Rogers 2007 Annual Report Download - page 107

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ROGERS COMMUNICATIONS INC. 2007 ANNUAL REPORT 103
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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
contributions and earnings. The Company does not provide any
non-pension postretirement benefits.
Actuarial estimates are based on projections of employees’
compensation levels at the time of retirement. Maximum retirement
benefits are primarily based upon career average earnings, subject
Pension fund assets consist primarily of fixed income and equity
securities, valued at fair value. The following information is
Accrued benefit obligations are outlined below measured at
September 30 for the year ended December 31:
to certain adjustments. The most recent actuarial valuations were
completed as at January 1, 2007, for all of the plans. The next
actuarial valuation for funding purposes must be of a date no later
than January 1, 2008, for certain of the plans and January 1, 2010,
for one of the plans.
The estimated present value of accrued plan benefits and the
estimated 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:
provided on pension fund assets measured at September 30 for the
year ended December 31:
18. PENSIONS:
2007 2006
Plan assets, at fair value $ 606 $ 545
Accrued benefit obligations 689 612
Deficiency of plan assets over accrued benefit obligations (83) (67)
Employer contributions after measurement date 7 4
Unrecognized transitional asset (18) (28)
Unamortized past service costs 11 3
Unamortized net actuarial loss 122 122
Deferred pension asset $ 39 $ 34
2007 2006
Plan assets, beginning of year $ 545 $ 484
Actual return on plan assets 39 40
Contributions by employees 18 15
Contributions by employer 28 28
Benefits paid (24) (22)
Plan assets, end of year $ 606 $ 545
2007 2006
Accrued benefit obligations, beginning of year $ 612 $ 575
Service cost 29 24
Interest cost 34 32
Benefits paid (24) (22)
Contributions by employees 18 15
Actuarial loss (gain) 10 (12)
Plan amendments 10 –
Accrued benefit obligations, end of year $ 689 $ 612