Saks Fifth Avenue 2008 Annual Report Download - page 82

SAKS INCORPORATED & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
Additionally, the Company amended the SFA Pension Plan during 2006, freezing benefit accruals for all
participants except those who have attained age 55 and completed 10 years of credited service as of January 1,
2007, who are considered to be non-highly compensated employees. In January 2009, the Company suspended
future benefit accruals for all remaining participants in the plan effective on March 13, 2009. This curtailment
resulted in a gain of approximately $616 for the year ended January 31, 2009.
The components of net periodic pension expense related to the Company’s pension plan were as follows:
2008 2007 2006
Net periodic pension expense:
Service cost .................................................. $ 846 $ 1,323 $ 4,841
Interest cost .................................................. 10,613 8,199 8,516
Expected return on plan assets .................................... (15,184) (11,058) (9,592)
Recognized actuarial loss ........................................ 1,005 3,338 4,202
Amortization of prior service costs ................................ (87) (70) (395)
Net pension expense ................................................ (2,807) 1,732 7,572
FAS 88 charge ................................................ — — 443
Total pension expense (income) ....................................... $ (2,807) $ 1,732 $ 8,015
Gain recognized due to curtailment .................................... $ (616) $ — $(4,303)
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