Postretirement commitments Retirement Restoration Plan
The Retirement Restoration Plan provides death benefits and supplemental income payments for senior executives after retirement. The Company recognized expense of $5.2 million in 2006, $6.4 million in 2005 and $7.1 million in 2004. The aggregate projected benefit obliga- tion of the Retirement Restoration Plan was approximately $57.0 million at year-end 2006 and $72.8 million at year-end 2005.
Postretirement Benefits Other than Pensions
In addition to the Company's retirement plans and the Retirement Restoration Plan benefits, the Company sponsors plans that provide postretirement medical and life insurance benefits to certain employees. Retirees share a portion of the cost of the postretirement medical plans. Safeway pays all the costs of the life insurance plans. The plans are not funded.
The Company's accrued postretirement benefit obligation ("APBO") was $51.7 million at year-end 2006 and $50.3 million at year-end 2005. The APBO represents the actuarial present value of the benefits expected to be paid after retirement. Postretirement benefit expense was $5.5 million in 2006, $4.2 million in 2005 and $10.3 million in 2004.
*"Safeway, Inc. is one of the largest food and drug retailers in North America, with 1,761 stores at year-end 2006." 10-K
Required:
a. 1. Retirement Restoration Plan:
What was the recognized expense for 2006, 2005, and 2004?
2. Postretirement Benefits Other than Pension:
What was the benefit expense for 2006, 2005, and 2004?
b. 1. Retirement Restoration Plan:
What was the aggregate projected benefit obligation at the end of 2006 and 2005?
2. Postretirement Benefits Other than Pensions:
What was the postretirement benefit obligation at the end of 2006 and 2005?
c. How much is funded for these plans at the end of 2006?