Agenda - Council - 11/13/2012 - Laserfiche WebLink

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There were no transfers in or out of Levels 1 and 2 for the year ended December 31, 2011. The changes in our Level pension plan assets for the year ended December 31, 2011, were as follows: (dollars in thousands) Contracts/Annuities Beginning balance at December 31, 2010 $10,005 Actual return on plan assets 522 Settlements (1,820) Purchases 1,786 Service fees (71) Ending balance at December 31, 2011 $10,422 Valuation Methodologies The following is a description of the valuation methodologies used for the Plans' assets measured at fair value: • Cash and equivalents — this category includes cash and money market fund holdings. The fair values are based on a review of unadjusted quoted prices for identical assets in active markets. • Fixed income — this category includes obligations issued and guaranteed by the U.S. Treasury, debt securities issued by U.S. corporations, SEC registered mutual funds, debt securities issued by a state, municipality or county, and an annuity contract (with interest guarantees) which participates in the general account of a major life insurance company. Except for the annuity contract, the fair values are based on a review of unadjusted quoted prices for identical assets in active markets. The fair value of the annuity contract is based on a contractually agreed upon value. • Equity securities — this category includes SEC registered mutual funds, exchange -traded funds tracking domestic or international equity indices, and individual equities held in the form of common stock of companies in the Standard and Poor's 500 Index. The fair values are based on a review of unadjusted quoted prices for identical assets in active markets. • Multi strategy mutual funds — this category includes SEC registered mutual funds investing in multiple asset strategies. The fair values are based on a review of quoted prices for identical and similar assets in active markets. Contributions Bank of the West expects to contribute $5.0 million to its non -qualified defined benefit pension plans and $4.4 million to its other postretirernent benefit plans in 2012. Based on the funding requirements of the Pension Protection Act of 2006, Bank of the West anticipates making a contribution of approximately $7.5 million to the ERP during 2012. Estimated Future Benefit Payments The following table presents the expected benefit payments, for the periods indicated: Pension Other Benefits Benefits (dollars in thousands) 2012 $ 25,477 $ 4,368 2013 26,145 2,755 2014 26,887 6,029 2015 27,562 2,777 2016 29,063 4,205 2017 — 2021 165,069 19,410 -53- 2011 Bank of the West Annual Report