T. Rowe Price Collective Investment in Financial
Services Value Fund 7,988
Allianz/PIMCO Collective Investment in RCM Global
Advisors Technology Fund A 21,181
Capital
Research & Collective Investment in American
Management Balance Fund 31,883
Page
(a) (b) (c) (d) (e)
Current
Identity of Issuer, Borrower, Lessor, Description of Investment Cost** Value
or Similar Party Including Maturity Date, (in
Rate of Interest, Par or *000's)
Maturity Date
--------------------------------------------------------------------------------
Allianz/PIMCO Collective Investment in Capital
Advisors Appreciation Admin Fund 7,784
Allianz/PIMCO Collective Investment in Long Term US
Advisors Government Bonds 40,005
T. Rowe Price Collective Investment in Small Cap
Stock Fund 6,074
Morgan
Stanley Collective Investment in
Investment Institutional International Equity
Mgmt. Fund 7,703
Harbor
Capital Collective Investment in Capital
Advisors Appreciation Fund 10,199
UBS Global
Asset Collective Investment in Global
Management Allocation Y 5,798
Columbia
Acorn Int'l Collective Investment in Columbia
Z Acorn International Z Fund 5,728
-------
Total Mutual Funds 679,025
--------------------------------------------------------------------------------
*Participant Loans With Maturities Varying From
Loans One to Four Years (or up to 15
Years for Purchase of a Primary
Residence) and Interest Rates of
5.0 % to 10.5% 73,260
-------
Total $2,742,470
--------------------------------------------------------------------------------
* Party-In-Interest
** Investments are participant-directed; therefore, disclosure of cost
is not required.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) have duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
Date: June 25, 2009
EDISON 401(K) SAVINGS PLAN
By: /s/ Diane L. Featherstone
------------------------------
Diane L. Featherstone
Chair of the Southern California Edison
Benefits Committee
Page