PENSION PROTECTION ACT OF 2006
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2 PENSION PROTECTION ACT OF 2006 NOTICE TO BE PROVIDED PROVIDED NOT LATER THAN 120 DAYS AFTER END OF PLAN YEAR TO WHICH NOTICE RELATES FOR BEGINNING OF 2013 INFORMATION THIS MEANS IT IS TO BE RECEIVED BY 4/30/2014
3 NOTICE TO WHOM PLAN ADMINISTRATOR SHALL FOR EACH PLAN YEAR PROVIDE A FUNDING NOTICE TO: PENSION BENEFIT GUARANTY CORPORATION (PBGC) EACH PLAN PARTICIPANT AND BENEFICIARY
4
5 PLAN PARTICIPANTS As of January 1 of each year ACTIVE PARTICIPANTS RETIRED & RECEIVING BENEFITS ENTITLED TO FUTURE BENEFITS TOTALS (2009 TOTAL 97212) Totals include 6200 transferred into the plan in Totals include 10,400 surviving beneficiaries of formerly represented employees transferred into the plan 2013 Deferred vested pension numbers include those who took the buyout offer in 2012
6 PLAN PARTICIPANTS ALCATEL EMPLOYEES IN US WERE ADDED TO THE MANAGEMENT PLAN WITH ABOUT $ 300 MILLION IN EXCESS ASSETS RETIREES WERE TRANSFERRED FROM THE REPRESENTED PLAN TO THE MANAGEMENT PLAN WITH $ 790 MILLION IN ASSETS AND $ 530 MILLION IN OBLIGATIONS ,400 SURVIVING BENEFICIARIES WERE TRANSFERRED FROM THEE REPRRESENTED PLAN TO THE MANAGEMENT PLAN WITH $ 886 MILLION IN ASSETS AND $ 560 MILLION IN OBLIGATIONS ,000 DEFERRED VESTED RETIREES WERE TRANSFERRED FROM THE REPRESENTED PLAN TO THE MANAGEMENT PLAN WITH $ 1.7 BILLION IN ASSETS AND $ 1.1 BILLION IN OBLIGATIONS
7 PLAN PARTICIPANTS SUMMARY OF EXCESS ASSETS TRANSFERRED WITH THE PRECEDING MOVEMENTS 2008 $ 300 MILLION 2010 $260 MILLION 2011 $ 326 MILLION 2013 $ 600 MILLION TOTAL $ 1,486 MILLION
8 FAIR MARKET VALUE OF ASSETS. NOTICE 12/31/10 12/31/11 12/31/12 12/31/13 PLAN ASSETS $17,231.2 $18,805.5 $19,119.9 $19,407.4 PLAN LIABILITIES $17,159.1 $18,541.2 $18,932.0 $17,898.7 FUNDING STATUS 100% 101% 101% 108.4% FORM 20F (SEC) PLAN ASSETS $17,104. $ 18,689 $ 19,006 $ 19,287 PLAN LIABILITIES $ 17,858. $ 19,613 $ 19,600 $ 18,296 FUNDING STATUS 96% 95% 96.8% 105.4%
9 ASSET ALLOCATIONS Equity Securities 15% 16% 9% 11% 9% Fixed Income 68% 67% 74% 74% 74% Real Estate 6% 6% 6% 6% 7% Private Equity & Other 11% 11% 11% 9% 10% Totals 100% 100% 100% 100% 100%
10 SUMMARY OF RULES GOVERNING TERMINATION OF SINGLE EMPLOYER PLANS DISCUSSION REQUIRED BY PENSION PROTECTION ACT OF 2006 (BOILER PLATE) LUCENT HAS STATED THEY HAVE NO PLANS TO TERMINATE (PENSION PLANS CONTRIBUTED $ 531 MILLION TO ALU INCOME IN 2009, 683 MILLION IN 2010, and 863 MILLION in 2011
11 BENEFIT PAYMENTS BY PBGC IF EMPLOYER PLAN TERMINATES PBGC WILL TAKE OVER AND PAY BENEFITS MAXIMUM BENEFIT IF PLAN TERMINATES IN 2013 $ 57,477 ANNUALLY AT AGE 65( IN NO CASE LARGER THAN FORMER PENSION) LARGER OR SMALLER AMOUNTS FOR AGES ABOVE OR BELOW 65. PBGC ADJUSTS FOR ADDITIVES SUCH AS AGE OR SERVICE
12 PENSION PLAN FROZEN FOR ACTIVE EMPLOYEES 4 TH QUARTER 2009 RECORDED 216 MILLION EURO REDUCTION IN PENSION OBLIGATION DUE TO NO FURTHER EARNING OF BENEFITS FOR ADDITIONAL SERVICE REDUCED PENSION EXPENSE BY ABOUT $ 100 MILLION REINSTATED IN 2014 AS A 401K FOR ALL ACTIVE EMPLOYEES
13 PENSION PLAN FOR ACTIVE EMPLOYEES REINSTATED IN 2014 ALU announced that it will begin to provide active management employees pension credits by allocating pension assets equal to 6% of salary. This announcement stated that it replaces the $ 75 million cash contribution to match employee s contribution to their 401K plan This will now be provided to every employee regardless of personal contribution to their 401K It is similar to a cash balance pension plan
14 ACCOUNTING FOR CAP PLAN For accounting purposes, the CAP plan in considered as new plan. So the accounting is starting from scratch, meaning that for determination of the Benefit Obligation, the seniority (numbers of years worked for ALU) is 0 for all participants at 12/31/13. At 12/31/14, the benefit obligation will be determined as the (NPV of the accumulated CAP balance at retirement) * 1 year / Numbers of expected years until retirement. It should be close to the 2014 service cost + some interest cost. Therefore, No effect on the Benefit Obligation at 12/31/13.
15 ALCATEL-LUCENT OFFER 2012 Made to both management and represented former employees entitled to a deferred vested pension at age 65 Options include taking a lump-sum, taking a discounted monthly annuity, or do nothing If total pension is less then $ 5000 must take lump-sum
16 2012 HIGHWAY BILL Included in the Highway bill are several provisions which modify the PPA of 2006 The discount rate used to calculate liabilities and funding level is now based on a 25 year average of corporate bond rates rather than a two year average This average will be higher than rates currently in use and will therefore reduce pension liabilities and improve the funded ratio Bill increases payments made to the PBGC
17 CALCULATION OF MAP-21 DISCOUNT RATES Under this law, companies can choose to use a discount rate based on the last 25 year average of interest rates on AA Corporate Bonds rather than the usual most recent two years. This has the effect of raising the discount rate (from about 4% to about 6%) which substantially reduces pension liabilities (estimated to be a 10% reduction in liability for each 1% increase in discount rate) and raises the funding rate This is a temporary fix and the effect is expected to disappear in 2016
18 2012 HIGHWAY BILL Treasury Rates for Corporate Pensions 2012 Average rate will be 7.37% rather than 5.3% 1% change in rate is estimated to have 10% effect on calculation of pension liabilities Bill also allows use of excess pension assets (more than 125% funded) to be used for healthcare expenses or group life insurance benefits
19 CONCLUDING THOUGHTS Pension Funding Relief in Highway Bill is temporary fix. By 2015 this temporary relief to underfunded plans will likely reverse and require higher contributions than would have been required absent this legislation Are plan participants better off?
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