Workplace Safety & Prevention Services
Notes to Financial Statements
March 31, 2022
6
The continuity of the accrued benefit obligation relating to the post-retirement benefit plan is as follows:
Post
Retirement
Plan
$
Employees'
Supplementary
Pension Plan
$
2022
$
2021
$
Accrued benefit liability – beginning of year 21,448,900 1,667,000 23,115,900 19,920,400
Transfer of pension liability - - - 1,667,000
Current service cost 350,700 54,000 404,700 303,100
Interest on accrued benefit obligation 726,500 45,000 771,500 752,700
22,526,100 1,766,000 24,292,100 22,643,200
Actuarial (gain) loss (3,145,900) (155,000) (3,300,900) 1,402,900
Benefit payments (1,013,400) (25,000) (1,038,400) (930,200)
Accrued benefit liability – end of year 18,366,800 1,586,000 19,952,800 23,115,900
Benefit plan expense
Current service cost 350,700 54,000 404,700 303,100
Interest on accrued benefit obligation 726,500 45,000 771,500 752,700
Net benefit plan expense 1,077,200 99,000 1,176,200 1,055,800
The significant actuarial assumptions adopted in measuring the Corporation's employee future benefits are as
follows:
2022
%
2021
%
Discount rate – net benefit cost 3.40 3.80
Discount rate – accrued obligation at
year-end 3.00 – 4.40 2.60 – 3.40
Annual rates of increase
Extended health-care 5.37, decreasing
to an ultimate
rate of 3.57
5.37, decreasing
to an ultimate
rate of 3.57
Dental care 3.00 per annum 3.00 per annum
Defined contribution pension plan
The employer contributions made in the year amounted to $3,927,589 (2021 – $3,632,355), which are included
in employee benefits in the statement of operations.
