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This excerpt taken from the ACI 10-K filed Mar 1, 2010. Benefit
Plans
The Company has non-contributory defined benefit pension plans
covering most of its salaried and hourly employees. Benefits are
generally based on the employee’s age and compensation. The
Company also currently provides certain postretirement medical
and life insurance coverage for eligible employees. The cost of
providing these benefits are determined on an actuarial basis
and accrued over the employee’s period of active service.
The Company recognizes the overfunded or underfunded status of
these plans as determined on an actuarial basis on the balance
sheet and the changes in the funded status are recognized in
other comprehensive income. See Note 14, “Employee
Benefit Plans” for additional disclosures relating to these
obligations.
These excerpts taken from the ACI 10-K filed Feb 27, 2009. Benefit
Plans
The Company has non-contributory defined benefit pension plans
covering most of its salaried and hourly employees. Benefits are
generally based on the employee’s age and compensation. The
Company also currently provides certain postretirement medical
and life insurance coverage for eligible employees. Costs of
providing benefits are determined on an actuarial basis and
accrued over the employee’s period of active service.
Table of Contents
NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
On December 31, 2006, the Company adopted Statement of
Financial Accounting Standards No. 158, Employers’
Accounting for Defined Benefit Pension and Other Postretirement
Plans (“Statement No. 158”). Statement
No. 158 requires that an employer recognize the overfunded
or underfunded status of a defined benefit postretirement plan
(other than a multiemployer plan) and other postemployment
benefits determined on an actuarial basis as an asset or
liability in its balance sheet and to recognize changes in the
funded status through comprehensive income when they occur.
Statement No. 158 also requires an employer to measure the
funded status of a plan as of the date of its year-end balance
sheet. See Note 13, “Employee Benefit Plans” for
additional disclosures relating to these obligations.
Benefit Plans The Company has non-contributory defined benefit pension plans covering most of its salaried and hourly employees. Benefits are generally based on the employee’s age and compensation. The Company also currently provides certain postretirement medical and life insurance coverage for eligible employees. Costs of providing benefits are determined on an actuarial basis and accrued over the employee’s period of active service.
Table of ContentsNOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) On December 31, 2006, the Company adopted Statement of Financial Accounting Standards No. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans (“Statement No. 158”). Statement No. 158 requires that an employer recognize the overfunded or underfunded status of a defined benefit postretirement plan (other than a multiemployer plan) and other postemployment benefits determined on an actuarial basis as an asset or liability in its balance sheet and to recognize changes in the funded status through comprehensive income when they occur. Statement No. 158 also requires an employer to measure the funded status of a plan as of the date of its year-end balance sheet. See Note 13, “Employee Benefit Plans” for additional disclosures relating to these obligations. These excerpts taken from the ACI 10-K filed Feb 29, 2008. Benefit
Plans
The Company has non-contributory defined benefit pension plans
covering certain of its salaried and hourly employees. Benefits
are generally based on the employee’s age and compensation.
The Company also currently provides certain postretirement
medical and life insurance coverage for eligible employees.
Costs of providing benefits are determined on an actuarial basis
and accrued over the employee’s period of active service.
On December 31, 2006, the Company adopted Statement of
Financial Accounting Standards No. 158, Employers’
Accounting for Defined Benefit Pension and Other Postretirement
Plans (“Statement No. 158”). Statement
No. 158 requires that an employer recognize the overfunded
or underfunded status of a defined benefit postretirement plan
(other than a multiemployer plan) and other postemployment
benefits determined on an actuarial basis as an asset or
liability in its balance sheet and to recognize changes in the
funded status though comprehensive income when they occur.
Statement No. 158 also requires an employer to measure the
funded status of a plan as of the date of its year-end balance
sheet. See Notes 12 and 13 for additional disclosures
relating to these obligations.
The Company has an obligation under the Coal Industry Retiree
Health Benefit Act of 1992 (“Benefit Act”), which
provides for the funding of medical and death benefits for
certain retired members of the United Mine Workers of America
(“UMWA”) through premiums paid by assigned operators
(former employers), transfers in 1993 and 1994 from an
overfunded pension trust established for the benefit of retired
UMWA members, and transfers from the Abandoned Mine Lands Fund
(funded by a federal tax on coal production) commencing in 1995.
The Company treats its obligation under the Benefit Act as a
participation in a multi-employer plan and records expense as
premiums are paid.
Benefit Plans The Company has non-contributory defined benefit pension plans covering certain of its salaried and hourly employees. Benefits are generally based on the employee’s age and compensation. The Company also currently provides certain postretirement medical and life insurance coverage for eligible employees. Costs of providing benefits are determined on an actuarial basis and accrued over the employee’s period of active service. On December 31, 2006, the Company adopted Statement of Financial Accounting Standards No. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans (“Statement No. 158”). Statement No. 158 requires that an employer recognize the overfunded or underfunded status of a defined benefit postretirement plan (other than a multiemployer plan) and other postemployment benefits determined on an actuarial basis as an asset or liability in its balance sheet and to recognize changes in the funded status though comprehensive income when they occur. Statement No. 158 also requires an employer to measure the funded status of a plan as of the date of its year-end balance sheet. See Notes 12 and 13 for additional disclosures relating to these obligations. The Company has an obligation under the Coal Industry Retiree Health Benefit Act of 1992 (“Benefit Act”), which provides for the funding of medical and death benefits for certain retired members of the United Mine Workers of America (“UMWA”) through premiums paid by assigned operators (former employers), transfers in 1993 and 1994 from an overfunded pension trust established for the benefit of retired UMWA members, and transfers from the Abandoned Mine Lands Fund (funded by a federal tax on coal production) commencing in 1995. The Company treats its obligation under the Benefit Act as a participation in a multi-employer plan and records expense as premiums are paid. | EXCERPTS ON THIS PAGE:
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