2023 Consolidated Financial Statements and Notes
AIR CANADA
2023 Consolidated Financial Statements and Notes
Defined Contribution Pension Plans
Certain of the Corporation's management, administrative and unionized employees participate in a defined contribution
pension plan, a defined contribution component of a plan which also includes a defined benefit component or a
multi-employer plan which are accounted for as defined contribution plans. The Corporation contributes an amount
expressed as a percentage of employees' contributions with such percentage varying by group and for some groups,
based on the number of years of service. As permitted by legislation and applicable plan rules, surplus in the defined
benefit component can be used to cover the employer contributions in the defined contribution component of such plan.
As such, $25 million of surplus in the defined benefit components of the Domestic Registered Plans was used to cover
the employer contributions in the defined contribution components during 2023 (2022 - $19 million).
The Corporation's expense for these pension plans amounted to $85 million for the year ended December 31, 2023
(2022 $61 million). Net of the surplus in the defined benefit components which can be used to fund the employer
contribution to a defined contribution component within the same pension plan, expected total employer contributions
for 2024 are $72 million.
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