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WSPS 2017 Annual Report

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Workplace Safety & Prevention Services Notes to Financial Statements March 31, 2018  Workplace Safety & Prevention Services  | 26 10 EMPLOYEE FUTURE BENEFITS Defined benefit post-retirement plan The Corporation provides extended health-care, dental and life insurance benefits to all employees with the cost of these benefits recognized on an accrual basis. The most recently completed actuarial valuation was on March 31, 2017. The continuity of the accrued benefit obligation relating to the post-retirement benefit plan is as follows: 2018 $ 2017 $ Accrued benefit liability – Beginning of year 28,566,200 34,659,300 Current service cost 785,600 1,581,900 Interest cost on obligation 1,126,300 1,755,100 30,478,100 37,996,300 Actuarial loss (gain) 1,374,200 (8,560,100) Benefit payments (804,000) (870,000) Accrued benefit liability – End of year 31,048,300 28,566,200 Benefit plan expense  Current service cost 785,600 1,581,900  Interest on accrued benefit obligation 1,126,300 1,755,100  Net benefit plan expense 1,911,900 3,337,000 The significant actuarial assumptions adopted in measuring the Corporation's accrued benefit obligations are as follows: 2018 % 2017 % Discount rate – net benefit cost 3.90 3.75 Discount rate - accrued obligation at year-end 3.60 3.90 Annual rates of increase  Extended health care 6.00%, decreasing by 0.25% per annum to an ultimate rate of 4.50% 6.00%, decreasing by 0.25% per annum to an ultimate rate of 4.50%  Dental care 2.75% per annum 2.75% per annum Defined contribution pension plan The employer contributions made in the year amounted to $3,265,891 (2017 - $3,961,202), which are included in employee benefits.

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