Rogers 2008 Annual Report Download - page 118

Download and view the complete annual report

Please find page 118 of the 2008 Rogers annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 136

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136

114 ROGERS COMMUNICATIONS INC. 2008 ANNUAL REPORT
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
valuations were completed as at January 1, 2008, for all of the
plans except one which was completed January 1, 2007. The next
actuarial valuation for funding purposes must be of a date no later
than January 1, 2009 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:
17. PENSIONS
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 post-retirement 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 to certain adjustments. The most recent actuarial
2008 2007
Plan assets, at fair value $ 556 $ 606
Accrued benefit obligations 622 689
Deficiency of plan assets over accrued benefit obligations (66) (83)
Employer contributions after measurement date 12 7
Unrecognized transitional asset (9) (18)
Unamortized past service costs 10 11
Unamortized net actuarial loss 115 122
Deferred pension asset $ 62 $ 39
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:
2008 2007
Plan assets, beginning of year $ 606 $ 545
Actual return (loss) on plan assets (83) 39
Contributions by employees 21 18
Contributions by employer 38 28
Benefits paid (26) (24)
Plan assets, end of year $ 556 $ 606
Accrued benefit obligations are outlined below measured at
September 30 for the year ended December 31:
2008 2007
Accrued benefit obligations, beginning of year $ 689 $ 612
Service cost 28 29
Interest cost 40 34
Benefits paid (26) (24)
Contributions by employees 21 18
Actuarial loss (gain) (130) 10
Plan amendments – 10
Accrued benefit obligations, end of year $ 622 $ 689