Return of the substitutional portion of the Employees’ Pension Fund
First written in FY2017-Q2. 3 of 7 entries say "Advanced", first in FY2017. Latest entry: FY2019.
2 other companies' latest entry also says "Achieved".
- FY2019AchievedAnnual report
「Following the dissolution of the Sanyo Rengo Employees' Pension Fund, in which the company had participated, with approval from the Minister of Health, Labour and Welfare effective 31 March 2018, the company recognized a gain of ¥10,488 million on the dissolution of the Employees' Pension Fund as extraordinary income in the previous consolidated fiscal year.」
The dissolution of the Employees' Pension Fund was approved and completed, and the company transitioned to a defined contribution corporate pension plan effective 1 April 2018. - FY2019-Q3RestatedAnnual report
「Revenue increased to ¥26,669 million, up 2.4% year on year. Operating profit increased to ¥1,020 million, up 476.8% year on year, due to lower retirement benefit expenses associated with the dissolution of the employees' pension fund and the transition to a defined contribution corporate pension plan.」
The reduction in retirement benefit expenses associated with the fund dissolution and transition to a defined contribution pension plan was reflected in improved profit for the cumulative period through the third quarter. - FY2019-Q2RestatedAnnual report
「Japan: Revenue was ¥17,007 million, essentially unchanged from the same period of the previous year, up 1.1% year on year. Operating income increased to ¥391 million, up 51.3% year on year, due to lower retirement benefit expenses associated with the dissolution of the Employees' Pension Fund and the transition to a defined contribution corporate pension plan.」
The reduction in retirement benefit expenses associated with the fund dissolution and transition to a defined contribution pension plan was reflected in improved profit for the cumulative period through the current quarter. - FY2019-Q1AdvancedAnnual report
「Japan: Revenue was ¥8,501 million, essentially unchanged from the same period of the previous year, up 2.0% year on year. Operating income increased to ¥372 million, up 52.1% year on year, due to lower retirement benefit expenses associated with the dissolution of the Employees' Pension Fund and the transition to a defined contribution corporate pension plan.」
The process progressed from the fund dissolution resolution and planned transition to the new plan indicated in the previous quarter, and the reduction in retirement benefit expenses associated with the dissolution and transition was reflected in the results. - FY2018-Q3AdvancedAnnual report
「The Sanyo Rengo Employees' Pension Fund, in which the company participates, resolved to dissolve at the meeting of representatives held on 24 January 2018. Because the assets held at the time approval for dissolution is expected to be obtained will exceed the minimum liability reserve, the sponsoring employers are not expected to incur any loss associated with the dissolution. Approval for dissolution is expected around March 2018, after which the company will transition to a defined contribution pension plan following the dissolution of the fund.」
Following approval to be released from the obligation to make future payments, the Employees' Pension Fund has progressed to the concrete stage of a dissolution resolution. Following approval for dissolution, the company plans to transition to a defined contribution pension plan. - FY2017AdvancedAnnual report
「The company participates in an Employees' Pension Fund established under a multi-employer plan. Because the amount of pension assets corresponding to its own contributions can be reasonably calculated, the plan is included in the defined benefit plans. The company also received approval from the Minister of Health, Labour and Welfare on 1 October 2016 to be released from its obligation to make future payments relating to the substitutional portion of the Employees' Pension Fund.」
The release from the obligation to make future payments resulted in a reduction of ¥1,457 million in past service costs. Recognition of gains or losses upon approval for the return of past obligations and the return of pension assets is planned for the future. - FY2017-Q2First statedAnnual report
「The Sanyo Rengo Employees' Pension Fund, in which the company participates, received approval from the Minister of Health, Labour and Welfare on 1 October 2016 to be released from its obligation to make future payments relating to the substitutional portion of the Employees' Pension Fund.」
Following approval to be released from the obligation to make future payments, the company plans to recognize gains or losses and other effects associated with the return of the substitutional portion when approval is obtained for the return of past obligations and the pension assets are returned.