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US pension plans
Autoneum maintains five defined benefit pension plans in the USA. Four of those plans are funded
and one plan is unfunded. The defined benefit plans in the USA have been closed to new members.
New employees in the USA now join defined contribution plans. The defined benefit plans are subject
to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), which defines
minimum standards such as the statutory minimum funded status.
Pension plans in other countries
Autoneum maintains defined benefit plans in Canada, Great Britain and in the Netherlands. The
pension plan in Canada is open for all Canadian employees. The plan is funded, and the majority of
the contributions are paid by the employer. The pension plan in Great Britain is funded and has
been closed to new members. New employees join a defined contribution plan. The plan in the Neth-
erlands is funded and has been closed to new members.
The movement in the defined benefit obligation over the year was as follows:
CHF million
2016
2015
Defined benefit obligation at January 1
207.6
205.0
Current service cost
6.9
6.3
Past service cost
–2.1
–0.6
Interest expenses
4.5
4.6
Remeasurement gains and losses
7.5
4.4
Employee contributions
3.2
3.0
Settlements
–3.8
–
Benefits paid
–12.2
–8.9
Currency translation adjustment
2.0
–6.2
Defined benefit obligation at December 31
213.7
207.6
The movement in the fair value of plan assets over the year was as follows:
CHF million
2016
2015
Fair value of plan assets at January 1
180.9
181.1
Interest income
3.6
3.7
Return on plan assets excluding interest income
2.4
0.9
Employer contributions
6.6
6.8
Employee contributions
3.2
3.0
Settlements
–3.8
–
Benefits paid
–12.2
–8.9
Currency translation adjustment
1.8
–5.7
Fair value of plan assets at December 31
182.4
180.9
103
Autoneum
Financial Report 2016
Consolidated Financial Statements