Report of the Aerospace Retiree Medical Benefit Plan to Plan Participants
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1 Report of the Aerospace Retiree Medical Benefit Plan to Plan Participants Steven M. Leontis, Committee Chair 2015 The Aerospace Corporation 2015
2 Outline Retiree Medical Plan Committee Corporate Management and Administration Plan Overview Plan Year 2014 Funding Status 2
3 Corporate Management and Administration of Retiree Medical Plan BOARD OF TRUSTEES PRESIDENT AND CHIEF EXECUTIVE OFFICER W. M. AUSTIN S.M. Leontis Retiree Medical Plan Committee Chair M. CLINTON Senior Vice President, General Counsel, and Secretary W.H. Goodman* Senior Vice President, Operations & Support Group D.C. Rigoglioso Assistant General Counsel E. M. BEATTY Vice President, Chief Financial Officer, and Treasurer C. M. LAZAR-MORRISON Human Resources Directorate General Manager Plan Administrator J. A. SHANNON Asst. Treasurer M. Bailey Employee Benefits 3
4 Retiree Medical Plan Committee PY 2014 Reports to Board of Trustees annually Purpose Annual review of Plan assets Approve Plan amendments None in 2014 Manage appeals process to determine eligibility None in 2014 Membership Steven M. Leontis* (Chair) Jennifer A. Shannon* Stephen M. Soukup* (retired) Charlotte M. Lazar-Morrison* Domenic C. Rigoglioso* MaryAnn Bailey (Secretary) 4 * Voting members
5 Plan Overview An amount called the Defined Dollar Benefit (DDB) is paid monthly on the retiree s behalf by the Plan to the insurance carrier the retiree has selected Tier A employees hired prior to July 1, 1987 receive 100% of DDB at retirement Tier B employees hired on or after July 1, 1987 receive a percentage of DDB based on years of service at retirement The retiree is required to pay the difference between total premium cost and the DDB amount (cost-sharing) The eligible survivor of a retiree is entitled to the same DDB level (Tier A or Tier B) as the deceased retiree The eligible survivor of an active employee over age 65 and who was eligible for retiree medical is also entitled to retiree medical 5
6 What are the DDB Amounts for Calendar Year 2015? Category Monthly DDB Retiree only $226 Retiree + 1 or more dependents $451 6
7 Medicare Eligible Retiree + Spouse Tier A Retiree and Spouse Medicare-Eligible Monthly Premium Amounts in CY 2014 and CY 2015 $ Anthem BC PPO Anthem BC Sr. Secure Kaiser South and North Kaiser Mid- Atlantic Colorado BCBS of New Mexico United Healthcare (AZ) 2015 DDB $451 7
8 Percentage Retiree and Spouse Medicare-Eligible and Enrolled in Anthem Blue Cross PPO Share of Total Monthly Medical Premium Paid by the Plan and by the Retiree (Tier A or 100% Tier B) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Premium Paid by Retiree Premium Paid by Plan Year
9 Other Information I Should Know Plan contributions are reimbursable by the customer. The retiree does not have a vested interest in this benefit The company has consistently reserved the right to modify the benefits or terminate the Plan. The assets in the trust can only be used for retiree medical benefits, not other purposes. Potential changes due to health care reform monitoring closely The following items are posted on the Employee Benefits and Retiree websites Retiree Medical Summary Plan Document Retiree Medical Briefing for retirement planning purposes Eligibility and 2015 Cost Sharing Actuarial Valuation (Mercer) for September 30, 2014 Report of the Aerospace Retiree Medical Benefit Plan to Plan Participants 9
10 10 Plan Year 2014 Status
11 Millions Retiree Medical Plan Assets $122.2 $137.8 $147.6 $ /30/11 9/30/12 9/30/13 9/30/14 Bonds and other fixed Income U.S. Stock International Stock 11
12 Retiree Medical Plan Assets 9/30/12 9/30/13 9/30/14 Target U.S. Stock 52% 51% 52% 50% International Stock 11% 11% 10% 10% Fixed Income 37% 38% 38% 40% Prior Year Return +17.8% +11.9% +10.8% 12
13 Changes in Plan Assets (Dollars in Millions) Assets at Beginning of Year Company Contributions Fiscal Year Ending 9/30/12 9/30/13 9/30/14 $122.2 $137.8 $ Retiree Cost-Sharing Investment Earnings Premium Payments* (14.6) (13.2) (13.0) Expenses (0.1) (0.1) (0.1) Assets at End of Year $137.8 $147.6 $ * Premium payments were netted for rebates 2.7 million for the year ending 9/30/13 and 1.2 million for the year ending 9/30/14
14 Millions Retiree Medical Plan Accumulated Benefit Obligation and Assets $139.6 $128.5 $126.3 $129.8 $ /30/10 9/30/11 9/30/12 9/30/13 9/30/14 Tier B Actives Tier A Actives Non-Medicare Retirees Medicare-Eligible Retires Market Value of Assets 14
15 Corporate Contributions to Retiree Medical Plan (Dollars in Millions) Fiscal Year 15
16 Summary Retiree Medical Plan is well funded Since the Plan is expected to have excess assets as of September 30, 2015 the Company does not anticipate making a contribution to the Plan in FY 2015 Company expects to support the Plan for the foreseeable future The value of Plan assets was $156.6 million at the end of FY 2014 For more information: your questions to Annualbriefings@aero.org - Answers will be posted on the Retiree and Benefits websites under FAQs 16
Report of the Aerospace Retiree Medical Benefit Plan to Plan Participants
Report of the Aerospace Retiree Medical Benefit Plan to Plan Participants Steve M. Leontis, Committee Chair 2018 2017 The Aerospace Corporation Outline Corporate Management and Administration Retiree Medical
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