SunTrust 2013 Annual Report Download - page 174
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Notes to Consolidated Financial Statements, continued
158
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 2014 2013 2012
Equity securities 20-40 % 33% 30%
Debt securities 50-70 62 61
Cash equivalents 5-15 5 9
Total 100% 100%
Funded Status
The funded status of the plans at December 31 was as follows:
Pension Benefits Other Postretirement Benefits 2
(Dollars in millions) 2013 2012 2013 2012
Fair value of plan assets $2,873 $2,742 $158 $164
Benefit obligations 1(2,575)(2,838)(81)(167)
Funded status $298 ($96)$77 ($3)
1 Includes $80 million and $91 million of benefit obligations for the unfunded nonqualified supplemental pension plans at December 31, 2013 and 2012,
respectively.
2 Plan remeasured at December 31, 2013 due to plan amendment.
At December 31, the AOCI balance includes net actuarial losses and prior service costs and credits. The amounts recognized
in AOCI were as follows:
Pension Benefits Other Postretirement Benefits
(Dollars in millions) 2013 2012 2013 2012
Net actuarial loss/(gain) $807 $1,145 ($1)$5
Prior service credit ——(76)—
Total AOCI, pre-tax $807 $1,145 ($77)$5
The key sources of the cumulative net losses to be recognized in future years for all pension benefits are attributable to lower
discount rates for the past several years and lower return on assets, predominantly during 2008. As discussed previously, the
Company reviews its assumptions annually to ensure they represent the best estimates for the future and will, therefore,
minimize future gains and losses.