TJ Maxx 2000 Annual Report Download - page 15
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Please find page 15 of the 2000 TJ Maxx annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.I. PENSION PLANS AND OTHER RETIREMENT BENEFITS
TJX has a non–contributory defined benefit retirement plan covering the majority of its full–time U.S. employees. Employees who have
attained twenty–one years of age and have completed one year of service are covered under the plan. Benefits are based on compen-
sation earned in each year of service. TJX also has an unfunded supplemental retirement plan which covers key employees of TJX and
provides additional retirement benefits based on average compensation; and an unfunded postretirement medical plan which provides
limited postretirement medical and life insurance benefits to associates who participate in TJX’s retirement plan and who retire at age
fifty–five or older with ten or more years of service.
Presented below is financial information relating to TJX’s retirement plans for the fiscal years indicated:
Pension Postretirement Medical
Fiscal Year Ended Fiscal Year Ended
January 27, January 29, January 27, January 29,
Dollars In Thousands 2001 2000 2001 2000
CHANGE IN BENEFIT OBLIGATION:
Benefit obligation at beginning of year $140,010 $152,047 $18,529 $24,992
Service cost 10,734 11,781 1,353 1,366
Interest cost 11,560 10,768 1,624 1,430
Participants’ contributions ––42 14
Amendments 1,080 –––
Actuarial (gains) losses 22,564 (20,393) 4,376 (8,165)
Settlement (1,141) (7,434) ––
Benefits paid (6,616) (6,039) (1,162) (1,108)
Expenses paid (830) (720) ––
Benefit obligation at end of year $177,361 $140,010 $24,762 $18,529
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year $140,191 $123,191 $ – $ –
Actual return on plan assets 1,665 15,024 ––
Employer contribution 15,532 8,735 1,120 1,094
Participants’ contributions ––42 14
Benefits paid (6,616) (6,039) (1,162) (1,108)
Expenses paid (830) (720) ––
Fair value of plan assets at end of year $149,942 $140,191 $ – $ –
RECONCILIATION OF FUNDED STATUS:
Benefit obligation at end of year $177,361 $140,010 $24,762 $18,529
Fair value of plan assets at end of year 149,942 140,191 ––
Funded status – excess (assets) obligations 27,419 (181) 24,762 18,529
Unrecognized transition obligation –447 ––
Unrecognized prior service cost 218 685 946 1,278
Unrecognized actuarial (gains) losses 11,554 (21,282) 394 (4,167)
Net amount recognized $ 15,647 $ 19,969 $23,422 $21,418
AMOUNT RECOGNIZED IN THE STATEMENT OF
FINANCIAL POSITION CONSISTS OF:
Net accrued liability $ 12,215 $ 19,969 $23,422 $21,418
Intangible asset 1,757 –––
Reduction to accumulated other comprehensive income 1,675 –––
Net amount recognized $ 15,647 $ 19,969 $23,422 $21,418
WEIGHTED AVERAGE ASSUMPTIONS:
Discount rate 7.41% 7.66% 7.50% 7.75%
Expected return on plan assets 9.00% 9.00% N/A N/A
Rate of compensation increase 4.00% 4.00% 4.00% 4.00%
THE TJX COMPANIES, INC.
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