Reconciliation of Financial Status
| Funding excess (shortfall) as at previous valuation | $5,523,000 |
| Interest on funding excess (shortfall) at 4.90% per year | $271,000 |
| Expected funding excess (shortfall) | $5,794,000 |
| Net experience gains (losses) | |
| $2,334,000 |
| ($28,000) |
| ($25,000) |
| ($2,000) |
| Total experience gains (losses) | $2,279,000 |
| Net impact of other elements of gains and losses | $19,000 |
| Funding excess (shortfall) as at current valuation | $8,092,000 |
Current Service Cost
Mortality The current service cost is an estimate of the present value of the additional expected future benefit cash flows in respect of pensionable service that will accrue after the valuation date, assuming the Plan will be maintained indefinitely.
The Plan was frozen December 31, 1999 and effective January 1, 2000, pension benefits are earned under OMERS. Since additional benefits do not accrue under the Plan after that date, there is no current service cost for future benefits.
The current service cost during the year following the valuation date, compared with the corresponding value determined in the previous valuation, is as follows:
| 2020 | 2019 | |
|---|---|---|
| Total current service cost excluding expense allowance | $0 | $0 |
| Expense allowance | $100,000 | $100,000 |
| Total estimated employer’s current service cost | $100,000 | $100,000 |