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WSPS 2015 Annual Report

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2015 ANNUAL REPORT  | Workplace Safety & Prevention Services 27 Ahead of the Curve | WSPS.CA/AnnualReport Workplace Safety & Prevention Services Notes to Financial Statements December 31, 2015 10. EMPLOYEE FUTURE BENEFITS Defined benefit post-retirement plan The Association 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 June 30, 2015. The continuity of the accrued benefit obligation relating to the post-retirement benefit plan is as follows: 2015 2014 Accrued benefit liability – Beginning of year $ 37,803,600 $ 41,220,900 Current service cost 1,758,800 1,411,600 Interest cost on obligation 1,565,600 2,117,400 41,128,000 44,749,900 Actuarial gain (238,800) (6,314,300) Plan amendment (5,623,900) — Benefit payments (606,000) (632,000) Accrued benefit liability – End of year $ 34,659,300 $ 37,803,600 Benefit plan expense Current service cost 1,758,800 1,411,600 Interest on accrued benefit obligation 1,565,600 2,117,400 Net benefit plan expense $ 3,324,400 $ 3,529,000 The significant actuarial assumptions adopted in measuring the Association's accrued benefit obligations are as follows: 2015 2014 % % Discount rate – net benefit cost 4.0 5.0 Discount rate – accrued obligation at year-end 4.0 4.0 Annual rates of increase Extended health care 7.5%, decreasing by 0.25% per annum to an ultimate rate of 5.00 7.5%, decreasing by 0.25% per annum to an ultimate rate of 5.00 Dental care 4.0% per annum 4.0% per annum Defined contribution pension plan Employees belong to the WSIB Employee's Superannuation Plan, a defined contribution plan with employer contributions in the year amounting to $2,784,261 (2014 - $2,744,271) and are included in employee benefits.

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