Bank of America 2007 Annual Report Download - page 157

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Qualified Pension Plans
(1)
Nonqualified Pension
Plans
(1)
Postretirement Health
and Life Plans
(1)
(Dollars in millions) 2007 2006 2007 2006 2007 2006
Change in fair value of plan assets
Fair value, January 1
$16,793
$13,097 $– $1
$90
$ 126
MBNA balance, January 1, 2006
–
555
–
–
–
–
U.S. Trust Corporation balance, July 1, 2007
437
–
–
–
–
–
LaSalle balance, October 1, 2007
1,400
–
–
–
85
–
Actual return on plan assets
1,043
1,829
–
–
7
15
Company contributions
(2)
–
2,200
159
321
84
52
Plan participant contributions
–
–
–
–
109
98
Benefits paid
(953)
(888)
(157)
(322)
(225)
(213)
Federal subsidy on benefits paid
n/a
n/a
n/a
n/a
15
12
Fair value, December 31
$18,720
$16,793
$2
$–
$ 165
$90
Change in projected benefit obligation
Projected benefit obligation, January 1
$12,680
$11,690
$ 1,345
$ 1,108
$ 1,549
$ 1,420
MBNA balance, January 1, 2006
–
695
–
486
–
278
U.S. Trust Corporation balance, July 1, 2007
363
–
6
–
9
–
LaSalle balance, October 1, 2007
1,133
–
108
–
120
–
Service cost
316
306
9
13
16
13
Interest cost
761
676
71
78
84
86
Plan participant contributions
–
–
–
–
109
98
Plan amendments
3
33
(1)
–
–
–
Actuarial (gains) losses
(103)
168
(74)
(18)
(101)
(145)
Benefits paid
(953)
(888)
(157)
(322)
(225)
(213)
Federal subsidy on benefits paid
n/a
n/a
n/a
n/a
15
12
Projected benefit obligation, December 31
$14,200
$12,680
$ 1,307
$ 1,345
$ 1,576
$ 1,549
Amount recognized, December 31
$ 4,520
$ 4,113
$(1,305)
$(1,345)
$(1,411)
$(1,459)
Funded status, December 31
Accumulated benefit obligation
$13,540
$12,151
$ 1,284
$ 1,345
n/a
n/a
Overfunded (unfunded) status of ABO
5,180
4,642
(1,282)
(1,345)
n/a
n/a
Provision for future salaries
660
529
23
–
n/a
n/a
Projected benefit obligation
14,200
12,680
1,307
1,345
$ 1,576
$ 1,549
Weighted average assumptions, December 31
Discount rate
6.00%
5.75%
6.00%
5.75%
6.00%
5.75%
Expected return on plan assets
8.00
8.00
n/a
n/a
8.00
8.00
Rate of compensation increase
4.00
4.00
4.00
4.00
n/a
n/a
(1) The measurement date for the Qualified Pension Plans, Nonqualified Pension Plans, and Postretirement Health and Life Plans was December 31 of each year reported.
(2) The Corporation’s best estimate of its contributions to be made to the Qualified Pension Plans, Nonqualified Pension Plans, and Postretirement Health and Life Plans in 2008 is $0, $105 and $101 million.
n/a = not applicable
Amounts recognized in the Consolidated Financial Statements at December 31, 2007 and 2006 were as follows:
Qualified
Pension Plans
Nonqualified
Pension Plans
Postretirement
Health and Life Plans
(Dollars in millions) 2007 2006 2007 2006 2007 2006
Other assets
$4,520
$4,113
$–
$–
$–
$–
Accrued expenses and other liabilities
–
–
(1,305)
(1,345)
(1,411)
(1,459)
Net amount recognized at December 31
$4,520
$4,113
$(1,305)
$(1,345)
$(1,411)
$(1,459)
Bank of America 2007
155