Amtrak 2014 Annual Report Download - page 59

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National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Notes to Consolidated Financial Statements (continued)
1509-1694994 51
12. Postretirement Employee Benefits (continued)
Obligations and Funded Status
The liability of the Company’ s pension benefits under its Retirement Income Plan, as well as
other postretirement benefits plans, as of September 30, 2014 and 2013 was as follows
(in thousands):
Pension Benefits Other Benefits
2014 2013 2014 2013
Reconciliation of projected benefit
obligation:
Obligation at October 1 $ 422,099
$ 457,170
$ 1,120,535
$ 1,356,892
Service cost 14,713 17,292 30,701 40,852
Interest cost 21,396 19,551 56,679 57,987
Change in discount rate 35,606 (47,946) 92,402 (131,041)
Actuarial loss (gain) 40,823 (8,147) (36,609) 25,035
Change in plan provisions – – – (188,038)
Benefit payments (17,152) (15,821) (49,252) (41,152)
Obligation at September 30 $ 517,485
$ 422,099
$ 1,214,456
$ 1,120,535
Reconciliation of fair value of plan
assets:
Plan assets at October 1 $ 393,608
$ 345,864
$ –
$ –
Actual gain on plan assets 29,119 40,155 – –
Employer contributions 14,000 25,000 49,252 41,152
Participant contributions – – 1,794 1,710
Medicare Part D subsidy – – 981 935
Benefit payments, net (18,605) (17,411) (52,027) (43,797)
Plan assets at September 30 $ 418,122
$ 393,608
$ –
$ –
Funded status:
Net liability recognized in
Consolidated Balance Sheets $ (99,363) $ (28,491) $ (1,214,456)
$ (1,120,535)
Accumulated Benefit Obligation
at September 30 $ (461,126) $ (378,388) $ (1,214,456)
$ (1,120,535)