Neiman Marcus 2004 Annual Report Download - page 110
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Funding Policy and Plan Assets. Our policy is to fund the Pension Plan at or above the minimum required by law. We made the following
contributions to our Pension Plan:
2005 2004 2003
Voluntary Voluntary Required Voluntary
(in millions)
Plan Year Ended:
July 31, 2005 $ — $ — $ — $ —
July 31, 2004 20.0 15.0 — —
July 31, 2003 — 30.0 5.8 —
July 31, 2002 — — 11.5 13.5
Total $ 20.0 $ 45.0 $ 17.3 $ 13.5
Based upon currently available information, we will not be required to make contributions to the Pension Plan for the plan year ended July 31, 2005.
Assets held by the Pension Plan are invested in accordance with the provisions of our approved investment policy. The asset allocation for our Pension
Plan at the end of 2005 and the target allocation for 2006, by asset category, are as follows:
Pension Plan
Allocation
at July 31,
2005
2006
Target
Allocation
Equity Securities 68% 80%
Fixed Income Securities 30% 20%
Cash and Equivalents 2% —
Total 100% 100%
The Pension Plan's strategic asset allocation was structured to reduce volatility through diversification and enhance return to approximate the amounts
and timing of the expected benefit payments.
Changes in the assets held by the Pension Plan in 2005 and 2004 are as follows:
2005 2004
(in thousands)
Fair value of assets at beginning of year $243,097 $183,044
Actual return on assets 32,888 22,767
Company contributions 20,000 45,000
Benefits paid (7,718) (7,714)
Fair value of assets at end of year $288,267 $243,097
F-31