Corporate

Workplace Safety & Prevention Services Notes to Financial Statements March 31, 2020 (3) Defined benefit pension plan Employees belong to the WSIB Employees' Pension Plan and the WSIB Employees' Supplementary Pension Plan, which are defined benefit plans that meet the definition of a multiemployer plan under ASPE 3462 and are thus accounted for as defined contribution plans. The plans provide for partially indexed pensions based on years of service and earnings rates near retirement. The investment activities and the administrative and accounting matters of the pension are administered by the WSIB. Starting January 1, 2021, the WSIB Employees' Supplementary Pension Plan will ceased to be a multiemployer plan under ASPE 3462 and will become a defined benefit plan. The plan will continue to provide for partially indexed pensions based on years of service and earnings rates near retirement. The investment activities and the administrative of the pension will continue to be administered by the WSIB. Investment in Centre for Health & Safety Innovation (CHSI) The Corporation is a founding member of CHSI, a not-for-profit organization that provides shared premises for the Corporation and one other Ontario health and safety organization. Under its membership agreement, the Corporation is determined to be a party to a joint venture with one other party. The Corporation paid a fee equivalent to 74.36% of the start-up and operating costs of CHSI. The Corporation has chosen to use the equity basis to account for its proportionate share of the annual operating results of CHSI (note 4). Use of estimates The preparation of financial statements in accordance with the basis of accounting as described above requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The coronavirus (COVID-19) pandemic has added to the Corporation's measurement uncertainty primarily due to a reduction of available information with which to make significant assumptions related to critical estimates as compared to those estimates reported as at March 31, 2020. Actual results could differ from management's best estimates as additional information becomes available in the future. Accounts requiring significant estimates include collectibility of accounts receivable, accrued and contingent liabilities, deferred revenue and employee future benefits. Employee future benefits liabilities (note 10) are subject to measurement uncertainty because actual results may differ significantly from the Corporation's best long-term estimate of expected results. For example, the difference between actual results and actuarial assumptions regarding health-care cost trend rates for retiree benefits may be significant.  Workplace Safety & Prevention Services  | 26

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