COMERICA INC /NEW/ | 2013 | FY | 3


The following table sets forth reconciliations of plan assets and the projected benefit obligation, the weighted-average assumptions used to determine year-end benefit obligations, and the amounts recognized in accumulated other comprehensive income (loss) for the Corporation’s defined benefit pension plans and postretirement benefit plan at December 31, 2013 and 2012. The Corporation used a measurement date of December 31, 2013 for these plans.
 
Defined Benefit Pension Plans
 
 
 
 
 
Qualified
 
Non-Qualified
 
Postretirement Benefit Plan
(dollar amounts in millions)
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Change in fair value of plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at January 1
$
1,955

 
$
1,508

 
$

 
$

 
$
72

 
$
69

Actual return on plan assets
136

 
199

 

 

 
(2
)
 
4

Employer contributions

 
300

 

 

 
3

 
4

Benefits paid
(56
)
 
(52
)
 

 

 
(6
)
 
(5
)
Fair value of plan assets at December 31
$
2,035

 
$
1,955

 
$

 
$

 
$
67

 
$
72

Change in projected benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation at January 1
$
1,897

 
$
1,592

 
$
245

 
$
210

 
$
79

 
$
78

Service cost
37

 
33

 
4

 
4

 

 

Interest cost
80

 
79

 
9

 
10

 
3

 
3

Actuarial (gain) loss
(260
)
 
245

 
(21
)
 
30

 
(7
)
 
3

Benefits paid
(56
)
 
(52
)
 
(9
)
 
(9
)
 
(6
)
 
(5
)
Transfer between plans
33

 

 
(33
)
 

 

 

Projected benefit obligation at December 31
$
1,731

 
$
1,897

 
$
195

 
$
245

 
$
69

 
$
79

Accumulated benefit obligation
$
1,598

 
$
1,718

 
$
163

 
$
209

 
$
69

 
$
79

Funded status at December 31 (a) (b)
$
304

 
$
58

 
$
(195
)
 
$
(245
)
 
$
(2
)
 
$
(7
)
Weighted-average assumptions used:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
5.17
%
 
4.20
%
 
5.17
%
 
4.20
%
 
4.59
%
 
3.81
%
Rate of compensation increase
4.00

 
4.00

 
4.00

 
4.00

 
n/a

 
n/a

Healthcare cost trend rate:
 
 
 
 
 
 
 
 
 
 
 
Cost trend rate assumed for next year
n/a

 
n/a

 
n/a

 
n/a

 
7.50

 
8.00

Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
n/a

 
n/a

 
n/a

 
n/a

 
5.00

 
5.00

Year when rate reaches the ultimate trend rate
n/a

 
n/a

 
n/a

 
n/a

 
2033

 
2033

Amounts recognized in accumulated other comprehensive income (loss) before income taxes:
 
 
 
 
 
 
 
 
 
 
 
Net actuarial loss
$
(403
)
 
$
(743
)
 
$
(73
)
 
$
(106
)
 
$
(23
)
 
$
(27
)
Prior service (cost) credit
(31
)
 
(5
)
 
28

 
2

 
(3
)
 
(3
)
Balance at December 31
$
(434
)
 
$
(748
)
 
$
(45
)
 
$
(104
)
 
$
(26
)
 
$
(30
)
(a)
Based on projected benefit obligation for defined benefit pension plans and accumulated benefit obligation for postretirement benefit plan.
(b)
The Corporation recognizes the overfunded and underfunded status of the plans in “accrued income and other assets” and “accrued expenses and other liabilities,” respectively, on the consolidated balance sheets.
n/a - not applicable

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