Capital One 2008 Annual Report Download - page 141
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123
Pension Benefits
Postretirement Benefits
2008
2007
2008
2007
Special termination benefits..............................................................................
.
4,895
Benefit obligation at end of year.......................................................................
.
$ 189,751
$ 207,926 $ 73,700
$ 59,783
Change in plan assets:
Fair value of plan assets at beginning of year ...................................................
.
$ 308,335
$ 303,726 $ 8,356
$ 7,682
Actual return on plan assets ..............................................................................
.
(80,678) 23,757 (1,375) 674
Employer contributions.....................................................................................
.
945
880 3,833
3,686
Plan participant contributions ...........................................................................
.
635
532
Settlements........................................................................................................
.
(24,657)
Benefits paid .....................................................................................................
.
(11,340) (20,028) (4,468) (4,218)
Fair value of plan assets at end of year .............................................................
.
$ 192,605
$ 308,335 $ 6,981
$ 8,356
Funded status at end of year..............................................................................
.
$ 2,854
$ 100,409 $ (66,719) $ (51,427)
Balance Sheet Presentation:
Other assets.......................................................................................................
.
$ 13,316
$ 111,013 $
$
Other liabilities .................................................................................................
.
(10,462) (10,604) (66,719) (51,427)
Net amount recognized at end of year...............................................................
.
$ 2,854
$ 100,409 $ (66,719) $ (51,427)
Accumulated benefit obligation at end of year.............................................
.
$ 189,751
$ 207,926 n/a
n/a
Components of net periodic benefit cost:
Service cost.......................................................................................................
.
$ 2,500
$ 15,014 $ 1,687
$ 8,373
Interest cost.......................................................................................................
.
11,941
12,034 3,605
4,678
Expected return on plan assets..........................................................................
.
(21,091) (21,688) (608) (574)
Amortization of transition obligation, prior service credit, and net actuarial
loss ...............................................................................................................
.
188 (7,959) (4,308)
Curtailment gain ...............................................................................................
.
(8,483)
(1,454)
Special termination benefits..............................................................................
.
4,895
Settlement loss recognized................................................................................
.
10,829
Net periodic benefit cost ...................................................................................
.
$ 4,179
$ 1,960 $ (3,275) $ 6,715
Changes recognized in other comprehensive income, pretax:
Transition obligation.........................................................................................
.
$
$ $
$ 276
Prior service (cost) credit..................................................................................
.
(363)
21,798
Net actuarial gain (loss) ....................................................................................
.
(105,150) 18,354 (13,535) 10,814
Reclassification adjustments for amounts recognized in net periodic benefit
cost ...............................................................................................................
.
10,829
511 (9,748) (4,308)
Total recognized in other comprehensive income.............................................
.
$ (94,321) $ 18,502 $ (23,283) $ 28,580
During 2008, the Company recognized a settlement within the qualified pension plan due to making lump-sum cash payments to
former employees of GreenPoints mortgage origination operations in exchange for their rights to receive specified pension benefits.
During 2007, the Company recognized curtailments attributable to the freezing of one of the qualified plans assumed in the North
Fork acquisition and to the termination of employees in the closure of GreenPoints mortgage origination operations. Special
termination benefits in 2007 relate to the Companys offering of immediate vesting in pension benefits to eligible employees who
were terminated in the closure of GreenPoints mortgage origination operations. The $22.1 million reduction in other postretirement
benefit obligation from plan amendments in 2007 relates to the Companys decision to begin phasing out its contributions toward
retiree health care costs so that employees becoming retirement eligible in 2013 and later years will receive no employer contributions.