MoneyGram 2010 Annual Report Download - page 123
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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 the funded status of the defined benefit
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) 2010 2009 2010 2009
Change in benefit obligation:
Benefit obligation at the beginning of the year $ 211,616 $ 207,454 $ 4,521 $ 13,416
Service cost — 894 — 572
Interest cost 11,876 12,659 253 837
Actuarial loss 11,417 9,352 1,100 2,018
Plan amendments — (6,236) (4,154) (11,937)
Medicare Part D reimbursements — — 32 3
Benefits paid (13,418) (12,507) (725) (388)
Benefit obligation at the end of the year $ 221,491 $ 211,616 $ 1,027 $ 4,521
Pension and SERPs Postretirement Benefits
(Amounts in thousands) 2010 2009 2010 2009
Change in plan assets:
Fair value of plan assets at the beginning of the year $ 102,908 $ 95,551 $ — $ —
Actual return on plan assets 9,931 15,918 — —
Employer contributions 7,715 3,946 725 388
Benefits paid (13,418) (12,507) (725) (388)
Fair value of plan assets at the end of the year $ 107,136 $ 102,908 $ — $ —
Unfunded status at the end of the year $ (114,355) $ (108,708) $ (1,027) $ (4,521)
The unfunded status of the Pension and SERPs increased by approximately 5 percent as the benefit obligation increased $9.9 million
while the fair value of the pension plan assets increased $4.2 million during the year. The unfunded status of the defined benefit pension
plan was $45.8 million and $43.0 million at December 31, 2010 and 2009, respectively, and the unfunded status of the SERPs was
$68.6 million and $65.7 million at December 31, 2010 and 2009, respectively.
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) 2010 2009 2010 2009
Components recognized in the Consolidated Balance Sheets:
Pension and other postretirement benefits liability $ (114,355) $ (108,708) $ (1,027) $ (4,521)
Accumulated other comprehensive loss:
Unrealized losses for pension and postretirement benefits, net of tax 59,706 56,378 1,067 542
Prior service cost (credit) for pension and postretirement benefits, net of tax 171 223 (2,575) —
F-38