|9 Months Ended|
Sep. 30, 2018
|Retirement Benefits [Abstract]|
Huntington sponsors a non-contributory defined benefit pension plan covering substantially all employees hired or rehired prior to January 1, 2010. The plan, which was modified in 2013, no longer accrues service benefits to participants and provides benefits based upon length of service and compensation levels. Huntington's funding policy is to contribute an annual amount that is at least equal to the minimum funding requirements but not more than the amount deductible under the Internal Revenue Code. There is no required minimum contribution for 2018.
In addition, Huntington has a defined benefit post-retirement plan that provides certain healthcare and life insurance benefits to retired employees who have attained the age of 55 and have at least 10 years of vesting service under this plan. For additional information on benefit plans, see the Benefit Plan footnote in our 2017 Form 10-K.
The following table shows the components of net periodic (benefit) cost for all plans:
Huntington has a defined contribution plan that is available to eligible employees. Beginning January 1, 2018, Huntington increased the company match such that Huntington matches participant contributions 150% of the first 2% of base pay and 100% of the next 2%. Huntington's expense related to the defined contribution plans during the third quarter 2018 and 2017 was $7 million and $5 million, respectively. For the nine-month period ended September 30, 2018 and 2017, expense related to the defined contribution plans was $35 million and $26 million, respectively.
No definition available.
The entire disclosure for pension and other postretirement benefits.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef