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



Plan, or “SERP II.” Effective as of December 31, 2014, the Company permanently discontinued future benefit accruals and participation under the

BEP and the SERP II. Service will continue to be recognized for vesting and retirement eligibility requirements under the BEP and SERP II.

Effective January 1, 2014, the Hertz Retirement Plan was amended to provide a maximum annual compensation credit equal to 5% of eligible

compensation paid to all plan members who are hired or rehired before January 1, 2014, unless as of December 31, 2013 the member has at least

120 months of continuous service, in which case the member continues with an annual credit of 6.5%. All Hertz employees who are hired on or

after January 1, 2014 and Dollar Thrifty employees who become plan members on or after January 1, 2014 were eligible for a flat 3% annual

compensation credit, regardless of the member's number of months of continuous service.

The Company also sponsors postretirement health care and life insurance benefits for a limited number of employees with hire dates prior to

January 1, 1990. The postretirement health care plan is contributory with participants' contributions adjusted annually. An unfunded liability is

recorded. The Company also has a key officer postretirement car benefit plan that provides the use of a vehicle for retired Executive Vice

Presidents and above who have a minimum of 20 years of service and who retired at age 58 or above. The assigned car benefit is available for 15

years postretirement or until the participant reaches the age of 80, whichever occurs last.

The following tables set forth the funded status and the net periodic pension cost of the Hertz Retirement Plan, other postretirement benefit plans

including health care and life insurance plans covering domestic (“U.S.”) employees and the retirement plans for international operations (“Non-

U.S.”), together with amounts included in its consolidated balance sheets and statements of operations:





















 























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Benefit obligation at January 1 $ 671



$ 679



$ 243



$ 224



$ 16



$ 19

Service cost 28



—



—

Interest cost 31



—



Employee contributions —



—



—



—



Plan amendments —

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(5)



—



—



—



—

Plan curtailments (42)

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—



—



—



—



—

Plan settlements (11)



—



—



—



—



—

Benefits paid (23)



(23)



(5)



(4)



(2)



(2)

Foreign exchange translation —



—



(22)



—



—

Actuarial loss (gain) 72



(35)



—



(3)

Benefit obligation at December 31 $ 726



$ 671



$ 274



$ 243



$ 15



$ 16





Fair value of plan assets at January 1 $ 563



$ 498



$ 207



$ 178



$ —



$ —

Actual return on plan assets 55



—



—

Company contributions 35



Employee contributions —



—



—



—



Plan settlements (11)



—



—



—



—



—

Benefits paid (23)



(23)



(5)



(4)



(2)



(2)

Foreign exchange translation —



—



(14)



—



—

Fair value of plan assets at December 31 $ 619



$ 563



$ 212



$ 207



$ —



$ —





Plan assets less than benefit obligation $ (107)



$ (108)



$ (62)



$ (36)



$ (15)



$ (16)

136

Source: HERTZ GLOBAL HOLDINGS INC, 10-K, July 16, 2015 Powered by Morningstar® Document Research℠

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