Rogers 2009 Annual Report Download - page 111

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ROGERS COMMUNICATIONS INC. 2009 ANNUAL REPORT 115
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Expected contributions by the Company in 2010 are estimated to be
$56 million.
Employee contributions for 2010 are assumed to be at levels similar
to 2009 on the assumption staffing levels in the Company will
remain the same on a year-over-year basis.
(D) SETTLEMENT OF PENSION OBLIGATIONS:
During 2009, the Company made a lump-sum contribution of $61
million to its pension plans, following which the pension plans
purchased $172 million of annuities from insurance companies for
all employees in the pension plans who had retired as of January
1, 2009. The purchase of the annuities relieves the Company of the
primary responsibility for, and eliminates significant risk associated
with, the accrued benefit obligation for the retired employees. The
non-cash settlement loss arising from this settlement of pension
obligations was $30 million.
In 2008, a curtailment loss of $8 million associated with the
supplemental executive retirement plan was recognized upon the
death of one of the Company’s executives. The Company did not
have any curtailment gains or losses in 2009.
(C) ACTUAL CONTRIBUTIONS TO THE PLANS FOR THE YEARS
ENDED DECEMBER 31, 2009 AND 2008 ARE AS FOLLOWS:
Employer Employee Total
2009 $ 120 $ 21 $ 141
2008 38 21 59
(E) EXPECTED CASH FLOWS:
Expected benefit payments for funded and unfunded plans for the
next 10 fiscal years are as follows:
2010 $ 19
2011 20
2012 21
2013 23
2014 25
108
Next five years 149
$ 257
Certain subsidiaries have defined contribution plans with total pension expense of $2 million in 2009 (2008 – $2 million).