Sallie Mae 2009 Annual Report Download - page 215
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18. Benefit Plans (Continued)
record keeping purposes only, to which credits were allocated each payroll period based on a percentage of
the participant’s compensation for the current pay period. The applicable percentage was 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
(“grandfathered 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 does not provide other postretirement benefits such as postretirement health care or
postretirement life insurance benefits.
F-88
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)