Tyson Foods 2015 Annual Report Download - page 80
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Please find page 80 of the 2015 Tyson Foods 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.EstimatedFutureBenefitPayments
Thefollowingbenefitpaymentsareexpectedtobepaid:
inmillions
PensionBenefits
OtherPostretirement
Qualified
Non-Qualified
Benefits
2016 $ 81
$ 9
$ 20
2017 83
9
14
2018 87
10
10
2019 89
10
7
2020 92
10
7
2021-2025 508
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TheabovebenefitpaymentsforotherpostretirementbenefitplansarenotexpectedtobeoffsetbyMedicarePartDsubsidiesinfiscal2016orthereafter.
Theabovebenefitpaymentsdonotincludeanticipatedpaymentsforapartialsettlementfordeferredvestedparticipantswithintwoofourqualifiedpensionplans.
Assuminganelectionrateof50%andchangestothebenefitobligationandaccumulatedothercomprehensiveincomeduetoremeasurement,thepartialsettlement
willincludeapproximatepaymentsof$252millionresultingin$2millionofincometobereclassifiedintoearnings.Actualresultsmaydifferfromestimated
amounts.
Multi-EmployerPlans
Additionally,weparticipateinamulti-employerplanthatprovidesdefinedbenefitstocertainemployeescoveredbycollectivebargainingagreements.Suchplans
areusuallyadministeredbyaboardoftrusteescomposedofthemanagementoftheparticipatingcompaniesandlaborrepresentatives.
Therisksofparticipatinginmultiemployerplansaredifferentfromsingle-employerplans.Assetscontributedtothemultiemployerplanbyoneemployermaybe
usedtoprovidebenefitstoemployeesofotherparticipatingemployers.Ifaparticipatingemployerstopscontributingtotheplan,theunfundedobligationofthe
planmaybebornebytheremainingparticipatingemployers.Ifwestopparticipatinginaplan,wemayberequiredtopaythatplananamountbasedonthe
underfundedstatusoftheplan,referredtoasawithdrawalliability.Contributionstothepensionfundswerenotinexcessof5%ofthetotalplancontributionsfor
planyear2015.
Thenetpensioncostoftheplanisequaltotheannualcontributiondeterminedinaccordancewiththeprovisionsofnegotiatedlaborcontracts.Contributionstothe
planwere$1millioninfiscal2015and2014.Assetscontributedtosuchplansarenotsegregatedorotherwiserestrictedtoprovidebenefitsonlytoouremployees.
Thefuturecostoftheplanisdependentonanumberoffactorsincludingthefundedstatusoftheplanandtheabilityoftheotherparticipatingcompaniestomeet
ongoingfundingobligations.
Ourparticipationinthismultiemployerplanforfiscal2015isoutlinedbelow.TheEIN/PensionPlanNumbercolumnprovidestheEmployerIdentification
Number(EIN)andthethreedigitplannumber.Unlessotherwisenoted,themostrecentPensionProtectionAct("PPA")zonestatusavailableinfiscal2015and
fiscal2014isfortheplan'syearbeginningJanuary1,2015,and2014,respectively.Thezonestatusisbasedoninformationthatwehavereceivedfromtheplan
andiscertifiedbytheplan'sactuaries.Forfiscal2015,thezonestatuswasupdatedtoasecondaryclassification,criticalanddeclining,withintheredzone.Among
otherfactors,plansintheredzonearegenerallylessthan65percentfunded.Plansthatarecriticalanddecliningstatusareprojectedtohaveanaccumulated
fundingdeficiency.TheFIP/RPStatuscolumnindicatesplansforwhichafinancialimprovementplan(FIP)orrehabilitationplan(RP)iseitherpendingorhas
beenimplemented.Thelastcolumnliststheexpirationdate(s)ofthecollective-bargainingagreementstowhichtheplanissubject.Therehavebeennosignificant
changesthataffectthecomparabilityofcontributionsfromyeartoyear.
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