DTE Energy 2012 Annual Report Download - page 102
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Table of Contents
Effective January 1, 2012, in lieu of offering future non-represented employees post-employment health care and life insurance benefits, the Company
will allocate $4,000 per year to an account in a tax-exempt trust for each employee. The accumulated balance and earnings in an employee's account will vest
when the employee has ten years of service, regardless of age. These funds will be available to the employee to use for health care expenses after the employee
leaves the Company.
Effective January 1, 2013, the Company replaced sponsored retiree medical, prescription drug and dental coverage for current and future Medicare
eligible non-represented retirees, spouses, surviving spouses, or same sex domestic partners with a Retiree Health Care Allowance (RHCA) account of $ 3,500
or $3,250 per year depending on their date of hire. Local 17 employees hired after September 24, 2012 will receive a $ 4,000 per year allocation to an account in
a tax-exempt trust for each employee, in lieu of offering post-employment health care and life insurance benefits. Current Local 17 employees, spouses,
surviving spouse, or same sex domestic partners, who retired after November 6, 2012 will receive a RHCA of $ 3,250 per year upon becoming eligible for
Medicare.
In January 2013, the Company contributed $ 145 million to its other postretirement benefit plans. At the discretion of management, the Company may
make up to an additional $120 million contribution to its VEBA trusts in 2013.
Net postretirement cost includes the following components:
Service cost
$ 64
$61
Interest cost
121
125
Expected return on plan assets
(94)
(74)
Amortization of:
Net loss
55
54
Prior service credit
(26)
(4)
Net transition asset
2
2
Net postretirement cost
$122
$164
Net actuarial (gain) loss
$195
Amortization of net actuarial loss
(55)
Prior service credit
(4)
Amortization of prior service credit
26
Amortization of transition asset
(2)
Total recognized in Regulatory assets and Other comprehensive income
$160
Total recognized in net periodic pension cost, Regulatory assets and Other comprehensive income
$282
Net actuarial loss
$78
Prior service credit
$(27)
Net transition obligation
$ 2
100