A B727-200 SUFFERS AN ENG FAILURE SHORTLY AFTER TKOF AT SLC. FLC DECLARES AN EMER AND RETURNS TO LAND WITHOUT FURTHER INCIDENT.

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ON TKOF RWY 34R SLC AT XA00; #1 ENG FAILED AT APPROX 400 FT AGL. I WAS FLYING. WE DECLARED AN EMER; REQUESTED EQUIP AND TURNED DOWNWIND. NO VIBRATION OR ENG STALLS WERE NOTICED. RETURNED TO SLC FOR AN UNEVENTFUL LNDG. ACCOMPLISHED ENG FAILURE CHKLIST AND 1 ENG INOP FOLLOW-UP CHKLISTS DURING BOX PATTERN BACK TO ARPT. NO FUEL WAS DUMPED. AFTER LNDG; ENG WAS INTACT AS RPTED BY FIRE/RESCUE. CAPT MADE LNDG AND AFTER INSPECTION ACFT WAS TAXIED TO THE GATE. CALLBACK CONVERSATION WITH RPTR REVEALED THE FOLLOWING INFO: RPTR STATED THE ACFT FLEW SMOOTHLY WHEN THE ENG FAILED. CAUSE OF THE ENG FAILURE WAS A FUEL PUMP SHAFT THAT BROKE. THE SO DIDN'T NOTICE THE ENG FAILING UNTIL THE 'ENG FAIL LIGHT' ILLUMINATED. THE FO; WHO WAS FLYING THE ACFT AT THE TIME; KEPT FEEDING IN RUDDER FOR DIRECTIONAL CTL; BUT DIDN'T REALIZE HE HAD AN ENG FAILED UNTIL THE ENG FAIL LIGHT CAME ON. ACFT HANDLED VERY WELL. CAPT AND SO WENT THROUGH ENG SHUTDOWN CHKLIST. AN EMER WAS DECLARED. WITH CHKLIST COMPLETED; THE FO OFFERED THE ACFT TO THE CAPT TO MAKE THE LNDG. THE CAPT THEN FLEW THE ACFT AND COMPLETED THE FLT.