SAE Annual Report 2011 - 48

SAE INTERNATIONAL
Notes to the Financial Statements (Continued) Note 6 - Employee Benefit Plans Defined Benefit Pension Plan SAE maintains a noncontributory defined benefit pension plan covering certain employees of SAE and PRI. SAE’s policy is to fund the pension costs as determined by actuarial valuation. SAE is then reimbursed by PRI for PRI’s portion of the net periodic pension expense. Effective January 1, 2008, SAE froze its defined benefit pension plan. Employees hired prior to January 1, 2008 will continue to earn benefits under the plan. Employees hired on or after January 1, 2008 will not be eligible to participate in the plan. The following table sets forth the funded status and obligations of the plan at December 31: 2011 Projected benefit obligation Fair value of pension plan assets Funded status at end of year ($60,535,889) 38,133,422 ($22,402,467) 2010 ($50,796,922) 38,533,002 ($12,263,920)

The funded status of the plan was measured as of December 31. The following are the weighted-average assumptions used to determine benefit obligations at December 31: 2011 Discount rate Rate of increase in compensation levels Other required disclosures consisted of the following: 2011 Net periodic pension costs Benefits paid Contributions $ 1,842,989 $ 1,735,528 $ 2,000,000 2010 $ 2,204,818 $ 1,606,069 $ 2,000,000 5% 4% 2010 5¾% 4%

48

Page 22



SAE Annual Report 2011

Table of Contents for the Digital Edition of SAE Annual Report 2011

SAE Annual Report 2011
Contents
Executive Message
Sectors – Aerospace, Automotive and Commercial Vehicle
Membership
Aerospace Standards
Ground Vehicle Standards
Publishing
Magazines and Books
Engineering Events and Meetings
Pre-professional Education
SAE Foundation
Professional Development
Performance Review Institute
Financial Information
Board of Directors
Affiliates and Sections
International Business Partners
SAE Annual Report 2011 - SAE Annual Report 2011
SAE Annual Report 2011 - Cover2
SAE Annual Report 2011 - Contents
SAE Annual Report 2011 - Executive Message
SAE Annual Report 2011 - 3
SAE Annual Report 2011 - Sectors – Aerospace, Automotive and Commercial Vehicle
SAE Annual Report 2011 - 5
SAE Annual Report 2011 - 6
SAE Annual Report 2011 - 7
SAE Annual Report 2011 - Membership
SAE Annual Report 2011 - 9
SAE Annual Report 2011 - Aerospace Standards
SAE Annual Report 2011 - Ground Vehicle Standards
SAE Annual Report 2011 - Publishing
SAE Annual Report 2011 - Magazines and Books
SAE Annual Report 2011 - 14
SAE Annual Report 2011 - Engineering Events and Meetings
SAE Annual Report 2011 - Pre-professional Education
SAE Annual Report 2011 - SAE Foundation
SAE Annual Report 2011 - 18
SAE Annual Report 2011 - Professional Development
SAE Annual Report 2011 - Performance Review Institute
SAE Annual Report 2011 - Financial Information
SAE Annual Report 2011 - 22
SAE Annual Report 2011 - 23
SAE Annual Report 2011 - 24
SAE Annual Report 2011 - 25
SAE Annual Report 2011 - 26
SAE Annual Report 2011 - 27
SAE Annual Report 2011 - 28
SAE Annual Report 2011 - 29
SAE Annual Report 2011 - 30
SAE Annual Report 2011 - 31
SAE Annual Report 2011 - 32
SAE Annual Report 2011 - 33
SAE Annual Report 2011 - 34
SAE Annual Report 2011 - 35
SAE Annual Report 2011 - 36
SAE Annual Report 2011 - 37
SAE Annual Report 2011 - 38
SAE Annual Report 2011 - 39
SAE Annual Report 2011 - 40
SAE Annual Report 2011 - 41
SAE Annual Report 2011 - 42
SAE Annual Report 2011 - 43
SAE Annual Report 2011 - 44
SAE Annual Report 2011 - 45
SAE Annual Report 2011 - 46
SAE Annual Report 2011 - 47
SAE Annual Report 2011 - 48
SAE Annual Report 2011 - 49
SAE Annual Report 2011 - 50
SAE Annual Report 2011 - 51
SAE Annual Report 2011 - 52
SAE Annual Report 2011 - 53
SAE Annual Report 2011 - 54
SAE Annual Report 2011 - 55
SAE Annual Report 2011 - 56
SAE Annual Report 2011 - 57
SAE Annual Report 2011 - 58
SAE Annual Report 2011 - 59
SAE Annual Report 2011 - Board of Directors
SAE Annual Report 2011 - 61
SAE Annual Report 2011 - Affiliates and Sections
SAE Annual Report 2011 - International Business Partners
SAE Annual Report 2011 - Cover4
https://www.nxtbookmedia.com