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ASSURANT, INC. – 2015 Form 10-K F-55
21 Retirement and Other Employee Benets
Amounts recognized in accumulated other comprehensive income consist of:
Pension Benets Retirement Health Benets
2015 2014 2013 2015 2014 2013
Net (loss) gain $ (201,578) $ (210,859) $ (147,288) $ 1,987 $ (394) $ 11,710
Prior service (cost)
credit (2,339)(3,272)(4,119)4,236 5,169 6,102
$ (203,917) $ (214,131) $ (151,407) $ 6,223 $ 4,775 $ 17,812
Components of net periodic benet cost and other amounts recognized in accumulated other comprehensive income for the
years ended December 31 were as follows:
Pension Benets Retirement Health Benets
2015 2014 2013 2015 2014 2013
Net periodic benet cost
Service cost $ 41,989 $36,609 $38,580 $2,429 $2,188 $2,863
Interest cost 41,766 43,613 38,243 3,834 3,868 3,473
Expected return on plan assets (53,868)(49,552)(44,222)(3,267)(3,081)(2,998)
Amortization of prior service cost 787 836 856 (933) (933) (933)
Amortization of net loss (gain) 16,660 11,921 26,816 — (516) —
Curtailment/settlement charge 1,622 871 — — — —
Net periodic benet cost $48,956 $44,298 $60,273 $2,063 $1,526 $2,405
Other changes in plan assets and benet obligations
recognized in accumulated other comprehensive
income
Net loss (gain) $ 9,099 $75,909 $(108,387) $ (2,382) $ 11,588 $(11,449)
Amortization of prior service cost, and effects of
curtailments/settlements (933) (847) (856) 933 933 933
Amortization of net (loss) gain (18,381)(12,338)(26,816) — 516 —
Total recognized in accumulated other comprehensive
income $ (10,215) $ 62,724 $(136,059)$(1,449)$13,037 $(10,516)
TOTAL RECOGNIZED IN NET PERIODIC BENEFIT COST
AND OTHER COMPREHENSIVE INCOME LOSS
$ 38,741 $ 107,022 $ (75,786) $ 614 $ 14,563 $ (8,111)
The Company uses a ve-year averaging method to determine
the market-related value of Pension Benets plan assets,
which is used to calculate the expected return of plan assets
component of the Plans’ expense. Under this methodology,
asset gains/losses that result from actual returns which differ
from the Company’s expected long-term rate of return on
assets assumption are recognized in the market-related value
of assets on a level basis over a ve year period. The difference
between actual as compared to expected asset returns for
the Plans will be fully reected in the market-related value
of plan assets over the next ve years using the methodology
described above. Other post-employment benet assets under
the Retirement Health Benets are valued at fair value.
The estimated net loss and prior service cost of Pension Benets
that will be amortized from accumulated other comprehensive
income into net periodic benet cost over the next scal year
are $8,699 and $435, respectively. The prior service credit
of Retirement Health Benets that will be amortized from
accumulated other comprehensive income into net periodic
credit over the next scal year is $933. There was no estimated
net gain (loss) of Retirement Health Benets that will be
amortized from accumulated other comprehensive income
into net periodic cost over the next scal year.
Determination of the projected benet obligation was based on the following weighted-average assumptions for the years
ended December 31:
Qualied Pension Benets Nonqualied Pension Benets Retirement Health Benets
2015 2014 2013 2015 2014 2013 2015 2014 2013
Discount rate 4�55% 4�09% 4�98% 4�25% 3�77% 4�64% 4�53% 4�07% 4�99%