SunTrust 2009 Annual Report Download - page 142
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SUNTRUST BANKS, INC.
Notes to Consolidated Financial Statements (Continued)
The asset allocation for Other Postretirement Benefit Plans and the target allocation, by asset category, are as follows:
Target
Allocation
Percentage of Plan Assets at
December 31
Asset Category 2010 2009 2008
Equity securities 35-50% 48% 41%
Debt securities 50-65 51 44
Cash equivalents -115
Total 100% 100%
Funded Status
The funded status of the plans, as of December 31, was as follows:
Pension Benefits
Other Postretirement
Benefits
(Dollars in thousands) 2009 2008 2009 2008
Fair value of plan assets $2,334,190 $1,919,349 $161,036 $147,167
Benefit obligations (2,007,940) (1,922,252) (179,127) (204,742)
Funded status $326,250 ($2,903) ($18,091) ($57,575)
At December 31, 2009, the total outstanding unrecognized net loss to be recognized in future years for all pension and
postretirement benefits was $0.7 billion, compared to $1.3 billion as of December 31, 2008. The key sources of the
cumulative net losses are attributable to lower discount rates for the past several years and lower return on assets in 2008. As
discussed previously, SunTrust reviews its assumptions annually to ensure they represent the best estimates for the future and
will, therefore, minimize future gains and losses.
As of December 31, amounts recognized in AOCI are as follows:
Pension Benefits
Other Postretirement
Benefits
(Dollars in thousands) 2009 2008 2009 2008
Net actuarial loss $715,050 $1,170,780 $34,137 $97,526
Prior service credit (56,598) (67,483) (380) (1,938)
Total accumulated other comprehensive income, pre-tax $658,452 $1,103,297 $33,757 $95,588
Pension benefits with a projected benefit obligation, in excess of plan assets at December 31 were as follows:
(Dollars in thousands) 2009 2008
Projected benefit obligation $95,549 $109,751
Accumulated benefit obligation 91,442 104,594
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