Employee Benefit Plans

v2.4.0.6

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2012
Employee Benefit Plans [Abstract]
Pension and Other Postretirement Benefits Disclosure	Employee Benefit Plans Pension and Postretirement Plans The Corporation sponsors noncontributory trusteed pension plans, a number of noncontributory nonqualified pension plans, and postretirement health and life plans that cover eligible employees. As discussed below, certain of the pension plans were amended, effective June 30, 2012, to freeze benefits earned. The plans provide defined benefits based on an employee’s compensation and years of service. The Bank of America Pension Plan (the Pension Plan) provides participants with compensation credits, generally based on years of service. For account balances based on compensation credits prior to January 1, 2008, the Pension Plan allows participants to select from various earnings measures, which are based on the returns of certain funds or common stock of the Corporation. The participant-selected earnings measures determine the earnings rate on the individual participant account balances in the Pension Plan. Participants may elect to modify earnings measure allocations on a periodic basis subject to the provisions of the Pension Plan. For account balances based on compensation credits subsequent to December 31, 2007, the account balance earnings rate is based on a benchmark rate. For eligible employees in the Pension Plan on or after January 1, 2008, the benefits become vested upon completion of three years of service. It is the policy of the Corporation to fund no less than the minimum funding amount required by ERISA. The Pension Plan has a balance guarantee feature for account balances with participant-selected earnings, applied at the time a benefit payment is made from the plan that effectively provides principal protection for participant balances transferred and certain compensation credits. The Corporation is responsible for funding any shortfall on the guarantee feature. As a result of acquisitions, the Corporation assumed the obligations related to the pension plans of certain legacy companies. These acquired pension plans have been merged into a separate defined benefit pension plan which, together with the Pension Plan, are referred to as the Qualified Pension Plans. The benefit structures under these acquired plans have not changed and remain intact in the merged plan. Certain benefit structures are substantially similar to the Pension Plan discussed above; however, certain of these structures do not allow participants to select various earnings measures; rather the earnings rate is based on a benchmark rate. In addition, these benefit structures include participants with benefits determined under formulas based on average or career compensation and years of service rather than by reference to a pension account. Certain of the other benefit structures provide a participant’s retirement benefits based on the number of years of benefit service and a percentage of the participant’s average annual compensation during the five highest paid consecutive years of the last ten years of employment. In connection with a redesign of the Corporation’s retirement plans, on January 24, 2012, the Compensation and Benefits Committee of the Board approved amendments to freeze benefits earned in the Qualified Pension Plans effective June 30, 2012. As a result of freezing the Qualified Pension Plans, a curtailment was triggered and a remeasurement of the qualified pension obligations and plan assets occurred as of January 24, 2012. As of the remeasurement date, the plan assets had increased in value from the prior measurement date resulting in an increase in the funded status of the plan of $431 million. Additionally, the curtailment impact reduced the projected benefit obligation by $889 million. The combined impact resulted in a $1.3 billion increase to the net pension assets recognized in other assets and a corresponding decrease in unrecognized losses in accumulated OCI of $1.3 billion ($832 million after-tax). The impact of the immediate recognition of the prior service cost of $58 million was recorded in personnel expense as a curtailment loss in 2012. All economic assumptions were consistent with the prior year end including the weighted-average discount rate of 4.95 percent used for remeasurement of the qualified pension plans. As a result of freezing the Qualified Pension Plans, the amortization period for actuarial gains and losses was changed from the average working life to the estimated average lifetime of benefits being paid. In addition, in 2013, the long-term expected return on asset assumption for the Qualified Pension Plans was reduced to 6.5 percent from 8.0 percent to reflect current market conditions and long-term financial goals. The reduction in net pension costs in 2013 due to these assumption changes is not expected to be significant. The Corporation assumed the obligations related to the plans of Merrill Lynch. These plans include a terminated U.S. pension plan (the Other Pension Plan), non-U.S. pension plans, nonqualified pension plans and postretirement plans. The non-U.S. pension plans vary based on the country and local practices. The Corporation has an annuity contract, previously purchased by Merrill Lynch, that guarantees the payment of benefits vested under the Other Pension Plan. The Corporation, under a supplemental agreement, may be responsible for, or benefit from actual experience and investment performance of the annuity assets. The Corporation made no contribution under this agreement in 2012 or 2011. Contributions may be required in the future under this agreement. The Corporation sponsors a number of noncontributory, nonqualified pension plans (the Nonqualified Pension Plans). As a result of acquisitions, the Corporation assumed the obligations related to the noncontributory, nonqualified pension plans of certain legacy companies including Merrill Lynch. These plans, which are unfunded, provide defined pension benefits to certain employees. In addition to retirement pension benefits, full-time, salaried employees and certain part-time employees may become eligible to continue participation as retirees in health care and/or life insurance plans sponsored by the Corporation. Based on the other provisions of the individual plans, certain retirees may also have the cost of these benefits partially paid by the Corporation. The obligations assumed as a result of acquisitions are substantially similar to the Corporation’s postretirement health and life plans, except for Countrywide which did not have a postretirement health and life plan. Collectively, these plans are referred to as the Postretirement Health and Life Plans. The Pension and Postretirement Plans table summarizes the changes in the fair value of plan assets, changes in the projected benefit obligation (PBO), the funded status of both the accumulated benefit obligation (ABO) and the PBO, and the weighted-average assumptions used to determine benefit obligations for the pension plans and postretirement plans at December 31, 2012 and 2011. Amounts recognized at December 31, 2012 and 2011 are reflected in other assets, and accrued expenses and other liabilities on the Corporation’s Consolidated Balance Sheet. The discount rate assumption is based on a cash flow matching technique and is subject to change each year. This technique utilizes yield curves that are based on Aa-rated corporate bonds with cash flows that match estimated benefit payments of each of the plans to produce the discount rate assumptions. The asset valuation method for the Qualified Pension Plans recognizes 60 percent of the prior year’s market gains or losses at the next measurement date with the remaining 40 percent spread equally over the subsequent four years. The Corporation’s best estimate of its contributions to be made to the Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans in 2013 is $109 million, $103 million and $107 million, respectively. The Corporation does not expect to make a contribution to the Qualified Pension Plans in 2013.                 Pension and Postretirement Plans                                 Qualified Pension Plans (1)   Non-U.S. Pension Plans (1)   Nonqualified and Other Pension Plans (1)   Postretirement Health and Life Plans (1) (Dollars in millions) 2012   2011   2012   2011   2012   2011   2012   2011 Change in fair value of plan assets                               Fair value, January 1 $ 15,070   $ 15,648   $ 2,022   $ 1,691   $ 3,061   $ 2,689   $ 91   $ 108 Actual return on plan assets 2,020   182   115   295   126   493   10   2 Company contributions —   —   152   104   112   99   117   84 Plan participant contributions —   —   3   3   —   —   139   133 Benefits paid (816 )   (760 )   (77 )   (63 )   (236 )   (220 )   (290 )   (255 ) Plan transfer —   —   —   10   —   —   —   — Federal subsidy on benefits paid n/a   n/a   n/a   n/a   n/a   n/a   19   19 Foreign currency exchange rate changes n/a   n/a   91   (18 )   n/a   n/a   —   — Fair value, December 31 $ 16,274   $ 15,070   $ 2,306   $ 2,022   $ 3,063   $ 3,061   $ 86   $ 91 Change in projected benefit obligation                               Projected benefit obligation, January 1 $ 14,891   $ 13,938   $ 1,984   $ 1,916   $ 3,137   $ 3,078   $ 1,619   $ 1,704 Service cost 236   423   40   43   1   3   13   15 Interest cost 681   746   97   99   138   152   71   80 Plan participant contributions —   —   3   3   —   —   139   133 Plan amendments —   (11 )   2   2   —   —   —   (21 ) Curtailment (889 )   —   —   —   —   —   —   — Actuarial loss (gain) 1,552   555   328   (19 )   294   124   (4 )   (56 ) Benefits paid (816 )   (760 )   (77 )   (63 )   (236 )   (220 )   (290 )   (255 ) Plan transfer —   —   —   15   —   —   —   — Federal subsidy on benefits paid n/a   n/a   n/a   n/a   n/a   n/a   19   19 Foreign currency exchange rate changes n/a   n/a   83   (12 )   —   —   7   — Projected benefit obligation, December 31 $ 15,655   $ 14,891   $ 2,460   $ 1,984   $ 3,334   $ 3,137   $ 1,574   $ 1,619 Amount recognized, December 31 $ 619   $ 179   $ (154 )   $ 38   $ (271 )   $ (76 )   $ (1,488 )   $ (1,528 ) Funded status, December 31                               Accumulated benefit obligation $ 15,655   $ 13,968   $ 2,345   $ 1,883   $ 3,334   $ 3,135   n/a   n/a Overfunded (unfunded) status of ABO 619   1,102   (39 )   139   (271 )   (74 )   n/a   n/a Provision for future salaries —   923   115   101   —   2   n/a   n/a Projected benefit obligation 15,655   14,891   2,460   1,984   3,334   3,137   $ 1,574   $ 1,619 Weighted-average assumptions, December 31                               Discount rate 4.00 %   4.95 %   4.23 %   4.87 %   3.65 %   4.65 %   3.65 %   4.65 % Rate of compensation increase n/a   4.00   4.37   4.42   4.00   4.00   n/a   n/a (1)  The measurement date for the Qualified Pension Plans, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans was December 31 of each year reported. n/a = not applicable Amounts recognized in the Corporation’s Consolidated Balance Sheet at December 31, 2012 and 2011 are presented in the table below.                 Amounts Recognized on Consolidated Balance Sheet                                   Qualified Pension Plans   Non-U.S. Pension Plans   Nonqualified and Other Pension Plans   Postretirement Health and Life Plans (Dollars in millions) 2012   2011   2012   2011   2012   2011   2012   2011 Other assets $ 676   $ 246   $ 220   $ 342   $ 908   $ 1,096   $ —   $ — Accrued expenses and other liabilities (57 )   (67 )   (374 )   (304 )   (1,179 )   (1,172 )   (1,488 )   (1,528 ) Net amount recognized at December 31 $ 619   $ 179   $ (154 )   $ 38   $ (271 )   $ (76 )   $ (1,488 )   $ (1,528 ) Pension Plans with ABO and PBO in excess of plan assets as of December 31, 2012 and 2011 are presented in the table below. For the non-qualified plans not subject to ERISA or non-U.S. pension plans, funding strategies vary due to legal requirements and local practices.                         Plans with ABO and PBO in Excess of Plan Assets                                                 Qualified  Pension Plans   Non-U.S. Pension Plans   Nonqualified and Other Pension Plans (Dollars in millions) 2012   2011   2012   2011   2012   2011 Plans with ABO in excess of plan assets                       PBO $ 7,171   $ —   $ 883   $ 732   $ 1,182   $ 1,174 ABO 7,171   —   843   698   1,181   1,173 Fair value of plan assets 7,114   —   510   428   2   2 Plans with PBO in excess of plan assets                       PBO $ 7,171   $ 6,624   $ 896   $ 732   $ 1,182   $ 1,174 Fair value of plan assets 7,114   6,557   522   428   2   2 Net periodic benefit cost of the Corporation’s plans for 2012, 2011 and 2010 included the following components.                         Components of Net Periodic Benefit Cost                                                 Qualified Pension Plans   Non-U.S. Pension Plans (Dollars in millions) 2012   2011   2010   2012   2011   2010 Components of net periodic benefit cost                       Service cost $ 236   $ 423   $ 397   $ 40   $ 43   $ 32 Interest cost 681   746   748   97   99   95 Expected return on plan assets (1,246 )   (1,296 )   (1,263 )   (137 )   (115 )   (97 ) Amortization of prior service cost 9   20   28   —   —   — Amortization of net actuarial loss (gain) 469   387   362   (9 )   —   (1 ) Recognized loss due to settlements and curtailments 58   —   —   —   —   — Net periodic benefit cost (income) $ 207   $ 280   $ 272   $ (9 )   $ 27   $ 29 Weighted-average assumptions used to determine net cost for years ended December 31                       Discount rate 4.95 %   5.45 %   5.75 %   4.87 %   5.32 %   5.41 % Expected return on plan assets 8.00   8.00   8.00   6.65   6.58   6.60 Rate of compensation increase 4.00   4.00   4.00   4.42   4.85   4.67                           Nonqualified and Other Pension Plans (1)   Postretirement Health and Life Plans (Dollars in millions) 2012   2011   2010   2012   2011   2010 Components of net periodic benefit cost                       Service cost $ 1   $ 3   $ 3   $ 13   $ 15   $ 14 Interest cost 138   152   163   71   80   92 Expected return on plan assets (152 )   (141 )   (138 )   (8 )   (9 )   (9 ) Amortization of transition obligation —   —   —   32   31   31 Amortization of prior service cost (credits) (3 )   (8 )   (8 )   4   4   6 Amortization of net actuarial loss (gain) 8   16   10   (38 )   (17 )   (49 ) Recognized loss due to settlements and curtailments —   3   17   —   —   — Net periodic benefit cost (income) $ (8 )   $ 25   $ 47   $ 74   $ 104   $ 85 Weighted-average assumptions used to determine net cost for years ended December 31                       Discount rate 4.65 %   5.20 %   5.75 %   4.65 %   5.10 %   5.75 % Expected return on plan assets 5.25   5.25   5.25   8.00   8.00   8.00 Rate of compensation increase 4.00   4.00   4.00   n/a   n/a   n/a (1)  Includes nonqualified pension plans and the terminated Merrill Lynch U.S. pension plan. n/a = not applicable Net periodic postretirement health and life expense was determined using the “projected unit credit” actuarial method. Gains and losses for all benefits except postretirement health care are recognized in accordance with the standard amortization provisions of the applicable accounting guidance. For the Postretirement Health Care Plans, 50 percent of the unrecognized gain or loss at the beginning of the fiscal year (or at subsequent remeasurement) is recognized on a level basis during the year. The discount rate and expected return on plan assets impact the net periodic benefit cost (income) recorded for the plans. With all other assumptions held constant, a 25 bps decline in the discount rate would not have a significant impact while a 25 bps decline in the expected return on plan assets would result in an increase of approximately $33 million for the Qualified Pension Plans. For the Non-U.S. Pension Plans, the Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans, the 25 bps decline in rates would not have a significant impact. Assumed health care cost trend rates affect the postretirement benefit obligation and benefit cost reported for the Postretirement Health and Life Plans. The assumed health care cost trend rate used to measure the expected cost of benefits covered by the Postretirement Health and Life Plans was 7.50 percent for 2013, reducing in steps to 5.00 percent in 2019 and later years. A one-percentage-point increase in assumed health care cost trend rates would have increased the service and interest costs, and the benefit obligation by $3 million and $59 million in 2012. A one-percentage-point decrease in assumed health care cost trend rates would have lowered the service and interest costs, and the benefit obligation by $3 million and $52 million in 2012. Pre-tax amounts included in accumulated OCI for employee benefit plans at December 31, 2012 and 2011 are presented in the table below.                                         Pre-tax Amounts included in Accumulated OCI                                                                           Qualified Pension Plans   Non-U.S. Pension Plans   Nonqualified and Other Pension Plans   Postretirement Health and Life Plans   Total (Dollars in millions) 2012   2011   2012   2011   2012   2011   2012   2011   2012   2011 Net actuarial loss (gain) $ 6,164   $ 6,743   $ 144   $ (212 )   $ 718   $ 409   $ (28 )   $ (59 )   $ 6,998   $ 6,881 Transition obligation —   —   —   —   —   —   —   32   —   32 Prior service cost (credits) —   67   5   3   —   (7 )   29   33   34   96 Amounts recognized in accumulated OCI $ 6,164   $ 6,810   $ 149   $ (209 )   $ 718   $ 402   $ 1   $ 6   $ 7,032   $ 7,009 Pre-tax amounts recognized in OCI for employee benefit plans in 2012 included the following components.                     Pre-tax Amounts Recognized in OCI                                       (Dollars in millions) Qualified Pension Plans   Non-U.S. Pension Plans   Nonqualified and Other Pension Plans   Postretirement Health and Life Plans   Total Other changes in plan assets and benefit obligations recognized in OCI                   Current year actuarial loss (gain) $ (110 )   $ 347   $ 321   $ (7 )   $ 551 Amortization of actuarial gain (loss) (469 )   9   (12 )   38   (434 ) Current year prior service cost —   2   —   —   2 Amortization of prior service credits (cost) (67 )   —   7   (4 )   (64 ) Amortization of transition obligation —   —   —   (32 )   (32 ) Amounts recognized in OCI $ (646 )   $ 358   $ 316   $ (5 )   $ 23 The estimated pre-tax amounts that will be amortized from accumulated OCI into expense in 2013 are presented in the table below.                     Estimated Pre-tax Amounts from Accumulated OCI into Period Cost                     (Dollars in millions) Qualified Pension Plans   Non-U.S. Pension Plans   Nonqualified and Other Pension Plans   Postretirement Health and Life Plans   Total Net actuarial loss (gain) $ 284   $ 4   $ 26   $ (20 )   $ 294 Prior service cost —   1   —   4   5 Total amortized from accumulated OCI $ 284   $ 5   $ 26   $ (16 )   $ 299 Plan Assets The Qualified Pension Plans have been established as retirement vehicles for participants, and trusts have been established to secure benefits promised under the Qualified Pension Plans. The Corporation’s policy is to invest the trust assets in a prudent manner for the exclusive purpose of providing benefits to participants and defraying reasonable expenses of administration. The Corporation’s investment strategy is designed to provide a total return that, over the long term, increases the ratio of assets to liabilities. The strategy attempts to maximize the investment return on assets at a level of risk deemed appropriate by the Corporation while complying with ERISA and any applicable regulations and laws. The investment strategy utilizes asset allocation as a principal determinant for establishing the risk/return profile of the assets. Asset allocation ranges are established, periodically reviewed and adjusted as funding levels and liability characteristics change. Active and passive investment managers are employed to help enhance the risk/return profile of the assets. An additional aspect of the investment strategy used to minimize risk (part of the asset allocation plan) includes matching the equity exposure of participant-selected earnings measures. For example, the common stock of the Corporation held in the trust is maintained as an offset to the exposure related to participants who elected to receive an earnings measure based on the return performance of common stock of the Corporation. No plan assets are expected to be returned to the Corporation during 2013. The assets of the Non-U.S. Pension Plans are primarily attributable to a U.K. pension plan. This U.K. pension plan’s assets are invested prudently so that the benefits promised to members are provided with consideration given to the nature and the duration of the plan’s liabilities. The current investment strategy was set following an asset-liability study and advice from the trustee’s investment advisors. The selected asset allocation strategy is designed to achieve a higher return than the lowest risk strategy while maintaining a prudent approach to meeting the plan’s liabilities. The expected return on asset assumption was developed through analysis of historical market returns, historical asset class volatility and correlations, current market conditions, anticipated future asset allocations, the funds’ past experience, and expectations on potential future market returns. The expected return on asset assumption is determined using the calculated market-related value for the Qualified Pension Plans and the Other Pension Plan and the fair value for the Non-U.S. Pension Plans and Postretirement Health and Life Plans. The expected return on asset assumption represents a long-term average view of the performance of the assets in the Qualified Pension Plans, the Non-U.S. Pension Plans, the Other Pension Plan, and Postretirement Health and Life Plans, a return that may or may not be achieved during any one calendar year. The terminated U.S. Pension Plan is invested solely in an annuity contract which is primarily invested in fixed-income securities structured such that asset maturities match the duration of the plan’s obligations. The target allocations for 2013 by asset category for the Qualified Pension Plans, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans are presented in the table below.           2013 Target Allocation Percentage           Asset Category Qualified Pension Plans Non-U.S. Pension Plans Nonqualified and Other Pension Plans Postretirement Health and Life Plans Equity securities 50 – 80 10 – 60 0 – 5 50 – 75 Debt securities 25 – 50 20 – 65 95 – 100 25 – 45 Real estate 0 – 5 0 – 15 0 – 5 0 – 5 Other 0 – 10 5 – 40 0 – 5 0 – 5 Equity securities for the Qualified Pension Plans include common stock of the Corporation in the amounts of $156 million (0.96 percent of total plan assets) and $82 million (0.55 percent of total plan assets) at December 31, 2012 and 2011. Fair Value Measurements For information on fair value measurements, including descriptions of Level 1, 2 and 3 of the fair value hierarchy and the valuation methods employed by the Corporation, see Note 1 – Summary of Significant Accounting Principles and Note 21 – Fair Value Measurements. Plan investment assets measured at fair value by level and in total at December 31, 2012 and 2011 are summarized in the Fair Value Measurements table.                 Fair Value Measurements                                 December 31, 2012 (Dollars in millions) Level 1   Level 2   Level 3   Total Cash and short-term investments               Money market and interest-bearing cash $ 1,404   $ —   $ —   $ 1,404 Cash and cash equivalent commingled/mutual funds —   96   —   96 Fixed income               U.S. government and government agency securities 1,317   2,829   13   4,159 Corporate debt securities —   1,062   —   1,062 Asset-backed securities —   1,109   —   1,109 Non-U.S. debt securities 70   535   10   615 Fixed income commingled/mutual funds 99   1,432   —   1,531 Equity               Common and preferred equity securities 7,432   —   —   7,432 Equity commingled/mutual funds 290   2,316   —   2,606 Public real estate investment trusts 236   —   —   236 Real estate               Private real estate —   —   110   110 Real estate commingled/mutual funds —   10   324   334 Limited partnerships —   110   231   341 Other investments (1) 22   543   129   694 Total plan investment assets, at fair value $ 10,870   $ 10,042   $ 817   $ 21,729                   December 31, 2011 Cash and short-term investments               Money market and interest-bearing cash $ 1,065   $ —   $ —   $ 1,065 Cash and cash equivalent commingled/mutual funds —   30   —   30 Fixed income               U.S. government and government agency securities 1,197   2,899   13   4,109 Corporate debt securities —   1,058   —   1,058 Asset-backed securities —   907   —   907 Non-U.S. debt securities 53   479   10   542 Fixed income commingled/mutual funds 82   1,487   —   1,569 Equity               Common and preferred equity securities 6,862   —   —   6,862 Equity commingled/mutual funds 390   2,094   —   2,484 Public real estate investment trusts 200   —   —   200 Real estate               Private real estate —   —   113   113 Real estate commingled/mutual funds —   11   249   260 Limited partnerships —   105   232   337 Other investments (1) 14   572   122   708 Total plan investment assets, at fair value $ 9,863   $ 9,642   $ 739   $ 20,244 (1)  Other investments include interest rate swaps of $311 million and $467 million, participant loans of $76 million and $75 million, commodity and balanced funds of $239 million and $116 million and other various investments of $68 million and $50 million at December 31, 2012 and 2011. The Level 3 Fair Value Measurements table presents a reconciliation of all plan investment assets measured at fair value using significant unobservable inputs (Level 3) during 2012, 2011 and 2010.                         Level 3 Fair Value Measurements                                       2012 (Dollars in millions) Balance January 1   Actual Return on Plan Assets Still Held at the Reporting Date   Purchases   Sales and Settlements   Transfers into/ (out of) Level 3   Balance December 31 Fixed income                       U.S. government and government agency securities $ 13   $ —   $ —   $ —   $ —   $ 13 Non-U.S. debt securities 10   (1 )   1   (1 )   1   10 Real estate                       Private real estate 113   (2 )   2   (3 )   —   110 Real estate commingled/mutual funds 249   13   62   —   —   324 Limited partnerships 232   8   11   (20 )   —   231 Other investments 122   7   4   (4 )   —   129 Total $ 739   $ 25   $ 80   $ (28 )   $ 1   $ 817                           2011 Fixed income                       U.S. government and government agency securities $ 14   $ (1 )   $ —   $ —   $ —   $ 13 Non-U.S. debt securities 9   —   3   (2 )   —   10 Real estate                       Private real estate 110   —   3   —   —   113 Real estate commingled/mutual funds 215   26   9   (1 )   —   249 Limited partnerships 230   (6 )   13   (5 )   —   232 Other investments 94   1   26   —   1   122 Total $ 672   $ 20   $ 54   $ (8 )   $ 1   $ 739                           2010 Fixed income                       U.S. government and government agency securities $ —   $ —   $ —   $ —   $ 14   $ 14 Non-U.S. debt securities 6   1   —   —   2   9 Real estate                       Private real estate 119   (9 )   1   (1 )   —   110 Real estate commingled/mutual funds 195   (4 )   24   —   —   215 Limited partnerships 162   13   7   (5 )   53   230 Other investments 188   —   18   (1 )   (111 )   94 Total $ 670   $ 1   $ 50   $ (7 )   $ (42 )   $ 672 Projected Benefit Payments Benefit payments projected to be made from the Qualified Pension Plans, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans are presented in the table below.                     Projected Benefit Payments                                           Postretirement Health and Life Plans (Dollars in millions) Qualified Pension Plans (1)   Non-U.S. Pension Plans (2)   Nonqualified and Other Pension Plans (2)   Net Payments (3)   Medicare Subsidy 2013 $ 887   $ 63   $ 234   $ 147   $ 18 2014 931   67   238   147   18 2015 913   68   239   145   18 2016 900   73   240   141   18 2017 888   76   237   136   17 2018 – 2022 4,329   455   1,133   595   80 (1)  Benefit payments expected to be made from the plans’ assets. (2)  Benefit payments expected to be made from a combination of the plans’ and the Corporation’s assets. (3)  Benefit payments (net of retiree contributions) expected to be made from a combination of the plans’ and the Corporation’s assets. Defined Contribution Plans The Corporation maintains qualified defined contribution retirement plans and nonqualified defined contribution retirement plans. As a result of the Merrill Lynch acquisition, the Corporation also maintains the defined contribution plans of Merrill Lynch which include the 401(k) Savings & Investment Plan (SIP), the Retirement and Accumulation Plan and the Employee Stock Ownership Plan. In 2012, these plans were merged with the SIP being the successor plan and is closed to new participants with certain exceptions. The Corporation contributed $886 million, $723 million and $670 million in 2012, 2011 and 2010, respectively, in cash to the qualified defined contribution plans. In connection with the redesign of the Corporation’s retirement plans, an additional annual contribution will be made to certain of these plans. The expense in 2012 related to the additional annual contribution was $174 million. At December 31, 2012 and 2011, 235 million shares and 232 million shares of the Corporation’s common stock were held by these plans. Payments to the plans for dividends on common stock were $10 million, $9 million and $8 million in 2012, 2011 and 2010, respectively. Certain non-U.S. employees are covered under defined contribution pension plans that are separately administered in accordance with local laws.