FairPoint Communications 2010 Annual Report Download - page 102
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Table of Contents
The Company remeasured its pension and other post-employment benefit assets and liabilities as of December 31, 2010 and 2009, in accordance with the
Compensation—Retirement Benefits Topic of the ASC. These measurements were based on weighted average discount rates of 5.61% and 6.07% as of
December 31, 2010 and 2009, respectively, as well as certain other valuation assumption modifications.
Prior to the Merger, the Verizon Northern New England business participated in Verizon’s benefit plans. Verizon maintained noncontributory defined
benefit pension plans for many of its employees. The postretirement health care and life insurance plans for the Verizon Northern New England business’
retirees and their dependents were both contributory and noncontributory and included a limit on the Companies’ share of cost for recent and future retirees.
The Verizon Northern New England business also sponsored defined contribution savings plans to provide opportunities for eligible employees to save for
retirement on a tax-deferred basis. A measurement date of December 31 was used for the pension and postretirement health care and life insurance plans.
The structure of Verizon’s benefit plans did not provide for the separate attribution of the related pension and postretirement assets and obligations at the
Verizon Northern New England business level. Because there was not a separate plan for the Verizon Northern New England business, the annual income and
expense related to such assets and obligations were allocated to the Verizon Northern New England business and are reflected as prepaid pension assets and
employee benefit obligations in the balance sheet prior to the Merger.
After June 30, 2006, Verizon management employees, including management employees of the Verizon Northern New England business, ceased to earn
pension benefits or earn service towards the company retiree medical subsidy. In addition, new management employees hired after December 31, 2005 were not
eligible for pension benefits and managers with less than 13.5 years of service as of June 30, 2006 were not eligible for company-subsidized retiree healthcare
or retiree life insurance benefits. Beginning July 1, 2006, Verizon Northern New England business management employees received an increased company
match on their savings plan contributions.
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