Sallie Mae 2005 Annual Report Download - page 187
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)
F-65
17. Benefit Plans (Continued)
Plan Assets
The weighted average asset allocations at December 31, 2005 and 2004, by asset category, are as
follows:
December 31,
2005 2004
Asset Category
Equitysecurities............................ 62% 69%
Fixedincomesecurities...................... 21 10
Cash equivalents ........................... 17 21
Total...................................... 100% 100%
Investment Policy and Strategy
The principle objectives of the asset allocation policy are to maximize return while preserving
principal during declining phases of the market cycle and to maintain cash reserves sufficient to assure
timely payment of benefit obligations. A maximum of 85 percent of the plan’s assets can be invested in
equity securities with the balance in fixed income securities and cash equivalents. Each of the plan’s U.S.
equity focused fund managers follows a value oriented investment strategy. The current money market
position is being held for benefit payments and in anticipation of allocating funds to an international fund
manager once the final selection is made.
Cash Flows
The Company did not contribute to its qualified pension plan in 2005 and does not expect to
contribute in 2006. There are no plan assets in the nonqualified plans due to the nature of the plans, and
benefits are paid from corporate assets when due to the participant. It is estimated that approximately $1
million will be paid in 2006 for these benefits.
Estimated Future Benefit Payments
The following qualified and nonqualified plan benefit payments, which reflect future service as
appropriate, are expected to be paid:
2006 .............................................. $14,577
2007 .............................................. 14,730
2008 .............................................. 16,266
2009 .............................................. 16,449
2010 .............................................. 16,742
2011 – 2015........................................ 80,165