Albertsons 2015 Annual Report Download - page 83

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NOTE 11—BENEFIT PLANS
Substantially all employees of the Company and its subsidiaries are covered by various contributory and non-contributory
pension, profit sharing or 401(k) plans. The Company’s primary defined benefit pension plan, the SUPERVALU INC.
Retirement Plan (the "SUPERVALU Retirement Plan"), and certain supplemental executive retirement plans were closed to
new participants and service crediting ended for all participants as of December 31, 2007. Pay increases were reflected in the
amount of benefit earned in these plans until December 31, 2012. Most union employees participate in multiemployer
retirement plans under collective bargaining agreements, unless the collective bargaining agreement provides for participation
in plans sponsored by the Company. In addition to sponsoring both defined benefit and defined contribution pension plans, the
Company provides healthcare and life insurance benefits for eligible retired employees under postretirement benefit plans. The
Company also provides certain health and welfare benefits, including short-term and long-term disability benefits, to inactive
disabled employees prior to retirement. The terms of the postretirement benefit plans vary based on employment history, age
and date of retirement. For many retirees, the Company provides a fixed dollar contribution and retirees pay contributions to
fund the remaining cost.
Effective February 21, 2014, the Company amended the SUPERVALU Retiree Benefit Plan to modify the Company’s subsidies
for all participants (current and former employees) who are not subject to a collective bargaining agreement that specifies a
different benefit and who terminate employment on or after January 1, 2016. The result of this amendment was a reduction in
the other postretirement benefit obligations of $11 with a corresponding decrease to Accumulated other comprehensive loss, net
of tax in fiscal 2014.
The benefit obligation, fair value of plan assets and funded status of the defined benefit pension plans and other postretirement
benefit plans consisted of the following:
Pension Benefits
Other Postretirement
Benefits
2015 2014 2015 2014
Change in Benefit Obligation
Benefit obligation at beginning of year $ 2,726 $ 2,893 $ 81 $ 109
Plan amendment — — (5)(11)
Service cost — — 1 2
Interest cost 121 121 4 4
Actuarial loss (gain) 371 (141) 5 (12)
Settlements paid (272) — — —
Benefits paid (97)(147)(4)(6)
Other — — — (5)
Benefit obligation at end of year 2,849 2,726 82 81
Changes in Plan Assets
Fair value of plan assets at beginning of year 2,261 2,031 — —
Actual return on plan assets 260 259 — —
Employer contributions 165 118 4 6
Plan participants’ contributions — — 3 3
Settlements paid (272) — — —
Benefits paid (97)(147)(7)(9)
Other — — 4 —
Fair value of plan assets at end of year 2,317 2,261 4 —
Unfunded status at end of year $ (532) $ (465) $ (78) $ (81)
For the defined benefit pension plans, the accumulated benefit obligation is equal to the projected benefit obligation.