Fifth Third Bank 2013 Annual Report Download - page 142

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
140 Fifth Third Bancorp
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) 2013 2012
Fair value of plan assets at January 1 $185 -
A
ctual return on assets 30 -
Contributions 5 -
Settlement (13) -
Benefits paid (7) -
Fair value of plan assets at December 31 $200 -
Projected benefit obligation at January 1 $224 -
Service cost - -
Interest cost 10 -
Settlement (13) -
A
ctuarial gain (20) -
Benefits paid (7) -
Projected benefit obligation at December 31 $194 -
Overfunded projected benefit obligation at December 31 $6 -
(a) The Bancorp’s defined benefit plan had an Overfunded status at December 31, 2013. The plan was Underfunded at December 31, 2012 and is reflected in the Underfunded Status table.
Plans with an Underfunded Status
($ in millions) 2013 2012
Fair value of plan assets at January 1 $ - 181
A
ctual return on assets - 21
Contributions 4 4
Settlement - (10)
Benefits paid (4) (11)
Fair value of plan assets at December 31 $ - 185
Projected benefit obligation at January 1 $32 253
Service cost - -
Interest cost 1 10
Settlement - (10)
A
ctuarial (gain)/loss (2) 14
Benefits paid (4) (11)
Projected benefit obligation at December 31 $27 256
Unfunded projected benefit obligation at December 31 $(27) (71)
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 2014 is $7 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 2014 is immaterial to
the Consolidated Financial Statements.