SEC Form 20-IS - iRemit Global Remittance

- 44 -
The movements in the fair value of plan assets in 2011 and 2010 are as follows:
2011 2010
Balance at beginning of year P=15,196,930 P=12,421,022
Contributions 6,895,233 5,229,490
Expected return on plan assets 1,118,673 738,073
Actuarial loss (1,394,512) (2,643,029)
Benefits paid from plan assets – (548,626)
Balance at end of year P=21,816,324 P=15,196,930
The actual return on the plan assets of the Parent Company in 2011 and 2010 amounted to a loss
of P=0.28 million and P=1.90 million, respectively.
The Parent Company expects to contribute P=6.53 million to its retirement fund in 2012.
The movements in the present value of obligation follow:
2011 2010
Balance at beginning of year P=21,847,360 P=10,080,516
Current service cost 4,618,548 2,143,246
Interest cost 2,117,009 1,134,058
Benefits paid from plan assets – (548,626)
Actuarial (gain) loss (6,058,237) 9,038,166
Balance at end of year P=22,524,680 P=21,847,360
The amounts of retirement expense included in ‘Salaries, wages and employee benefits’ in the
consolidated statements of income follow:
2011 2010 2009
Current service cost P=4,618,548 P=2,143,246 P=1,819,273
Interest cost 2,117,009 1,134,058 999,326
Expected return on plan assets (1,118,673) (738,073) –
Actuarial (gain) loss recognized 131,694 (163,104) (53,418)
Amortization of transitional liability – – 252,228
P=5,748,578 P=2,376,127 P=3,017,409
The movements in the retirement (asset) liability recognized in the balance sheets are as follows:
2011 2010
Balance at beginning of year P=778,261 P=3,631,624
Retirement expense 5,748,578 2,376,127
Contributions (6,895,233) (5,229,490)
Balance at end of year (P=368,394) P=778,261
Movements in the unrecognized actuarial (gains) losses are as follows:
2011 2010
Balance at beginning of year P=5,872,169 (P=5,972,130)
Actuarial loss (gain) during the year (4,663,725) 11,681,195
Actuarial (loss) gain recognized (131,694) 163,104
Balance at end of year P=1,076,750 P=5,872,169
*SGVMC116502*