Bank of Montreal 2014 Annual Report Download - page 156
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Notes
Changes in the estimated financial positions of our pension benefit plans and other employee future benefit plans are as follows:
(Canadian $ in millions, except as noted) Pension benefit plans Other employee future benefit plans
2014 2013 2014 2013
Defined benefit obligation
Defined benefit obligation at beginning of year 6,181 6,011 1,174 1,175
Opening adjustment for acquisitions 455 –––
Benefits earned by employees 241 234 25 27
Interest cost on accrued benefit obligation 289 249 55 51
Benefits paid to pensioners and employees (326) (286) (33) (30)
Voluntary employee contributions 12 11 ––
Actuarial gains (losses) due to:
Demographic assumption changes 48 161 (15) 36
Financial assumption changes 532 (289) 98 (97)
Plan member experience (14) 38 (3) 8
Other, primarily foreign exchange 86 52 16 4
Defined benefit obligation at end of year 7,504 6,181 1,317 1,174
Wholly or partially funded defined benefit obligation 7,339 6,075 125 104
Unfunded defined benefit obligation 165 106 1,192 1,070
Total defined benefit obligation 7,504 6,181 1,317 1,174
Weighted-average assumptions used to determine the defined benefit obligation
Discount rate at end of year 4.1% 4.6% 4.2% 4.7%
Rate of compensation increase 2.9% 2.9% 2.6% 2.7%
Assumed overall health care cost trend rate na na 5.4% (1) 5.4% (1)
Fair value of plan assets
Fair value of plan assets at beginning of year 6,267 5,800 95 81
Opening adjustment for acquisitions 456 –––
Interest income on plan assets 300 245 43
Excess (shortfall) of actual returns over interest income 458 278 58
Employer contributions 284 178 33 30
Voluntary employee contributions 12 11 ––
Benefits paid to pensioners and employees (326) (286) (33) (30)
Administrative expenses (5) (5) ––
Other, primarily foreign exchange 90 46 93
Fair value of plan assets at end of year 7,536 6,267 113 95
Surplus (deficit) and net defined benefit asset (liability) at the end of the year 32 86 (1,204) (1,079)
Recorded in:
Other assets 261 192 ––
Other liabilities (229) (106) (1,204) (1,079)
Surplus (deficit) and net defined benefit asset (liability) at end of year 32 86 (1,204) (1,079)
Comparative figures have been restated as a result of the adoption of new accounting principles – see Note 1.
(1) Trending to 4.5% in 2030 and remaining at that level thereafter.
na – not applicable
BMO Financial Group 197th Annual Report 2014 169