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98
The following tables provide information on the Pension and SERP Plan benefit obligations, fair values of Pension Plan assets, and
funded status:
Pension and SERP
NU
As of December 31,
(Millions of Dollars)
2012
2011
Change in Benefit Obligation
Benefit Obligation as of Beginning of Year $
(3,098.9)
$ (2,820.9)
Liabilities Assumed from Merger with NSTAR
(1,409.7)
-
Service Cost
(84.3)
(55.4)
Interest Cost
(198.3)
(153.3)
Actuarial Loss
(429.7)
(206.1)
Benefits Paid - Excluding Lump Sum Payments
187.7
134.4
Benefits Paid – SERP
4.2
2.4
SERP curtailment
6.2
-
Benefit Obligation as of End of Year
$
(5,022.8)
$
(3,098.9)
Change in Pension Plan Assets
Fair Value of Plan Assets as of Beginning of Year
$
2,005.9
$
1,977.6
Assets Assumed from Merger with NSTAR
984.7
-
Employer Contributions 222.4
143.6
Actual Return on Plan Assets
386.0
19.1
Benefits Paid - Excluding Lump Sum Payments
(187.7)
(134.4)
Fair Value of Plan Assets as of End of Year
$
3,411.3
$
2,005.9
Funded Status as of December 31st
$
(1,611.5)
$
(1,093.0)
Pension and SERP
As of December 31, 2012
As of December 31, 2011
NSTAR
NSTAR
(Millions of Dollars)
CL&P
Electric (1)
PSNH
WMECO
CL&P
Electric (1),(2)
PSNH
WMECO
Change in Benefit Obligation
Benefit Obligation as of Beginning of Year
$
(1,043.8)
$
(1,346.2)
$
(497.9)
$
(215.8)
$
(964.3)
$
(1,184.6)
$
(448.7)
$
(196.6)
Service Cost
(21.8)
(30.3)
(11.8)
(4.1)
(19.5)
(26.0)
(10.6)
(3.9)
Interest Cost
(51.2)
(58.9)
(24.4)
(10.5)
(51.9)
(61.0)
(24.4)
(10.7)
Actuarial Loss
(117.4)
(63.6)
(61.3)
(24.0)
(64.0)
(138.0)
(33.2)
(15.4)
Benefits Paid - Excluding Lump Sum Payments 55.9
69.0
19.7
11.3
55.6
59.6
18.9
10.8
Benefits Paid - SERP
0.3
-
-
-
0.3
-
0.1
-
Curtailment and Settlement Payments
-
-
(0.3)
-
-
3.8
-
-
Benefit Obligation as of End of Year
$
(1,178.0)
$
(1,430.0)
$
(576.0)
$
(243.1)
$
(1,043.8)
$
(1,346.2)
$
(497.9)
$
(215.8)
Change in Pension Plan Assets
Fair Value of Plan Assets as of Beginning of Year $ 869.6
$ 988.5
$ 279.7
$ 202.0
$ 918.4
$ 930.6
$ 185.4
$ 209.8
Employer Contributions
-
25.0
87.7
-
-
125.0
112.6
-
Actual Return/(Loss) on Plan Assets
123.9
124.6
38.9
27.8
6.8
(3.7)
0.6
3.0
Benefits Paid - Excluding Lump Sum Payments
(55.9)
(69.0)
(19.7)
(11.3)
(55.6)
(59.6)
(18.9)
(10.8)
Benefits Paid - Settlement Payments
-
-
-
-
-
(3.8)
-
-
Fair Value of Plan Assets as of End of Year $ 937.6
$ 1,069.1
$ 386.6
$ 218.5
$ 869.6
$ 988.5
$ 279.7
$ 202.0
Funded Status as of December 31st
$
(240.4)
$
(360.9)
$
(189.4)
$
(24.6)
$
(174.2)
$
(357.7)
$
(218.2)
$
(13.8)
Pension and SERP benefits funded status includes the current portion of the SERP liability, which is included in Other Current
Liabilities on the accompanying consolidated balance sheets.
Although the Company maintains a trust to support the SERP with marketable securities held in the NU supplemental benefit trust,
the plan itself does not contain any assets. For information regarding the investments in the NU supplemental benefit trust that are
used to informally support the SERP liability, see Note 6, "Marketable Securities," to the consolidated financial statements.
(1) NSTAR Electric amounts do not include benefit obligations of the NSTAR SERP Plan.
(2) NSTAR Electric amounts are not included in NU consolidated as of December 31, 2011.
The accumulated benefit obligation for the Pension and SERP Plans is as follows:
Pension and SERP
As of December 31,
(Millions of Dollars)
2012
2011
NU
$
4,622.1
$
2,810.6
CL&P
1,061.8
938.4
NSTAR Electric (1)
1,353.1
1,271.3
PSNH 515.9
444.8
WMECO
221.3
195.5
(1)
NSTAR Electric amounts are not included in NU consolidated as of December 31, 2011 and do not include the accumulated benefit
obligation for the SERP Plan.