Foreign plans: In the Netherlands, two plans are offered. The amount of the benefits under these plans depends on the years of service and the salaries received during those years of service. Upon retirement, guaranteed pension payments are granted. Additionally, the plans also cover benefits in case of death or invalidity. The employer pays premiums to an insur- ance company to finance these plans. Pension increases to be made are covered, on the one hand by surpluses of the insurer and, on the other hand, by further employer contributions, insofar ALTANA bears the risk of additional funding obligations. In the U.S., ALTANA basically offers two employee benefit plans which are financed by funds and one additional defined benefit plan for executive employees, which is unfunded. These plans provide for pension payments upon retirement. New employees cannot partici- pate in these plans. Only one of the funded plans provides for additional benefits in future years of service. The two funded defined benefit plans are managed by trustees. These plans are subject to minimum funding requirements. The risks related to these plans are repre- sented by the change in actuarial assumptions and life expectancy. For example, a lower inter- est rate will result in higher pension obligations due to lower discounting, which in turn could result in higher fund provisioning. For the two funded plans, shares account for a rela- tively large portion of plan assets, in which case a higher return may be expected in the long-term, but which also bears a volatility risk. If the interest yield is lower than planned, fund financing will decrease and higher contributions might be required. The development of post-employment benefit obligations, similar obligations and pension liabilities are as follows: Dec. 31, 2014 Dec. 31, 2015 Domestic Foreign Total Domestic Foreign Total 118 Notes to Consolidated Financial Statements Defined benefit obligation – funded 45,575 45,990 91,565 54,074 45,309 99,383 Fair value of plan assets 45,542 35,701 81,243 54,048 37,628 91,676 Funded status 33 10,289 10,322 26 7,681 7,707 Defined benefit obligation – unfunded 192,712 4,266 196,978 181,366 4,523 185,889 Net defined benefit obligation 192,745 14,555 207,300 181,392 12,204 193,596 Effect on asset ceiling limitation – – – – – – Employee benefit obligation 192,745 14,555 207,300 181,392 12,204 193,596 Provision for other post-retirement benefits 65 111 176 34 169 203 Reported amount 192,810 14,666 207,476 181,426 12,373 193,799
E_ALT_GB15_160317_online
To see the actual publication please follow the link above