MoneyGram 2007 Annual Report Download - page 115

Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Following are the components recognized in the Consolidated Balance Sheets relating to the combined Pension Plan and SERPs and the
postretirement benefit plans at December 31:
Pension and SERPs Postretirement Benefits
(Amounts in thousands) 2007 2006 2007 2006
Components recognized in the Consolidated Balance Sheets:
Pension and other postretirement benefits assets $ 2,732 $ — $ — $ —
Pension and other postretirement benefits liability (66,463) (82,662) (12,680) (14,778)
Deferred tax asset (liability) 20,173 29,605 (697) 762
Accumulated other comprehensive loss:
Unrealized losses for pension and postretirement benefits, net of tax 49,579 45,856 41 1,285
Prior service cost (credit) for pension and postretirement benefits, net of tax 3,509 2,475 (2,535) (1,360)
The projected benefit obligation and accumulated benefit obligation for the Pension Plan, SERPs and the postretirement benefit plans are
in excess of the fair value of plan assets as shown below:
Pension Plan SERPs Postretirement Benefits
(Amounts in thousands) 2007 2006 2007 2006 2007 2006
Projected benefit obligation $ 133,264 $ 145,932 $ 66,464 $ 68,481 $ 12,680 $ 14,778
Accumulated benefit obligation 133,264 145,932 53,250 54,464 — —
Fair value of plan assets 135,997 131,751 — — — —
Estimated future benefit payments for the combined Pension Plan and SERPs and the postretirement benefit plans are as follows:
(Amounts in thousands) 2008 2009 2010 2011 2012 2013-17
Pension and SERPs $ 12,860 $ 13,165 $ 13,310 $ 13,404 $ 13,648 $ 76,220
Postretirement benefits 290 332 371 410 451 3,089
There are no required contributions for the Pension Plan in 2008. The Company will continue to make contributions to the SERPs and the
postretirement benefit plans to the extent benefits are paid. Aggregate benefits paid for the unfunded plans are expected to be $4.3 million
in 2008.
Employee Savings Plan — The Company has an employee savings plan that qualifies under Section 401(k) of the Internal Revenue Code.
Contributions to, and costs of, the 401(k) defined contribution plan totaled $3.4 million, $2.8 million and $2.2 million in 2007, 2006 and
2005, respectively. At the time of the Distribution, MoneyGram's new savings plan assumed all liabilities under the Viad Corp Capital
Accumulation Plan and Viad Corp Employees Stock Ownership Plan (the "Viad Plans") for benefits of the current and former employees
assigned to MoneyGram, and the related trust received a transfer of the corresponding account balances. MoneyGram does not have an
employee stock ownership plan.
Employee Equity Trust — Viad sold treasury stock in 1992 to its employee equity trust to fund certain existing employee compensation
and benefit plans. In connection with the spin-off, Viad transferred 1,632,964 shares of MoneyGram common stock to the MoneyGram
International, Inc. Employee Equity Trust (the "Trust") to be used by MoneyGram to fund the issuance of stock in connection with
employee compensation and benefit plans. The fair market value of the shares held by the Trust is recorded in "Unearned employee
benefits" in the Company's Consolidated Balance Sheets and is reduced as stock is issued from the trust to fund employee benefits. As of
December 31, 2007, all shares in the Trust have been issued.
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