22. RETIREMENT AND BENEFIT PLANS  The Bancorp recognizes the overfunded and underfunded status  of its pension plans as an asset and liability, respectively. The  overfunded and underfunded amounts recognized in other assets  and other liabilities, respectively, in the Consolidated Balance  Sheets were as follows as of December 31: The following tables summarize the defined benefit retirement  plans as of and for the years ended December 31: (a) The Bancorp’s defined benefit plan had an overfunded status at December 31,  2010. The plan was underfunded at December 31, 2009 and is reflected in the  Underfunded Status table .  The estimated net actuarial loss and prior service cost for the  defined benefit pension plans that will be amortized from  accumulated other comprehensive income into net periodic  benefit cost during 2011 are $11 million and $1 million,  respectively.  The following table summarizes net periodic benefit cost and  other changes in plan assets and benefit obligations recognized in  other comprehensive income for the years ended December 31: 108 Fifth Third Bancorp ($ in millions)  2010  2009 2008 Components of net periodic benefit cost:  Service cost $ -   - - Interest cost 12  12 13 Expected return on assets  (14)  (12) (18) Amortization of net actuarial loss  12  15 7 Amortization of net prior service cost  1  1 1 Settlement -  13 10 Net periodic benefit cost  $11  29 13 ($ in millions) 2010  2009 Fair value of plan assets at January 1  $ -  144 Actual return on assets  -  29 Contributions  4  39 Settlement  -  (19) Benefits paid  (4)  (11) Fair value of plan assets at December 31  $ -   182 Projected benefit obligation at January 1  $34  228 Service cost  -  - Interest cost  2  12 Settlement  -  (19) Actuarial loss  2  7 Benefits paid  (4)  (11) Projected benefit obligation at December 31  $34  217 Unfunded projected benefit obligation recognized  the Consolidated Balance Sheets as a liability ($34)  (35) Plans with an Underfunded Status Plans with an Overfunded Status  (a)  ($ in millions) 2010  2009 Prepaid benefit cost  $4  - Accrued benefit liability  (34)  (35) Net underfunded status  ($30)  (35) ($ in millions) 2010  2009 Fair value of plan assets at January 1  $182  - Actual return on assets  31  Contributions  -  - Settlement  -  - Benefits paid  (16)  - Fair value of plan assets at December 31  $197   - Projected benefit obligation at January 1  $183  - Service cost  -  Interest cost  10  - Settlement  -  - Actuarial loss  16  - Benefits paid  (16)  Projected benefit obligation at December 31  $193  - Overfunded projected benefit obligation recognized in the Consolidated Balance Sheets as an asset  $4  - Net actuarial loss (gain)  2  (10) 93 Net prior service cost  -  - - Amortization of net actuarial loss  (12)  (15) (7) Amortization of prior service cost  (1)  (1) (1) Settlement  -  (13) (10) Total recognized in other comprehensive  income  (11)  (39) 75 Total recognized in net periodic benefit  cost and other comprehensive income $ -  (10) 88 Other changes in plan assets and benefit  obligations recognized in other  comprehensive income:  The following table summarizes plan assets measured at fair value  on a recurring basis as of December 31: Fair Value Measurements of Plan Assets  Fair Value Measurements Using (a) 2010  ($ in millions)  Level 1 Level 2  Level 3  Total  Fair  Value  Equity securities:  Equity securities (Growth)  (b) $58 - - $58 Equity securities (Value)  53 53 Total equity securities 111 - - 111 Mutual & exchange traded funds: Money market funds  6 - - 6 International funds  30 30 Commodity funds  11 - - 11 Total mutual & exchange  traded funds  47 - - 47 Debt securities:  U.S Treasury obligations  7 - - 7 U.S. Govt. agencies  (c)  - 1 1 Agency mortgage backed  24 - 24 Non-agency mortgage  backed  - 6 - 6 Corporate bonds  (d)  - 1 - 1 Total debt securities  7 32 - 39 Total plan assets  $165 32 - $197 Fair Value Measurements Using (a) 2009 ($ in millions)  Level 1 Level 2  Level 3  Total  Fair  Value  Equity securities:  Equity securities (Growth)  (b) $52 - - $52 Equity securities (Value)  49  - - 49 Total equity securities 101  - - 101 Mutual & exchange traded funds:  Money market funds  6  - - 6 International funds  28  28 Commodity funds  9  - - 9 Total mutual & exchange  traded funds  43  - - 43 Debt securities:  U.S Treasury obligations  6  - - 6 U.S. Govt. agencies  (c)  - 3 3 Agency mortgage backed  -  27 - 27 Corporate bonds  (d)  - 2 - 2 Total debt securities  6  32 - 38 Total plan assets  $150  32 - $182  (a) For further information on fair value hierarchy levels, see Note 28. (b) Includes holdings in Bancorp common stock (c) Includes debt securities issued by U.S. Government sponsored agencies  (d) Includes private label asset backed securities  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 