BANK OF AMERICA CORP /DE/ | 2013 | FY | 3

 
 
 
 
 
 
 
 
Pension and Postretirement Plans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified
Pension Plan (1)
 
Non-U.S.
Pension Plans (1)
 
Nonqualified
and Other
Pension Plans (1)
 
Postretirement
Health and Life
Plans (1)
(Dollars in millions)
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Change in fair value of plan assets
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Fair value, January 1
$
16,274

 
$
15,070

 
$
2,306

 
$
2,022

 
$
3,063

 
$
3,061

 
$
86

 
$
91

Actual return on plan assets
2,873

 
2,020

 
146

 
115

 
(217
)
 
126

 
9

 
10

Company contributions
—

 
—

 
131

 
152

 
98

 
112

 
61

 
117

Plan participant contributions
—

 
—

 
1

 
3

 
—

 
—

 
138

 
139

Settlements and curtailments
—

 
—

 
(80
)
 
—

 
(7
)
 
—

 
—

 
—

Benefits paid
(871
)
 
(816
)
 
(80
)
 
(77
)
 
(217
)
 
(236
)
 
(237
)
 
(290
)
Federal subsidy on benefits paid
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
15

 
19

Foreign currency exchange rate changes
n/a

 
n/a

 
33

 
91

 
n/a

 
n/a

 
n/a

 
n/a

Fair value, December 31
$
18,276

 
$
16,274

 
$
2,457

 
$
2,306

 
$
2,720

 
$
3,063

 
$
72

 
$
86

Change in projected benefit obligation
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Projected benefit obligation, January 1
$
15,655

 
$
14,891

 
$
2,460

 
$
1,984

 
$
3,334

 
$
3,137

 
$
1,574

 
$
1,619

Service cost
—

 
236

 
32

 
40

 
1

 
1

 
9

 
13

Interest cost
623

 
681

 
98

 
97

 
120

 
138

 
54

 
71

Plan participant contributions
—

 
—

 
1

 
3

 
—

 
—

 
138

 
139

Plan amendments
—

 
—

 
2

 
2

 
—

 
—

 
—

 
—

Settlements and curtailments
17

 
(889
)
 
(116
)
 
—

 
(7
)
 
—

 
—

 
—

Actuarial loss (gain)
(1,279
)
 
1,552

 
156

 
328

 
(161
)
 
294

 
(197
)
 
(4
)
Benefits paid
(871
)
 
(816
)
 
(80
)
 
(77
)
 
(217
)
 
(236
)
 
(237
)
 
(290
)
Federal subsidy on benefits paid
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
15

 
19

Foreign currency exchange rate changes
n/a

 
n/a

 
27

 
83

 
n/a

 
n/a

 
—

 
7

Projected benefit obligation, December 31
$
14,145

 
$
15,655

 
$
2,580

 
$
2,460

 
$
3,070

 
$
3,334

 
$
1,356

 
$
1,574

Amount recognized, December 31
$
4,131

 
$
619

 
$
(123
)
 
$
(154
)
 
$
(350
)
 
$
(271
)
 
$
(1,284
)
 
$
(1,488
)
Funded status, December 31
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Accumulated benefit obligation
$
14,145

 
$
15,655

 
$
2,463

 
$
2,345

 
$
3,067

 
$
3,334

 
n/a

 
n/a

Overfunded (unfunded) status of ABO
4,131

 
619

 
(6
)
 
(39
)
 
(347
)
 
(271
)
 
n/a

 
n/a

Provision for future salaries
—

 
—

 
117

 
115

 
3

 
—

 
n/a

 
n/a

Projected benefit obligation
14,145

 
15,655

 
2,580

 
2,460

 
3,070

 
3,334

 
$
1,356

 
$
1,574

Weighted-average assumptions, December 31
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Discount rate
4.85
%
 
4.00
%
 
4.30
%
 
4.23
%
 
4.55
%
 
3.65
%
 
4.50
%
 
3.65
%
Rate of compensation increase
n/a

 
n/a

 
3.40

 
4.37

 
4.00

 
4.00

 
n/a

 
n/a

(1) 
The measurement date for the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans was December 31 of each year reported.
n/a = not applicable

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