TCF Bank 2000 Annual Report Download - page 62

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60
TCF
The following table sets forth the status of the Pension Plan and the Postretirement Plan at the dates indicated:
Pension Plan Postretirement Plan
Year Ended December 31, Year Ended December 31,
(In thousands) 2000 1999 2000 1999
Change in benefit obligation:
Benefit obligation at beginning of year . . . . . . . . . . . . . . . . . . . . . $ 30,728 $ 28,967 $ 9,721 $ 9,214
Service cost – benefits earned during the year . . . . . . . . . . . . . . . . . 3,248 3,297 56 426
Interest cost on benefit obligation . . . . . . . . . . . . . . . . . . . . . . . . . 2,431 2,059 523 630
Amendments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ––(2,481) –
Actuarial (gain) loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,942) (1,205) 179 69
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,921) (2,390) (389) (618)
Benefit obligation at end of year . . . . . . . . . . . . . . . . . . . . . . . . 32,544 30,728 7,609 9,721
Change in fair value of plan assets:
Fair value of plan assets at beginning of year . . . . . . . . . . . . . . . . . . 74,867 57,338 ––
Actual return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,118 18,151 ––
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,921) (2,390) (389) (618)
Plan merger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –1,768 ––
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ––389 618
Fair value of plan assets at end of year . . . . . . . . . . . . . . . . . . . . 87,064 74,867 ––
Funded status of plans:
Funded status at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,520 44,139 (7,609) (9,721)
Unrecognized transition obligation . . . . . . . . . . . . . . . . . . . . . . . . ––2,513 4,433
Unrecognized prior service cost . . . . . . . . . . . . . . . . . . . . . . . . . . (2,926) (3,983) –770
Unrecognized net gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32,808) (23,870) (797) (998)
Prepaid (accrued) benefit cost at end of year . . . . . . . . . . . . . . . $ 18,786 $ 16,286 $(5,893) $(5,516)
Net periodic benefit cost (credit) included the following components:
Pension Plan Postretirement Plan
Year Ended December 31, Year Ended December 31,
(In thousands) 2000 1999 1998 2000 1999 1998
Service cost . . . . . . . . . . . . . . . . . . . . $ 3,248 $ 3,297 $ 2,967 $56 $ 426 $ 299
Interest cost . . . . . . . . . . . . . . . . . . . 2,431 2,059 1,454 523 630 641
Expected return on plan assets . . . . . . (6,207) (5,155) (3,745) –––
Amortization of transition obligation . . –––209 342 342
Amortization of prior service cost . . . . (1,057) (1,057) (876) –109 109
Recognized actuarial gain . . . . . . . . . . (915) – (728) (22) (12) (58)
Net periodic benefit cost (credit) . . $(2,500) $ (856) $ (928) $766 $1,495 $1,333
The discount rate and rate of increase in future compensation used to measure the benefit obligation and the expected long-term rate of
return on plan assets were as follows:
Pension Plan Postretirement Plan
Year Ended December 31, Year Ended December 31,
2000 1999 1998 2000 1999 1998
Discount rate . . . . . . . . . . . . . . . . . . 7.50% 7.50% 6.75% 7.50% 7.50% 6.75%
Rate of increase in future
compensation . . . . . . . . . . . . . . . 5.00 5.00 5.00 –––
Expected long-term rate of return
on plan assets . . . . . . . . . . . . . . . . 10.00 10.00 9.50 –––