Defined Benefit Pension Plan Data (1999-2022)

Defined Benefit Pension Plan Data ($ millions)

Fiscal Year199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022
New Actuarial Loss (Gain) for Year1.3-2.315.155.919.8-6.275.6-11.814.058.845.7-22.4-18.924.425.910.8-52.6
Employer Contributions for Year4.32.917.308.27.720.813.39.914.238.513.
Unfunded Pension Benefit Obligation-15.630.516.980.050.567.758.145.143.589.1101.182.0117.891.173.8117.1154.0125.390.3104.2132.868.767.2
Balance of Net Actuarial Losses*2.567.5104.1114.1100.181.2133.8145.4130.0192.5158.1163.7215.6253.5221.5194.8213.0237.6183.3182.1
Benefit Obligation205.9204.6212.5238.0255.7262.7265.9263.0269.0290.0299.6348.7335.4354.0389.7412.5386.3355.9366.3373.7365.9292.6
Fair Value of Plan Assets199.0230.5174.0180.0181.0198.6220.8219.6179.9189.9217.6230.9244.3280.1272.6258.5260.9265.6262.1240.8297.2225.4
Funding Ratio (Obligation/Assets)0.971.130.820.760.710.760.830.830.670.650.730.660.730.790.700.630.680.750.720.640.810.77

Changes in Assumptions Impacting Actuarial Calculations (by year)

2009Lowered the Discount Rate for calculating Benefit Obligations from 7.00% to 6.75%.
2010Lowered the Discount Rate from 6.75% to 5.70%.
2011Lowered the Discount Rate from 5.70% to 5.50%.
2012Lowered the Discount Rate from 5.50% to 4.00%.
2013Raised the Discount Rate from 4.0% to 4.5% and lowered the Expected Rate of Return from 8.25% to 7.75%.
2014RPI 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%.
2015Updated the participant mortality assumptions from RP-2000 to MP-2014, and lowered rate of compensation increase from 4.0% to 0.0%.
2016Revised the post-retirement mortality assumption to RP-2015, lowered Discount Rate by 0.75% and lowered Expected Return by 1.00%.
2017Updated mortality scale from MP-2015 to MP-2016; raised Discount Rate by 0.25%.
2018Raised the Discount Rate by 0.50%, from 3.50% to 4.00%.
2019Lowered the Discount Rate by 0.75% from 4.00% to 3.25%. Mortality scale was updated from MP-2017 to MP-2018.
2020Lowered the Discount Rate by 0.75% from 3.25% to 2.5%. Updated mortality projection scale to MP-2019.
2021Updated mortality projection scale to MP-2020.
2022Raised 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.

Sources: RPI Consolidated Financial Statements