CCRA Annual Report to Parliament 2004-2005

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http://www.cra-arc.gc.ca/gncy/nnnl/2004-2005/prfrmnc-e/fn_stmt_dt_gcy22-eng.html

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Audited Financial Statements - Agency Activities

Notes to the Financial Statements - Agency Activities

16. Employee future benefits

(a) Pension benefits

The Agency and all eligible employees contribute to the Public Service Pension Plan. This pension plan provides benefits based on years of service and average earnings at retirement. The benefits are fully indexed to the increase in the Consumer Price Index. The Agency's and employees' contributions to the Public Service Pension Plan for the year were as follows:
2005
2004
(in thousands of dollars)
Agency's contributions
275,539
340,015
Employees' contributions
116,239
118,791

(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:
2005
2004
(in thousands of dollars)
Accrued benefit obligation, beginning of year
352,557
441,915
Cost for the year
41,568
33,611
Benefits paid during the year
(21,653)
(21,259)
Accrued benefit obligation at the end of year as originally reported
372,472
454,267
Liabilities transferred to the Canada Border Services Agency
-
(101,710)
Accrued benefit obligation at the end of year - As restated
372,472
352,557



Date modified:
2005-10-26