Albertsons 2013 Annual Report Download - page 89

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actuarial consultant. At the Company’s discretion, additional funds may be contributed to the pension plan. The
Company may accelerate contributions or undertake contributions in excess of the minimum requirements from
time to time subject to the availability of cash in excess of operating and financing needs or other factors as may
be applicable. The Company assesses the relative attractiveness of the use of cash including expected return on
assets, discount rates, cost of debt, reducing or eliminating required PBGC variable rate premiums or in order to
achieve exemption from participant notices of underfunding. In addition, the Company has entered into an
agreement with the PBGC relating to the NAI Banner Sale where it has agreed to contribute in excess of the
minimum required amounts by additional contributions of $25 by the end of fiscal 2015, an additional $25 by the
end of fiscal 2016 and an additional $50 by the end of fiscal 2017. Refer to Note 16—Subsequent Events in the
accompanying Notes to the Consolidated Financial Statements for additional information on the Company’s
benefit plan agreements related to the sale of New Albertsons, which occurred subsequent to fiscal 2013.
Estimated Future Benefit Payments
The estimated future benefit payments to be paid from the Company’s defined benefit pension plans and other
postretirement benefit plans, which reflect expected future service, are as follows:
Fiscal Year Pension Benefits
Other Postretirement
Benefits
2014 $ 110 $ 7
2015 116 7
2016 123 7
2017 130 7
2018 139 8
Years 2019-2023 813 40
Defined Contribution Plans
The Company sponsors several defined contribution and profit sharing plans pursuant to Section 401(k) of the
Internal Revenue Code. Employees may contribute a portion of their eligible compensation to the plans on a pre-
tax basis. The Company matches a portion of employee contributions in cash into the employee’s investment
options. The total amount contributed by the Company to the plans is determined by plan provisions or at the
discretion of the Company. Total employer contribution expenses for these plans were $17, $23 and $30 for
fiscal 2013, 2012 and 2011, respectively. Matching contributions were reduced or eliminated in January 2013 for
most employees. Plan assets also include 7 and 5 shares of the Company’s common stock as of February 23,
2013 and February 25, 2012, respectively.
Post-Employment Benefits
The Company recognizes an obligation for benefits provided to former or inactive employees. The Company is
self-insured for certain disability plans programs, the primary benefits paid to inactive employees prior to
retirement. As of February 23, 2013, the obligation for post-employment benefits was $43, with $23 included in
Accrued vacation, compensation and benefits, and $20 included in Other long-term liabilities.
Multiemployer Pension Plans
The Company contributes to various multiemployer pension plans under collective bargaining agreements,
primarily defined benefit pension plans. These multiemployer plans generally provide retirement benefits to
participants based on their service to contributing employers. The benefits are paid from assets held in trust for
87