Fifth Third Bank 2014 Annual Report Download - page 144
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
142 Fifth Third Bancorp
material changes in the Trustee’s outlook and recommended
investment policy.
Other Information on Retirement and Benefit Plans
The accumulated benefit obligation for all defined benefit plans was
$247 million and $221 million at December 31, 2014 and 2013,
respectively.
A
mounts relating to the Bancorp’s defined benefit plans with assets exceeding benefit obligations were as follows at December 31:
($ in millions) 2014 2013
Projected benefit obligation $ - 194
A
ccumulated benefit obligation - 194
Fair value of plan assets - 200
A
mounts relating to the Bancorp’s defined benefit plans with benefit obligations exceeding assets were as follows at December 31:
($ in millions) 2014 2013
Projected benefit obligation $247 27
A
ccumulated benefit obligation 247 27
Fair value of plan assets 195 -
As of December 31, 2014 and 2013, $195 million and $200 million,
respectively, of plan assets were managed by Fifth Third Bank, a
subsidiary of the Bancorp. Plan assets included $4 million of
Bancorp common stock as of December 31, 2014 and 2013,
respectively. Plan assets are not expected to be returned to the
Bancorp during 2015.
The Bancorp’s profit sharing plan expense was $19 million, $32
million and $46 million for the years ended December 31, 2014,
2013 and 2012, respectively. Expenses recognized for matching
contributions to the Bancorp’s defined contribution savings plans
were $44 million, $43 million and $42 million for the years ended
December 31, 2014, 2013 and 2012, respectively.