AR 2001 Layout_Final - Royal Ontario Museum

14. Employee benefits
The Museum has a defined pension benefit plan and other benefit plans that provide pension and other post-employment benefits to
most of its employees. Details of these plans are summarized below.
The net expense (income) for the Museum’s benefit plans are as follows:
2002 2001
(in thousands of dollars)
Defined benefit plan 419 (600)
Other post-employment benefits 505 489
924 (111)
Information about the Museum’s pension and non-pension plans at June 30 is as follows:
Pension
Non-Pension
2002 2001 2002 2001
(in thousands of dollars)
Accrued liabilities 43,299 43,710 3,393 3,327
Market value of assets 42,243 45,430 - -
Surplus (deficit) (1,056) 1,720 (3,393) (3,327)
Unrecognized deficit (surplus)
from July 1, 2000 (6,682) (7,413) 2,757 2,954
Unrecognized impact of change
in pension increase assumption (5,010)
Unrecognized actuarial loss (gain) 15,903 8,929 (222) (66)
Balance sheet asset (obligation) 3,155 3,236 (858) (439)
The obligation for non-pension plans is included in accounts payable and accrued liabilities.
The significant actuarial assumptions adopted in measuring the Museum’s accrued benefit obligations are as follows:
Pension
Non-Pension
2002 2001 2002 2001
Discount rate 7.25% 7.00% 7.25% 7.00%
Expected long-term rate of return
on plan assets 7.50 7.50 - -
Rate of compensation increase 4.25 3.50 - -
Rate of increase in pensions 0.0 1.5
For measurement purposes, an ultimate 4.5% annual rate of increase in the cost of medical and dental benefits was assumed.
Other information about the Museum’s defined benefit plan is as follows:
Pension
Non-Pension
2002 2001 2002 2001
(thousands of dollars)
Employee contributions 597 635 - -
Employer contributions 336 - - -
Benefits paid 2,123 1,867 86 51
51