Defined Benefit Pension Plan Data (1999-2022)
Defined Benefit Pension Plan Data ($ millions)
| Fiscal Year | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| New Actuarial Loss (Gain) for Year | 1.3 | -2.3 | 15.1 | 55.9 | 19.8 | -6.2 | 75.6 | -11.8 | 14.0 | 58.8 | 45.7 | -22.4 | -18.9 | 24.4 | 25.9 | 10.8 | -52.6 | |||||||
| Employer Contributions for Year | 4.3 | 2.9 | 17.3 | 0 | 8.2 | 7.7 | 20.8 | 13.3 | 9.9 | 14.2 | 38.5 | 13.1 | 28.0 | 10.5 | 7.3 | 4.1 | 15.7 | 12.8 | 4.4 | 18.2 | 9.7 | |||
| Unfunded Pension Benefit Obligation | -15.6 | 30.5 | 16.9 | 80.0 | 50.5 | 67.7 | 58.1 | 45.1 | 43.5 | 89.1 | 101.1 | 82.0 | 117.8 | 91.1 | 73.8 | 117.1 | 154.0 | 125.3 | 90.3 | 104.2 | 132.8 | 68.7 | 67.2 | |
| Balance of Net Actuarial Losses* | 2.5 | 67.5 | 104.1 | 114.1 | 100.1 | 81.2 | 133.8 | 145.4 | 130.0 | 192.5 | 158.1 | 163.7 | 215.6 | 253.5 | 221.5 | 194.8 | 213.0 | 237.6 | 183.3 | 182.1 | ||||
| Benefit Obligation | 205.9 | 204.6 | 212.5 | 238.0 | 255.7 | 262.7 | 265.9 | 263.0 | 269.0 | 290.0 | 299.6 | 348.7 | 335.4 | 354.0 | 389.7 | 412.5 | 386.3 | 355.9 | 366.3 | 373.7 | 365.9 | 292.6 | ||
| Fair Value of Plan Assets | 199.0 | 230.5 | 174.0 | 180.0 | 181.0 | 198.6 | 220.8 | 219.6 | 179.9 | 189.9 | 217.6 | 230.9 | 244.3 | 280.1 | 272.6 | 258.5 | 260.9 | 265.6 | 262.1 | 240.8 | 297.2 | 225.4 | ||
| Funding Ratio (Obligation/Assets) | 0.97 | 1.13 | 0.82 | 0.76 | 0.71 | 0.76 | 0.83 | 0.83 | 0.67 | 0.65 | 0.73 | 0.66 | 0.73 | 0.79 | 0.70 | 0.63 | 0.68 | 0.75 | 0.72 | 0.64 | 0.81 | 0.77 |
Changes in Assumptions Impacting Actuarial Calculations (by year)
| Year | Change |
|---|---|
| 2009 | Lowered the Discount Rate for calculating Benefit Obligations from 7.00% to 6.75%. |
| 2010 | Lowered the Discount Rate from 6.75% to 5.70%. |
| 2011 | Lowered the Discount Rate from 5.70% to 5.50%. |
| 2012 | Lowered the Discount Rate from 5.50% to 4.00%. |
| 2013 | Raised the Discount Rate from 4.0% to 4.5% and lowered the Expected Rate of Return from 8.25% to 7.75%. |
| 2014 | RPI froze all future benefit accruals for future service of all plan participants, primarily impacting the 10% of participants who are still active. In addition, RPI changed amort. period for actuarial gains and losses from expected avg. remaining service period to expected future lifetime. Lastly, it lowered the Discount Rate from 4.5% to 4.0%. |
| 2015 | Updated the participant mortality assumptions from RP-2000 to MP-2014, and lowered rate of compensation increase from 4.0% to 0.0%. |
| 2016 | Revised the post-retirement mortality assumption to RP-2015, lowered Discount Rate by 0.75% and lowered Expected Return by 1.00%. |
| 2017 | Updated mortality scale from MP-2015 to MP-2016; raised Discount Rate by 0.25%. |
| 2018 | Raised the Discount Rate by 0.50%, from 3.50% to 4.00%. |
| 2019 | Lowered the Discount Rate by 0.75% from 4.00% to 3.25%. Mortality scale was updated from MP-2017 to MP-2018. |
| 2020 | Lowered the Discount Rate by 0.75% from 3.25% to 2.5%. Updated mortality projection scale to MP-2019. |
| 2021 | Updated mortality projection scale to MP-2020. |
| 2022 | Raised the Discount Rate by 2.00% from 2.50% to 4.50%. Expected return on plan assets was lowered to 5.25% from 6.25%. |
* These future obligations have yet to be expensed through the Statement of Operations, but will be amortized (expensed) over the expected future lifetimes of inactive plan participants.
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