MoneyGram 2009 Annual Report Download - page 113

Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Pension and SERPs Postretirement Benefits
(Amounts in thousands) 2009 2008 2009 2008
Change in plan assets:
Fair value of plan assets at the beginning of the year $ 95,551 $ 135,997 $ — $ —
Actual return on plan assets 15,918 (30,626) — —
Employer contributions 3,946 3,636 388 263
Adjustment for change in measurement date — (666) — —
Benefits paid (12,507) (12,790) (388) (263)
Fair value of plan assets at the end of the year $ 102,908 $ 95,551 $ — $ —
Unfunded status at the end of the year $ (108,708) $ (111,904) $ (4,521) $ (13,416)
The pension plan's unfunded status decreased by approximately 3 percent despite an increase in the benefit obligation as the fair value of
the pension plan assets increased $7.4 million during the year. The unfunded status of the defined benefit pension plan was $43.0 million
and the unfunded status of the SERPs was $65.7 million at December 31, 2009.
Following are the components recognized in the Consolidated Balance Sheets relating to the defined benefit pension plan and SERPs and
the postretirement benefit plans at December 31:
Pension and SERPs Postretirement Benefits
(Amounts in thousands) 2009 2008 2009 2008
Components recognized in the Consolidated Balance Sheets:
Pension and other postretirement benefits liability $ (108,708) $ (111,904) $ (4,521) $ (13,416)
Deferred tax asset (liability) 34,691 36,966 264 (474)
Accumulated other comprehensive loss:
Unrealized losses (gains) for pension and postretirement benefits, net of tax 56,378 58,559 542 (791)
Prior service cost (credit) for pension and postretirement benefits, net of tax 223 1,754 — (1,335)
The projected benefit obligation and accumulated benefit obligation for the defined benefit 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) 2009 2008 2009 2008 2009 2008
Projected benefit obligation $ 145,933 $ 139,080 $ 65,683 $ 68,375 $ 4,521 $ 13,416
Accumulated benefit obligation 145,933 139,080 65,683 68,375 — —
Fair value of plan assets 102,909 95,551 — — — —
Estimated future benefit payments for the defined benefit pension plan and SERPs and the postretirement benefit plans are as follows:
(Amounts in thousands) 2010 2011 2012 2013 2014 2015-19
Pension and SERPs $ 13,815 $ 13,886 $ 14,249 $ 13,946 $ 17,543 $ 79,514
Postretirement benefits 315 315 313 329 339 1,608
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