Navy Federal Credit Union 2015 Annual Report Download - page 59

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Navy Federal Credit Union40
The following table displays the amount of borrowed funds by maturity for each of the next five
years and thereafter as of December 31, 2015:
(dollars in thousands) Amount
2016 $ 6,504,398
2017 2,108,500
2018 1,971,700
2019 1,198,800
2020 964,439
Thereafter 2,745,000
Total $ 15,492,837
At December 31, 2015, Navy Federal had $17.6 billion pledged as collateral for FHLB borrowings,
which comprised $0.01 billion in investments and $17.61 billion in mortgage loans held for
investment. At December 31, 2014, Navy Federal had $14.03 billion pledged as collateral for FHLB
borrowings, which comprised $0.01 billion in investments and $14.02 billion in mortgage loans
held for investment.
Navy Federal had the following unused lines of credit as of December 31:
(dollars in thousands) 2015 2014
Federal Reserve Bank $ 15,027,866 $ 5,166,028
FHLB 2,843,749 4,089,873
Fed Funds 272,500 272,500
Total $ 18,144,115 $ 9,528,401
NOTE 17: RETIREMENT BENEFIT PLANS
Navy Federal Credit Union Employees’ Retirement Plan
Navy Federal’s Employees’ Retirement Plan is a defined benefit retirement plan with benefits
based on set formulas. Navy Federal transitioned to a Cash Balance design as of January 1, 2001,
but retained the Traditional design for those employees who opted to remain under the
Traditional formula. The following describes how the benefits are calculated:
Cash Balance—This design provides either a single sum payment upon retirement or a monthly
annuity. The annuity option is available for each Cash Balance Plan participant who has a benefit
value of more than $5,000.
Traditional—This structure is designed to provide a lifetime of monthly retirement benefits,
determined by a set formula. The formula is based on the final average earnings (an average
of the three highest consecutive years of income) multiplied by 2%, times the length of
employee service.