Sallie Mae 2008 Annual Report Download - page 203

18. 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, 2008 and 2007, and a statement of the
funded status as of December 31 of both years based on a December 31 measurement date.
2008 2007
December 31,
Change in Benefit Obligation
Projected benefit obligation at beginning of year . . ..................... $227,651 $222,606
Service cost . ................................................ 6,566 7,100
Interest cost . ................................................ 12,908 12,337
Actuarial (gain)/loss . .......................................... (4,204) (1,777)
Plan curtailment .............................................. 114 —
Plan settlement ............................................... — (2,615)
Special termination benefits . ..................................... — 912
Benefits paid . ................................................ (36,148) (10,912)
Benefit obligation at end of year . . ................................ $206,887 $227,651
Change in Plan Assets
Fair value of plan assets at beginning of year ......................... $230,698 $218,369
Actual return on plan assets . ..................................... 12,681 23,850
Employer contribution .......................................... 5,326 3,466
Settlement loss ............................................... — (2,615)
Benefits paid . ................................................ (36,148) (10,912)
Administrative payments . . . ..................................... (777) (1,460)
Fair value of plan assets at end of year .............................. $211,780 $230,698
Funded status at end of year. ..................................... $ 4,893 $ 3,047
Amounts recognized in the statement of financial position consist of:
Noncurrent assets . . . .......................................... $ 27,402 $ 30,322
Current liabilities . . . .......................................... (2,895) (6,227)
Noncurrent liabilities . .......................................... (19,614) (21,048)
Net amount recognized in statement of financial position under
SFASNo.158.............................................. $ 4,893 $ 3,047
Amounts not yet recognized in net periodic pension cost and included in
accumulated other comprehensive income:
Prior service cost.............................................. $ — $ —
Accumulated gain . . . .......................................... 29,720 31,843
Accumulated other comprehensive income . .......................... $ 29,720 $ 31,843
Amounts expected to be reflected in net periodic pension cost during the next
fiscal year:
Prior service cost.............................................. $ — $ —
Accumulated gain . . . .......................................... 1,366 1,450
Accumulated other comprehensive income . .......................... $ 1,366 $ 1,450
Additional year-end information for plans with accumulated benefit
obligations in excess of plan assets:
Projected benefit obligation . ..................................... $ 22,509 $ 27,275
Accumulated benefit obligation . . . ................................ 22,448 26,592
Fair value of plan assets......................................... — —
The accumulated benefit obligations of the qualified and nonqualified defined benefit plans were
$206 million and $221 million at December 31, 2008 and 2007, respectively. There are no plan assets in the
F-83
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)