Goldman Sachs 2012 Annual Report Download - page 215

Notes to Consolidated Financial Statements
Note 28.
Employee Benefit Plans
The firm sponsors various pension plans and certain other
postretirement benefit plans, primarily healthcare and life
insurance. The firm also provides certain benefits to former
or inactive employees prior to retirement.
Defined Benefit Pension Plans and Postretirement
Plans
Employees of certain non-U.S. subsidiaries participate in
various defined benefit pension plans. These plans generally
provide benefits based on years of credited service and a
percentage of the employee’s eligible compensation. The
firm maintains a defined benefit pension plan for certain
U.K. employees. As of April 2008, the U.K. defined benefit
plan was closed to new participants, but will continue to
accrue benefits for existing participants. These plans do not
have a material impact on the firm’s consolidated results
of operations.
The firm also maintains a defined benefit pension plan for
substantially all U.S. employees hired prior to
November 1, 2003. As of November 2004, this plan was
closed to new participants and frozen such that existing
participants would not accrue any additional benefits. In
addition, the firm maintains unfunded postretirement
benefit plans that provide medical and life insurance for
eligible retirees and their dependents covered under these
programs. These plans do not have a material impact on the
firm’s consolidated results of operations.
The firm recognizes the funded status of its defined benefit
pension and postretirement plans, measured as the
difference between the fair value of the plan assets and the
benefit obligation, in the consolidated statements of
financial condition. As of December 2012, “Other assets”
and “Other liabilities and accrued expenses” included
$225 million (related to an overfunded pension plan) and
$645 million, respectively, related to these plans. As of
December 2011, “Other assets” and “Other liabilities and
accrued expenses” included $135 million (related to an
overfunded pension plan) and $858 million, respectively,
related to these plans.
Defined Contribution Plans
The firm contributes to employer-sponsored U.S. and non-
U.S. defined contribution plans. The firm’s contribution to
these plans was $221 million, $225 million and
$193 million for the years ended December 2012,
December 2011 and December 2010, respectively.
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