Goldman Sachs 2007 Annual Report Download - page 124
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Notes to Consolidated Financial Statements
On November 30, 2007, the firm adopted SFAS No. 158 which
requires an entity to recognize in its statement of financial
condition the funded status of its defined benefit pension and
postretirement plans, measured as the difference between the fair
value of the plan assets and the benefit obligation. Upon adoption,
SFAS No. 158 requires an entity to recognize previously
unrecognized actuarial gains and losses, prior service costs, and
transition obligations and assets within “Accumulated other
comprehensive income/(loss)” in the consolidated statements of
changes in shareholders’ equity. Additional minimum pension
liabilities are derecognized upon adoption of the new standard.
As a result of adopting SFAS No. 158, the firm recorded
increases of $59 million and $253 million to “Other assets”
and “Other liabilities and accrued expenses,” respectively, and
a $194 million loss, net of taxes, within “Accumulated other
comprehensive income/(loss).”
The accumulated other comprehensive loss at November 30, 2007
includes actuarial losses, prior service costs, and transition
assets of $269 million, $37 million, and $(9) million, pre-tax,
respectively, of which $8 million, $13 million and $(2) million,
pre-tax, respectively, will be amortized from accumulated other
comprehensive loss into net periodic benefit cost in 2008.
NOTE 11
Employee Benefit Plans
The firm sponsors various pension plans and certain other
postretirement benefit plans, primarily healthcare and life
insurance. The firm also provides certain benefits to former or
inactive employees prior to retirement.
Defined Benefit Pension Plans
and Postretirement Plans
Employees of certain non-U.S. subsidiaries participate in various
defined benefit pension plans. These plans generally provide
benefits based on years of credited service and a percentage
of the employee’s eligible compensation. The firm maintains a
defined benefit pension plan for substantially all U.K. employees.
The firm expects to close the U.K. pension plan to new participants
during the first half of 2008, but will continue to accrue benefits
for existing participants.
The firm also maintains a defined benefit pension plan for
substantially all U.S. employees hired prior to November 1, 2003.
As of November 2004, this plan has been closed to new
participants and no further benefits will be accrued to existing
participants. In addition, the firm has unfunded postretirement
benefit plans that provide medical and life insurance for eligible
retirees and their dependents covered under these programs.
122 Goldman Sachs 2007 Annual Report