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WSPS 2020 Annual Report

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27 | WSPS.CA/AnnualReport Workplace Safety & Prevention Services Notes to Financial Statements March 31, 2021 (6) Effective January 1, 2021, WSIB transferred the obligation of funding the WSIB Employees' Supplementary Pension Plan to the Corporation and it ceased to be a multiemployer plan and became a defined benefit plan. The plan provides for partially indexed pensions based on years of service and earnings rates near retirement. The continuity of the accrued benefit obligation relating to the post-retirement benefit plan is as follows: 2021 $ 2020 $ Accrued benefit liability – Beginning of year 19,920,400 33,112,000 Transfer of pension liability 1,667,000 - Current service cost 303,100 964,200 Interest cost on obligation 752,700 1,140,400 22,643,200 35,216,600 Actuarial loss (gain) 1,402,900 (14,405,200) Benefit payments (930,200) (891,000) Accrued benefit liability – End of year 23,115,900 19,920,400 Benefit plan expense Current service cost 303,100 964,200 Interest on accrued benefit obligation 752,700 1,140,400 Net benefit plan expense 1,055,800 2,104,600 The significant actuarial assumptions adopted in measuring the Corporation's accrued benefit obligations are as follows: 2021 % 2020 % Discount rate – net benefit cost 3.80 3.40 Discount rate – accrued obligation at year-end 2.60 – 3.40 3.90 Annual rates of increase Extended health-care 5.37%, decreasing to an ultimate rate of 3.57% 5.37%, decreasing to an ultimate rate of 3.57% Dental care 3.00% per annum 3.00% per annum Defined contribution pension plan The employer contributions made in the year amounted to $3,632,355 (2020 – $3,730,838), which are included in employee benefits in the statement of operations.

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