Voya 2013 Annual Report Download - page 455

under the Directors’ Pension Plan is calculated based on the participant’s years of service and fixed annual salary
(adjusted annually). Members of the Directors’ Pension Plan may begin receiving full retirement benefits at age
65 and may be eligible for reduced benefits if retiring at an earlier age. Beginning April 1, 2013, in connection
with his localization, pension benefits for Mr. Steenbergen were determined based solely on the new cash
balance pension formula under the Retirement Plan.
The following table presents the accumulated benefits under the Company pension plans in which each
NEO participates.
Pension Benefits in 2013
Name Plan Name
Number Years Credit
Service
Present Value of
Accumulated Benefit
Payments During
2013
Rodney O. Martin, Jr. ........... Retirement Plan 2 $ 20,074 $0
SERP 2 $ 40,041 $0
Alain M. Karaoglan ............ Retirement Plan 2 $ 17,566 $0
SERP 2 $ 35,071 $0
Ewout L. Steenbergen ........... Retirement Plan 1 $ 7,891 $0
SERP 1 $ 4,731 $0
Directors’ Plan 18.75 $1,691,885 $0
Maliz E. Beams ................ Retirement Plan 2 $ 19,072 $0
SERP 2 $ 38,049 $0
Jeffrey T. Becker ............... Retirement Plan 19.42 $ 322,360 $0
SERP 19.42 $ 660,431 $0
Assumptions for the “—Pension Benefits in 2013” table include:
The present value of accumulated benefits under the Retirement Plan and SERP shown in the “—Pension
Benefits in 2013” table is calculated using the same actuarial assumptions used by the Company for GAAP
financial reporting purposes, and assuming benefits commence as of age 65 under both plans. Those assumptions
are:
• The discount rate is 4.95%.
• The RP-2000 Mortality Table with generational projection using Scale AA for males and females after
commencement at age 65. No mortality assumed before age 65.
• The interest crediting rate on cash balance accounts is 3.5%, except AFS cash balance benefits have a
minimum of 5.0%.
• The cost of living adjustment under prior AFS benefits is 2.2%.
Assumptions for the ING Group Directors’ Plan include:
• The discount rate is 3.668% and general inflation is 2.00%. The long-term rate of return on plan assets
is not applicable but would be equal to the discount rate under IAS19 reporting.
• Mortality is based on the AG Generational Table 2012-2062 with ING Group mortality experience
rates derived from the Towers Watson 2012 experience mortality model.
• Retirement age is equal to the normal pension age, 65. Payment is assumed to be in the form of a life-
long annuity.
• A discretionary cost-of-living indexation beginning January 1, 2015 is excluded.
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