Voya 2014 Annual Report Download - page 346

Voya Financial, Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Obligations, Funded Status and Net Periodic Benefit Costs
The following tables summarize 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 Company’s defined benefit pension and
postretirement healthcare benefit plans for the years ended December 31, 2014 and 2013:
Pension Plans
Other
Postretirement Benefits
2014 2013 2014 2013
Change in benefit obligation:
Benefit obligations, January 1 ............... $1,995.0 $2,229.6 $ 36.7 $ 45.3
Service cost .......................... 26.8 45.3 — —
Interest cost .......................... 96.2 88.3 1.5 1.7
Plan participants’ contribution ........... — — 0.1 0.1
Net actuarial (gains) losses .............. 418.7 (277.9) (3.7) (7.2)
Benefits paid ......................... (83.9) (90.3) (3.5) (3.2)
Benefit obligations, December 31 ............ 2,452.8 1,995.0 31.1 36.7
Change in plan assets:
Fair value of plan net assets, January 1 ........ 1,556.8 1,371.7 — —
Actual return on plan assets ............. 156.6 221.1 — —
Employer contributions ................ 28.2 54.3 3.4 3.1
Plan participants’ contributions .......... — — 0.1 0.1
Benefits paid ......................... (83.9) (90.3) (3.5) (3.2)
Fair value of plan net assets, December 31 ..... 1,657.7 1,556.8 — —
Unfunded status at end of year(1) ................ $ (795.1) $ (438.2) $(31.1) $(36.7)
(1) Funded status is not indicative of the Company’s ability to pay ongoing pension benefits or of its obligation
to fund retirement trusts. Required pension funding for qualified plans is determined in accordance with
Employee Retirement Income Security Act (“ERISA”) regulations.
The following table summarizes amounts recognized on the Consolidated Balance Sheets and in AOCI were as
follows as of December 31, 2014 and 2013:
Pension Plans
Other
Postretirement Benefits
2014 2013 2014 2013
Amounts recognized in the Consolidated Balance
Sheets consist of:
Accrued benefit cost ....................... $(795.1) $(438.2) $(31.1) $(36.7)
Net amount recognized ........................ $(795.1) $(438.2) $(31.1) $(36.7)
Accumulated other comprehensive (income) loss:
Prior service cost (credit) .................... $ (42.2) $ (52.6) $(21.6) $(24.9)
Tax effect ................................ 14.8 18.4 7.6 8.7
Accumulated other comprehensive (income) loss,
net of tax .................................. $ (27.4) $ (34.2) $(14.0) $(16.2)
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