Navy Federal Credit Union 2013 Annual Report Download - page 60

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Navy Federal Credit Union • 2013 Financial Section
40
2013 ANNUAL REPORT
The following table displays the amount of borrowed funds by maturity for each of the next five years as
of December 31, 2013:
(dollars in thousands) 
2014 $ 3,435,934
2015 541,500
2016 656,700
2017 618,500
2018 1,471,700
Thereafter 1,603,800
Total $ 
At December 31, 2013, Navy Federal had $9.91 billion pledged as collateral for FHLB borrowings,
which comprised $0.02 billion in various securities and $9.89 billion in mortgage loans held for
investment. At December 31, 2012, Navy Federal had $9.50 billion pledged as collateral for FHLB
borrowings, which comprised $0.38 billion in various securities and $9.12 billion in mortgage
loans held for investment.
Navy Federal had the following unused lines of credit as of December 31:
(dollars in thousands)  
FHLB $ 2,982,409 $ 1,151,828
Federal Reserve 4,730,406 3,974,823
Fed Funds 252,500 202,500
Total $  $
NOTE 18:
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 Plan design as of January 1, 2001, but retained
the Traditional Plan design for those employees who opted to remain in the Traditional Plan. The following
describes how the benefits are calculated:
> Cash Balance Plan—This plan 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 Plan—This plan is designed to provide a lifetime of monthly retirement benefits, determined
by a set formula, to vested employees. 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.