SunTrust 2014 Annual Report Download - page 148
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Notes to Consolidated Financial Statements, continued
125
Expected Cash Flows
Information about the expected cash flows for the pension benefit and other postretirement benefit plans is as follows:
(Dollars in millions) Pension Benefits 1Other Postretirement Benefits
(excluding Medicare Subsidy) 2
Employer Contributions
2015 (expected) to plan trusts $— $—
2015 (expected) to plan participants 37 —
Expected Benefit Payments
2015 191 7
2016 171 7
2017 171 6
2018 167 6
2019 166 5
2019 - 2024 846 21
1 Based on the funding status and ERISA limitations, the Company anticipates contributions to the Retirement Plan will not be required during 2015.
2 Expected payments under other postretirement benefit plans are shown net of participant contributions.
3 The expected benefit payments for the SERP will be paid directly from the Company's corporate assets.
Net Periodic Benefit
Components of net periodic benefit for the year ended December 31 were as follows:
Pension Benefits 1Other Postretirement Benefits
(Dollars in millions) 2014 2013 2012 2014 2013 2012
Service cost $5 $5 $5 $— $— $—
Interest cost 124 113 119 36 7
Expected return on plan assets (200) (192) (178) (5) (6) (7)
Amortization of actuarial loss 16 26 25 —— —
Amortization of prior service credit —— — (6) — —
Settlement loss —— 2 —— —
Net periodic (benefit)/cost ($55) ($48) ($27) ($8) $— $—
Weighted average assumptions used to determine net periodic benefit:
Discount rate 4.98% 4.08% 4.63% 24.15% 3.45% 4.10%
Expected return on plan assets 7.20 7.20 7.20 3.41 33.25 34.06 3
1 Administrative fees are recognized in service cost for each of the periods presented.
2 Interim remeasurement was required on September 15, 2012 for the SunTrust SERP to reflect settlement accounting.
3 The weighted average shown is determined on an after-tax basis.
At December 31, components of the benefit obligations AOCI balance were as follows:
Pension Benefits Other Postretirement
Benefits
(Dollars in millions) 2014 2013 2014 2013
Net actuarial loss/(gain) $1,021 $807 ($14) ($1)
Prior service credit ——(70) (76)
Total AOCI, pre-tax $1,021 $807 ($84) ($77)