MetLife 2005 Annual Report Download - page 114

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METLIFE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Obligations, Funded Status and Net Periodic Benefit Costs
December 31,
Other Postretirement
Pension Benefits Benefits
2005 2004 2005 2004
(In millions)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year ****************************************** $5,523 $5,269 $1,975 $2,090
Service cost********************************************************************** 142 129 37 32
Interest cost********************************************************************** 318 311 121 119
Plan participants’ contributions******************************************************* — — 28 25
Acquisitions and divestitures ******************************************************** (1) (3) 1 —
Actuarial losses (gains) ************************************************************* 90 147 172 (139)
Change in benefits **************************************************************** —— 7 1
Transfers in (out) of controlled group************************************************** 6— (5)—
Benefits paid ********************************************************************* (312) (330) (160) (153)
Projected benefit obligation at end of year *********************************************** 5,766 5,523 2,176 1,975
Change in plan assets:
Fair value of plan assets at beginning of year ******************************************** 5,392 4,728 1,062 1,005
Actual return on plan assets ******************************************************** 404 416 60 93
Acquisitions and divestitures ******************************************************** (1) (3) — —
Employer contribution ************************************************************** 4 526 2 2
Benefits paid ********************************************************************* (281) (275) (31) (38)
Fair value of plan assets at end of year ************************************************* 5,518 5,392 1,093 1,062
Underfunded *********************************************************************** (248) (131) (1,083) (913)
Unrecognized net asset at transition**************************************************** —11—
Unrecognized net actuarial losses****************************************************** 1,528 1,510 377 199
Unrecognized prior service cost ******************************************************* 54 67 (122) (165)
Prepaid (accrued) benefit cost********************************************************* $1,334 $1,447 $ (827) $ (879)
Qualified plan prepaid pension cost **************************************************** $1,691 $1,782 $ — $ —
Non-qualified plan accrued pension cost ************************************************ (435) (478) (827) (879)
Intangible assets ******************************************************************** 12 13 — —
Accumulated other comprehensive loss************************************************* 66 130 — —
Prepaid (accrued) benefit cost********************************************************* $1,334 $1,447 $ (827) $ (879)
The prepaid (accrued) benefit cost for pension benefits presented in the above table consists of prepaid benefit costs of $1,696 million and
$1,785 million as of December 31, 2005 and 2004, respectively, and accrued benefit costs of $362 million and $338 million as of December 31, 2005
and 2004, respectively.
The aggregate projected benefit obligation and aggregate fair value of plan assets for the pension plans were as follows:
Non-Qualified
Qualified Plan Plan Total
2005 2004 2005 2004 2005 2004
(In millions)
Aggregate fair value of plan assets (principally Company contracts) ********** $5,518 $5,392 $ — $ — $5,518 $5,392
Aggregate projected benefit obligation ********************************** 5,258 4,999 508 524 5,766 5,523
Over (under) funded ************************************************* $ 260 $ 393 $(508) $(524) $ (248) $ (131)
The accumulated benefit obligation for all defined benefit pension plans was $5,349 million and $5,149 million at December 31, 2005 and 2004,
respectively.
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
December 31,
2005 2004
(In millions)
Projected benefit obligation ********************************************************************************* $538 $550
Accumulated benefit obligation ****************************************************************************** $449 $482
Fair value of plan assets *********************************************************************************** $19 $17
MetLife, Inc.
F-52