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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 28, 2006
California Water Service Group
(Exact name of registrant as specified in its charter)
Delaware 1-13883 77-0448994
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification Number)
1720 North First Street
San Jose, California 95112
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(Address of principal executive offices) (Zip Code)
(408) 367-8200
(Registrant's telephone number, including area code)
N/A
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02 Results of Operations and Financial Condition.
(Amounts in thousands)
On March 28, 2006, the Company received an amended report from its actuary
regarding the future benefit payments expected to be paid related to the
Company's pension plan(s) in each of the next five fiscal years and in the
aggregate for the five fiscal years thereafter.
The following corrects and replaces two sentences contained in the third
paragraph of Note 12 "Employee Benefit Plans" in the Notes to the Consolidated
Financial Statements attached as part of Exhibit 13.1 to the Company's Annual
Report on Form 10-K for the year ended December 31, 2005:
Delete:
Excluding costs to annuitize future retirement benefits, benefits expected
to be paid in each year from 2006 to 2010 are $2,610, $3,266, $4,412,
$5,617 and $5,683, respectively. The aggregate benefit expected to be paid
in the five years 2011 through 2015 is $39,142.
Replaced by:
If monthly benefits are paid to future retirees, rather than with a
purchase of an annuity, payments expected to be made in each year from 2006
to 2010 are $920, $1,210, $1,673, $2,239 and $2,870, respectively. The
aggregate benefits expected to be paid in the five years 2011 through 2015
is $26,729. If annuities are purchased for the retirees rather than making
monthly payments, the payments for the same time period would be
approximately $2,819, $3,947, $5,448, $6,922 and $7,425, respectively. The
aggregate benefit expected to be paid for annuities in the five years 2011
through 2015 would be approximately $51,006.
The impact of the above change did not affect the Balance Sheets, Statements of
Income or Statements of Cash Flows or other disclosures in the Notes to
Consolidated Financial Statements.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
Dated: March 29, 2006
CALIFORNIA WATER SERVICE GROUP
By: /s/ Martin Kropelnicki
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Martin Kropelnicki
Vice President, Chief Financial Officer
and Treasurer
(Duly Authorized Officer)