Voya 2014 Annual Report Download - page 355

Voya Financial, Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
2013
Actual Return on
Plan Assets
Issuances Settlements
Transfers
in to
Level 3
Transfers
out of
Level 3
Fair Value
as of
January 1
Held at
Year-end
Sold
During
Year Purchases Sales
Fair Value
as of
December 31
Real estate ........ $ 67.4 $ 0.8 $— $ 6.4 $— $— $— $— $— $ 74.6
Limited
partnerships ..... 123.0 13.7 2.5 18.2 — (9.9) — — — 147.5
$190.4 $14.5 $ 2.5 $24.6 $— $(9.9) $— $— $— $222.1
Expected Future Contributions and Benefit Payments
The following table summarizes the expected benefit payments for the Company’s pension and postretirement
plans to be paid for the years indicated:
Pension
Benefits
Other
Postretirement
Benefits
Gross
2015 ......................................... $104.1 $2.7
2016 ......................................... 109.3 2.5
2017 ......................................... 114.5 2.3
2018 ......................................... 120.3 2.2
2019 ......................................... 125.4 2.1
2020-2024 .................................... 703.8 9.6
The Company expects that it will make a cash contribution of approximately $79.0 to the qualified and non-
qualified pension plans and approximately $2.7 to other postretirement plans in 2015.
Defined Contribution Plans
Certain of the Company’s subsidiaries sponsor defined contribution plans. The largest defined contribution plan
is the Voya Financial Savings Plan and ESOP (the “Savings Plan”). The assets of the Savings Plan are held in
independently administered funds. Substantially all employees of the Company are eligible to participate, other
than the Company’s agents. The Savings Plan is a tax qualified defined contribution and stock bonus plan, which
includes an employee stock ownership plan component. Savings Plan benefits are not guaranteed by the PBGC.
The Savings Plan allows eligible participants to defer into the Savings Plan a specified percentage of eligible
compensation on a pretax basis. The Company matches such pretax contributions, up to a maximum of 6% of
eligible compensation, subject to IRS limits. Matching contributions are subject to a 4 year graded vesting
schedule. Contributions made to the Savings Plan are subject to certain limits imposed by applicable law. These
plans do not give rise to balance sheet provisions, other than relating to short-term timing differences included in
Other liabilities. The amount of cost recognized for the defined contribution pension plans for the years ended
December 31, 2014, 2013 and 2012 was $35.5, $37.2 and $34.4, respectively, and is recorded in Operating
expenses in the Consolidated Statements of Operations.
332