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WSPS 2016 Annual Report

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Workplace Safety & Prevention Services Notes to Financial Statements March 31, 2017 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 completed on March 31, 2017. The continuity of the accrued benefit obligation relating to the post-retirement benefit plan is as follows: March 31, 2017 $ December 31, 2015 $ Accrued benefit liability – Beginning of period 34,659,300 37,803,600 Current service cost 1,581,900 1,758,800 Interest cost on obligation 1,755,100 1,565,600 37,996,300 41,128,000 Actuarial gain (8,560,100) (238,800) Plan amendment — (5,623,900) Benefit payments (870,000) (606,000) Accrued benefit liability – End of period 28,566,200 34,659,300 Benefit plan expense =Current service cost 1,581,900 1,758,800 =Interest on accrued benefit obligation 1,755,100 1,565,600 =Net benefit plan expense 3,337,000 3,324,400 The significant actuarial assumptions adopted in measuring the Corporation's accrued benefit obligations are as follows: March 31, 2017 % December 31, 2015 % Discount rate – net benefit cost 3.75 4.00 Discount rate – accrued obligation at period-end 3.90 4.00 Annual rates of increase =Extended health care 6.00%, decreasing by 0.25% per annum to an ultimate rate of 4.50% 7.50%, decreasing by 0.25% per annum to an ultimate rate of 5.00% =Dental care 2.75% per annum 4.00% per annum Defined contribution pension plan Employees belong to the WSIB Employee's Superannuation Plan, a defined contribution plan with employer contributions in the period amounting to $3,961,202 (2015 – $2,784,261) which are included in employee benefits. 342016 | 2017 Annual Report Workplace Safety & Prevention Services

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