Navy Federal Credit Union 2011 Annual Report Download - page 46

Download and view the complete annual report

Please find page 46 of the 2011 Navy Federal Credit Union annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 62

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62

NAVY FEDERAL CREDIT UNION30
e following table sets forth the funded status of the pension and retiree medical benet plans:
Pension Retiree Medical
(dollars in thousands) 2011 2010 2011 2010
Funded status, end of year
Fair value of plan assets $ 833,785 $ 737,501 $ — $ —
Benet obligations 788,572 638,014 42,562 36,264
Funded status $ 45,213 $ 99,487 $ (42,562) $ (36,264)
e weighted-average assumptions used to determine the projected benet obligation for the pension and retiree medical benet were:
Pension Retiree Medical
2011 2010 2011 2010
Discount rate 4.95% 5.80% 4.95% 5.80%
Rate of compensation increase 3.50% 3.50% N/A N/A
e following table sets forth the net periodic benet cost, contributions received and benets paid for the benet plans:
Pension Retiree Medical
(dollars in thousands) 2011 2010 2011 2010
Benet cost $ 21,600 $ 29,778 $ 4,441 $ 4,488
Cost of special/contractual termination benets 21,125 — 777 —
Employer contribution 99,600 45,000 1,341 1,302
Plan participants’ contributions —— 734 733
Benets paid 22,808 19,580 2,095 2,092
e weighted-average assumptions used to determine the net periodic benet cost for the pension and retiree medical benet were:
Pension Retiree Medical
2011 2010 2011 2010
Discount rate: for benet cost/(income) 5.80% 5.95% 5.80% 5.95%
Discount rate: for cost of special/contractual termination benets 4.95% N/A 4.95% N/A
Expected return on plan assets 7.50% 7.60% N/A N/A
Rate of compensation increase 3.50% 4.00% N/A N/A