Starwood 2008 Annual Report Download - page 151

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have not yet been recognized in net periodic pension cost. The actuarial loss included in accumulated other
comprehensive income and expected to be recognized in net periodic pension cost during the year ended
December 31, 2009 is $6 million ($6 million, net of tax).
Defined Benefit and Postretirement Benefit Plans. The Company and its subsidiaries sponsor or previously
sponsored numerous funded and unfunded domestic and international pension plans. All defined benefit plans
covering U.S. employees are frozen. Certain plans covering non-U.S. employees remain active.
As a result of annuity purchases and lump sum distributions from the Company’s domestic pension plans, the
Company recorded a net settlement gain of approximately $0.1 million during the year ended December 31, 2007
and a net settlement loss of approximately $0.1 million during the year ended December 31, 2006. There were no
settlement gains or losses recorded during the year ended December 31, 2008.
The Company also sponsors the Starwood Hotels & Resorts Worldwide, Inc. Retiree Welfare Program. This
plan provides health care and life insurance benefits for certain eligible retired employees. The Company has
prefunded a portion of the health care and life insurance obligations through trust funds where such prefunding can
be accomplished on a tax effective basis. The Company also funds this program on a pay-as-you-go basis.
F-35
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)