TCF Bank 2009 Annual Report Download - page 82

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66 : TCF Financial Corporation and Subsidiaries
results may differ signicantly from the actuarial-based
estimates. Differences between estimates and actual
experience are required to be deferred and under certain
circumstances amortized over the future expected working
lifetime of plan participants. As a result, these differences
are not recognized when they occur. TCF closely monitors all
assumptions and updates them annually.
TCF accounts for the Pension Plan in accordance with
Financial Accounting Standard Codication (FASC) 715
“Compensation — Retirement Benets”. FASC 715 requires
companies to reect each dened benet and other post-
retirement benets plan’s funded status on the company’s
balance sheet. TCF implemented these provisions for the
year ended December 31, 2006. TCF changed its measure-
ment date to December 31 in 2008 as required by FASC
715. TCF recorded a $65 thousand credit to January 1, 2008
retained earnings for adoption of FASC 715 measurement
date change. The Company does not consolidate the assets
and liabilities associated with the Pension Plan.
 TCF provides health care ben-
ets for eligible retired employees (the “Postretirement
Plan”). Employees retiring after December 31, 2009 are no
longer eligible to participate in the Postretirement Plan.
Effective January 1, 2000, TCF modied the Postretirement
Plan for employees not yet eligible for benets under the
Postretirement Plan by eliminating the Company subsidy.
The plan provisions for full-time and retired employees
then eligible for these benets were not changed. The
Postretirement Plan is not funded.
The following table sets forth the status of the Pension Plan and the Postretirement Plan at the dates indicated.
Pension Plan Postretirement Plan
Year Ended December 31, Year Ended December 31,
(In thousands)  2008(1)  2008(1)
Benet obligation:
Accrued participant balance — vested  $ 53,156  N.A.
Present value of future service and benets  (4,107)  N.A.
Total projected benet obligation  $ 49,049  N.A.
Accumulated benet obligation  $ 49,049  N.A.
Change in benet obligation:
Benet obligation at beginning of year  $ 52,456  $ 9,491
Service cost — benets earned during the year – 15
Interest cost on projected benet obligation  3,668  670
Actuarial loss (gain)  (1,733)  (492)
Benets paid  (5,342)  (1,300)
Projected benet obligation at end of year  49,049  8,384
Change in fair value of plan assets:
Fair value of plan assets at beginning of year  67,506 –
Actual return on plan assets  (28,540) –
Benets paid  (5,342)  (1,300)
TCF contributions  5,000  1,300
Fair value of plan assets at end of year  38,624 –
Funded status of plans at end of year   $(10,425)  $(8,384)
Amounts recognized in Statements of Financial Condition:
Prepaid (accrued) benet cost at end of year   $(10,425)  $(8,384)
Amounts not yet recognized in net periodic benet cost and included
in accumulated other comprehensive loss, before tax:
Transition obligation –  15
Accumulated actuarial net loss  38,788  3,637
Accumulated other comprehensive loss, before tax  38,788  3,652
Total recognized asset (liability)  $ 28,363  $(4,732)
(1) 15 months in 2008 due to FASC 715 measurement date change.
N.A. Not Applicable.