MoneyGram 2007 Annual Report Download - page 114
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Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Amounts recognized in other comprehensive loss and net periodic benefit expense for the year ended December 31, 2007 are as follows:
Pension and Postretirement
SERPs Benefits
Net actuarial gain (20,155) (2,749)
Amortization of net actuarial gain (4,226) (90)
Prior service credit — (636)
Amortization of prior service (credit) cost (483) 294
Total recognized in other comprehensive loss $ (24,864) $ (3,181)
Total recognized in net periodic benefit expense 8,824 1,330
Total recognized in net periodic benefit expense and other comprehensive loss $ (16,040) $ (1,851)
The estimated net loss and prior service cost for the combined Pension Plan and SERPs that will be amortized from "Accumulated other
comprehensive loss" into "Net periodic benefit expense" during 2008 is $2.5 million ($1.6 million net of tax) and $0.4 million
($0.3 million net of tax), respectively. The estimated prior service credit for the postretirement benefit plans that will be amortized from
"Accumulated other comprehensive loss" into "Net periodic benefit expense" over 2008 is $0.4 million ($0.2 million net of tax).
The benefit obligation and plan assets, changes to the benefit obligation and plan assets and the funded status of the combined Pension
Plan and SERPs and the postretirement benefit plans as of and for the year ended December 31 are as follows:
Pension and SERPs Postretirement Benefits
(Amounts in thousands) 2007 2006 2007 2006
Change in benefit obligation:
Benefit obligation at the beginning of the year $ 214,412 $ 202,520 $ 14,778 $ 12,390
Service cost 2,298 1,922 697 637
Interest cost 11,900 11,698 837 715
Actuarial (gain) or loss (17,769) 7,781 (2,749) 1,147
Plan amendments — 1,174 (636) —
Medicare Part D reimbursements — 36
Benefits paid (11,113) (10,682) (283) (111)
Benefit obligation at the end of the year $ 199,728 $ 214,413 $ 12,680 $ 14,778
Change in plan assets:
Fair value of plan assets at the beginning of the year $ 131,752 $ 108,773 $ — $ —
Actual return on plan assets 12,468 12,805 — —
Employer contributions 2,890 20,855 283 111
Benefits paid (11,113) (10,682) (283) (111)
Fair value of plan assets at the end of the year $ 135,997 $ 131,751 $ — $ —
Unfunded status at the end of the year $ (63,731) $ (82,662) $ (12,680) $ (14,778)
The funded status of the Pension Plan was $2.7 million and the unfunded status of the SERPs was $66.5 million at December 31, 2007.
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