General Mills, Inc. reports the following pension footnote in its 10-K report.

Estimated benefit payments are expected to be paid from fiscal 2014 to 2023 as follows:
(in million)...............................Defined Benefit Pension Plans
2014..................................................................$236.3
2015....................................................................243.6
2016....................................................................251.6
2017....................................................................260.3
2018....................................................................270.1
2019-2023.........................................................$1,512.3
(a) What is the total amount paid to retirees during fiscal 2013?
(b) Compute the 2013 funded status for the company's pension plan.

Transcribed Image Text:

Defined Benefit Pension Plan (S millions) 2013 2012 Change in Plan Assets 4,353.9 4,264.0 56.3 223.1222.1 Fair value at beginning of year Actual return on assets 698.7 Employer contributions Plan participant contributions Benefit payments Foreign currency 15.2 20.3 (222.6) (203.3) (2.2) (5.5) Fair value at end of year 5,066.4,353.9 Change in Projected Benefit Obligation Benefit obligation at beginning of year 4,991.5 4,458.4 Service cost 24.4 114.3 Interest cost 237.3237.9 Plan amendment 0.2 (13.4) Curtailment/other Plan participant contributions Medicare Part D reimbursements 15.2 20.3 Actuarial loss (gain) Benefits payments Foreign currency Acquisitions Projected benefit obligation at 237.5 405.7 (2228) (203.5) 4.8 end of year 5,381.4 4,991.5