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FS-59
The following table represents information on NU's plan benefit obligations, fair values of plan assets, and funded status:
As of December 31,
Pension Benefits SERP Benefits PBOP Benefits
(Millions of Dollars) 2009 2008 2009 2008 2009 2008
Change in benefit obligation
Benefit obligation at beginning of year $ (2,297.7) $ (2,256.9) $ (34.2) $ (32.1) $ (436.0) $ (459.6)
Service cost (45.0) (43.9) (0.8) (0.7) (7.2) (7.1)
Interest cost (153.4) (144.0) (2.3) (2.0) (29.1) (28.3)
Actuarial gain/(loss) (203.8) 19.5 (4.3) (1.7) (44.5) 20.2
Federal subsidy on benefits paid - - - - (3.5) (3.4)
Benefits paid - excluding lump sum payments 128.9 127.1 2.3 2.3 44.6 42.2
Benefits paid - lump sum payments - 0.5 - - - -
Benefit obligation at end of year $ (2,571.0) $ (2,297.7) $ (39.3) $ (34.2) $ (475.7) $ (436.0)
Change in plan assets
Fair value of plan assets at beginning of year $ 1,556.8 $ 2,459.4 N/A N/A $ 195.6 $ 278.1
Actual return on plan assets 361.7 (775.0) N/A N/A 48.5 (80.1)
Employer contribution - - N/A N/A 40.8 39.8
Benefits paid - excluding lump sum payments (128.9) (127.1) N/A N/A (44.6) (42.2)
Benefits paid - lump sum payments - (0.5) N/A N/A - -
Fair value of plan assets at end of year $ 1,789.6 $ 1,556.8 N/A N/A $ 240.3 $ 195.6
Funded status as of December 31st $ (781.4) $ (740.9) $ (39.3) $ (34.2) $ (235.4) $ (240.4)
The amounts recognized on the accompanying consolidated balance sheets for the funded status above as of December 31, 2009 and
2008 are as follows (millions of dollars):
As of December 31,
Pension Benefits SERP Benefits PBOP Benefits
NU 2009 2008 2009 2008 2009 2008
Accrued pension $ (781.4) $ (740.9) $ - $ - $ - $ -
Other current liabilities - - (2.9) (2.3) - -
Other deferred credits and other liabilities - - (36.4) (31.9) (235.4) (240.4)
CL&P
Accrued pension $ (51.3) $ (89.3) $ - $ - $ - $ -
Other current liabilities - - (0.3) (0.1) - -
Other deferred credits and other liabilities - - (3.1) (2.5) - -
Accrued postretirement benefits - - - - (94.9) (98.6)
PSNH
Accrued pension $ (272.9) $ (236.3) $ - $ - $ - $ -
Other current liabilities - - (0.1) - - -
Other deferred credits and other liabilities - - (2.0) (1.8) - -
Accrued postretirement benefits - - - - (39.7) (41.8)
WMECO
Prepaid/(accrued) pension $ 6.9 $ (3.6) $ - $ - $ - $ -
Other deferred credits and other liabilities - - (0.4) (0.7) - -
Accrued postretirement benefits - - - - (17.4) (18.1)
For the Pension Plan, the Company amortized its transition obligation over the remaining service lives of its employees as calculated on
an individual subsidiary basis and amortizes the prior service cost and unrecognized net actuarial gain/(loss) over the remaining service
lives of its employees as calculated on an NU consolidated basis. For the PBOP Plan, the Company amortizes its transition obligation,
prior service cost, and unrecognized net actuarial gain/(loss) over the remaining service lives of its employees as calculated on an
individual operating company basis.
The accumulated benefit obligation for the Pension Plan was $2 billion ($725.8 million - CL&P; $312.4 million - PSNH; $146.4 million -
WMECO) and $2 billion ($731.6 million - CL&P; $320.4 million - PSNH; $148.4 million - WMECO) as of December 31, 2009 and 2008,
respectively, and was $36.9 million ($3.3 million - CL&P; $1.9 million - PSNH; $0.3 million - WMECO) and $32.1 million ($2.3 million -
CL&P; $1.7 million - PSNH; $0.7 million - WMECO) for the SERP as of December 31, 2009 and 2008, respectively.