EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2016

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

AXA Equitable

AXA Equitable sponsors the AXA Equitable 401(k) Plan, a qualified defined contribution plan for eligible employees and financial professionals. The plan provides for both a company contribution and a discretionary profit-sharing contribution. Expenses associated with this 401(k) Plan were $3 million, $10 million, $2 million and $18 million in the third quarter and first nine months of 2016 and 2015, respectively.

AXA Equitable also sponsors the AXA Equitable Retirement Plan (the “AXA Equitable QP”), a frozen qualified defined benefit pension plan covering eligible employees and financial professionals. Effective December 31, 2015, primary liability for the obligations of AXA Equitable under the AXA Equitable QP was transferred from AXA Equitable to AXA Financial under the terms of an Assumption Agreement. AXA Equitable remains secondarily liable for its obligations under the AXA Equitable QP and would recognize such liability in the event AXA Financial does not perform under the terms of the Assumption Agreement.

AB

AB maintains the Profit Sharing Plan for Employees of AB, a tax-qualified retirement plan for U.S. employees. Employer contributions under this plan are discretionary and generally are limited to the amount deductible for Federal income tax purposes.

AB also maintains a qualified, non-contributory, defined benefit retirement plan covering current and former employees who were employed by AB in the United States prior to October 2, 2000 (the “AB Plan”). Benefits under the AB Plan are based on years of credited service and average final base salary.

In the first nine months of 2016, no cash contributions were made by AB to the AB Plan. Based on the funded status of the AB plan at September 30, 2016, no minimum contribution is required to be made in 2016 under ERISA, as amended by the Pension Act, but management is currently evaluating if it will make contributions for the remainder of 2016.

The funding policy for the AB Plan is to satisfy its funding obligations each year in an amount not less than the minimum required by the ERISA, as amended by the Pension Act, and not greater than the maximum it can deduct for Federal income tax purposes.

Components of net periodic pension expense for the Company’s qualified plans (third quarter and first nine months of 2016 net periodic pension expense is solely related to the AB Plan) were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(In Millions)
Net Periodic Pension Expense:
(Qualified Plans)
Service cost	$	—		$	2		$	—		$	6
Interest cost	2			23			4			69
Expected return on assets	(1		)	(39		)	(4		)	(117		)
Net amortization	—			29			—			89
Actuarial (gain) loss	—			1			—			1
Net Periodic Pension Expense	$	1		$	16		$	—		$	48