GE 2014 Annual Report Download - page 197

GE 2014 FORM 10-K 177
FINANCIAL STATEMENTS POSTRETIREMENT BENEFIT PLANS
PENSION ASSET (LIABILITY)
Principal pension plans Other pension plans
December 31 (In millions) 2014 2013 2014 2013
Funded status(a)(b) $ (22,455) $ (9,816) $ (3,203) $ (2,476)
Pension asset (liability) recorded in the
Statement of Financial Position
Pension asset $ - $ - $ 295 $ 325
Pension liabilities
Due within one year(c) (190) (170) (72) (67)
Due after one year (22,265) (9,646) (3,426) (2,734)
Net amount recognized $ (22,455) $ (9,816) $ (3,203) $ (2,476)
A
mounts recorded in shareowners’
equity (unamortized)
Prior service cost (credit) $ 881 $ 1,160 $ (23) $ 9
Net actuarial loss 21,105 11,555 3,533 2,459
Total $ 21,986 $ 12,715 $ 3,510 $ 2,468
(a) Fair value of assets less PBO, as shown in the preceding tables.
(b) The GE Pension Plan was underfunded by $15.8 billion and $4.7 billion at December 31, 2014 and 2013, respectively.
(c) For principal pension plans, represents the GE Supplementary Pension Plan liability.
In 2015, we estimate that we will amortize $210 million of prior service cost and $3,300 million of net actuarial loss for the
principal pension plans from shareowners’ equity into pension cost. For other pension plans, the estimated prior service cost
and net actuarial loss to be amortized in 2015 will be $5 million and $305 million, respectively. Comparable amortized amounts
in 2014, respectively, were $214 million and $2,565 million for the principal pension plans and $6 million and $205 million for
other pension plans.
ESTIMATED FUTURE BENEFIT PAYMENTS
2020 -
(In millions) 2015 2016 2017 2018 2019 2024
Principal pension plans $ 3,225 $ 3,300 $ 3,380 $ 3,465 $ 3,560 $ 19,430
Other pension plans $ 505 $ 510 $ 520 $ 530 $ 540 $ 2,925
RETIREE HEALTH AND LIFE BENEFITS
We sponsor a number of retiree health and life insurance benefit plans (retiree benefit plans). Principal retiree benefit plans
are discussed below; other such plans are not significant individually or in the aggregate. We use a December 31
measurement date for our plans.
Principal Retiree Benefit Plans provide health and life insurance benefits to eligible participants and these participants share
in the cost of healthcare benefits. These plans cover approximately 193,000 retirees and dependents. In 2012, we amended
our principal retiree benefit plans such that, effective January 1, 2015, our post-65 retiree health plans will be closed to certain
salaried and retired salaried employees who are not enrolled in the plans as of that date, and we will no longer offer company-
provided life insurance in retirement for certain salaried employees who retire after that date. In 2014, we amended our post-
65 retiree health plans for certain former salaried employees and eligible dependents. Effective January 1, 2015, the Company
will provide eligible participants with a Retiree Reimbursement Account to help pay for coverage purchased through a private
exchange instead of offering our current post-65 retiree health plans.