SunTrust 2003 Annual Report Download - page 81

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Annual Report 2003 SunTrust Banks, Inc. 79
FUNDED STATUS
The funded status of the plans, reconciled to the amount reported on the Consolidated Balance Sheets, follows:
Supplemental Other
Retirement Benefits Retirement Benefits Postretirement Benefits
(Dollars in thousands) 2003 2002 2003 2002 2003 2002
Fair value of plan assets $1,551,232 $1,025,873 $—$—$148,229 $140,669
Benefit obligations 1,268,690 1,046,260 100,436 89,305 176,400 158,201
Funded status 282,542 (20,387) (100,436) (89,305) (28,171) (17,532)
Unrecognized net loss 463,073 527,525 41,589 39,795 80,901 77,534
Unrecognized prior service cost 878 2,208 12,496 12,852 ——
Unrecognized net transition obligation ———43 20,894 23,216
Net amount recognized $746,493 $509,346 $(46,351) $(36,615) $73,624 $83,218
Supplemental Other
Retirement Benefits Retirement Benefits Postretirement Benefits
(Dollars in thousands) 2003 2002 2003 2002 2003 2002
Prepaid benefit cost $746,493 $509,346 $—$—$73,624 $83,218
Accrued benefit cost ——(86,914) (77,387) ——
Intangible asset ——12,496 12,896 ——
Accumulated other comprehensive
income, before taxes ——28,067 27,876 ——
Net amount recognized $746,493 $509,346 $(46,351) $(36,615) $73,624 $83,218
The following information pertains to the Supplemental Retirement Plan at December 31, 2003 and 2002:
(Dollars in thousands) 2003 2002
Projected benefit obligation $100,436 $89,305
Accumulated benefit obligation 86,914 77,387
EXPECTED CASH FLOWS
Information regarding the expected cash flows for benefit plans is as follows:
Supplemental Other
(Dollars in thousands) Retirement Benefits Retirement Benefits Postretirement Benefits
Employer Contributions
2004 (expected) $ —1$—
2$12,8323
Expected Benefit Payments
2004 61,240 7,793 14,494
2005 65,591 8,652 15,008
2006 70,549 12,348 15,488
2007 76,214 9,589 15,916
2008 82,838 12,527 16,129
2009 – 2013 525,501 44,343 82,456
1At this time, SunTrust does not anticipate any contributions to the Retirement Plan during 2004 based on the well-funded status of the Plan and contribution limitations under the Employee
Retirement Income Security Act of 1974 (ERISA).
2The expected benefit payments for the Supplemental Retirement Plan will be paid directly by SunTrust corporate assets.
3The 2004 expected contribution for the Other Postretirement Benefit Plans represents the expected benefit payments under the medical plans only. The expected benefits under postretirement
benefits are shown net of participant contributions.