POSTRETIREMENT BENEFITS. GenCorp currently provides certain health care and life insurance benefits to most retired employees in the United States with varied coverage by
POSTRETIREMENT BENEFITS. GenCorp currently provides certain health care and life insurance benefits to most retired employees in the United States with varied coverage by employee groups. The health care plans generally provide for cost sharing in the form of retiree contributions, deductibles and coinsurance between the company and its retirees. The unfunded benefit obligation reported in GenCorp's financial statements for such postretirement benefits will be allocated between GenCorp and Omnova as follows: (1) $303 million for active employees remaining GenCorp employees and former employees who do not become employees of Omnova will be retained by GenCorp; and (2) $46 million for active employees transferred to Omnova and former employees who terminated employment from active business locations of Omnova will be assumed by Omnova.
POSTRETIREMENT BENEFITS. The present value of the expected cost of postretirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders, does not exceed $2,000,000.
POSTRETIREMENT BENEFITS. We have noncontributory defined benefit pension plans that provide postretirement benefits for substantially all our employees. Defined benefits are based on years of service and the five highest consecutive years of pensionable earnings during the last ten years prior to retirement or a minimum amount based on years of service. We fund annually the amount required under ERISA minimum funding standards plus additional amounts as appropriate. In addition, we currently provide other postretirement benefits for health care and life insurance to most employees and their dependents. The following sets forth the plans' funded status at our valuation date together with certain actuarial assumptions used and the amounts recognized in our consolidated balance sheets and income statements: Pension Benefits Other Benefits (Dollars in millions) 1999 1998 1999 1998 ---------------------------------------------------------------------------------------------------------------------- Change in benefit obligation: Projected benefit obligation - beginning of year $6,255 $5,495 $ 2,430 $2,055 Current service cost 60 55 11 9 Interest cost 405 407 158 153 Actuarial adjustments (254) 379 305 191 Xxxxxx acquisition -- 460 11 195 1999 plan amendments 218 -- 20 -- Other -- 4 -- 2 Benefits / administration fees paid (569) (545) (185) (175) Projected benefit obligation - November 30 6,115 6,255 2,750 2,430 ---------------------------------------------------------------------------------------------------------------------- Change in plan assets: Fair value of plan assets - beginning of year 5,915 4,930 120 120 Actual return on plan assets 709 959 -- 9 Xxxxxx acquisition -- 425 -- 10 Employer contributions 42 153 -- -- Benefits / administration fees paid (576) (552) (20) (19) Fair value of plan assets - November 30 6,090 5,915 100 120 ---------------------------------------------------------------------------------------------------------------------- Unfunded projected benefit obligation 25 340 2,650 2,310 Unrecognized: Net actuarial gain (loss) 785 315 (810) (520) Initial net obligation (71) (105) -- -- Prior service from plan amendments (329) (142) (20) -- December accruals / contributions - net -- 7 -- -- ---------------------------------------------------------------------------------------------------------------------- Total recognized obligation at December 31 410 415 1,820 1,790 Current -- -- (175) (160) ----------------------------------------------------------------------...
POSTRETIREMENT BENEFITS. Except as required under Section 4980B of the Code or Section 601, et seq., of ERISA (the full cost of which is borne by the applicable Service Provider or dependents thereof) or as set forth in Section 3.15(e) of the Disclosure Schedule, no Company Benefit Plan provides or has promised to provide benefits or coverage in the nature of health, life, disability insurance or other welfare benefits following retirement or other termination of employment or service.
POSTRETIREMENT BENEFITS. GenCorp currently provides certain health care and life insurance benefits to most retired employees in the United States with varied coverage by employee groups. The health care plans generally provide for cost sharing in the form of retiree contributions, deductibles and coinsurance between the company and its retirees. A portion of the unfunded benefit obligation reported in GenCorp's financial statements for such postretirement benefits attributable to OMNOVA Hourly Employees and former employees of GenCorp who terminated employment from (i) business locations of OMNOVA active as of the Closing Time, and (ii) the former GenCorp business location in Newcomerstown, Ohio, will be assumed by OMNOVA.
POSTRETIREMENT BENEFITS. The expected postretirement benefit obligation (determined as of the last day of the Company's most recently ended fiscal year in accordance with Financial Accounting Standards Board Statement No. 106, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the IRC and other similar provisions of applicable law) of the Company and its Subsidiaries is not Material.
POSTRETIREMENT BENEFITS. As of the Closing Date, the accumulated postretirement medical and insurance benefit obligations of any Obligated Party to its employees and former employees, as estimated by such Obligated Party in accordance with procedures and assumptions deemed reasonable by the Required Lenders, does not exceed $500,000.
POSTRETIREMENT BENEFITS. Embarq provides postretirement benefits (principally, medical and life insurance coverage) to its employees through plans sponsored by Sprint Nextel. The Sprint Nextel plans allow eligibility to employees retiring before certain dates to benefits at no cost, or at a reduced cost. Employees retiring after certain dates are eligible for benefits on a shared-cost basis. Sprint Nextel funds the accrued costs as benefits are paid. Sprint Nextel uses a December 31 measurement date for its postretirement benefit plans. Embarq’s net postretirement benefit costs are determined based on a calculation of service costs, interest on the accumulated postretirement benefit obligation, an appropriate amortization of unrecognized prior service costs and actuarial gains and losses. Embarq recorded a direct and allocated net postretirement benefit cost of $16 million, $33 million and $43 million for the years ended December 31, 2005, 2004 and 2003, respectively. During the year ended December 31, 2005, Sprint Nextel eliminated prescription drug benefits for Medicare eligible retirees, replacing them with a $500 annual reimbursement of Medicare premiums, effective in 2006. This change necessitated a remeasurement of retiree medical expense for the year ended December 31, 2005. The impact of the change was a $12 million reduction of direct expense recognized by Embarq for the period. This change resulted in an accumulated postretirement benefit obligation decline of $224 million. During the year ended December 31, 2004, Sprint Nextel amended certain retiree medical plans to standardize the plan design effective January 1, 2005, eliminating differences in benefit levels. These amendments decreased Embarq’s accumulated postretirement benefit obligation, or APBO, (direct portion only), related to other postretirement benefits by approximately $33 million, and decreased the 2004 net direct benefit expense by $5 million. As a result of these amendments, Sprint Nextel also recognized the effects of the 2003 Medicare Prescription Drug Improvement and Modernization Act, or the Act. The Act provides for subsidies to employers who provide prescription drug coverage to retirees that is actuarially equivalent to Medicare Part D. Analysis of Sprint Nextel’s retiree prescription drug claims data determined that Sprint Nextel’s retiree prescription drug benefit was actuarially equivalent. In estimating the effects of the Act, estimates of participation rates and per capita claims costs were ...
