PG&E 2011 Annual Report Download - page 96
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NOTE 12: EMPLOYEE BENEFIT PLANS
PG&E Corporation and the Utility provide a non-contributory defined benefit pension plan for eligible
employees and retirees (referred to collectively as ‘‘pension benefits’’), contributory postretirement medical plans for
eligible employees and retirees and their eligible dependents, and non-contributory postretirement life insurance
plans for eligible employees and retirees (referred to collectively as ‘‘other benefits’’). PG&E Corporation and the
Utility have elected that certain of the trusts underlying these plans be treated under the Code as qualified trusts. If
certain conditions are met, PG&E Corporation and the Utility can deduct payments made to the qualified trusts,
subject to certain Code limitations. PG&E Corporation and the Utility use a December 31 measurement date for all
plans.
PG&E Corporation’s and the Utility’s funding policy is to contribute tax-deductible amounts, consistent with
applicable regulatory decisions and federal minimum funding requirements. Based upon current assumptions and
available information, the Utility has not identified any minimum funding requirements related to its pension plans.
Change in Plan Assets, Benefit Obligations, and Funded Status
The following tables show the reconciliation of changes in plan assets, benefit obligations, and the plans’
aggregate funded status for pension benefits and other benefits for PG&E Corporation during 2011 and 2010:
Pension Benefits
2011 2010
(in millions)
Change in plan assets:
Fair value of plan assets at January 1 .............................. $10,250 $ 9,330
Actual return on plan assets ..................................... 1,016 1,235
Company contributions ......................................... 230 162
Benefits and expenses paid ...................................... (503) (477)
Fair value of plan assets at December 31 ............................ $10,993 $10,250
Change in benefit obligation:
Projected benefit obligation at January 1 ............................ $12,071 $10,766
Service cost for benefits earned ................................... 320 253
Interest cost ................................................. 660 645
Actuarial loss ................................................ 1,450 856
Plan amendments ............................................. —(1)
Transitional costs ............................................. 2 4
Benefits paid ................................................ (503) (452)
Projected benefit obligation at December 31(1) ........................ $14,000 $12,071
Funded status:
Current liability .............................................. $ (5) $ (5)
Noncurrent liability ........................................... (3,002) (1,816)
Accrued benefit cost at December 31 ............................... $ (3,007) $ (1,821)
(1) PG&E Corporation’s accumulated benefit obligation was $12,285 million and $10,653 million at December 31, 2011 and 2010,
respectively.
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