Voya 2013 Annual Report Download - page 324

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
During the year ended December 31, 2013, the Committee approved amendments to the Retirement Plan to
comply with changes in regulations and adopt operational changes, none of which changed the level of benefits
under the Retirement Plan.
In addition to providing qualified retirement benefit plans, the Company provides certain supplemental
retirement benefits to eligible employees, non-qualified pension plans for insurance sales representatives who
have entered into a career agent agreement and certain other individuals. These plans are non-qualified defined
benefit plans which means all benefits are payable from the general assets of the sponsoring company.
The Company also offers deferred compensation plans for eligible employees, including eligible career agents
and certain other individuals who meet the eligibility criteria. The Company’s deferred compensation
commitment for employees is recorded on the Consolidated Balance Sheets in Other liabilities and totaled $271.6
and $268.8 as of December 31, 2013 and 2012, respectively.
ING U.S., Inc.’s subsidiaries also provide other post-employment and postretirement employee benefits to
certain employees. These are primarily postretirement healthcare and life insurance benefits to retired employees
and other eligible dependents and post-employment/pre-retirement plans provided to employees and former
employees.
On June 14, 2012, the Company announced an agreement with Cognizant Technology Solutions U.S.
Corporation (“Cognizant”) under which Cognizant provides business processing and operations services related
to the Company. Under the terms of the seven-year agreement, Cognizant made offers of employment to more
than 1,000 employees of the Company in Minot, North Dakota and Des Moines, Iowa. Based on an actuarial
estimate using the Retirement Plan assets and obligations, the Company recognized a remeasurement loss of
$115.2 resulting from the revaluation of the Retirement Plan’s assets and obligations, partially offset by a
$6.9 curtailment gain. The net loss before income taxes was $108.3 and was recognized on the date the
employees transitioned to Cognizant, which was on August 16, 2012.
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