annual_repport_staatsolie_2016_lr

Annual REPORT
Confidence in Our Own Abilities
54
The benefit obligation and plan assets associated with the benefit plans are measured on December 31, as follows:
Pension benefits Insured pension benefits Postretirement health care
2016 2015 2016 2015 2016 2015
Benefit obligation as at
December 31
Fair value of plan assets as at
December 31
Funded status as at
December 31
(139,070) (124,930) (596) (626) (21,834) (16,165)
104,949 93,256 - - 6,393 6,049
(34,121) (31,674) (596) (626) (15,441) (10,116)
(in %) Pension benefits Insured pension benefits Postretirement health care
Actuarial assumptions 2016 2015 2016 2015 2016 2015
Price inflation 3.00 3.00 3.00 3.00 3.00 3.00
Actuarial discount rate 4.50 4.50 4.50 4.50 4.50 4.50
Expected return on plan assets 6.50 6.50 - - 6.50 6.50
Adjustment for inflation and
salary developments
3.00 3.00 3.00 3.00 - -
Average Merit 1.50 1.50 1.50 1.50 - -
Rate of benefit increase 2.50 2.50 - - - -
Expected increase medical cost - - - - 5.00 5.00
The measurement of the accumulated
postretirement benefit obligation assumes an
initial health care cost trend rate of 5.0 percent. A
one percentage point increase in the health care
cost trend rate would increase service and interest
cost by US$ 0.6 million and the accumulated
postretirement benefit obligation by US$ 5.1
million (2015: US$ 3.9 million). A one percentage
point decrease in the health care cost trend rate
would decrease service and interest cost by US$
0.5 million and the accumulated postretirement
benefit obligation by US$ 3.9 million (2015: US$ 3.0
million).
Pension benefits Health care
2016 2015 2016 2015
Employer's contribution (4,990) (4,539) - -
Employee's contribution (1,663) (1,513) - -
Benefits paid 947 747 103 86