MoneyGram 2013 Annual Report Download - page 103

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Table of Contents
The following tables are a summary of the benefit obligation and plan assets, changes to the benefit obligation and plan assets, and the funded
status of the Pension Plan and SERPs and the postretirement benefit plans as of and for the years ended December 31 :
The unfunded status of the pension and SERPs decreased by 22 percent as the benefit obligation decreased $12.1 million
and the fair value of the
pension plan assets increased $15.2 million during the year. The unfunded status of the Pension Plan was $21.9 million and $52.9 million
at
December 31, 2013 and 2012 , respectively, and the unfunded status of the SERPs was $75.1 million and $71.4 million at
December 31, 2013
and 2012 , respectively.
The following table summarizes the components recognized in the Consolidated Balance Sheets relating to the Pension Plan and SERPs and the
postretirement benefit plans as of December 31 :
The following table summarizes the projected benefit obligation and accumulated benefit obligation for the Pension Plan, SERPs and the
postretirement benefit plans in excess of the fair value of plan assets as of December 31 :
The following table summarizes the estimated future benefit payments for the Pension Plan and SERPs and the postretirement benefit plans for
the years ended December 31 :
The Company has a minimum required contribution of approximately $6.7 million for the Pension Plan in 2014
, and will continue to make
contributions to the SERPs and the postretirement benefit plans to the extent benefits are paid. Aggregate benefits paid for the unfunded plans
are expected to be $7.1 million in 2014 .
F-33
Pension and SERPs
Postretirement Benefits
(Amounts in millions) 2013
2012
2013
2012
Change in benefit obligation:
Benefit obligation at the beginning of the year
$
245.7
$
223.6
$
2.5
$
2.0
Interest cost
9.6
10.6
0.1
0.1
Actuarial (gain) loss
(7.7
)
24.8
(1.2
)
0.6
Benefits paid
(14.0
)
(13.3
)
—
(
0.2
)
Benefit obligation at the end of the year
$
233.6
$
245.7
$
1.4
$
2.5
Pension and SERPs
Postretirement Benefits
(Amounts in millions) 2013
2012
2013
2012
Change in plan assets:
Fair value of plan assets at the beginning of the year
$
121.4
$
110.1
$
—
$
—
Actual return on plan assets
18.4
10.4
—
—
Employer contributions
10.8
14.2
—
0.2
Benefits paid
(14.0
)
(13.3
)
—
(
0.2
)
Fair value of plan assets at the end of the year
$
136.6
$
121.4
$
—
$
—
Unfunded status at the end of the year
$
(97.0
)
$
(124.3
)
$
(1.4
)
$
(2.5
)
Pension and SERPs
Postretirement Benefits
(Amounts in millions) 2013
2012
2013
2012
Pension and other postretirement benefits liability
$
(97.0
)
$
(124.3
)
$
(1.4
)
$
(2.5
)
Accumulated other comprehensive loss:
Unrealized losses for pension and postretirement benefits, net of tax
54.2
70.6
1.8
3.4
Prior service cost (credit) for pension and postretirement benefits, net of tax
0.1
0.1
(2.3
)
(2.9
)
Pension Plan
SERPs
Postretirement Benefits
(Amounts in millions) 2013
2012
2013
2012
2013
2012
Projected benefit obligation
$
158.5
$
174.3
$
75.1
$
71.4
$
1.4
$
2.5
Accumulated benefit obligation
158.5
174.3
71.9
71.4
—
—
Fair value of plan assets
136.6
121.4
—
—
—
—
(Amounts in millions) 2014
2015
2016
2017
2018
2019-2023
Pension and SERPs
$
17.1
$
22.7
$
15.0
$
15.0
$
16.1
$
75.4
Postretirement benefits
0.2
0.1
0.1
0.1
0.1
0.4