Bank of America 2005 Annual Report Download - page 175

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BANK OF AMERICA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements—(Continued)
FleetBoston Financial Pension Plan does not allow participants to select various earnings measures; rather the earnings
rate is based on a benchmark rate. The tables within this Note include the information related to these plans beginning
on April 1, 2004.
Reflected in these results are key changes to the Postretirement Health and Life Plans and the Nonqualified
Pension Plans. On December 8, 2003, the President signed the Medicare Act into law. The Medicare Act introduces a
voluntary prescription drug benefit under Medicare as well as a federal subsidy to sponsors of retiree health care plans
that provide at least an actuarially equivalent benefit. In the third quarter of 2004, the Corporation adopted FSP
No. 106-2, which resulted in a reduction of $53 million in the Corporation’s accumulated postretirement benefit
obligation. In addition, the Corporation’s net periodic benefit cost for other postretirement benefits was decreased by $15
million for 2004 as a result of the remeasurement.
139