Fifth Third Bank 2011 Annual Report Download - page 128
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
126 Fifth Third Bancorp
21. RETIREMENT AND BENEFIT PLANS
The Bancorp’s qualified defined benefit plan’s benefits were frozen
in 1998, except for grandfathered employees. The Bancorp’s other
retirement plans consist of nonqualified, supplemental retirement
plans, which are funded on an as needed basis. A majority of these
plans were obtained in acquisitions from prior years. The Bancorp
recognizes the overfunded and underfunded status of its pension
plans as an asset and liability, respectively. The overfunded and
underfunded amounts recognized in other assets and other
liabilities, respectively, in the Consolidated Balance Sheets were as
follows as of December 31:
($ in millions) 2011 2010
Prepaid benefit cost $- 4
A
ccrued benefit liabilit
y
(72) (34)
Net underfunded status $(72) (30)
The following tables summarize the defined benefit retirement plans as of and for the years ended December 31:
Plans with an Overfunded Status(a)
($ in millions) 2011 2010
Fair value of plan assets at January 1 $ - 182
A
ctual return on assets - 31
Contributions - -
Settlement - -
Benefits paid - (16)
Fair value of plan assets at December 31 $ - 197
Projected benefit obligation at January 1 $ - 183
Service cost - -
Interest cost - 10
Settlement - -
A
ctuarial loss - 16
Benefits paid - (16)
Projected benefit obligation at December 31 $ - 193
Overfunded projected benefit obligation recognized in the Consolidated Balance Sheets as an asset $ - 4
(a) The Bancorp’s defined benefit plan had an Overfunded Status at December 31, 2010. The plan was Underfunded at December 31, 2011 and is reflected in the Underfunded Status table.
Plans with an Underfunded Status
($ in millions) 2011 2010
Fair value of plan assets at January 1 $197 -
A
ctual return on assets - -
Contributions 4 4
Settlement (10) -
Benefits paid (10) (4)
Fair value of plan assets at December 31 $181 -
Projected benefit obligation at January 1 $227 34
Service cost - -
Interest cost 11 2
Settlement (10) -
A
ctuarial gain 35 2
Benefits paid (10) (4)
Projected benefit obligation at December 31 $253 34
Unfunded projected benefit obligation recognized in the Consolidated Balance Sheet as a liability $(72) (34)
The estimated net actuarial loss for the defined benefit pension
plans that will be amortized from accumulated other comprehensive
income into net periodic benefit cost during 2012 is $14 million.
The estimated net prior service cost for the defined benefit pension
plan that will be amortized from accumulated other comprehensive
income into net periodic benefit cost during 2012 is immaterial to
the Consolidated Financial Statements.