Amtrak 2015 Annual Report Download - page 43

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National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Notes to Consolidated Financial Statements (continued)
12. Postretirement Employee Benefits (continued)
41
• Employees less than age 50 on June 30, 2015 are no longer eligible for subsidized benefits under the
Plan.
These postretirement medical benefit program changes required a remeasurement as of March 31, 2015. The
remeasurement resulted in a net decrease in the projected benefit obligation as of the remeasurement date of
$402.9 million. The decrease in the projected benefit obligation has been reflected as a prior service credit
and is being amortized over approximately four years beginning April 1, 2015.
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, 2015 and 2014 was as follows (in thousands):
Pension Benefits Other Benefits
2015 2014 2015 2014
Reconciliation of projected benefit obligation:
Obligation at October 1 $517,485 $ 422,099 $ 1,214,456 $ 1,120,535
Service cost 13,849 14,713 30,455 30,701
Interest cost 21,702 21,396 45,882 56,679
Actuarial loss 9,948 76,429 30,475 55,793
Employee contributions — — 2,656 1,794
Benefit payments (18,806) (17,152) (51,893) (51,046)
Gain due to curtailment/ plan amendment (64,548) —(402,854) —
Obligation at September 30 $479,630 $ 517,485 $ 869,177 $ 1,214,456
Reconciliation of fair value of plan assets:
Plan assets at October 1 $418,122 $ 393,608 $ — $ —
Actual (loss) gain on plan assets (12,627) 29,119 ——
Employer contributions 14,000 14,000 49,238 49,252
Participant contributions ——2,656 1,794
Medicare Part D subsidy ——825 981
Benefit payments, net (20,231) (18,605) (52,719) (52,027)
Plan assets at September 30 $399,264 $ 418,122 $ — $ —
Funded status:
Net liability recognized in Consolidated
Balance Sheets $(80,366) $ (99,363) $ (869,177) $ (1,214,456)
Accumulated benefit obligation
at September 30 $(479,630) $ (461,126) $ (869,177) $ (1,214,456)