Windstream 2007 Annual Report Download - page 147
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
8. Employee Benefit Plans and Postretirement Benefits, Continued:
Actuarial assumptions used to calculate the pension and postretirement expense were as follows for the years
ended December 31:
Pension Benefits Postretirement Benefits
2007 2006 2007 2006 2005
Discount rate 5.92% 6.33% 5.90% 6.28% 6.00%
Expected return on plan assets 8.50% 8.50%---
Rate of compensation increase 3.50% 3.50%---
A summary of plan assets, projected benefit obligation and funded status of the plans were as follows at
December 31:
Pension Benefits Postretirement Benefits
(Millions) 2007 2006 (a) 2007 2006
Fair value of plan assets at beginning of year $ 937.8 $ - $ - $ -
Transfers from qualified plans due to acquisition and spin off 50.0 886.8 - -
Actual return on plan assets 79.8 85.3 - -
Settlements - (8.4) - -
Employer contributions (b) 6.6 0.7 13.2 8.8
Participant contributions - - 5.3 2.4
Benefits paid (b) (72.4) (26.6) (19.3) (11.2)
Medicare Part D Reimbursement - - 0.8 -
Fair value of plan assets at end of year 1,001.8 937.8 - -
Projected benefit obligation at beginning of year 901.7 - 262.4 171.7
Transfers from qualified plans due to acquisition and spin
off 41.5 869.0 6.2 67.5
Interest cost on projected benefit obligation 53.7 26.9 15.1 7.3
Service costs 16.3 8.2 0.4 0.2
Participant contributions - - 5.3 2.4
Plan amendments 0.1 (2.4) 1.0 -
Plan curtailments (0.1) (5.0) (0.1) 0.5
Settlements - (8.4) - -
Actuarial (gain) loss (35.9) 40.0 (53.5) 24.0
Benefits paid (b) (72.4) (26.6) (19.3) (11.2)
Medicare Part D Reimbursement - - 0.8 -
Projected benefit obligation at end of year 904.9 901.7 218.3 262.4
Plan assets in excess of (less than) projected benefit
obligation recognized in the consolidated balance sheets:
Prepaid benefit cost $ 107.5 $ 47.1 $ - $ -
Accrued benefit cost liability (10.6) (11.0) (218.3) (262.4)
Net amount recognized in the consolidated balance sheets $ 96.9 $ 36.1 $(218.3) $(262.4)
Amounts recognized in accumulated other comprehensive
income (loss):
Transition obligation $ - $ - $ (4.0) $ (4.8)
Net actuarial loss (45.8) (105.8) (29.7) (88.4)
Prior service costs (credits) 1.7 1.9 (9.7) (11.6)
Net amount recognized in accumulated other
comprehensive income (loss) $ (44.1) $(103.9) $ (43.4) $(104.8)
(a) Amounts reflect results following the inception of Windstream pension plan pursuant to the spin off from
Alltel (other than transfers from Alltel).
(b) Employer contributions and benefits paid in the above table include amounts contributed directly to or paid
directly from both the retirement plans and from Company assets.
F-61