22 | Workplace Safety & Prevention Services
Workplace Safety & Prevention Services
Notes to Financial Statements
March 31, 2023
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
$
2023
$
2022
$
Accrued benefit liability – beginning of year 18,366,800 1,586,000 19,952,800 23,115,900
Current service cost
271,400 45,000 316,400 404,700
Interest on accrued benefit obligation
800,600 48,000 848,600 771,500
19,438,800 1,679,000 21,117,800 24,292,100
Actuarial gain (3,415,800) (290,000) (3,705,800) (3,300,900)
Benefit payments (979,700) (50,000) (1,029,700) (1,038,400)
Accrued benefit liability – end of year 15,043,300 1,339,000 16,382,300 19,952,800
Benefit plan expense
Current service cost
271,400 45,000 316,400 404,700
Interest on accrued benefit obligation
800,600 48,000 848,600 771,500
Net benefit plan expense 1,072,000 93,000 1,165,000 1,176,200
The significant actuarial assumptions adopted in measuring the Corporation's employee future benefits are as
follows:
2023
%
2022
%
Discount rate
– net benefit cost 4.40 3.40
Discount rate
– accrued obligation at
year-end 4.90 – 5.05 3.00 – 4.40
Annual rates of increase
Extended health-care 5.60, decreasing
to an ultimate
rate of 3.57
5.37, decreasing
to an ultimate
rate of 3.57
Dental care 5.00 per annum 3.00 per annum
Defined contribution pension plan
The employer contributions made in the year amounted to $3,964,517 (2022 – $3,927,589), which are included
in employee benefits in the statement of operations.
