Neiman Marcus 2004 Annual Report Download - page 107
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for only services rendered at the valuation date. Our obligations pursuant to our Pension Plan, SERP Plan and Postretirement Plan are as follows:
Pension Plan SERP Plan Postretirement Plan
2005 2004 2005 2004 2005 2004
(in thousands)
Projected benefit obligations:
Beginning of year $281,423 $244,997 $65,864 $57,638 $20,994 $24,907
Service cost 12,785 10,827 1,445 1,345 57 81
Interest cost 18,544 16,484 4,057 3,849 1,168 1,570
Actuarial loss (gain) 56,400 16,829 8,826 4,713 (5,344) (4,378)
Benefits paid, net (7,718) (7,714) (1,933) (1,681) (1,120) (1,186)
End of year $361,434 $281,423 $78,259 $65,864 $15,755 $20,994
Accumulated benefit obligations:
Beginning of year $240,082 $207,834 $56,209 $49,082
End of year $304,063 $240,082 $65,028 $56,209
A summary of expected benefit payments related to our Pension Plan, SERP Plan and Postretirement Plan is as follows:
Pension
Plan
SERP
Plan
Postretirement
Plan
(in thousands)
Fiscal year 2006 $ 9,665 $ 2,557 $ 1,258
Fiscal year 2007 10,427 2,737 1,126
Fiscal year 2008 11,335 2,766 1,129
Fiscal year 2009 12,346 3,062 1,143
Fiscal year 2010 13,392 3,586 1,140
Fiscal years 2011-2015 $87,648 $22,528 $ 5,511
Actuarial Assumptions. Significant assumptions related to the calculation of our obligations pursuant to our employee benefit plans include the
discount rate used to calculate the actuarial present value of benefit obligations to be paid in the future, the expected long-term rate of return on assets held by
the Pension Plan, the average rate of compensation increase by Pension Plan and SERP Plan participants and the health care cost trend rate for the
Postretirement Plan. We review these actuarial assumptions annually based upon currently available information. The assumptions we utilized in
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