Quarterly report pursuant to Section 13 or 15(d)

BENEFIT PLANS

v3.10.0.1
BENEFIT PLANS
9 Months Ended
Sep. 30, 2018
Retirement Benefits [Abstract]  
BENEFIT PLANS
BENEFIT PLANS
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:
 
Pension Benefits (1)
 
Post-Retirement Benefits (1)
 
Three Months Ended September 30,
 
Three Months Ended September 30,
(dollar amounts in millions)
2018
 
2017
 
2018
 
2017
Service cost
$

 
$

 
$

 
$

Interest cost
9

 
8

 

 

Expected return on plan assets
(12
)
 
(13
)
 

 

Amortization of prior service cost

 

 
(1
)
 

Amortization of loss
2

 
1

 

 

Settlements
1

 
4

 

 

Net periodic (benefit) cost
$

 
$

 
$
(1
)
 
$


 
Pension Benefits (1)
 
Post-Retirement Benefits (1)
 
Nine Months Ended September 30,
 
Nine Months Ended September 30,
(dollar amounts in millions)
2018
 
2017
 
2018
 
2017
Service cost
$
2

 
$
2

 
$

 
$

Interest cost
23

 
22

 

 

Expected return on plan assets
(36
)
 
(41
)
 

 

Amortization of prior service cost

 

 
(2
)
 
(1
)
Amortization of loss
6

 
5

 

 

Settlements
6

 
10

 

 

Net periodic (benefit) cost
$
1

 
$
(2
)
 
$
(2
)
 
$
(1
)
 
 
 
 
 
 
 
 

(1)
The pension and post-retirement (benefits) costs for 2018 and 2017 are recorded in Other noninterest income and Noninterest expense - personnel costs, respectively, in the Condensed Consolidated Statements of Income.

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.