Eme r s on 2013 Ann u al R e por t 45 Approximately 171 of the 1214 of pretax losses deferred in accumulated other comprehensive income at September 30 2013 will be amortized to expense in 2014 As of September 30 2013 retirement plans in total were underfunded by 121 which includes 368 of unfunded plans As of the plans September 30 2013 and 2012 measurement dates the total accumulated beneft obligation was 4782 and 5010 respectively Also as of the plans respective measurement dates the projected beneft obligation accumulated beneft obligation and fair value of plan assets for retirement plans with accumulated beneft obligations in excess of plan assets were 978 887 and 464 respectively for 2013 and 4763 4504 and 3947 respectively for 2012 Future beneft payments by US plans are estimated to be 189 in 2014 198 in 2015 208 in 2016 217 in 2017 226 in 2018 and 1256 in total over the fve years 2019 through 2023 Based on foreign currency exchange rates as of September 30 2013 future beneft payments by nonUS plans are estimated to be 51 in 2014 51 in 2015 55 in 2016 56 in 2017 58 in 2018 and 341 in total over the fve years 2019 through 2023 The Company expects to contribute approximately 145 to its retirement plans in 2014 The weightedaverage assumptions used in the valuation of pension benefts were as follows u s plans non u s plans 2011 2012 2013 2011 2012 2013 Net pension expense Discount rate 500 475 400 46 52 41 Expected return on plan assets 800 775 775 59 59 55 Rate of compensation increase 300 300 325 35 35 34 Benefit obligations Discount rate 475 400 475 52 41 42 Rate of compensation increase 300 325 325 35 34 32 The discount rate for the US retirement plans was 475 percent as of September 30 2013 An actuarially determined companyspecifc yield curve is used to determine the discount rate The expected return on plan assets assumption is determined by reviewing the investment returns of the plans for the past 10 years plus longerterm historical returns of an asset mix approximating the Companys asset allocation targets and periodically comparing these returns to expectations of investment advisors and actuaries to determine whether longterm future returns are expected to differ signifcantly from the past Defned beneft pension plan expense for 2014 is expected to be approximately 155 versus 228 in 2013 The Companys asset allocations at September 30 2013 and 2012 and weightedaverage target allocations are as follows u s plans non u s plans 2012 2013 target 2012 2013 target Equity securities 64 66 6070 55 56 5060 Debt securities 27 26 2535 30 30 2535 Other 9 8 310 15 14 1020 Total 100 100 100 100 100 100 The primary objective for the investment of plan assets is to secure participant retirement benefts while earning a reasonable rate of return Plan assets are invested consistent with the provisions of the prudence and diversifcation rules of ERISA and with a longterm investment horizon The Company continuously monitors the value of assets by class and routinely rebalances to remain within target allocations The strategy for equity assets is to minimize concentrations of risk by investing primarily in companies in a diversifed mix of industries worldwide while targeting neutrality in exposure to market capitalization levels growth versus value profle global versus regional markets fund types and fund managers The approach for bonds emphasizes investmentgrade corporate and government debt with maturities matching a portion of the longer duration pension liabilities The bonds strategy also includes a high yield element which is generally shorter in duration A small portion of US plan assets is allocated to private equity partnerships and real asset fund investments for diversifcation providing opportunities for above market returns Leveraging techniques are not used and the use of derivatives in any fund is limited and inconsequential