Partial Amendments to Retirement Benefit Plans
First written in FY2023-Q2. 1 of 2 entries say "Advanced", first in FY2023-Q3. Latest entry: FY2023-Q3.
1 other company's latest entry also says "Advanced".
- FY2023-Q3AdvancedAnnual report
「The Company and certain consolidated subsidiaries partially revised their retirement benefit plans effective 1 October 2022. As a result, they introduced a point-based system for their retirement lump-sum plans and defined-benefit corporate pension plans. They also reduced the benefit levels under the retirement lump-sum plans, changed the benefit period under the defined-benefit corporate pension plans from a 20-year guaranteed period followed by lifetime benefits to a 20-year guaranteed period, and adopted cash balance plans under which the benefit rate varies in line with market interest rates. These changes, including the introduction of the point-based system, the reduction in retirement lump-sum benefit levels, and changes to the benefit period and benefit rate under the defined-benefit corporate pension plans, resulted in past service costs of -¥1,825 million.」
Regarding the revision of the retirement benefit plans effective 1 October 2022, the Company specifically disclosed the ¥1,825 million in past service costs arising from changes to the point-based system, benefit levels, benefit periods and benefit rates. - FY2023-Q2First statedAnnual report
「The Company and certain consolidated subsidiaries partially revised their retirement benefit plans effective 1 October 2022. As a result, they introduced a point-based system for their retirement lump-sum plans and defined-benefit corporate pension plans. They also reduced the benefit levels under the retirement lump-sum plans, changed the benefit period under the defined-benefit corporate pension plans from a 20-year guaranteed period followed by lifetime benefits to a 20-year guaranteed period, and adopted cash balance plans under which the benefit rate varies in line with market interest rates.」
Effective 1 October 2022, the Company and certain consolidated subsidiaries revised their retirement benefit plans. They introduced a point-based system, reduced retirement lump-sum benefits, changed the pension benefit period and adopted cash balance plans; the impact is currently being assessed.