form11k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 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
For the
fiscal year ended December 31,
2007
For the
transition period from _____________ to _______________
Commission
file number 001-07283
A.
Full title of the plan and the address of the plan, if different from that of
the issuer named below:
REGAL
BELOIT CORPORATION RETIREMENT SAVINGS PLAN
200 State Street
Beloit, Wisconsin 53511
B.
Name of
issuer of securities held pursuant to the plan and the address of its principal
executive office:
REQUIRED
INFORMATION
The Regal
Beloit Corporation Retirement Savings Plan (“Plan) is subject to the Employee
Retirement Income Security Act of 1974 (“ERISA”). Attached hereto is a copy of
the most recent financial statements and schedule of the Plan prepared in
accordance with the financial reporting requirements of ERISA.
REGAL
BELOIT CORPORATION
RETIREMENT
SAVINGS PLAN
Financial
Statements as of and for the Years
Ended
December 31, 2007 and 2006,
Supplemental
Schedule as of December 31, 2007
and
Report of Independent Registered Public Accounting Firm
REGAL
BELOIT CORPORATION
RETIREMENT
SAVINGS PLAN
TABLE
OF CONTENTS
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Page
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REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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1
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FINANCIAL
STATEMENTS:
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Statements
of Net Assets Available for Benefits - December 31, 2007 and
2006
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2
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Statements
of Changes in Net Assets Available for Benefits - Years Ended December
31, 2007 and 2006
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3
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Notes
to Financial Statements
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4-9
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SUPPLEMENTAL
SCHEDULE:
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Form
5500, Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End
of
Year) as of December 31, 2007
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10-11
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All
other schedules required by Section 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 have been omitted because
they are not applicable.
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SIGNATURES
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12
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EXHIBIT
INDEX
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13-14
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REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the
Trustees and Participants of
Regal
Beloit Corporation Retirement Savings Plan
We have
audited the accompanying statements of net assets available for benefits of
Regal Beloit Corporation Retirement Savings Plan (the “Plan”) as of December 31,
2007 and 2006, and the related statements of changes in net assets available for
benefits for the years then ended. 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 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 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, such financial statements present fairly, in all material respects, the
net assets available for benefits of the Plan as of December 31, 2007 and 2006,
and the changes in net assets available for benefits for the years then ended 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 at end of year) as of December 31, 2007, 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 schedule is the
responsibility of the Plan's management. Such schedule has been subjected
to the auditing procedures applied in our audit of the basic 2007 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
Milwaukee,
WI
June 25,
2008
REGAL
BELOIT CORPORATION
RETIREMENT
SAVINGS PLAN
STATEMENTS
OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER
31, 2007 AND 2006
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2007
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2006
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ASSETS:
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Cash
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$
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867
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$
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112,701
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Investments,
at fair value:
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Mutual
Funds
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102,483,954
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91,469,828
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Common
Collective Trust Funds
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35,176,804
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34,655,611
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Investment
in Regal Beloit Corporation Unitized
Stock Fund
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19,938,042
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25,541,307
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Participant
Loans
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3,298,366
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2,555,639
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Defaulted
Loans
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9,063
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-
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Total
investments
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160,906,229
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154,222,385
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Receivables:
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Employer
contributions
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786,462
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962,164
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Participant
contributions
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174,108
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223,494
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Accrued
interest and dividends
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150,509
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154,048
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Due
from party-in-interest
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239,783
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-
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Due
from brokers
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255,190
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81,701
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Total
receivables
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1,606,052
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1,421,407
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Total
assets
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162,513,148
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155,756,493
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LIABILITIES:
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Due
to brokers
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390,578
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118,977
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Due
to party-in-interest
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239,783
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-
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Accrued
administrative fees
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3,100
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3,100
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Total
liabilities
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633,461
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122,077
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NET
ASSETS AVAILABLE FOR BENEFITS AT FAIR
VALUE
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161,879,687
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155,634,416
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Adjustments
from fair value to contract value for fully benefit-responsive
investment contracts
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1,087,942
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350,057
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NET
ASSETS AVAILABLE FOR BENEFITS
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$
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162,967,629
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$
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155,984,473
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See
notes to financial statements.
REGAL
BELOIT CORPORATION
RETIREMENT
SAVINGS PLAN
STATEMENTS
OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS
ENDED DECEMBER 31, 2007 AND 2006
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2007
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2006
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CONTRIBUTIONS:
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Employer
contributions
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$
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3,196,543
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$
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3,091,518
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Participant
contributions
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8,556,094
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8,043,422
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Participant
rollovers
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4,924,134
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252,332
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Total
contributions
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16,676,771
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11,387,272
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INVESTMENT
INCOME:
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Net
appreciation in fair value of investments
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1,110,931
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17,413,988
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Interest
and dividends
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3,637,338
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3,210,947
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Total
investment income
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4,748,269
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20,624,935
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DEDUCTIONS:
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Benefits
paid to participants
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14,357,292
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17,181,215
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Transfer
to other plan
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-
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5,365,089
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Administrative
fees
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84,592
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65,301
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Total
deductions
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14,441,884
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22,611,605
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NET
INCREASE
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6,983,156
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9,400,602
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NET
ASSETS AVAILABLE FOR BENEFITS:
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Beginning
of year
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155,984,473
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146,583,871
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End
of year
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$
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162,967,629
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$
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155,984,473
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See
notes to financial statements.
REGAL
BELOIT CORPORATION
RETIREMENT
SAVINGS PLAN
NOTES
TO FINANCIAL STATEMENTS
YEARS
ENDED DECEMBER 31, 2007 AND 2006
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The
following description of the Regal Beloit Corporation Retirement Savings Plan
(the “Plan”) is provided for general information purposes only. More
complete information regarding the Plan’s provisions may be found in the Plan
document. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”).
General –
The Plan is a defined contribution plan which allows eligible employees to defer
compensation as permitted under Section 401(k) of the Internal Revenue Code (the
“IRC”). The Plan covers substantially all employees of Regal Beloit Corporation
(the “Company”) with at least six months of service with the
Company.
Effective
May 5, 2006, the Company sold one of its divisions. As a result of
the sale, $5,365,089 of employee accounts were transferred into the Regal
Cutting Tools, Inc. Retirement Savings Plan.
Plan
Administration – Marshall & Ilsley Trust Company (the “Trustee”) is
trustee, custodian, and recordkeeper for the Plan. Overall
responsibility for administering the Plan rests with the Administrative
Committee.
Contributions
– Eligible employees can contribute an amount of up to 100% of eligible
compensation as defined by the Plan subject to certain limitation under the
IRC. The Plan also allows “catch-up” contributions for those
participants age 50 or over, in addition to the actual deferral
amount.
For
participating Regal Beloit Corporation Mechanical Group employees, Blytheville
employees, excluding the Plant Manager, and Corporate employees, the Company
makes a match equal to 50% of a participant’s deferral, up to 3% of a
participant’s pretax annual eligible income. The Plan also provides
for discretionary contributions subject to the Board of Director’s
authorization. Discretionary contributions of $696,730 and $658,258
were made to the Plan for 2007 and 2006, respectively.
For
participating Salaried employees at Bowling Green, Brownsville, Lebanon, Lima,
Wausau and West Plains; and all employees at Fort Wayne ,
Indianapolis, Springfield, and the Blytheville Plant Manager, the
Company makes a 50% matching contribution of the participant’s deferral, up to
5% of pretax annual eligible income, if hired before January 1,
2006. For participating hourly employees at Brownsville, Lebanon, and
West Plains, the Company makes a 50% matching contribution of the participant’s
deferral up to 3% of pretax annual eligible income if hired before January 1,
2006. For non-union employees hired on or after January 1, 2006 at
the Bowling Green, Brownsville, Fort Wayne, Indianapolis, Lebanon, Lima,
Springfield, Wausau, and West Plains facilities, the Company makes a 100%
matching contribution on the first 2% of the participant’s deferral and a 50%
matching contribution on the next 3% of the participant’s deferral of pretax
annual eligible income. For Wausau employees represented by Local
1791 I.B.E.W., the Company matches 50% of a participant’s deferral up to 5% of
pretax eligible income, if hired before September 1, 2008 and if hired on or
after September 1, 2007, the Company makes a 50% matching contribution of the
participant’s deferral up to 6% of pretax annual eligible income. For
employees represented by Teamsters 446, the Company makes a 50% matching
contribution of the participant’s deferral up to 5% of pretax annual eligible
income. For Bowling Green employees represented by Local 1076
I.B.E.W., the Company matches 40% of a participant’s deferral up to 4% of pretax
eligible income through March 31, 2006, 45% of a participant’s deferral up to 4%
of pretax annual eligible income effective April 1, 2006 through March 31, 2007,
and 50% of a participant’s deferral up to 4% of pretax annual eligible income
effective April 1, 2007. There is no Company match for union Lima
facility participants. For 2006, Lima union employees who were
employed on January 1 and who completed their probationary period by that date,
received a Company contribution of $1,200, for one year’s service and a prorated
amount for less than one year’s service. The Lima facility
discontinued operations in June, 2007 and there was no contribution made for
2007.
Participating
employees of the Leeson Electric Corporation, a wholly-owned subsidiary of Regal
Beloit Corporation, receive a Company match of 50% of the participant’s deferral
up to 4% of pretax annual eligible income.
Effective
January 1, 2007, the Plan implemented the Automatic Enrollment feature as
allowed pursuant to the Pension Protection Act of 2006. This auto
enrollment was applicable to all employees newly eligible to participate in the
Plan. These participants are auto enrolled for a 3% payroll
deferral. These contributions are defaulted in the Vanguard Lifestyle
fund based on the employee’s age absent an investment fund
election.
Effective
September 1, 2007, participating employees of RBC Horizon,
Inc. wholly-owned subsidiary of Regal Beloit Corporation, receive a Company
matching contribution of 100% of the first 1% of the participant’s deferral and
50% of the next 5% of the participant’s deferral of pretax annual eligible
income.
Vesting –
Participants at all times have a fully vested interest in individual
contribution accounts. Company matching and discretionary
contributions are subject to a three year cliff vesting. Corporate
and Mechanical Group Profit Sharing balances have a six year step
vesting. Lima bargaining unit participants are immediately fully
vested in Company contributions. All participant accounts become
fully vested at the time of death or disability.
Forfeited
Accounts – At December 31, 2007 and 2006 forfeited accounts totaled
$110,598 and $61,779, respectively. In the event of a forfeited
account, the forfeitures are used to reduce employer contributions in the Plan
year following the Plan year in which the forfeitures occur.
Benefit Payments
– Participants may withdraw their account balance upon retirement, death,
disability, termination of employment, or attainment of age
59-1/2. Participants having any immediate and heavy financial
hardship without any other source of funds may request a hardship withdrawal of
their 401(k) contributions. Participant’s vested and nonforfeitable
balances will be distributable to the participant upon termination of employment
if the balance is less than $1,000. If the vested balance exceeds
$1,000, but it is less than $5,000, the Plan may elect to distribute or have the
vested balance invested in an Individual Retirement Account. If the
vested balance exceeds $5,000, distribution will be made only if the participant
consents.
Participant
Accounts – Individual accounts are maintained for each Plan
participant. Each participant’s account is credited with the
participant’s contribution, any Company matching contribution, allocations of
Company discretionary contributions and Plan earnings, and charged with
withdrawals and an allocation of Plan losses and administrative
expenses. Allocations are based on participant earnings or account
balances, as defined in the Plan document. The benefit to which a
participant is entitled is the benefit that can be provided from the
participant’s vested account.
Investment
Options – Participants are able to change their investment options in 1%
increments, 12 times per quarter.
The
following funds are available to participants: Marshall & Ilsley,
Regal Beloit Corporation Stock Fund, Allianz NFJ Dividend Value FD, Artisan FDS
Inc., Baron, Dodge & Cox, Goldman Sachs, American Growth Fund, Heritage Mid
Cap Stock Fund, Vanguard Group, Wells Fargo Advantage Small Cap Fund and
Pimco.
Participant Loans
– The Plan permits a participant to borrow from his or her individual
account an amount limited to 50% of the vested account balance, up to
$50,000. The minimum loan amount is $1,000. Interest at
prevailing market rates (ranging from 4.0% to 9.5% as of December 31, 2007 and
4.0% to 8.5% as of December 31, 2006) is charged on the loan. Only
one loan is allowed at any time, and the maximum term is five years, unless the
loan is used for the acquisition of the participant’s primary residence, for
which the term of the loan may be extended beyond the five year
period.
2.
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SIGNIFICANT
ACCOUNT POLICIES
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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 Accounting
Estimates – The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires the Plan’s management to make estimates and assumptions that affect the
reported amounts of Plan assets and liabilities at the date of the financial
statements and reported amounts of income and expenses during the reporting
periods. Actual results could differ from these
estimates.
The Plan
invests in various securities. Investment securities are exposed to
various risks including, but not limited to, interest rate, market and credit
risks. Due to the level of risk associated with certain investment
securities, it is at least reasonably possible that changes in the values of
investment securities will occur in the near term and such changes could be
material to the financial statements.
Risks and
Uncertainties – The Plan invests in various investment instruments,
including common collective trusts and mutual funds. 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 certain 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 – The Plan’s investments are stated at
fair value. 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. Common collective trust funds are stated at fair value as
determined by the issuer of the common collective trust funds based on the fair
market value of the underlying investments. Common collective trust
funds with underlying investments in benefit-responsive investment contracts are
valued at fair value of the underlying investments and then adjusted by the
issuer to contract value. Participant loans are valued at the
outstanding loan balances.
The
M&I Stable Principal Fund is a stable value fund. The M&I
Stable Principal Fund is primarily invested in traditional and synthetic
guaranteed investment contracts. Traditional contracts are typically
issued by insurance companies or banks and are essentially nonmarketable
deposits with the issuing entity. The issuer is contractually
obligated to repay the principal and stated interest. The repayment
of a traditional contract is the sole responsibility of the issuing
entity. In the case of a synthetic guaranteed investment contract,
the fund purchases high-quality debt obligations and enters into contractual
arrangements with third parties to provide a guarantee of book (contract) value
and specified interest. Participants may ordinarily direct the
withdrawal or transfer of all or a portion of their investment at contract
value. Contract value represents contributions made to the fund, plus
earnings, less participant withdrawals.
In
accordance with Financial Accounting Standards Board Staff Position, FSP AAG
INV-1 and SOP 94-4-1, Reporting of Fully
Benefit-Responsive 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 statements of net assets available for
benefits present an investment contract at fair value, as well as an additional
line item showing an adjustment of the fully benefit-responsive contract from
fair value to contract value. The statements of changes in net assets
available for benefits is presented on a contract value basis and is not
affected by the FSP. Fair value of the contract is calculated by
discounting the related cash flows based on current yields of similar
instruments with comparable durations.
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.
Benefit Payments
– Benefit payments to participants are recorded when
paid. Amounts payable to participants who elected to withdraw from
the Plan but had not been paid were $594,096 and $166,654 at December 31, 2007
and 2006, respectively.
Administrative
Expenses – The Plan pays all administrative expenses.
Excess
Contribution Payable – The Plan is required to return contributions and
related earnings received during the year in excess of IRC limits.
Plan Termination
– The Company may terminate the Plan at any time. Distribution
upon termination or complete discontinuance of contributions will be made in a
manner selected by the Trustee. Presently, the Company has no
intention to terminate the Plan. In the event that the Plan is
terminated, participants would become 100% vested in their
accounts.
Recent Accounting
Pronouncements – In September 2006, the Financial Accounting Standards
Board issues SFAS No. 157, Fair Value Measurements
(“SFAS 157”). SFAS 157 defines fair value, establishes a framework
for measuring fair value and expands disclosures about fair value
measurements. It also establishes a fair value hierarchy that
prioritizes information used in developing assumptions when pricing an asset or
liability. SFAS 157 will be effective for the
Plan beginning on January 1, 2008; Plan management does not believe
SFAS 157 will have a material effect on the Plan’s financial statements and
related disclosures.
The
following presents investments that represent five percent or more of the Plan’s
net assets as of December 31, 2007 and 2006. All investments are
participant directed.
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2007
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2006
|
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M&I
Stable Principal Fund*
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36,264,746
and 35,005,668 shares, respectively
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$
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35,176,804
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$
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34,655,611
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Dodge
& Cox Balanced Fund
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|
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265,556
and 267,003 shares, respectively
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21,510,040
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|
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23,250,628
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Regal
Beloit Corporation Unitized Stock Fund*
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369,832
and 413,339 shares, respectively
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19,938,042
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25,541,307
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Vanguard
Institutional Index Fund
|
|
|
|
|
|
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110,756
and 117,748 shares, respectively
|
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14,856,824
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15,258,952
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American
Growth Fund of America
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|
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408,307
and 379,140 shares, respectively
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13,686,459
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12,303,091
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Allianz
NFJ Dividend Value Fund
|
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526,079
and 473,721 shares, respectively
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8,685,564
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8,076,936
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*Represents
party-in-interest.
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During
the year ended December 31, 2007 and 2006, the Plan’s investments (including
gains and losses in investments bought and sold, as well as held during the
year) (depreciated) appreciated in value as follows:
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2007
|
|
|
|
2006
|
|
|
|
|
|
|
|
|
|
Regal
Beloit Corporation Unitized Stock Fund*
|
$
|
(2,912,507
|
)
|
|
$
|
9,064,686
|
|
Mutual
Funds*
|
|
4,023,438
|
|
|
|
8,349,302
|
|
|
|
1,110,931
|
|
|
|
17,413,988
|
|
*Represents
party-in-interest.
|
|
|
|
|
|
|
|
At
December 31, 2007 and 2006, interest income and dividends of $292,321 and
$302,309, respectively, were included in net (depreciation) appreciation of the
Regal Beloit Corporation Unitized Stock Fund.
4.
|
PARTICIPANT
ACCOUNTING
|
Participant
recordkeeping is performed by Marshall & Ilsley Trust Company
(“M&I”). For all investment programs other than the Regal Beloit
Corporation Unitized Stock Fund (the “Fund”), M&I maintains participant
balances on a share method. Participant investments in the Fund are
accounted for on a unit value method. The unit value for the Fund is
computed based on the share price, dividend information, and the value of the
Fund’s short term investments. At December 31, 2007 and 2006, the
Plan held 369,832 units and 413,339 units, respectively, of the
Fund. The Fund invests in shares of Regal Beloit Corporation common
stock and held 369,832 shares and 413,339 shares at December 31, 2007 and 2006,
respectively. In addition to Regal Beloit Corporation common stock,
the Fund also invests in the Marshall Money Market Fund. At December
31, 2007 and 2006, the fair value of the Marshall Money Market Fund included in
the Regal Beloit Corporation Unitized Stock Fund was $1,406,655 and $314,891,
respectively.
The Plan
uses a prototype plan document sponsored by the Trustee. The Trustee
received an opinion letter from the Internal Revenue Service (IRS), dated
November 27, 2001, which states that the prototype document satisfies the
applicable provisions of the IRC. The Plan received a favorable IRS
determination letter from the IRS on November 26, 2004. The Plan has
been amended since receiving the determination letter. However, the
Company and Plan’s management 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 taxes has been included in the Plan’s financial
statements. The Plan has been amended since receiving the
determination letter. However, the Company and Plan administrator
believe that the Plan is currently designed and being operated in compliance
with the applicable requirements of the Internal Revenue Code and the Plan is
continues to be tax-exempt.
6.
|
RELATED-PARTY
TRANSACTIONS
|
Plan
assets are invested in a common collective fund, managed by the
Trustee. Fees paid by the Plan for investment management services are
included as a reduction of the return earned by the fund. In
addition, the Plan invests in securities of the Company. These
transactions are not considered prohibited transactions by statutory exemption
under ERISA regulations. On December 28, 2007, Marshall & Ilsley
Trust Company had deposited $239,783 into participants’ accounts for the pay
period ending December 29, 2007. The money for this contribution was
received from the Company on January 4, 2008.
7.
|
EXEMPT
PARTY-IN-INTEREST TRANSACTIONS
|
Certain
Plan investments are shares of mutual funds managed by Marshall & Ilsley
Trust Company, (M&I). M&I is the trustee of the Plan and,
therefore, these transactions qualify as exempt part-in-interest
transactions. Fees paid by the Plan for investment management and
recordkeeping service are included as a reduction of the return earned by each
fund.
8.
|
RECONCILIATION
OF FINANCIAL STATEMENTS TO FORM
5500
|
The
following table reconciles the Statements of Net Assets Available for Benefits
and the Statements of Changes in Net Assets available for Benefits to the Form
5500.
|
Year
Ended
|
|
|
|
2007
|
|
|
|
2006
|
|
Total
Net Assets Per Cash Basis Form 5500
|
$
|
160,913,154
|
|
|
$
|
154,451,858
|
|
Contributions
Receivable
|
|
960,570
|
|
|
|
1,185,658
|
|
Due
from Party-In-Interest
|
|
239,783
|
|
|
|
-
|
|
Adjustments
from fair value to contract value for fully
|
|
|
|
|
|
|
|
benefit-responsive
investment contracts
|
|
1,087,942
|
|
|
|
350,057
|
|
Defaulted
Loans
|
|
9,063
|
|
|
|
-
|
|
Deposit
In-Transit
|
|
239,783
|
|
|
|
-
|
|
Accrued
Administrative Fees
|
|
(3,1000
|
) )
|
|
|
(3,100
|
)
|
|
|
|
|
|
|
|
|
Net
Assets Per Statement of Net Assets
|
|
|
|
|
|
|
|
Available
for Benefits
|
$
|
162,967,629
|
|
|
$
|
155,984,473
|
|
|
Year
Ended
|
|
|
2007
|
|
|
|
2006
|
|
Contributions
Per Modified Cash Basis Form 5500
|
$
|
16,901,859
|
|
|
$
|
11,304,645
|
|
|
|
|
|
|
|
|
|
Change
in Contributions Receivable
|
|
(225,088
|
) )
|
|
|
82,627
|
|
|
|
|
|
|
|
|
|
Contributions
Per Statements of Changes in Net
Assets
Available
for Benefits
|
$
|
16,676,771
|
|
|
$
|
11,387,272
|
|
|
Year
Ended
|
|
|
|
2007
|
|
|
|
2006
|
|
Net
Increase Per Modified Cash Basis Form 5500
|
$
|
6,461,296
|
|
|
$
|
8,967,918
|
|
|
|
|
|
|
|
|
|
Change
in Contributions Receivable
|
|
(225,088
|
)
|
|
|
82,627
|
|
|
|
|
|
|
|
|
|
Adjustments
(prior year) from fair value to contract
|
|
|
|
|
|
|
|
value
for fully benefit-responsive investment contracts
|
|
(350,0577
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Adjustments
from fair value to contract value for fully
|
|
|
|
|
|
|
|
benefit-responsive
investment contracts
|
|
1,087,9422
|
|
|
|
350,057
|
|
|
|
|
|
|
|
|
|
Defaulted
Loans
|
|
9,063
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Net
Increase Per Statements of Changes in Net Assets
Available
for Benefits
|
$
|
6,983,156
|
|
|
$
|
9,400,602
|
|
*
* * * * *
SUPPLEMENTAL
SCHEDULE
FURNISHED
PURSUANT TO
DEPARTMENT
OF LABOR’S RULES AND REGULATIONS
REGAL
BELOIT CORPORATION
RETIREMENT
SAVINGS PLAN
FORM
5500, SCHEDULE H, PART IV, LINE 4i – SCHEDULE OF ASSETS
(HELD
AT END OF YEAR)
AS
OF DECEMBER 31, 2007
|
Identity
of Issue, Borrower,
Lessor, or Similar Party
|
Description of Investment
|
|
Fair Value
|
|
M&I
Stable Principal Fund*
|
Common
Collective Trust Fund
|
|
$ |
35,176,804 |
|
|
|
|
|
|
|
Regal
Beloit Corporation Unitized Stock Fund*
|
Unitized
Stock Fund
|
|
|
19,938,042 |
|
|
|
|
|
|
|
Dodge
& Cox International Stock Fund FD
|
Mutual
Fund
|
|
|
21,510,040 |
|
|
|
|
|
|
|
Vanguard
Institutional Index FD
|
Mutual
Fund
|
|
|
14,856,824 |
|
|
|
|
|
|
|
American
Growth FD of America
|
Mutual
Fund
|
|
|
13,686,459 |
|
|
|
|
|
|
|
Allianz
NFJ Dividend Value Fund
|
Mutual
Fund
|
|
|
8,685,564 |
|
|
|
|
|
|
|
Baron
Asset FD Growth/Income ED
|
Mutual
Fund
|
|
|
8,143,551 |
|
|
|
|
|
|
|
Dodge
& Cox International Stock FD
|
Mutual
Fund
|
|
|
8,130,799 |
|
|
|
|
|
|
|
Heritage
Mid Cap Stock Fund
|
Mutual
Fund
|
|
|
7,067,797 |
|
|
|
|
|
|
|
Goldman
Sachs Mid Cap Value Fund
|
Mutual
Fund
|
|
|
6,667,028 |
|
|
|
|
|
|
|
Pimco
Total Return Fund
|
Mutual
Fund
|
|
|
5,763,417 |
|
|
|
|
|
|
|
Artisan
FDS Inc.
|
Mutual
Fund
|
|
|
1,743,682 |
|
|
|
|
|
|
|
Vanguard
Target Retirement 2015 FD
|
Mutual
Fund
|
|
|
1,495,519 |
|
|
|
|
|
|
|
Vanguard
Target Retirement 2025 FD
|
Mutual
Fund
|
|
|
1,461,003 |
|
|
|
|
|
|
|
Wells
Fargo Advantage Small Cap ED
|
Mutual
Fund
|
|
|
1,409,491 |
|
|
|
|
|
|
|
Vanguard
Target Retirement 2005 FD
|
Mutual
Fund
|
|
|
1,147,833 |
|
|
|
|
|
|
|
Vanguard
Target Retirement 2045 FD
|
Mutual
Fund
|
|
|
387,765 |
|
|
|
|
|
|
|
Vanguard
Target Retirement 2035 FD
|
Mutual
Fund
|
|
|
327,182 |
|
|
|
|
|
|
|
Loans
to Participants (Interest rates ranging
from
4.0% to 9.5%)*
|
Participants
Loans
|
|
|
3,298,366 |
|
|
|
|
|
|
|
Defaulted
Loans*
|
Defaulted
Loans
|
|
|
9,063 |
|
|
|
|
|
|
|
TOTAL
ASSETS (HELD AT END OF YEAR)
|
|
$ |
160,906,229 |
|
|
|
|
|
|
*Represents
party-in-interest.
|
|
|
|
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the trustees (or
other persons who administer the employee benefit plan) have duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
Dated:
|
June 27, 2008
|
REGAL
BELOIT CORPORATIONRETIREMENT SAVINGS
PLAN
|
|
|
|
|
|
|
By:
|
REGAL
BELOIT CORPORATION
RETIREMENT
SAVINGS PLAN
ADMINISTRATIVE
COMMITTEE
|
|
|
|
|
|
|
By:
|
/s/
David A. Barta
|
|
|
|
David
A. Barta
Vice
President, Chief Financial Officer and Committee
Member
|
EXHIBIT
INDEX
REGAL
BELOIT CORPORATION RETIREMENT SAVINGS PLAN
FORM
11-K
FOR THE YEAR ENDED DECEMBER
31, 2007
Exhibit
No.
|
Description
|
23
|
Consent
of Independent Registered Public Accounting
Firm
|