Underfunding and past service liabilities under multi-employer pension plans
First written in FY2017. 5 of 7 entries say "Mitigated", first in FY2018. Latest entry: FY2026.
The whole theme swung hardest in 2023: 1 of 7 companies on the "Worse" side.
6 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「Pension assets 4,980,249 Total of the actuarial liabilities and minimum liability reserve calculated under the pension funding rules 4,772,943 Balance 207,305」
The balance under the multi-employer plan increased from ¥144,153 thousand in the previous fiscal year to ¥207,305 thousand, while the past service liability balance declined from ¥206,464 thousand to ¥145,363 thousand. - FY2024WorsenedAnnual report
「Pension assets 4,464,452 Total of the actuarial liabilities and minimum liability reserve calculated under the pension funding rules 4,292,544 Balance 171,908」
The balance under the multi-employer plan narrowed from ¥323,503 thousand in the previous disclosure to ¥171,908 thousand. The past service liability balance declined from ¥337,609 thousand to ¥275,600 thousand, but the funding surplus also declined. - FY2023MitigatedAnnual report
「The main causes of the balance are the past service liability balance calculated under the pension funding rules (¥373,361 thousand in the previous consolidated fiscal year and ¥337,609 thousand in the current consolidated fiscal year) and carried-forward surplus (¥687,137 thousand in the previous consolidated fiscal year and ¥661,112 thousand in the current consolidated fiscal year).」
The balance under the multi-employer plan increased from ¥313,775 thousand to ¥323,503 thousand, while the past service liability balance declined from ¥373,361 thousand to ¥337,609 thousand. - FY2022MitigatedAnnual report
「The main causes of the balance in (1) above are the past service liability balance calculated under the pension funding rules (¥438,132 thousand in the previous consolidated fiscal year and ¥373,361 thousand in the current consolidated fiscal year) and carried-forward surplus (¥434,461 thousand in the previous consolidated fiscal year and ¥687,137 thousand in the current consolidated fiscal year).」
The balance under the multi-employer plan improved from a deficit of ¥3,670 thousand in the previous fiscal year to ¥313,775 thousand, while the past service liability balance declined from ¥438,132 thousand to ¥373,361 thousand. - FY2020MitigatedAnnual report
「The balance was ¥17,349 thousand in the previous consolidated fiscal year and ¥58,895 thousand in the current consolidated fiscal year.」
The balance under the multi-employer plan improved from a positive ¥17,349 thousand to a positive ¥58,895 thousand, while the past service liability balance declined from ¥547,297 thousand to ¥488,422 thousand. - FY2018MitigatedAnnual report
「The Company was enrolled in a multi-employer employees' pension fund plan, but received approval from the Minister of Health, Labour and Welfare on 1 May 2017 to return the past-service portion of the employees' pension fund's substitutional component. The Company has transitioned from the employees' pension fund plan to a corporate pension fund plan. Balance △297,869」
The plan has changed from an employees' pension fund to a corporate pension fund, and the shortfall under the multi-employer plan has narrowed from ¥305,552 thousand in the previous disclosure to ¥297,869 thousand. - FY2017First statedAnnual report
「Total of the actuarial liabilities and minimum liability reserve calculated under the pension funding rules 17,319,607 Balance △305,552 Past service liabilities under this plan are amortised on a level-payment basis over 20 years. In the consolidated financial statements for the current fiscal year, the Group has expensed special contributions of ¥12,483 thousand allocated to this amortisation.」
For the multi-employer pension plan, the shortfall between pension assets and actuarial liabilities and other amounts is ¥305,552 thousand. Past service liabilities are amortised over 20 years, and special contributions of ¥12,483 thousand have been expensed for the current fiscal year.