Sallie Mae 2007 Annual Report Download - page 191

18. Benefit Plans (Continued)
The Company adopted SFAS No. 158, “Employers’ Accounting for Defined Benefit Pension and Other
Postretirement Plans — an amendment of FASB Statements Nos. 87, 88, 106 and 132(R),” on December 31,
2006.
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, 2007 and 2006, respectively, and a
statement of the funded status as of December 31 of both years based on a December 31 measurement date.
2007 2006
December 31,
Change in Benefit Obligation
Projected benefit obligation at beginning of year.................... $222,606 $216,138
Service cost............................................... 7,100 8,291
Interest cost............................................... 12,337 11,445
Actuarial (gain)/loss......................................... (1,777) (2,274)
Plan settlements............................................ (2,615) —
Special termination benefits ................................... 912 —
Benefits paid .............................................. (10,912) (10,994)
Projected benefit obligation at end of year ........................ $227,651 $222,606
Change in Plan Assets
Fair value of plan assets at beginning of year ...................... $218,369 $197,972
Actual return on plan assets ................................... 23,850 31,805
Employer contribution ....................................... 3,466 1,015
Plan settlements............................................ (2,615) —
Benefits paid .............................................. (10,912) (10,994)
Administrative payments ..................................... (1,460) (1,429)
Fair value of plan assets at end of year . . . ........................ $230,698 $218,369
Funded status at end of year................................... $ 3,047 $ (4,237)
Amounts recognized in the statement of financial position consist of:
Noncurrent assets .......................................... $ 30,322 $ 22,520
Current liabilities ........................................... (6,227) (1,006)
Noncurrent liabilities ........................................ (21,048) (25,751)
Net amount recognized in statement of financial position after
SFASNo.158........................................... $ 3,047 $ (4,237)
Amounts not yet recognized in net periodic pension cost and included in
accumulated other comprehensive income:
Prior service cost ........................................... $ — (37)
Accumulated gain .......................................... 31,843 25,142
Accumulated other comprehensive income ........................ $ 31,843 $ 25,105
F-70
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share amounts, unless otherwise stated)