Rogers 2005 Annual Report Download - page 135

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131 ROGERS 2005 ANNUAL REPORT . 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 measured at September 30 for the year ended December 31:
2005 2004
Plan assets, beginning of year $ 402,433 $ 339,071
Actual return on plan assets 66,730 43,053
Contributions by employees 13,871 13,237
Contributions by employer 20,152 25,572
Benefits paid (19,364) (18,500)
Plan assets, end of year $ 483,822 $ 402,433
Accrued benefit obligations are outlined below measured at September 30 for the year ended December 31:
2005 2004
Accrued benefit obligations, beginning of year $ 453,318 $ 368,306
Service cost 15,094 11,746
Interest cost 29,538 24,003
Benefits paid (19,364) (18,500)
Contributions by employees 13,871 13,237
Actuarial loss 81,931 54,526
Accrued benefit obligations, end of year $ 574,388 $ 453,318
Net plan expense is outlined below:
2005 2004
Plan cost:
Service cost $ 15,094 $ 11,746
Interest cost 29,538 24,003
Actual return on plan assets (66,730) (43,053)
Actuarial loss on benefit obligation 81,931 54,526
Costs 59,833 47,222
Differences between costs arising in the period and costs recognized in the period
in respect of:
Return on plan assets 37,177 17,900
Actuarial gain (74,377) (49,537)
Plan amendments/prior service cost 830 829
Transitional asset (9,875) (9,875)
Net pension expense $ 13,588 $ 6,539
(a ) A CT U A RI A L A SS U M PT I ON S :
2005 2004
Weighted average discount rate for accrued benefit obligations 5.25% 6.25%
Weighted average discount rate for pension expense 6.25% 6.25%
Weighted average rate of compensation increase 4.00% 4.00%
Weighted average expected long-term rate of return on plan assets 7.25% 7.25%