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PNC » Topics » Pension and PostRetirement Plans

This excerpt taken from the PNC 10-Q filed May 12, 2008.

Pension and PostRetirement Plans

As more fully described in our 2007 Form 10-K, we have a noncontributory, qualified defined benefit pension plan covering eligible employees. Benefits are derived from a cash balance formula based on compensation levels, age and length of service. Pension contributions are based on an actuarially determined amount necessary to fund total benefits payable to plan participants.

We also maintain nonqualified supplemental retirement plans for certain employees. We provide certain health care and life insurance benefits for qualifying retired employees (“post-retirement benefits”) through various plans. The nonqualified pension and postretirement benefit plans are unfunded.

The components of our net periodic pension and post-retirement benefit cost for the first three months of 2008 and 2007 were as follows:

 

     Qualified
Pension Plan		     Nonqualified
Pension Plan		      Postretirement
Benefits		  

Three months ended

March 31

In millions

    2008     2007     2008     2007      2008     2007  

Net periodic cost consists of:

                

Service cost

    $11     $9          $1     $1  

Interest cost

    22     19     $2     $1      4     3  

Expected return
on plan assets

    (40 )   (36 )           

Amortization of
prior service cost

             (2 )   (2 )

Amortization of actuarial losses (gains)

                1     1               

Net periodic cost (benefit)

    $(7 )   $(8 )    $3     $2      $3     $2  

 

60

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