ARCHIVED - Financial Statements For the year ended March 31, 2010
Notes to the Financial Statement (unaudited)
7. Employee future benefits
a. Pension benefits
The Agency's employees participate in the Public Service Pension Plan, which is sponsored and administered by the Government of Canada. Pension benefits accrue up to a maximum period of 35 years at a rate of 2 percent per year of pensionable service, times the average of the best five consecutive years of earnings. The benefits are integrated with Canada/Québec Pension Plans benefits and they are indexed to inflation.
Both the employees and the Agency contribute to the cost of the Plan. The expense presented below represents approximately 1.9 times (2.0 in 2008-09) the contributions by employees.
|Expense for the year||$24,710,898||$19,736,787|
The Agency's responsibility with regard to the Plan is limited to its contributions. Actuarial surpluses or deficiencies are recognized in the financial statements of the Government of Canada, as the Plan's sponsor.
b. Severance benefits
The Agency provides severance benefits to its employees based on eligibility, years of service and final salary. These severance benefits are not pre-funded. Benefits will be paid from future appropriations. Information about the severance benefits, measured as at March 31, is as follows:
|Accrued benefit obligation, beginning of year||$42,494,997||$31,874,062|
|Expense for the year||736,839||11,866,673|
|Benefits paid during the year||(1,637,148)||(1,245,738)|
|Accrued benefit obligation, end of year||$41,594,689||$42,494,997|
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