People's United Financial, Inc. | 2013 | FY | 3


The following table summarizes changes in the benefit obligations and plan assets of the Pension Plans and the other postretirement benefits plan. The table also shows the funded status (or the difference between benefit obligations and plan assets) recognized in the Consolidated Statements of Condition. All plans have a December 31 measurement date.

 

     Pension Benefits     Other
Postretirement Benefits
 

(in millions)

   2013     2012         2013             2012      

Benefit obligations: (1)

        

Beginning of year

   $ 431.2      $ 388.8      $ 12.0      $ 12.1   

Service cost

     —          —          0.2        0.2   

Interest cost

     17.9        17.6        0.5        0.5   

Actuarial (gain) loss

     (48.1     28.9        (1.4     0.2   

Transfers in from acquired pension plans

     —          10.9        —          —     

Benefits paid

     (14.5     (12.9     (1.0     (1.0

Settlements

     (0.9     (2.1     —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

End of year

     385.6        431.2        10.3        12.0   
  

 

 

   

 

 

   

 

 

   

 

 

 

Fair value of plan assets:

        

Beginning of year

     334.9        303.0        —          —     

Actual return on assets

     64.7        35.6        —          —     

Employer contributions

     3.5        4.3        1.0        1.0   

Transfers in from acquired pension plans

     —          7.0        —          —     

Benefits paid

     (14.5     (12.9     (1.0     (1.0

Settlements

     (0.9     (2.1     —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

End of year

     387.7        334.9        —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Funded status at end of year

   $ 2.1      $ (96.3   $ (10.3   $ (12.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Amounts recognized in the Consolidated Statements of Condition:

        

Other assets

   $ 41.5      $ —        $ —        $ —     

Other liabilities

     (39.4     (96.3     (10.3     (12.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Funded status at end of year

   $ 2.1      $ (96.3   $ (10.3   $ (12.0
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Represents projected benefit obligations for the Pension Plans and accumulated benefit obligations for the other postretirement benefits plan.

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