BB&T 2007 Annual Report Download - page 110

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BB&T CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following are the significant actuarial assumptions that were used to determine benefit obligations:
December 31,
2007 2006
Actuarial Assumptions
Weighted average assumed discount rate 6.60% 6.00%
Assumed rate of annual compensation increases 4.50 4.50
Qualified
Pension Plan Nonqualified
Pension Plans
Years Ended
December 31, Years Ended
December 31,
2007 2006 2007 2006
(Dollars in millions)
Change in Projected Benefit Obligation
Projected benefit obligation, January 1, $1,117 $1,009 $127 $112
Service cost 69 61 5 4
Interest cost 66 58 8 7
Actuarial (gain) loss (92) 26 (3) 8
Benefits paid (40) (37) (5) (5)
Adjustments for plans of acquired entities — — — 1
Projected benefit obligation, December 31, $1,120 $1,117 $132 $127
Qualified
Pension Plan Nonqualified
Pension Plans
Years Ended
December 31, Years Ended
December 31,
2007 2006 2007 2006
(Dollars in millions)
Change in Plan Assets
Fair value of plan assets, January 1, $1,448 $1,030 $ — $ —
Actual return on plan assets 79 141 — —
Employer contributions 249 314 5 5
Benefits paid (40) (37) (5) (5)
Fair value of plan assets, December 31, 1,736 1,448 — —
Funded status at end of year $ 616 $ 331 $(132) $(127)
Qualified
Pension Plan Nonqualified
Pension Plans
Years Ended
December 31, Years Ended
December 31,
2007 2006 2007 2006
(Dollars in millions)
Pre-Tax Amounts Recognized in Accumulated
Other Comprehensive Income (Loss)
Prior service credit (cost) $ 9 $ 13 $— $—
Net actuarial (loss) gain (142) (198) (26) (32)
Net amount recognized $(133) $(185) $ (26) $ (32)
The expected amortization of unrecognized prior service credit and unrecognized net losses for the qualified
plan and nonqualified plans that are expected to be amortized from accumulated other comprehensive income
(loss) into net periodic pension cost during 2008 are not material.
110