FINANCIAL SECTION
Nissan Annual Report 200482
9. RETIREMENT BENEFIT PLANS
The Company and its domestic consolidated subsidiaries have defined benefit plans, i.e., welfare pension fund plans (“WPFP”), t ax-qualified
pension plans and lump-sum payment plans, covering substantially all employees who are entitled to lump-sum or annuity payments, the amounts
of which are determined by reference to their basic rates of pay, length of service, and the conditions under which termination  occurs. Certain
foreign consolidated subsidiaries have defined benefit and contribution plans.
The following table sets forth the funded and accrued status of the plans, and the amounts recognized in the consolidated balan ce sheets as
of March 31, 2005 and 2004 for the Company’s and the consolidated subsidiaries’ defined benefit plans:
Thousands of
Millions of yen U.S. dollars
2004 2003 2004
As of Mar. 31, 2005 Mar. 31, 2004 Mar. 31, 2005
Retirement benefit obligation....................................................................................................................................... ¥(1,217,260) ¥(1,041,483) $(11,376,262)
Plan assets at fair value.................................................................................................................................................... 500,815 377,169 4,680,514
Unfunded retirement benefit obligation............................................................................................................... (716,445) (664,314) (6,695,748)
Unrecognized net retirement benefit obligation at transition ........................................................... 120,718 131,666 1,128,206
Unrecognized actuarial gain or loss........................................................................................................................ 154,689 152,867 1,445,691
Unrecognized prior service cost................................................................................................................................. (66,720) (61,833) (623,551)
Net retirement benefit obligation.............................................................................................................................. (507,758) (441,614) (4,745,402)
Prepaid pension cost........................................................................................................................................................... 445 652 4,159
Accrued retirement benefits.......................................................................................................................................... ¥ (508,203) ¥ (442,266) $ (4,749,561)
The substitutional portion of the benefits under the WPFP has been included in the amounts shown in the above table.
The Company received the approval from the Minister of Health, Labor and Welfare (“MHLW”) in the year ended March 31, 2003 with  respect
to its application for exemption from the obligation for benefits related to future employee services under the substitutional portion of the WPFP.
Certain domestic consolidated subsidiaries received the same approval from MHLW during the year ended March 31, 2004. In accord ance with
the transitional provision stipulated in “Practical Guidelines for Accounting for Retirement Benefits,” the Company and the dom estic consolidated
subsidiaries accounted for the separation of the substitutional portion of the benefit obligation from the corporate portion of the benefit obligation
under their WPFPs as of the dates of approval for their exemption assuming that the transfer to the Japanese government of the substitutional
portion of the benefit obligation and related pension plan assets had been completed as of those dates. As a result, the Compan y recognized a
loss of ¥30,945 million for the year ended March 31, 2003 and the domestic consolidated subsidiaries recognized an aggregate ga in of ¥3,669