We sponsor the following defined benefit plans:
A frozen, non-contributory defined-benefit retirement plan (the “U.S. RIP”) for certain of our U.S. employees. We have taken initial steps to terminate this plan and are awaiting regulatory approval before proceeding.
A frozen defined-benefit pension plan (the “U.K. RIP”) that covers certain employees of a subsidiary based in the United Kingdom.
A frozen, unfunded Supplemental Income Plan (“SIP”), which is a non-qualified pension plan, for certain U.S. employees who earn over a federally stipulated amount.
Benefits for all three plans are generally based on years of service and either average or cumulative base compensation, depending on the plan. Plan funding strategies are influenced by employee benefit laws and tax laws. The U.K. RIP includes a provision for employee contributions and inflation-based benefit increases for retirees. We expect to contribute approximately $2 million to our pension and postretirement benefit plans in 2019.
The following table provides the expected benefit payments for our pension plans (in millions):
Our net periodic pension expense for the pension plans consisted of the following (in millions):
Year Ended November 30,
Service costs incurred
Interest costs on projected benefit obligation
Expected return on plan assets
Fourth quarter expense recognition of actuarial loss in excess of corridor
Net periodic pension expense