SEC Form 17-A: Annual Report - the solid group inc website

- 58 -
The overall movements in the fair value of plan assets of the Group are presented below.
2012 2011
Balance at beginning of year P 251,693,199 P 239,409,688
Effect of curtailment ( 53,322,778 ) -
Contributions paid into the plan 659,116 4,976,389
Benefits paid by the plan ( 1,597,216 ) ( 1,840,988 )
Expected return on plan assets 15,869,634 12,604,518
Actuarial losses ( 3,887,600 ) ( 3,456,408 )
Balance at end of year P 209,414,355 P 251,693,199
The overall movements in the present value of the retirement benefit obligation recognized in
the books are as follows:
2012 2011
Balance at beginning of year P 153,273,245 P 91,208,751
Effect of curtailment ( 43,907,143 ) -
Transfers - 1,267,732
Current service and interest costs 24,297,471 20,067,558
Benefits paid ( 1,597,216 ) ( 1,840,988 )
Actuarial (gains) losses ( 5,478,543 ) 42,570,192
Balance at end of year P 126,587,814 P 153,273,245
Actual returns on plan assets amounted to P12.0 million, P9.15 million and P25.7 million in
2012, 2011 and 2010, respectively. The Group expects to contribute a total of P17.6 million
to the post-employment defined benefit plan in 2012.
The plan assets consist of the following as of December 31:
2012 2011
Government securities P 197,407,650 P 234,845,476
Mutual and trust funds 12,006,705 16,847,723
P 209,414,355 P 251,693,199
The amount of post-employment benefit expense recognized in the consolidated statements
of income is as follows:
2012 2011
Current service cost P 17,610,274 P 13,004,057
Interest cost 6,687,197 7,063,501
Expected return on plan assets ( 15,869,634) ( 12,604,518 )
Net actuarial gains (loss) recognized
during the year ( 1,237,938 ) ( 3,829,007 )
P 7,188,899 P 3,634,033