Sallie Mae 2005 Annual Report Download - page 185
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)
F-63
17. Benefit Plans (Continued)
Qualified and Nonqualified Plans
The following tables provide a reconciliation of the changes in the qualified and nonqualified plan
benefit obligations and fair value of assets for the years ended December 31, 2005 and 2004, respectively,
and a statement of the funded status as of December 31 of both years based on a December 31
measurement date.
December 31,
2005 2004
Change in Benefit Obligation
Projected benefit obligation at beginningof year.......................... $202,352 $184,019
Service cost........................................................... 9,893 10,862
Interestcost.......................................................... 11,208 11,237
Acquisitions.......................................................... — —
Actuarial loss......................................................... 2,380 14,279
Curtailment gain...................................................... — (6,310)
Benefits paid ......................................................... (9,695) (11,735)
Projected benefit obligation at end of year................................ $216,138 $202,352
Change in Plan Assets
Fairvalue ofplan assets atbeginning of year.............................. $199,816 $184,495
Actual returnon plan assets............................................ 8,160 26,856
Acquisitions.......................................................... — —
Employercontribution................................................. 1,225 1,745
Benefits paid ......................................................... (9,695) (11,735)
Administrative payments............................................... (1,534) (1,545)
Fairvalue ofplan assets atend of year................................... $197,972 $199,816
Funded Status
Funded status at end of year............................................ $(18,166) $ (2,536)
Unrecognized net actuarialgain......................................... (8,349) (20,780)
Unrecognized priorservicecost and transition asset....................... 112 186
Accrued pension cost.................................................. $(26,403) $(23,130)
Amounts recognized in the statement of financial position consist of:
Prepaid benefit cost ................................................... $ — $ —
Accrued benefit liability................................................ (29,447) (25,091)
Intangibleasset....................................................... 213 356
Accumulated other comprehensive income ............................... 2,831 1,605
Net amount recognized ................................................ $(26,403) $(23,130)
Additional year-end information for plans with accumulated benefit obligations
in excess of plan assets:
Projected benefit obligation ............................................ $ 25,716 $ 19,643
Accumulated benefit obligation ......................................... 21,869 19,500
Fair valueof planassets................................................ — —