GE 2015 Annual Report Download - page 198

FINANCIAL STATEMENTS POSTRETIREMENT BENEFIT PLANS
170 GE 2015 FORM 10-K
AMOUNTS INCLUDED IN 6+$5(2:1(56¶ EQUITY
Amounts included in VKDUHRZQHUV¶ equity that will be amortized in future reporting periods follow.
Principal pension plans
December 31 (in millions) 2015 2014
Prior service cost $ 1,473 $ 881
Net actuarial loss 16,795 21,105
Total $ 18,268 $ 21,986
In 2016, we estimate that we will amortize $300 million of prior service cost and $2,450 million of net actuarial loss from VKDUHRZQHUV¶
equity into pension cost. Comparable amounts amortized in 2015 were $205 million and $3,288 million, respectively.
OTHER PENSION AND POSTRETIREMENT PLANS
We also administer other pension plans, including legacy plans that were part of acquisitions. Other pension plans in 2015 included 53
U.S. and non-U.S. pension plans with assets or obligations greater than $50 million. These other pension plans cover 60,000 retirees
and beneficiaries, 58,000 vested former employees and 39,000 active employees. We also sponsor a number of postretirement health
and life insurance benefit plans (retiree benefit plans). Principal retiree benefit plans cover approximately 189,000 retirees and
dependents.
In June 2015, we amended our principal retiree benefit plans such that, effective January 1, 2016, our current post-65 retiree health
plans will be closed to certain production retirees, employees, and their eligible dependents. In lieu of current post-65 retiree health
benefits, current retired production participants and their eligible dependents who are 65 on or before January 1, 2018, will receive a
Retirement Reimbursement Account (RRA) to help pay for eligible expenses incurred for coverage purchased through a private
exchange. In addition, production employees eligible for current post-65 retiree healthcare benefits who retire by June 23, 2019 and
their eligible dependents will also receive the RRA when they turn age 65 and enroll in individual Medicare coverage purchased through
a private exchange. Also, in June 2015, we amended our company-provided retiree life insurance so that it will be closed to production
employees who retire after June 23, 2019. These plan amendments reduced our principal retiree benefit obligations by approximately
$3,300 million.
Summarized information about these plans follows.
COST OF BENEFIT PLANS
Other pension plans Principal retiree benefit plans
(In millions) 2015 201
4
2013 2015 2014 2013
Benefit plan cost $ 373 $ 412 $ 645 $ 174 $ 789 $ 927
FUNDED STATUS
Princi
p
al retiree
Other pension plans benefit plans
(In millions) 2015 2014 2015 201
4
Benefit obligations $ 21,618 $ 15,589 $ 6,757 $ 10,703
Fair value of plan assets 17,368 12,386 695 813
Underfunded $ 4,250 $ 3,203 $ 6,062 $ 9,890
170 GE 2015 FORM 10-K