MetLife 2004 Annual Report Download - page 85

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METLIFE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The Company also provides certain postemployment benefits and certain postretirement health care and life insurance benefits for retired employees
through insurance contracts. Substantially all of the Company’s employees may, in accordance with the plans applicable to the postretirement benefits,
become eligible for these benefits if they attain retirement age, with sufficient service, while working for the Company.
The Company uses a December 31 measurement date for all of its pension and postretirement benefit plans.
Obligations, Funded Status and Net Periodic Benefit Costs
December 31,
Pension Benefits Other Benefits
2004 2003 2004 2003
(Dollars in millions)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year ***************************************** $5,269 $4,783 $2,090 $ 1,889
Service cost ********************************************************************* 129 123 32 39
Interest cost ********************************************************************* 311 314 119 123
Acquisitions and divestitures ******************************************************** (3) (1) — —
Actuarial losses (gains) ************************************************************ 147 351 (139) 167
Curtailments and terminations******************************************************* — (7) — (4)
Change in benefits**************************************************************** — (2) 1 (1)
Benefits paid********************************************************************* (330) (292) (128) (123)
Projected benefit obligation at end of year ********************************************** 5,523 5,269 1,975 2,090
Change in plan assets:
Fair value of plan assets at beginning of year******************************************** 4,728 4,051 1,005 966
Actual return on plan assets ******************************************************** 416 635 93 113
Acquisitions and divestitures ******************************************************** (3) (1) — —
Employer contribution ************************************************************* 581 335 92 49
Benefits paid********************************************************************* (330) (292) (128) (123)
Fair value of plan assets at end of year************************************************* 5,392 4,728 1,062 1,005
Under funded ********************************************************************** (131) (541) (913) (1,085)
Unrecognized net asset at transition *************************************************** 11——
Unrecognized net actuarial losses ***************************************************** 1,510 1,451 199 362
Unrecognized prior service cost ******************************************************* 67 82 (165) (184)
Prepaid (accrued) benefit cost ******************************************************** $1,447 $ 993 $ (879) $ (907)
Qualified plan prepaid pension cost**************************************************** $1,782 $1,325
Non-qualified plan accrued pension cost *********************************************** (478) (474)
Intangible assets******************************************************************** 13 14
Accumulated other comprehensive loss ************************************************ 130 128
Prepaid benefit cost***************************************************************** $1,447 $ 993
The aggregate projected benefit obligation and aggregate contract value of plan assets for the pension plans were as follows:
Qualified Plan Non-Qualified Plan Total
2004 2003 2004 2003 2004 2003
(Dollars in millions)
Aggregate fair value of plan assets (principally Company contracts) ***** $5,392 $4,728 $ — $ — $5,392 $4,728
Aggregate projected benefit obligation ***************************** 4,999 4,732 524 537 5,523 5,269
Over (under) funded ******************************************** $ 393 $ (4) $(524) $(537) $ (131) $ (541)
The accumulated benefit obligation for all defined benefit pension plans was $5,149 million and $4,899 million at December 31, 2004 and 2003,
respectively.
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
December 31,
2004 2003
(Dollars in millions)
Projected benefit obligation ***************************************************************************** $550 $557
Accumulated benefit obligation ************************************************************************** $482 $469
Fair value of plan assets ******************************************************************************* $17 $14
MetLife, Inc.
F-42