Starwood 2012 Annual Report Download - page 193

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS
The following table represents our expected pension and postretirement benefit plan payments for the next
five years and the five years thereafter (in millions):
Domestic
Pension Benefits
Foreign Pension
Benefits
Postretirement
Benefits
2013 ..................................... $1 $ 8 $2
2014 ..................................... 1 9 2
2015 ..................................... 2 9 1
2016 ..................................... 2 10 1
2017 ..................................... 2 10 1
2018-2022 ................................. 7 58 6
We expect to contribute $14 million to the plans during 2013. A significant portion of the contributions
relate to the Foreign Pension Plans, for which we are reimbursed.
Defined Contribution Plans. We sponsor various defined contribution plans, including the Starwood
Hotels & Resorts Worldwide, Inc. Savings and Retirement Plan, which is a “401(k)” plan. The plan allows
participation by employees on U.S. payroll who are at least age 21. Each participant may contribute on a pretax
basis between 1% and 50% of his or her eligible compensation to the plan subject to certain maximum limits.
Eligible employees are automatically enrolled after 90 days (unless they opt out). A company-paid matching
contribution is provided to participants who have completed at least one year of service. The amount of expense
for matching contributions totaled $16 million in 2012, $15 million in 2011, and $13 million in 2010. The plan
includes our publicly traded common stock as an investment choice. The balances held in Starwood’s stock were
$69 million and $67 million at December 31, 2012 and 2011, respectively.
Multi-Employer Pension Plans. Certain employees are covered by union sponsored multi-employer
pension plans pursuant to agreements between us and various unions. Our participation in these plans is outlined
in the table below (in millions):
Pension Fund
EIN/ Pension Plan
Number
Pension Protection Act
Zone Status Contributions
2012 2011 2012 2011 2010
New York Hotel Trades Council and Hotel
Association of New York City, Inc.
Pension Fund ....................... 13-1764242/001 Yellow (a) Yellow (b) $4 $4 $4
Other Funds .......................... Various 5 5 5
Total Contributions .................... $9 $9 $9
(a) As of January 1, 2012
(b) As of January 1, 2011
Eligible employees at our owned hotels in New York City participate in the New York Hotel Trades Council
and Hotel Association of New York City, Inc. Pension Fund. Our contributions are based on a percentage of all
union employee wages as dictated by the collective bargaining agreement that expires on June 30, 2019. Our
contributions did not exceed 5% of the total contributions to the pension fund in 2012, 2011 or 2010. The pension
fund has implemented a funding improvement plan and we have not paid a surcharge.
Multi-Employer Health Plans. Certain employees are covered by union sponsored multi-employer health
plans pursuant to agreements between us and various unions. The plan benefits can include medical, dental and
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