POST-EMPLOYMENT BENEFITS

12 Months Ended

Dec. 31, 2018

Post-employment Benefits

POST-EMPLOYMENT BENEFITS

The Company provides post-employment benefits for former Canadian employees who retired on immediate pension prior to 1997. The post-employment benefits provided include life insurance and medical and dental benefits as set out in the applicable group policies. No post-employment benefits are provided to employees outside the employee group referenced above. The post-employment benefit plan is not funded.

The effective date of the most recent actuarial valuation of the accrued benefit obligation is October 1, 2016. The amount accrued is based on estimates provided by the plan administrator which are based on past experience, limits on coverage as set out in the applicable group policies and assumptions about future cost trends. The significant assumptions used in the most recent valuation are listed below:

· Discount rate of 3.10%;

· Medical cost increase trend rates of 7.00% per year in 2017, grading down by 0.125% per year to 4.625% in 2036 and using a rate at 4.00% per year thereafter; and

· Dental cost increase trend rates of 4.00% per year for ten years, followed by 3.50% for the next ten years and 3.00% per year thereafter.

The post-employment benefits balance consists of:

		At December 31		At December 31		At January 1
(in thousands)		2018		2017		2017
Accrued benefit obligation	$	2,295	$	2,365	$	2,459
	$	2,295	$	2,365	$	2,459
Post-employment benefits-by balance sheet presentation:
Current	$	150	$	250	$	250
Non-current		2,145		2,115		2,209
	$	2,295	$	2,365	$	2,459

The post-employment benefits continuity summary is as follows:

(in thousands)		2018		2017
Balance-January 1	$	2,365	$	2,459
Accretion		72		74
Benefits paid		(142)		(168)
Balance-December 31	$	2,295	$	2,365