UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 11-K

Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
 
þ Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934
    
     For the fiscal year ended December 31, 2019

Or
 
¨ Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934
    
     For the transition period from                      to                     


Commission file number 000-54863

 
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Eaton Personal Investment Plan

 
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Eaton Corporation plc
Eaton House
30 Pembroke Road
Dublin 4, Ireland
D04 Y0C2







SIGNATURES

The Plan. 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.
 
 
EATON PERSONAL INVESTMENT PLAN
 
Date: June 24, 2020
By:
Eaton Pension Administration Committee
 
 
 
By:
/s/ April Miller Boise
 
 
April Miller Boise

 
 
Executive Vice President and General Counsel
 
 
Eaton Corporation





EATON PERSONAL INVESTMENT PLAN


FINANCIAL STATEMENTS
WITH
REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM


December 31, 2019






INDEX
 
 
 
Page
 
 
 Report of Independent Registered Public Accounting Firm
 
 
 
 Financial Statements:
 
 
 
      Statement of Net Assets Available for Benefits
3
 
 
      Statement of Changes in Net Assets Available for Benefits
4
 
 
      Notes to Financial Statements
5-12
 
 
 Supplemental Schedule:
 
 
 
      Schedule of Assets Held for Investment Purposes at End of Year
13





Report of Independent Registered Public Accounting Firm


To the Plan Administrator and Plan Participants of the Eaton Personal Investment Plan
and the Pension Administration Committee and the Pension Investment Committee of Eaton

Opinion on the Financial Statements

We have audited the accompanying Statement of Net Assets Available for Benefits of the Eaton Personal Investment Plan (“Plan”) as of December 31, 2019 and 2018, and the related Statement of Changes in Net Assets Available for Benefits for the years then ended, and the related notes and schedule (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, 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.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental information in the Schedule of Assets Held for Investment Purposes at End of Year as of December 31, 2019 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with Department of Labor’s (DOL) Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.


/s/ Meaden & Moore, Ltd.

We have served as the Plan’s auditor since 2005.

Cleveland, Ohio
June 24, 2020








STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

Eaton Personal Investment Plan

 
 December 31
 
2019
 
2018
 ASSETS
 
 
 
 Receivable - Employer contributions
$

 
$
56,699

 Receivable - Employee contributions

 
170,029

 Receivable - Interest

 
4,999

 Notes receivable from participants
5,050,357

 
4,993,857

 
 
 
 
       Total Receivables
5,050,357

 
5,225,584

 
 
 
 
 Investments at Fair Value:
 
 
 
 Plan interest in Eaton Savings Trust
142,536,912

 
123,506,835

 
 
 
 
 Investments at Contract Value:
 
 
 
 Plan interest in Eaton Savings Trust
 
 
 
    Eaton Stable Value Fund
32,635,655

 
33,974,968

 
 
 
 
        Total Investments
175,172,567

 
157,481,803

 
 
 
 
 Net Assets Available for Benefits
$
180,222,924

 
$
162,707,387

 
 
 
 

See accompanying notes.

























3





STATEMENT OF CHANGES IN NET ASSETS AVAILABEL FOR BENEFITS

Eaton Personal Investment Plan

 
 Year Ended December 31
 
2019
 
2,018
Additions to Net Assets Attributed to:
 
 
 
Contributions:
 
 
 
     Employer
$
2,787,688

 
$
2,470,150

     Employee
9,221,359

 
8,510,275

     Rollover
503,521

 
632,154

 
 
 
 
 
12,512,568

 
11,612,579

Plan interest in Eaton Savings Trust
 
 
 
     investment gain (loss)
27,735,638

 
(5,319,482
)
Interest income
271,317

 
243,876

 
 
 
 
        Total Additions before Transfers
40,519,523

 
6,536,973

 
 
 
 
Net Transfers (to) other plans
(438,491
)
 
(226,128
)
 
 
 
 
        Total Additions
40,081,032

 
6,310,845

 
 
 
 
Deductions from Net Assets Attributed to:
 
 
 
     Benefits paid to participants
22,517,922

 
15,427,227

     Administrative expenses
47,573

 
56,749

 
 
 
 
        Total Deductions
22,565,495

 
15,483,976

 
 
 
 
        Net Increase (Decrease)
17,515,537

 
(9,173,131
)
 
 
 
 
Net Assets Available for Benefits:
 
 
 
     Beginning of Year
162,707,387

 
171,880,518

 
 
 
 
     End of Year
$
180,222,924

 
$
162,707,387


See accompanying notes.












4





NOTES TO FINANCIAL STATEMENTS

Eaton Personal Investment Plan


1
Description of Plan

The following description of the Eaton Personal Investment Plan ("Plan") provides only general information. Participants should refer to the Plan document and summary plan description, which are available from the Company's Human Resources Department upon request, for a complete description of the Plan's provisions.

General:

Effective July 1, 1996, Eaton Corporation ("Company" or "Plan Sponsor") established the Plan. The Company is a subsidiary of Eaton Corporation plc ("Eaton"). On May 1, 1998, the Company amended the Plan and restated certain articles therein to qualify the Plan as a profit sharing plan under Section 401(a) of the Internal Revenue Code ("Code") and to include a cash or deferred arrangement intended to qualify under Section 401(k) of the Code. Effective June 1, 2018, the Company added a non-elective 2% Retirement Contribution for certain members of the Plan who are excluded from participation in the Pension Plan for Eaton Corporation Employees. The Plan was amended and restated effective January 1, 2015. The Plan was amended December 12, 2017, June 14, 2018, December 13, 2018, and was most recently amended April 18, 2019 and December 3, 2019.

Eligibility:

The Plan provides that all active and former union employees who belong(ed) to the unions listed in the Plan document, will be (were) eligible for membership in the Plan on the date at which the employee has (had) completed the specified probationary period, as stated in the applicable collective bargaining agreement.

Contributions:

Employee Contributions - Employees may make before-tax or after-tax contributions with maximum employee contribution percentages determined by the applicable collective bargaining agreement. Catch-up contributions are permitted in the Plan, allowing participants age 50 and older to defer an additional amount of their compensation, as prescribed by the Internal Revenue Code. Effective January 1, 2019, employees at certain locations who are classified on and after a specified effective date as new hires, rehires, and/or certain transfers are automatically enrolled in the Plan at a rate of 6% of eligible compensation, as specified in the applicable collective bargaining agreement.

Employer Contributions (Matching) - Certain eligible participants of the Plan may receive a matching contribution of 50% up to 6% of their deferred compensation as specified in the applicable collective bargaining agreement.

Employer Contributions (Retirement) - As specified in the applicable collective bargaining agreement, certain eligible participants of the Plan may receive a Company contribution based on hours worked or compensation. Additionally, beginning June 1, 2018, the Plan provides that employees at certain locations who are classified on and after a specified effective date as new hires, rehires, and/or certain transfers shall be eligible for non-elective 2% Eaton Retirement Contributions, not to exceed 2% of their eligible compensation, as specified in the applicable collective bargaining agreement.

Contributions are subject to limitations on annual additions and other limitations imposed by the Internal Revenue Code, as defined in the Plan Document.

Rollover contributions from other plans are also accepted, provided certain specified conditions are met.







5





1
Description of Plan, Continued:

Participants' Accounts:

Each participant's account is credited with the participant's contributions, employer contributions, and an allocation of the Plan's earnings, and is charged with an allocation of applicable administrative expenses. Allocations, if any, are based on participant account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account.

Vesting:

All participants are 100% vested in elective deferrals, rollover contributions made to the Plan, and actual earnings thereon. Vesting in company contributions is subject to certain provisions as defined by the Plan.

Notes Receivable from Participants:

Participants may borrow from their fund accounts up to a maximum equal to the lesser of $50,000 or 50% of their account balance (excluding certain employer contributions), reduced by their highest outstanding loan balance during the preceding 12 months. Loan terms range from 1-5 years except for loans used for the purchase of a primary residence which may have a longer term. The loans are secured by the balance in the participant's account and bear interest at a rate based on the prime interest rate as determined by the Plan Administrator. Principal and interest are paid through payroll deduction for active employees. Terminated employees are permitted to make loan payments directly to Fidelity. Loans are valued at unpaid principal plus accrued unpaid interest.

Hardship Withdrawals:

Hardship withdrawals are permitted in accordance with Internal Revenue Service guidelines.

Payment of Benefits:

Upon termination of service, retirement, death or total and permanent disability, a participant is eligible to receive a lump sum amount equal to the value of his or her account. A participant may choose to take partial withdrawals. Benefits are recorded when paid.

Investment Options:

Contributions may be invested in any of the fund options available under the Plan.
  
2
Summary of Significant Accounting Policies

Basis of Accounting:

The financial statements of the Plan are prepared on the accrual basis of accounting.

Investment Valuation and Income Recognition:

The Plan's trustee is Fidelity Management Trust Company, and the Plan's investments, excluding notes receivables from participants, were invested in the Eaton Savings Trust ("Master Trust"), which was established for the investment of assets of the Plan and the Eaton Savings Plan. The fair value of the Plan’s interest in the individual funds of the Master Trust is based on the value of the Plan’s interest in the fund as of January 1, 2002, plus actual contributions and allocated investment income (loss) less actual distributions.







6





2
Summary of Significant Accounting Policies, Continued:

Investment Valuation and Income Recognition, Continued:

Securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the Plan year. Investments traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the average of the last reported bid and asked prices. Common/collective trust funds and separate accounts are valued at the redemption value of the units held at year-end. Participant transactions (purchases and sales) occur daily with no restrictions and there are no unfunded commitments. The common/collective trust and separate accounts have varying investment strategies ranging from mirroring specific market indexes, asset allocation strategies, and bond performance. However, in high volume liquidation demand periods, the Trustee may, at their discretion, delay liquidation requests so that it is in the best interest of all participants in the fund. The Eaton Stable Value Fund invests primarily in investment contracts issued by insurance companies, banks or other financial institutions, including investment contracts backed by high-quality fixed income securities.

Investments held by a defined contribution plan are required to be reported at fair value, except for fully benefit-responsive investment contracts. Contract value is the relevant measure for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts, because contract value is the amount participants normally would receive if they were to initiate permitted transactions under the terms of the Plan.

Purchases and sales of securities are recorded on a trade-date basis.

Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Administrative Fees:

All administrative costs, management fees and expenses of the Plan are paid by the Trustee from the Master Trust unless such costs, fees and expenses are paid by the Company. The Company elected to pay certain administrative costs during 2019 and 2018 on behalf of the Plan. Certain transaction costs are paid by the participants. Certain investments in the Plan have revenue sharing agreements with the Trustee. Prior to July 1, 2020, revenue sharing from these investment funds was used to pay recordkeeping fees. If there were revenue credits in excess of administration fees, they were recorded in administrative expenses. Beginning October 1, 2020 (for the third quarter of 2020), participants will pay the recordkeeping fees and administrative expenses with a flat quarterly fee deducted from their accounts.

Plan Termination:

The Company may amend, modify, suspend, or terminate the Plan. No amendment, modification, suspension, or termination of the Plan shall have the effect of providing that any amounts then held under the Plan may be used or diverted to any purpose other than for the exclusive benefit of members or their beneficiaries.

Risks and Uncertainties:

The Master Trust's investments, as listed in Footnote 4, have varying degrees of risk, such as interest rate, credit and overall market volatility risks. 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 such changes could materially affect the amounts reported in the Statement of Net Assets Available for Benefits.







7





2
Summary of Significant Accounting Policies, Continued:

Subsequent Events:

Management evaluates events occurring subsequent to the date of the financial statements in determining the accounting for and disclosure of transactions and events that affect the financial statements. 

On January 21, 2020, Eaton announced the sale of its Hydraulics business to Danfoss A/S. The transaction is expected to close by the end of 2020. On March 2, 2020, Eaton announced it completed the sale of its Lighting business to Signify N.V. Employees included in this sale will be eligible to participate in the Plan through December 31, 2020. The Plan will be amended to permit multiple employer participation. The financial impact of these transactions on the net assets available for benefits cannot be estimated at this time.

During 2020, in response to COVID-19 and as permitted by the CARES Act, the Plan allowed active participants impacted by COVID-19 to defer loan repayments until December 31, 2020. The plan also permitted, as allowed by the CARES Act, a special withdrawal option through December 31, 2020 of up to two lump sum distributions per active participant with a limit of $25,000 each.

Subsequent events have been evaluated through the report date which is the date the financial statements were available to be issued.

3
Tax Status

On December 28, 2016, the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Plan has been amended; however, the Plan Administrator and the Plan's tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, they believe that the Plan was qualified and the related trust was tax-exempt as of the financial statement date.

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken uncertain tax positions that more-likely-than-not would not be sustained upon examination by applicable taxing authorities. The Plan Administrator has analyzed tax positions taken by the Plan and has concluded that, as of December 31, 2019, there are no uncertain tax positions taken, or expected to be taken, that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. However, currently no audits for any tax periods are in progress.























8





4
Investments

Fidelity Management Trust Company, Trustee and Recordkeeper of the Plan, holds the Plan's investment assets and executes investment transactions, and all investment assets of the Plan are pooled for investment purposes in the Master Trust.

The following tables present the assets of the Master Trust and the Plan's interest in each of the investments held by the Master Trust at December 31:

2019
 
Master Trust Balances
 
Plan's Interest in Master Trust Balances
 
 
 
 
 
Common collective trusts
 
$
3,111,971,475

 
$
91,002,794

Registered investment companies
 
1,375,643,912

 
31,475,659

Eaton ordinary shares
 
1,025,886,335

 
13,493,035

Guaranteed investment contracts
 
415,269,277

 
30,794,541

U.S. government securities
 
131,343,840

 
4,858,216

Interest bearing cash
 
56,752,886

 
2,603,898

Corporate debt instruments
 
25,957,561

 
960,122

     Total investments
 
6,142,825,286

 
175,188,275

        Receivables
 
3,498,542

 
130,305

        Liabilities
 
(2,803,519
)
 
(146,013
)
 
 
 
 
 
     Total
 
$
6,143,520,309

 
$
175,172,567

2018
 
Master Trust Balances
 
Plan's Interest in Master Trust Balances
 
 
 
 
 
Common collective trusts
 
$
1,410,903,961

 
$
51,449,958

Registered investment companies
 
2,240,354,513

 
53,626,474

Eaton ordinary shares
 
883,562,253

 
11,873,109

Guaranteed investment contracts
 
377,952,627

 
32,296,949

U.S. government securities
 
89,451,879

 
4,128,298

Interest bearing cash
 
49,726,937

 
2,485,067

Corporate debt instruments
 
33,732,819

 
1,556,793

Non interest bearing cash
 
488,048

 
22,523

     Total investments
 
5,086,173,037

 
157,439,171

        Receivables
 
4,346,374

 
218,235

        Liabilities
 
(3,174,657
)
 
(175,603
)
 
 
 
 
 
           Total Investments
 
$
5,087,344,754

 
$
157,481,803


At December 31, 2019 and 2018, respectively, the Eaton Fixed Income Fund was comprised of U.S. government securities (82% and 70%), corporate debt instruments (16% and 27%), interest bearing and non interest bearing cash (1% and 2%), and other investments (1% and 1%).









9





4
Investments, Continued:

Investment income and net appreciation or depreciation in the fair value of the investments of the Master Trust are allocated to the individual plans based upon the average balance invested by each plan in each of the individual funds of the Master Trust. The following table sets forth the investment income and net appreciation or depreciation in the fair value of investments of the Master Trust allocated to the participating plans for the years ended December 31, is as follows:
 
2019
 
2018
 
 
 
 
Interest and dividend income
$
111,829,354

 
$
173,571,473

Net (depreciation) appreciation in fair value
1,149,779,421

 
(493,835,500
)
 
 
 
 
 
$
1,261,608,775

 
$
(320,264,027
)

5
Party-in-Interest Transactions                

Party-in-interest transactions include the investments in the ordinary shares of Eaton and the investment funds of the Trustee and the payments of administrative expenses by the Company. Such transactions are exempt from being prohibited transactions. In addition, the Plan has arrangements with various service providers and these arrangements qualify as party-in-interest transactions.

During 2019 and 2018, the Eaton Shares Fund received $34,164,780 and $34,354,566, respectively, in ordinary share dividends from Eaton, which were a return of capital.

6
Benefit-Responsive Investment Fund            

The Plan holds the Eaton Stable Value Fund, a fund co-managed by Mellon Investments Corporation (Mellon) and Pacific Investment Management Company LLC, that invests in benefit-responsive investment contracts. The fund is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The traditional guaranteed investment contract issuers are contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan and the synthetic contract issuers are contractually obligated to guarantee the payment of a specific interest rate to the Plan.

As described in Footnote 2, because the guaranteed investment contracts are fully benefit-responsive, contract value is the relevant measurement attribute for that portion of the net assets available for benefits attributable to the guaranteed investment contract. Contract value, as reported to the Plan by Mellon and Pacific Investment Management Company LLC, represents contributions made under the contracts, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.

There are no reserves against contract value for credit risk of the contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but it may not be less than zero percent. Such interest rates are reviewed quarterly for resetting.

Certain events limit the ability of the Plan to transact at contract value with the issuers. The Plan Administrator does not believe that the occurrence of any such value event, which would limit the Plan's ability to transact at contract value with participants, is probable.

The issuer may terminate the contract for cause at any time.
                                            








10





7
Fair Value Measurements                
                                            
In accordance with ASC 820, the Plan has categorized the financial instruments, based on the degree of subjectivity inherent in the valuation technique, into a fair value hierarchy of three levels, as follows:

Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.
                                            
The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2019 and 2018.
                                            
Registered investment companies (mutual funds), Company stock funds and bond funds: Valued at the net asset value ("NAV") of shares held by the Master Trust at year-end.
                                            
Common collective trusts: Valued at the net unit value of units held by the trust at year-end. The unit value is determined by dividing the total value of fund assets by the total number of units of the Fund owned.
                                            
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while management believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
                                            
The following table sets forth by level on a recurring basis, within the fair value hierarchy, the Master Trust's investments at fair value as of December 31, 2019. There are no investments which fall under Level 3 of the hierarchy.
 
Level 1
Fair Value
 
Level 2
Fair Value
 
Totals
 
 
 
 
 
 
Registered investment companies
$
1,375,643,912

 
$

 
$
1,375,643,912

Common collective trusts

 
3,115,734,950

 
3,115,734,950

Company stock funds

 
1,051,625,984

 
1,051,625,984

Bond funds

 
160,418,463

 
160,418,463

 
 
 
 
 
 
Total investments at fair value
$
1,375,643,912

 
$
4,327,779,397

 
$
5,703,423,309


The following table sets forth by level on a recurring basis, within the fair value hierarchy, the Master Trust's investments at fair value as of December 31, 2018. There are no investments which fall under Level 3 of the hierarchy.
 
Level 1
Fair Value
 
Level 2
Fair Value
 
Totals
 
 
 
 
 
 
Registered investment companies
$
2,240,354,513

 
$

 
$
2,240,354,513

Common collective trusts

 
1,414,925,052

 
1,414,925,052

Company stock funds

 
907,214,242

 
907,214,242

Bond funds

 
127,261,414

 
127,261,414

 
 
 
 
 
 
Total investments at fair value
$
2,240,354,513

 
$
2,449,400,708

 
$
4,689,755,221






11





8
Recent Accounting Pronouncements            
                                            
During 2019, the Plan adopted Accounting Standards Update (ASU) No. 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965) - Employee Benefit Plan Master Trust Reporting. As a result of the adoption of ASU 2017-06, additional disclosures related to the Plan's interest in the Master Trust have been made. This standard was adopted retrospectively and had no impact on the Plan's net assets or changes in net assets.












































12







SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR
Form 5500, Schedule H, Part IV, Line 4i

Eaton Personal Investment Plan

EIN 34-0196300
Plan Number 162

December 31, 2019

(a)
 (b)
 
 (c)
 
 (d)
 
 (e)
 
 Identity of Issue,
 
 Description of Investment Including
 
 
 
 
 
 Borrower, Lessor,
 
 Maturity Date, Rate of Interest,
 
 
 
 Current
 
 or Similar Party
 
 Collateral, Par or Maturity Value
 
  Cost
 
 Value
 
 
 
 
 
 
 
 
 *
Interest in Eaton Savings Trust Master Trust
 
 Master Trust
 
 N/A
 
$
142,536,912

 *
Interest in Eaton Stable Value Fund - See Footnote 1
 
 Guaranteed Investment Contract
 
 N/A
 
32,635,655

 *
Participant Loans
 
 4.0 - 9.25%; various maturity dates
 
 N/A
 
5,050,357

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
180,222,924

 
Footnote 1 - denotes contract value.
 
 
 
 
 
 
 *
Party-in-interest to the Plan.
 
 
 
 
 
 
































13


Exhibit


Exhibit 23.1

Consent of Independent Registered Public Accounting Firm


We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-185206) pertaining to the Eaton Personal Investment Plan of our report dated June 24, 2020, with respect to the financial statements of the Eaton Personal Investment Plan included in this Annual Report (Form 11-K) for the years ended December 31, 2019 and 2018.


/s/ Meaden & Moore, Ltd.

Cleveland, Ohio
June 24, 2020