Goldman Sachs 2009 Annual Report Download - page 139
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NOTE 13
Employee Bene t Plans
The rm sponsors various pension plans and certain other
postretirement bene t plans, primarily healthcare and life
insurance. The rm also provides certain bene ts to former
or inactive employees prior to retirement.
De ned Bene t Pension Plans
and Postretirement Plans
Employees of certain non-U.S. subsidiaries participate in
various de ned bene t pension plans. These plans generally
provide bene ts based on years of credited service and a
percentage of the employee’s eligible compensation. The
rm maintains a de ned bene t pension plan for most
U.K. employees. As of April 2008, the U.K. de ned bene t
plan was closed to new participants, but will continue to
accrue bene ts for existing participants.
The rm also maintains a de ned bene t pension plan
for substantially all U.S. employees hired prior to
November1,2003. As of November 2004, this plan was
closed to new participants and frozen such that existing
participants would not accrue any additional bene ts. In
addition, the rm maintains unfunded postretirement bene t
plans that provide medical and life insurance for eligible
retirees and their dependents covered under these programs.
On November30, 2007, the rm adopted amended principles
related to employers’ accounting for de ned bene t pension
and other postretirement plans which require an entity to
recognize in its statement of nancial condition the funded
status of its de ned bene t pension and postretirement plans,
measured as the difference between the fair value of the
plan assets and the bene t obligation. Upon adoption, these
amended accounting principles required an entity to recognize
previously unrecognized actuarial gains and losses, prior
service costs, and transition obligations and assets within
“Accumulated other comprehensive income/(loss)” in the
consolidated statements of changes in shareholders’ equity,
and to derecognize additional minimum pension liabilities.
As a result of adopting these amended accounting principles,
the rm recorded in 2007 increases of $59million and
$253million to “Other assets” and “Other liabilities and
accrued expenses,” respectively, and a $194million loss,
net of taxes, within “Accumulated other comprehensive
income/(loss).”
Goldman Sachs 2009 Annual Report
137
Notes to Consolidated Financial Statements