DTE Energy 2012 Annual Report Download - page 98
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Table of Contents
Effective January 1, 2012, the Company discontinued offering future non-represented employees a cash balance retirement plan benefit. In its place, the
Company will annually contribute an amount equivalent to four percent of an employee's eligible pay to the employee's defined contribution retirement savings
plan.
The Company’s policy is to fund pension costs by contributing amounts consistent with the Pension Protection Act of 2006 provisions and additional
amounts when it deems appropriate. The Company contributed $229 million to its pension plans in 2012. At the discretion of management, and depending
upon financial market conditions, we anticipate making up to a $ 315 million contribution to the pension plans in 2013.
Net pension cost includes the following components:
Service cost
$ 69
$ 64
Interest cost
202
202
Expected return on plan assets
(246)
(258)
Amortization of:
Net loss
142
100
Prior service cost
3
4
Special termination benefits
2
—
Net pension cost
$172
$112
Net actuarial loss
$619
Amortization of net actuarial loss
(142)
Amortization of prior service cost
(3)
Total recognized Regulatory assets and Other comprehensive income
$ 474
Total recognized in net periodic pension cost, Regulatory assets and Other comprehensive income
$ 646
Net actuarial loss
$171
The following table reconciles the obligations, assets and funded status of the plans as well as the amounts recognized as prepaid pension cost or
pension liability in the Consolidated Statements of Financial Position at December 31:
96