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2003 Annual Report Rogers Communications Inc.
98
Notes to Consolidated Financial Statements
Pension fund assets consist primarily of fixed income and equity securities, valued at market value. The following
information is provided on pension fund assets:
2003 2002
Plan assets, beginning of year $ 307,231 $ 331,834
Actual return (loss) on plan assets 36,332 (21,326)
Contributions by employees 13,248 13,426
Benefits paid (20,673) (16,703)
Plan assets, end of year $ 336,138 $ 307,231
Accrued benefit obligations are outlined below:
2003 2002
Accrued benefit obligations, beginning of year $ 336,267 $ 308,492
Service cost 11,314 12,649
Interest cost 23,826 22,835
Benefits paid (20,673) (16,703)
Employee contributions 13,248 13,426
Actuarial loss (gains) 4,202 (4,432)
Accrued benefit obligations, end of year $ 368,184 $ 336,267
Net plan expense is outlined below:
2003 2002
Plan cost:
Service cost $ 11,314 $ 12,649
Interest cost on accrued benefit obligations 23,826 22,835
Expected return on plan assets (22,107) (27,241)
Amortization of transitional asset (9,046) (8,950)
Amortization of net actuarial loss 7,452 2,808
Net plan expense $ 11,439 $ 2,101
Actuarial assumptions:
2003 2002
Weighted average discount rate for accrued benefit obligations 6.25% 7.00%
Weighted average rate of compensation increase 4.00% 5.00%
Weighted average expected long-term rate of return on plan assets 7.25% 8.25%
Allocation of plan assets:
Percentage of Target asset
plan assets, allocation
Asset category December 31, 2003 percentage
Equity securities 59.8% 50% – 65%
Debt securities 38.8% 35% – 50%
Other (cash) 1.4% 0% – 1.0%
100.0%