PG&E 2011 Annual Report Download - page 97
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NOTE 12: EMPLOYEE BENEFIT PLANS (Continued)
Other Benefits
2011 2010
(in millions)
Change in plan assets:
Fair value of plan assets at January 1 ............................... $1,337 $1,169
Actual return on plan assets ....................................... 95 147
Company contributions .......................................... 137 94
Plan participant contribution ...................................... 52 49
Benefits and expenses paid ........................................ (130) (122)
Fair value of plan assets at December 31 ............................. $1,491 $1,337
Change in benefit obligation:
Benefit obligation at January 1 ..................................... $1,755 $1,511
Service cost for benefits earned .................................... 42 36
Interest cost .................................................. 91 88
Actuarial loss ................................................. 63 52
Plan amendments .............................................. — 128
Transitional costs ............................................... — 1
Benefits paid .................................................. (130) (113)
Federal subsidy on benefits paid .................................... 12 3
Plan participant contributions ...................................... 52 49
Benefit obligation at December 31 .................................. $1,885 $1,755
Funded status:
Noncurrent liability ............................................. $(394) $ (418)
Accrued benefit cost at December 31 ................................ $ (394) $ (418)
There was no material difference between PG&E Corporation and the Utility for the information disclosed
above.
On February 16, 2010, the Utility amended its contributory postretirement medical plans for retirees to provide
for additional employer contributions towards retiree premiums. The plan amendment was accounted for as a plan
modification that required re-measurement of the accumulated benefit obligation, plan assets, and periodic benefit
costs. The inputs and assumptions used in re-measurement did not change significantly from December 31, 2009 and
did not have a material impact on the funded status of the plans. The re-measurement of the accumulated benefit
obligation and plan assets resulted in an increase to other postretirement benefits and a decrease to other
comprehensive income of $148 million. The impact to net periodic benefit cost was not material.
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