KeyBank 2013 Annual Report Download - page 206
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The information related to our pension plans presented in the following tables is based on current actuarial
reports using measurement dates of December 31, 2013, and 2012.
The following table summarizes changes in the PBO related to our pension plans.
Year ended December 31,
in millions 2013 2012
PBO at beginning of year $ 1,277 $ 1,228
Interest cost 42 47
Actuarial losses (gains) (54) 86
Benefit payments (109) (84)
PBO at end of year $ 1,156 $ 1,277
The following table summarizes changes in the FVA.
Year ended December 31,
in millions 2013 2012
FVA at beginning of year $ 942 $ 918
Actual return on plan assets 119 92
Employer contributions 18 16
Benefit payments (109) (84)
FVA at end of year $ 970 $ 942
The following table summarizes the funded status of the pension plans, which equals the amounts recognized in
the balance sheets at December 31, 2013, and 2012.
December 31,
in millions 2013 2012
Funded status (a) $ (186) $ (335)
Net prepaid pension cost recognized consists of:
Current liabilities $ (14) $ (14)
Noncurrent liabilities (172) (321)
Net prepaid pension cost recognized (b) $ (186) $ (335)
(a) The shortage of the FVA under the PBO.
(b) Represents the accrued benefit liability of the pension plans.
At December 31, 2013, our primary qualified cash balance pension plan was sufficiently funded under the
requirements of ERISA. Consequently, we are not required to make a minimum contribution to that plan in 2014.
We also do not expect to make any significant discretionary contributions during 2014.
At December 31, 2013, we expect to pay the benefits from all funded and unfunded pension plans as follows:
2014 — $100 million; 2015 — $97 million; 2016 — $104 million; 2017 — $90 million; 2018 — $86 million;
and $386 million in the aggregate from 2019 through 2023.
The ABO for all of our pension plans was $1.2 billion at December 31, 2013, and $1.3 billion at December 31,
2012. As indicated in the table below, collectively our plans had an ABO in excess of plan assets as follows:
December 31,
in millions 2013 2012
PBO $ 1,156 $ 1,277
ABO 1,156 1,277
Fair value of plan assets 970 942
191