Sallie Mae 2008 Annual Report Download - page 202
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17. Commitments, Contingencies and Guarantees (Continued)
Based on current knowledge, reserves have not been established for any pending litigation or regulatory
matters. Based on current knowledge, management does not believe that loss contingencies, if any, arising
from pending litigation or regulatory matters will have a material adverse effect on the consolidated financial
position or liquidity of the Company.
18. Benefit Plans
Pension Plans
As of December 31, 2008, the Company’s qualified and supplemental pension plans (the “Pension Plans”)
are frozen with respect to new entrants and participants with less than ten years of service on June 30, 2004. No
further benefits will accrue with respect to these participants under the Pension Plans, other than interest accruals
on cash balance accounts. Participants with less than five years of service as of June 30, 2004 were fully vested.
For those participants continuing to accrue benefits under the Pension Plans until July 1, 2009, benefits
are credited using a cash balance formula. Under the formula, each participant has an account, for record
keeping purposes only, to which credits are allocated each payroll period based on a percentage of the
participant’s compensation for the current pay period. The applicable percentage is determined by the
participant’s number of years of service with the Company. If an individual participated in the Company’s
prior pension plan as of September 30, 1999 and met certain age and service criteria, the participant will
receive the greater of the benefits calculated under the prior plan, which uses a final average pay plan method,
or the current plan under the cash balance formula.
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. The Company does not provide other postretirement benefits such as postretirement health care or
postretirement life insurance benefits.
F-82
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)