MoneyGram 2005 Annual Report Download - page 87
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Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The benefit obligation and plan assets, changes to the benefit obligation and plan assets and a reconciliation of the funded status of the defined benefit pension
plan and combined SERPs as of and for the year ended December 31 are as follows:
2005 2004
(Dollars in thousands)
Change in benefit obligation:
Benefit obligation at the beginning of the year $ 194,272 $ 185,782
Service cost 1,893 1,717
Interest cost 11,320 11,333
Actuarial (gain) or loss 5,605 6,374
Plan amendments 227 —
Benefits paid (10,797) (10,934)
Benefit obligation at the end of the year $ 202,520 $ 194,272
Change in plan assets:
Fair value of plan assets at the beginning of the year $ 98,125 $ 96,435
Actual return on plan assets 5,728 7,771
Employer contributions 15,717 4,853
Benefits paid (10,797) (10,934)
Fair value of plan assets at the end of the year $ 108,773 $ 98,125
Reconciliations of funded status:
Funded (unfunded) status $ (93,747) $ (96,147)
Unrecognized actuarial (gain) loss 76,653 72,264
Unrecognized prior service cost 3,521 4,008
Net amount recognized in consolidated balance sheet $ (13,573) $ (19,875)
Amounts recognized in consolidated balance sheet:
Accrued benefit liability $ (83,739) $ (89,217)
Intangible asset 1,890 2,503
Deferred tax asset 25,945 25,065
Additional minimum liability 42,331 41,774
Net amount recognized in consolidated balance sheet $ (13,573) $ (19,875)
The projected benefit obligation and accumulated benefit obligation for both the defined benefit pension plan and the combined SERPs are in excess of the
fair value of plan assets. Following is a summary of the defined benefit pension plan and the combined SERPs:
Defined Benefit
Pension Plan Combined SERPs
2005 2004 2005 2004
Projected benefit obligation $ 143,280 $ 142,494 $ 59,240 $ 51,778
Accumulated benefit obligation 143,280 142,494 49,224 44,622
Fair value of plan assets 108,773 98,125 — —
F-33