PG&E 2012 Annual Report Download - page 100
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 12: EMPLOYEE BENEFIT PLANS (Continued)
Other Benefits
2012 2011
(in millions)
Change in plan assets:
Fair value of plan assets at January 1 ...................... $ 1,491 $ 1,337
Actual return on plan assets .............................. 191 95
Company contributions ................................. 149 137
Plan participant contribution ............................. 55 52
Benefits and expenses paid .............................. (128) (130)
Fair value of plan assets at December 31 .................... $ 1,758 $ 1,491
Change in benefit obligation:
Benefit obligation at January 1 ........................... $ 1,885 $ 1,755
Service cost for benefits earned ........................... 49 42
Interest cost ......................................... 83 91
Actuarial loss ........................................ (23) 63
Plan amendments ..................................... 5 —
Benefits paid ......................................... (119) (130)
Federal subsidy on benefits paid ........................... 5 12
Plan participant contributions ............................. 55 52
Benefit obligation at December 31 ......................... $ 1,940 $ 1,885
Funded status:
Noncurrent liability .................................... $ (181) $ (394)
Accrued benefit cost at December 31 ....................... $ (181) $ (394)
There was no material difference between PG&E Corporation and the Utility for the information disclosed
above.
During 2012, the Utility’s defined benefit pension plan was amended to include a new cash balance benefit
formula. Eligible employees hired after December 31, 2012 will participate in the cash balance benefit. Eligible
employees hired before January 1, 2013 will have a one-time opportunity to elect to participate in the cash balance
benefit going forward, beginning on January 1, 2014 or to continue participating in the existing defined benefit plan.
As long as pension benefit costs continue to be recoverable through customer rates, PG&E Corporation and the
Utility anticipate that this amendment will have no impact on net income.
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