Alcoa 2015 Annual Report Download - page 175
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Please find page 175 of the 2015 Alcoa 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.-
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Effective January 1, 2015, Alcoa no longer offers postretirement health care benefits to Medicare-eligible, primarily
non-bargaining, U.S. retirees through Company-sponsored plans. Qualifying retirees (hired prior to January 1, 2002),
both current and future, may access these benefits in the marketplace by purchasing coverage directly from insurance
carriers. This change resulted in the adoption of a significant plan amendment by certain Alcoa U.S. postretirement
benefit plans in August 2014. Accordingly, these plans were required to be remeasured, and through this process, the
discount rate was updated from 4.80% at December 31, 2013 to 4.15% at August 31, 2014. The remeasurement of the
plans resulted in a decrease to both Alcoa’s other postretirement benefits liability of $90 and a combination of the
plans’ unrecognized net actuarial loss and prior service benefit (included in Accumulated other comprehensive loss) of
$59 (after-tax). The remeasurement of the plans also resulted in a $7 decrease to 2014 net periodic benefit cost.
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