EMC 2008 Annual Report Download - page 92
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Table of Contents
EMC CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The benefit payments are expected to be paid in the following years (table in thousands):
2009 $ 15,557
2010 14,694
2011 15,540
2012 16,947
2013 18,476
2014 - 2018 115,832
Post Retirement Medical and Life Insurance Plan
Our post retirement benefit plan, which was assumed in connection with the acquisition of Data General, provides certain medical and life insurance
benefits for retired former Data General employees. With the exception of certain participants who retired prior to 1986, the medical benefit plan requires
monthly contributions by retired participants in an amount equal to insured equivalent costs less a fixed EMC contribution which is dependent on the
participant's length of service and Medicare eligibility. Benefits are continued to dependents of eligible retiree participants for 39 weeks after the death of the
retiree. In December 2007, we settled the liability associated with the retiree life insurance plan by transferring the liability to a third-party. The impact of this
settlement on our results of operations was not material. The measurement date for the plan is December 31.
The components of the change in benefit obligation are as follows (table in thousands):
December 31,
2008 December 31,
2007
Benefit obligation, at beginning of year $ 3,297 $ 5,733
Interest cost 203 285
Settlements — (1,544)
Amendments — (145)
Benefits paid (611) (934)
Recognized actuarial loss (gain) 775 (98)
Benefit obligation, at end of year $ 3,664 $ 3,297
The reconciliation of the beginning and ending balances of the fair value of plan assets is as follows (table in thousands):
December 31, 2008 December 31, 2007
Fair value of plan assets, at beginning of year $ 499 $ 466
Actual return on plan assets (134) 33
Employer contributions 611 2,478
Settlements — (1,544)
Benefits paid (611) (934)
Fair value of plan assets, at end of year $ 365 $ 499
We expect to contribute $0.5 million to the plan in 2009.
The net funded status of the plan which is recognized in the balance sheet as an accrued benefit liability in connection with the plan at December 31,
2008 and 2007 were net liabilities of $3.3 million and $2.8 million, respectively.
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