Employee Retirement Benefits. 5 2.8.1 Unit members must be vested in the District for ten (10) years in order to receive a District 6 contribution toward retiree benefits offered by the District.
Employee Retirement Benefits. (continued) ------------------------------------- Employee Retirement Benefit Expense ----------------------------------- The company's expense for pensions, retirement health care and life insurance was as follows (in millions): Pension Benefits ------------------------------------------------- U.S. Plans Non-U.S. Plans Other Beneifts* ------------------------- ------------------- --------------------------- 1998 1997 1996 1998 1997 1996 1998 1997 1996 ------ ------ ------ ---- ---- ---- ---- ---- ---- Costs Recognized in Income -------------------------- Service cost $ 596 $ 551 $ 532 $354 $331 $261 $ 265 $ 242 $ 268 Interest cost 1,999 1,993 1,838 867 857 819 1,183 1,161 1,195 Expected return on plan assets (2,747) (2,505) (2,310) (986) (931) (790) (45) - - Amortization of: Transition (asset)/obligation (22) (22) (21) 13 61 39 - - - Plan amendments 729 515 599 114 92 103 (42) (44) (48) (Gains)/losses and other 25 30 30 129 56 95 95 13 (21) ------- ------- ------- ----- ---- ---- ------- ------ ------ Net pension/postretirement expense $ 580 $ 562 $ 668 $491 $466 $527 $1,456 $1,372 $1,394 ======= ======= ======= ===== ===== ===== ======= ======= ====== Pension expense in 1998 increased for U.S. and non-U.S. plans primarily as a result of the year-to-year change in the cost of special employee separation programs and lower discount rates, partially offset by increased return on plan assets.
Employee Retirement Benefits. Employees with ten (10) or more years of service who retire shall have the opportunity of one of the District-paid retirement options listed below. The option chosen at the time of retirement is irrevocable. Employee and his/her spouse or registered domestic partner shall be entitled to participate for the time period stated. Employee and/or his/her spouse or registered domestic partner must enroll in Medicare upon becoming eligible, and the benefits offered herein shall be coordinated with Medicare.
Employee Retirement Benefits. Employee Retirement Plans ------------------------- The company has two principal retirement plans in the U.S. The Ford-UAW Retirement Plan covers hourly employees represented by the UAW, and the General Retirement Plan covers substantially all other Ford employees of the company in the U.S. The hourly plan provides noncontributory benefits related to employee service. The salaried plan provides similar noncontributory benefits and contributory benefits related to pay and service. Other U.S. and non-U.S. subsidiaries have separate plans that generally provide similar types of benefits for their employees. In general, the company's plans are funded with the main exceptions of the U.S. defined benefit plans for executives and certain plans in Germany; in such cases an unfunded liability is recorded. The company's policy for funded plans is to contribute annually, at a minimum, amounts required by applicable law, regulations and union agreements. Plan assets consist principally of investments in stocks, and government and other fixed income securities. Postretirement Health Care and Life Insurance Benefits ------------------------------------------------------ The company and certain of its subsidiaries sponsor unfunded plans to provide selected health care and life insurance benefits for retired employees. The company's U.S. and Canadian employees may become eligible for those benefits if they retire while working for the company; however benefits and eligibility rules may be modified from time to time. The estimated cost for these benefits is accrued over periods of employee service on an actuarially determined basis. In June 1997, the company prepaid certain 1998 and 1999 hourly health benefits by contributing $1.6 billion to a Voluntary Employees' Beneficiary Association ("VEBA") trust. In 1998, a further $1.7 billion was contributed to the VEBA to pre-pay hourly retiree health benefits. At December 31, 1998, $2 billion of the remaining $2.4 billion VEBA assets applied to hourly retirees.
Employee Retirement Benefits. (continued) ------------------------------------- The year-end status of these plans was as follows (in millions): Pension Benefits ------------------------------------------ U.S. Plans Non-U.S. Plans Other Benefits* ------------------ ------------------ -------------------- 1998 1997 1998 1997 1998 1997 -------- ------- ------- ------- -------- -------- Change in Benefit Obligation ---------------------------- Benefit obligation at January 1 $30,923 $28,245 $13,311 $12,865 $ 17,522 $ 16,503 Service cost 596 551 354 331 265 242 Interest cost 1,999 1,993 867 857 1,183 1,161 Amendments 10 4 26 91 - - Special programs 278 79 114 37 63 - Net aquisitions/(sales) (493) 76 - - (130) - Plan participant contributions 45 43 91 - - - Benefits paid (1,869) (1,828) (660) (633) (846) (794) Foreign exchange translation - - 182 (1,029) (22) (15) Actuarial loss/(gain) 2,046 1,760 2,051 792 1,180 425 ------- ------- ------- ------- -------- -------- Benefit obligation at December 31 $33,535 $30,923 $16,336 $13,311 $ 19,215 $ 17,522 ======= ======= ======= ======= ======== ======== Change in Plan Assets --------------------- Fair value of plan assets at January 1 $35,683 $30,933 $11,687 $10,898 $ 736 $ - Actual return on plan assets 5,746 5,933 1,470 1,533 45 - Company contributions 2 210 219 246 1,700 736 Special programs (95) (1) (27) - - - Net sales (473) - - - - - Plan participant contributions 45 43 91 - - - Benefits paid (1,869) (1,828) (660) (633) (480) - Foreign exchange translation - - 26 (652) - - Other 83 393 449 295 - - ------- ------- ------- ------- -------- -------- Fair value of plan assets at December 31 $39,122 $35,683 $13,255 $11,687 $ 2,001 $ 736 ======= ======= ======= ======= ======== ======== Funded Status of the Plan ------------------------- Plan assets in excess of/(less than) $ 5,587 $ 4,760 $(3,081) $(1,624) $(17,214) $(16,786) benefit obligations Unamortized: Transition (asset)/obligation (68) (87) 744 212 - - Prior service cost 1,941 2,393 507 570 (119) (162) Net (gains)/losses (5,704) (4,801) 650 (63) 1,900 757 ------- ------- ------- ------- -------- -------- Net amount recognized $ 1,756 $ 2,265 $(1,180) $ (905) $(15,433) $(16,191) ======= ======= ======= ======= ======== ======== Amounts Recognized in the Balance Sheet Consists of Assets/(Liabilities) ---------------------------------------------- Other non-current assets - Automotive** $ 2,314 $ 2,459 $ 1,558 $ 1,600 $ - $ - Accrued non-current liabilities - Automotive (611) (515) (3,601) (...
Employee Retirement Benefits. All Employees who are participants in the retirement plans comprised by the Employee Benefit Plans shall retain their accrued benefits thereunder and Goodyear (or such plans) shall retain sole responsibility for the payment of such benefits as and when such Employees become eligible to receive such benefits thereunder.
Employee Retirement Benefits. Employee Retirement Plans ------------------------- The company has two principal retirement plans in the U.S. The Ford-UAW Retirement Plan covers hourly employees represented by the UAW, and the General Retirement Plan covers substantially all other Ford employees of the company in the U.S. The hourly plan provides noncontributory benefits related to employee service. The salaried plan provides similar noncontributory benefits and contributory benefits related to pay and service. Other U.S. and non-U.S. subsidiaries have separate plans that generally provide similar types of benefits for their employees. In general, the company's plans are funded with the main exceptions of the U.S. defined benefit plans for executives and certain plans in Germany; in such cases an unfunded liability is recorded. The company's policy for funded plans is to contribute annually, at a minimum, amounts required by applicable law, regulations and union agreements. Plan assets consist principally of investments in stocks, and government and other fixed income securities. Postretirement Health Care and Life Insurance Benefits ------------------------------------------------------
Employee Retirement Benefits. A defined benefit retirement plan (The Staff Retirement Fund) has been established to provide APICO RP employees with pensions, end-of-service gratuities and indemnities for death or disablement during service with the Corporation. The Fund is a separate entity, and its assets are held separately from those of the Corporation. It is administered by a committee consisting of the General Manager and other senior employees appointed by the Board of Directors on the recommendation of the General Manager. The Fund is financed by contributions from both employees and the Corporation whose contributions are based on the advice of an independent actuary and approved by the Board of Directors.
Employee Retirement Benefits. 39 19.01 Municipal Superannuation Plan 39 19.02 Supplemental Pension Allowance 39 19.03 Retirement Gratuity 39
Employee Retirement Benefits. All Employees who are participants in the retirement plans comprised by the Employee Benefit Plans shall retain their accrued benefits thereunder and Goodyear (or such plans) shall retain sole responsibility for the payment of such benefits as and when such Employees become eligible to receive such benefits thereunder. Section 7.3 Scope of this Article. No provision of this Article VII is intended to or shall inure to the benefit of, be enforceable by or create any rights or remedies in favor of, any Employee or any dependent or beneficiary thereof, including, without limitation, in respect of employment, compensation or benefits with, provided by, or under any plan, policy, practice or arrangement of or sponsored by, Purchaser or any Seller. 51 ARTICLE VIII ENVIRONMENTAL MATTERS Section 8.1
