Travelers 2014 Annual Report Download - page 244

Table of Contents
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
14. PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS (Continued)
Estimated Future Benefit Payments
The following table presents the estimated benefits expected to be paid by the Company's pension and postretirement benefit plans for the
next ten years (reflecting estimated future employee service).
Savings Plan
The Company has a savings plan, The Travelers 401(k) Savings Plan (the Savings Plan), in which substantially all U.S. domestic Company
employees are eligible to participate. Under the Savings Plan, the Company matches employee contributions up to 5% of eligible pay, with a
maximum annual match of $6,000 which becomes 100% vested after three years of service. The Company's matching contribution is made in cash
and invested according to the employee's current investment elections and can be reinvested into other investment options in accordance with the
terms of the plan. The Company's non
- U.S. employees participate in separate savings plans. The total expense related to all of the savings plans
was $103 million, $100 million and $92 million for the years ended December 31, 2014, 2013 and 2012, respectively.
All common shares held by the Savings Plan are considered outstanding for basic and diluted EPS computations and dividends paid on all
shares are charged to retained earnings.
15. LEASES
Rent expense was $215 million, $196 million and $192 million in 2014, 2013 and 2012, respectively.
Future minimum annual rental payments under noncancellable operating leases for 2015, 2016, 2017, 2018 and 2019 are $160 million, $144 million,
$118 million, $80 million and $61 million, respectively, and $133 million for 2020 and thereafter. Future sublease rental income aggregating
approximately $6 million will partially offset these commitments.
16. CONTINGENCIES, COMMITMENTS AND GUARANTEES
Contingencies
The major pending legal proceedings, other than ordinary routine litigation incidental to the business, to which the Company or any of its
subsidiaries is a party or to which any of the Company's properties is subject are described below.
243
Benefits Expected to be Paid
(in millions)
Pension Plans
Postretirement
Benefit Plans
2015
$
205
$
15
2016
211
15
2017
215
15
2018
224
15
2019
234
15
2020 through 2024
1,203
76