Air Canada 2012 Annual Report Download - page 112
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2012 Air Canada Annual Report
112
Benefit Obligation and Plan Assets
These consolidated financial statements include all of the assets and liabilities of all Corporation-sponsored plans.
In 2012, Air Canada concluded an agreement with Aimia Canada Inc. (formerly Aeroplan) through which Air Canada will
transfer to the Aeroplan defined benefit pension plan all the pension plan assets and obligations related to pension benefits
accrued by approximately 750 employees who were Air Canada employees and who chose to transition to employment at
Aeroplan in 2009. For those employees who transferred to Aeroplan, their service, which largely determines benefit levels
under the Air Canada pension and other employee benefit plans, ceased to accrue as of the date of employment with
Aeroplan. Post transition, Aeroplan is contributing current service costs in their pension plan for service accruing with
Aeroplan. Air Canada continues to retain plan assets and report plan liabilities for services accrued for the transferred Aeroplan
employees as at December 31, 2012. The transfer is subject to approval by OSFI and will be accounted for at the time this
approval is received and the transfer occurs. Based on the most recent actuarial valuation report, the solvency deficit and
related compensation to Aimia for transferred employees is not material.
The net benefit obligation is recorded in the statement of financial position as follows:
2012 2011
Accrued benefit liabilities for
Pension benefits obligation $ 3,528 $ 4,519
Other employee future benefits 1,233 1,116
Net benefit obligation 4,761 5,635
Current portion (72) (72)
Pension and other benefit liabilities $ 4,689 $ 5,563