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94 SUNTRUST 2004 ANNUAL REPORT
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued
FUNDED STATUS
The funded status of the plans, reconciled to the amount reported on the Consolidated Balance Sheets is as follows:
Supplemental Other
Retirement Benefits Retirement Benefits Post Retirement Benefits
(Dollars in thousands) 2004 2003 2004 2003 2004 2003
Fair value of plan assets $ 1,878,771 $ 1,551,232 $—$—$ 154,565 $ 148,229
Projected benefit obligation (1,570,728) (1,268,690) (127,969) (100,436) (182,291) (176,400)
Funded status 308,043 282,542 (127,969) (100,436) (27,726) (28,171)
Amounts not yet recognized:
Unrecognized net loss 448,447 463,074 47,170 41,589 71,000 80,901
Unrecognized prior service cost 1,357 878 12,388 12,496 ——
Unrecognized net transition obligation ————18,573 20,894
Net amount recognized $ 757,847 $ 746,494 $ (68,411) $ (46,351) $ 61,847 $ 73,624
Supplemental Other
Retirement Benefits Retirement Benefits Post Retirement Benefits
(Dollars in thousands) 2004 2003 2004 2003 2004 2003
Prepaid benefit cost $757,847 $746,493 $—$— $61,847 $73,624
Accrued benefit cost ——(113,714) (86,914) ——
Intangible asset ——12,388 12,496 ——
Accumulated other comprehensive
income, before taxes ——32,915 28,067 ——
Net amount recognized $757,847 $746,493 $ (68,411) $(46,351) $61,847 $73,624
Pension plans with an accumulated benefit obligation in excess of plan assets at December 31 were as follows:
Supplemental
Retirement Benefits
(Dollars in thousands) 2004 2003
Projected benefit obligation $127,969 $100,436
Accumulated benefit obligation 113,714 86,914
EXPECTED CASH FLOWS
Information about the expected cash flows for the pension and other post retirement benefit plans follows:
Supplemental Other Post Retirement Value to Company
Retirement Retirement Benefits (excluding of Expected
(Dollars in thousands) Benefits1Benefits2Medicare Subsidy)3Medicare Subsidy
Employer Contributions
2005 (expected) to plan trusts $ — $ — $14,334 $ —
2005 (expected) to plan participants — 26,321 — —
Expected Benefit Payments
2005 79,018 26,321 16,195 —
2006 83,520 6,932 16,575 (985)
2007 89,394 10,821 16,903 (1,026)
2008 96,700 13,020 17,062 (1,055)
2009 102,506 10,213 17,281 (1,067)
2010 – 2014 624,285 56,588 85,721 (5,097)
1At this time, SunTrust does not anticipate any contributions to the Retirement Plan during 2005 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 from SunTrust corporate assets.
3The 2005 expected contribution for the Other Post Retirement Benefit Plans represent the expected benefit payments under the medical plans only. Note that expected benefits under Other Post Retirement
Benefit Plans are shown net of participant contributions.