ADP 2015 Annual Report Download - page 67

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2 plan assets, a variety of inputs are utilized, including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two-sided markets,
benchmark securities, bids, offers, reference data, new issue data, and monthly payment information. The pension plans have no Level 3 investments at June 30,
2016 .
The following table presents the investments of the pension plans measured at fair value at June 30, 2016 :
Level 1
Level 2
Level 3
Total
Commingled trusts
$ —
$ 1,029.2
$ —
$ 1,029.2
Government securities
—
371.5
—
371.5
Mutual funds
76.6
—
—
76.6
Corporate and municipal bonds
—
433.4
—
433.4
Mortgage-backed security bonds
—
35.3
—
35.3
Total pension asset investments
$ 76.6
$ 1,869.4
$ —
$ 1,946.0
In addition to the investments in the above table, the pension plans also held cash and cash equivalents of $60.3 million as of June 30, 2016 , which have
been classified as Level 1 in the fair value hierarchy.
The following table presents the investments of the pension plans measured at fair value at June 30, 2015 :
Level 1
Level 2
Level 3
Total
Commingled trusts
$ —
$ 1,082.7
$ —
$ 1,082.7
U.S. government securities
—
270.7
—
270.7
Mutual funds
89.0
—
—
89.0
Corporate and municipal bonds
—
347.5
—
347.5
Mortgage-backed security bonds
—
34.5
—
34.5
Total pension asset investments
$ 89.0
$ 1,735.4
$ —
$ 1,824.4
In addition to the investments in the above table, the pension plans also held cash and cash equivalents of $185.4 million as of June 30, 2015 , which have
been classified as Level 2 in the fair value hierarchy.
Contributions
During fiscal 2016 , the Company contributed $11.0 million to the pension plans. The Company expects to contribute $11.0 million to the pension plans
during fiscal 2017 .
Estimated Future Benefit Payments
The benefits expected to be paid in each year from fiscal 2017 to the year ended June 30, 2021 are $79.0 million , $83.7 million , $91.0 million , $99.2
million and $110.2 million , respectively. The aggregate benefits expected to be paid in the five fiscal years from the year ended June 30, 2022 to the year ended
June 30, 2026 are $673.3 million . The expected benefits to be paid are based on the same assumptions used to measure the Company's pension plans' benefit
obligations at June 30, 2016 and includes estimated future employee service.
C. Retirement and Savings Plan. The Company has a 401(k) retirement and savings plan, which allows eligible employees to contribute up to 50% of their
compensation annually and allows highly compensated employees to contribute up to 12% of their compensation annually. The Company matches a portion of
employee contributions, which amounted to approximately $81.9 million , $69.7 million , and $66.0 million for the calendar years ended December 31, 2015 ,
2014 , and 2013 , respectively.
NOTE 10 . INCOME TAXES
Earnings from continuing operations before income taxes shown below are based on the geographic location to which such earnings are attributable.
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