Fannie Mae 2004 Annual Report Download - page 328

The following table displays the status of our pension and post-retirement plans as of December 31, 2004 and
2003.
Qualified
Non-
Qualified
Other Post-
Retirement
Plan Qualified
Non-
Qualified
Other Post-
Retirement
Plan
Pension Plans Pension Plans
2004 2003
As of December 31,
(Restated)
(Dollars in millions)
Change in Benefit Obligation
Benefit obligation at beginning of year . . . . . . . . . . $472 $ 115 $ 126 $391 $ 95 $ 101
Servicecost............................. 38 8 10 31 6 8
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 7 8 29 7 7
Plan participants’ contributions . . . . . . . . . . . . . . . . — — 1 — — 1
Plan amendments . . . . . . . . . . . . . . . . . . . . . . . . . — 5 (3) — — (6)
Net actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . 63 13 2 27 9 18
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7) (2) (5) (6) (2) (3)
Benefit obligation at end of year . . . . . . . . . . . $598 $ 146 $ 139 $472 $ 115 $ 126
Change in Plan Assets
Fair value of plan assets at beginning of year . . . . . . $376 $ — $ — $234 $ — $ —
Actual return on plan assets . . . . . . . . . . . . . . . . . . 47 — — 68 — —
Employer contributions . . . . . . . . . . . . . . . . . . . . . 121 2 4 80 2 3
Plan participants’ contributions . . . . . . . . . . . . . . . . — — 1 — — —
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7) (2) (5) (6) (2) (3)
Fair value of plan assets at end of year . . . . . . . $537 $ — $ — $376 $ — $ —
Reconciliation of Funded Status to Net Amount
Recognized
Funded status at end of period . . . . . . . . . . . . . . . . $ (61) $(146) $(139) $ (96) $(115) $(126)
Unrecognized net actuarial loss. . . . . . . . . . . . . . . . 119 37 36 78 27 35
Unrecognized prior service cost (benefit) . . . . . . . . . 1 21 (8) 1 17 (6)
Unrecognized net transition obligation . . . . . . . . . . . — — 15 — — 17
Net amount recognized . . . . . . . . . . . . . . . . . . $ 59 $ (88) $ (96) $ (17) $ (71) $ (80)
Amounts Recognized in the Consolidated Balance
Sheets
Other assets:
Prepaid benefit cost . . . . . . . . . . . . . . . . . . . . . . $ 59 $ — $ — $ — $ — $ —
Intangible and other assets . . . . . . . . . . . . . . . . . — 19 — — 13 —
Other liabilities:
Accrued benefit cost . . . . . . . . . . . . . . . . . . . . . — (88) (96) (17) (71) (80)
Additional minimum pension liability. . . . . . . . . . — (29) — — (19) —
Accumulated other comprehensive income . . . . . . . . — 10 — — 6 —
Net amount recognized . . . . . . . . . . . . . . . . . . $ 59 $ (88) $ (96) $ (17) $ (71) $ (80)
F-77
FANNIE MAE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)