The Hartford 2011 Annual Report Download - page 215
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THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
F-80
17. Employee Benefit Plans (continued)
Obligations and Funded Status
The following tables set forth a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets, as
well as the funded status of The Hartford’ s defined benefit pension and postretirement health care and life insurance benefit plans for the
years ended December 31, 2011 and 2010. International plans represent an immaterial percentage of total pension assets, liabilities and
expense and, for reporting purposes, are combined with domestic plans.
During 2010 the amount of lump sum benefit payments exceeded the amount of service and interest cost in the Company’ s non-
qualified pension plan resulting in a settlement. The settlement below represents lump sum payments made from the non-qualified
pension plan in 2010.
In addition to the discount rate change, the Company’ s benefit obligation also increased due to the use of an updated mortality table.
Pension Benefits
Other Postretirement
Benefits
Change in Benefit Obligation
2011
2010
2011
2010
Benefit obligation – beginning of year
$
4,795
$
4,283
$
408
$
401
Service cost (excluding expenses)
102
102
5
7
Interest cost
259
252
20
22
Plan participants’ contributions
—
—
18
15
Actuarial loss (gain)
43
86
(15)
(7)
Settlements
—
(43)
—
—
Change in assumptions
497
348
37
17
Benefits paid
(230)
(234)
(52)
(49)
Retiree drug subsidy
—
—
3
2
Foreign exchange adjustment
(1)
1
—
Benefit obligation – end of year
$
5,465
$
4,795
$
424
$
408
Pension Benefits
Other Postretirement
Benefits
Change in Plan Assets
2011
2010
2011
2010
Fair value of plan assets – beginning of year
$
3,922
$
3,526
$
190
$
175
Actual return on plan assets
613
434
13
15
Employer contributions
201
201
—
—
Benefits paid
(210)
(228)
—
—
Expenses paid
(12)
(12)
—
—
Foreign exchange adjustment
(1)
1
—
—
Fair value of plan assets – end of year
$
4,513
$
3,922
$
203
$
190
Funded status – end of year $ (952) $ (873) $ (221) $ (218)