KeyBank 2014 Annual Report Download - page 206
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The information related to our pension plans presented in the following tables is based on current actuarial
reports using measurement dates of December 31, 2014, and December 31, 2013.
The following table summarizes changes in the PBO related to our pension plans.
Year ended December 31,
in millions 2014 2013
PBO at beginning of year $ 1,156 $ 1,277
Interest cost 46 42
Actuarial losses (gains) 97 (54)
Benefit payments (93) (109)
PBO at end of year $ 1,206 $ 1,156
The following table summarizes changes in the FVA.
Year ended December 31,
in millions 2014 2013
FVA at beginning of year $ 970 $ 942
Actual return on plan assets 66 119
Employer contributions 14 18
Benefit payments (93) (109)
FVA at end of year $ 957 $ 970
The following table summarizes the funded status of the pension plans, which equals the amounts recognized in
the balance sheets at December 31, 2014, and December 31, 2013.
December 31,
in millions 2014 2013
Funded status (a) $ (249) $ (186)
Net prepaid pension cost recognized consists of:
Current liabilities $ (14) $ (14)
Noncurrent liabilities (235) (172)
Net prepaid pension cost recognized (b) $ (249) $ (186)
(a) The shortage of the FVA under the PBO.
(b) Represents the accrued benefit liability of the pension plans.
At December 31, 2014, our primary qualified cash balance pension plan was sufficiently funded under the
requirements of ERISA. Consequently, we are not required to make a minimum contribution to that plan in 2015.
We also do not expect to make any significant discretionary contributions during 2015.
At December 31, 2014, we expect to pay the benefits from all funded and unfunded pension plans as follows:
2015 — $87 million; 2016 — $95 million; 2017 — $96 million; 2018 — $85 million; 2019 — $81 million; and
$365 million in the aggregate from 2020 through 2024.
The ABO for all of our pension plans was $1.2 billion at December 31, 2014, and December 31, 2013. As
indicated in the table below, collectively our plans had an ABO in excess of plan assets as follows:
December 31,
in millions 2014 2013
PBO $ 1,206 $ 1,156
ABO 1,206 1,156
Fair value of plan assets 957 970
193