Rogers 2006 Annual Report Download - page 104

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100 ROG ERS CO MMU N ICAT IONS IN C . 2006 ANN UA L RE P ORT
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
19 P ENSIONS
The Company maintains both contributory and non-contributory
defined benefit pension plans that cover most of its employees. The
plans provide pensions based on years of service, years of contribu-
tions and earnings. The Company does not provide any non-pension
post-retirement benefits.
Actuarial estimates are based on projections of employees’ compen-
sation levels at the time of retirement. Maximum retirement benefits
are primarily based upon career average earnings, subject to certain
adjustments. The most recent actuarial valuations were completed
as at January 1, 2004 for certain of the plans and January 1, 2006 for
one of the plans. The next actuarial valuation for funding purposes
must be of a date no later than January 1, 2007 for all of the plans.
The estimated present value of accrued plan benefits and the esti-
mated market value of the net assets available to provide for these
benefits measured at September 30 for the year ended December 31
are as follows:
2006 2005
Plan assets, at fair value $ 545 $ 484
Accrued benefit obligations 612 575
Deficiency of plan assets over accrued benefit obligations (67) (91)
Employer contributions after measurement date 4 6
Unrecognized transitional asset (28) (38)
Unamortized past service costs 3 4
Unamortized net actuarial loss 122 151
Deferred pension asset $ 34 $ 32
Pension fund assets consist primarily of fixed income and equity
securities, valued at fair value. The following information is provided
on pension fund assets measured at September 30 for the year ended
December 31:
2006 2005
Plan assets, beginning of year $ 484 $ 402
Actual return on plan assets 40 67
Contributions by employees 15 14
Contributions by employer 28 20
Benefits paid (22) (19)
Plan assets, end of year $ 545 $ 484
Accrued benefit obligations are outlined below measured at
September 30 for the year ended December 31:
2006 2005
Accrued benefit obligations, beginning of year $ 575 $ 453
Service cost 24 15
Interest cost 32 30
Benefits paid (22) (19)
Contributions by employees 15 14
Actuarial loss (gain) (12) 82
Accrued benefit obligations, end of year $ 612 $ 575