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POST-EMPLOYMENT BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2023
Employee Benefits [Abstract] |
Disclosure of defined benefit plans actuarial assumptions and contributions | Principal actuarial assumptions
| 2023 | 2022
Weighted average of significant assumptions: |  |
Defined benefit obligation |  |
Discount rate | 4.6 | % | 5.3 | %
Rate of compensation increase | 2.0% to 7.5%, based on employee age | 1.0% to 4.5%, based on employee age
Mortality rate | 95% of CPM2014Priv with Scale CPM-B | CPM2014Priv with Scale CPM-B
Pension expense |  |
Discount rate | 5.3 | % | 3.3 | %
Rate of compensation increase | 1.0% to 4.5%, based on employee age | 1.0% to 4.5%, based on employee age
Mortality rate | CPM2014Priv with Scale CPM-B | CPM2014Priv with Scale CPM-B
Below is a summary of the estimated present value of accrued plan benefits and the estimated market value of the net assets available to provide these benefits for our funded defined benefit pension plans.
|  | As at December 31
(In millions of dollars) |  | 2023 | 2022
Plan assets, at fair value |  | 2,339 |  | 2,770 |
Accrued benefit obligations |  | (2,260) |  | (2,430) |
Surplus of plan assets over accrued benefit obligations |  | 79 |  | 340 |
Effect of asset ceiling limit |  | (3) |  | (42) |
Net deferred pension asset |  | 76 |  | 298 |
Consists of: |  |  |
Deferred pension asset |  | 76 |  | 298 |
Deferred pension liability |  | — |  | — |
Net deferred pension asset |  | 76 |  | 298 |
Below is a summary of the actual contributions to the plans.
| Years ended December 31
(In millions of dollars) | 2023 | 2022
Employer contribution | 19 |  | 134 |
Employee contribution | 28 |  | 31 |
Total contribution | 47 |  | 165 |
Disclosure of sensitivity of key assumptions | Sensitivity of key assumptions In the sensitivity analysis shown below, we determine the defined benefit obligation for our funded plans using the same method used to calculate the defined benefit obligation we recognize on the Consolidated Statements of Financial Position. We calculate sensitivity by changing one assumption while holding the others constant. This leads to limitations in the analysis as the actual change in defined benefit obligation will likely be different from that shown in the table, since it is likely that more than one assumption will change at a time, and that some assumptions are correlated.
| Increase (decrease) in accrued benefit obligation |
(In millions of dollars) | 2023 | 2022 |  |
Discount rate |  |  |  |
Impact of 0.5% increase | (183) |  | (163) |  |  |
Impact of 0.5% decrease | 208 |  | 183 |  |  |
Rate of future compensation increase |  |  |  |
Impact of 0.25% increase | 13 |  | 10 |  |  |
Impact of 0.25% decrease | (13) |  | (10) |  |  |
Mortality rate |  |  |  |
Impact of 1 year increase | 38 |  | 42 |  |  |
Impact of 1 year decrease | (42) |  | (45) |  |  |
Disclosure of net defined benefit liability (asset) | Below is a summary of our pension fund assets.
| Years ended December 31
(In millions of dollars) | 2023 | 2022
Plan assets, beginning of year | 2,770 |  | 3,198 |
Interest income | 134 |  | 108 |
Remeasurements, recognized in other comprehensive income and equity | 149 |  | (604) |
Contributions by employees | 28 |  | 31 |
Contributions by employer | 19 |  | 134 |
Benefits paid | (89) |  | (93) |
Impact of annuitization | (737) |  | — |
Impact of Shaw Transaction | 67 |  | — |
Administrative expenses paid from plan assets | (2) |  | (4) |
Plan assets, end of year | 2,339 |  | 2,770 |
Below is a summary of the accrued benefit obligations arising from funded obligations.
| Years ended December 31 |
(In millions of dollars) | 2023 | 2022 |
Accrued benefit obligations, beginning of year | 2,430 |  | 3,171 |  |
Current service cost | 76 |  | 124 |  |
Interest cost | 116 |  | 103 |  |
Benefits paid | (89) |  | (93) |  |
Impact of annuitization | (736) |  | — |  |
Contributions by employees | 28 |  | 31 |  |
Impact of Shaw Transaction | 55 |  | — |  |
Remeasurements, recognized in other comprehensive income and equity | 380 |  | (906) |  |
Accrued benefit obligations, end of year | 2,260 |  | 2,430 |  |
Below is a summary of our net pension expense. Net interest cost is included in "finance costs"; other pension expenses are included in salaries and benefits expense in "operating costs" on the Consolidated Statements of Income.
| Years ended December 31
(In millions of dollars) | 2023 | 2022
Plan cost: |  |
Current service cost | 76 |  | 124 |
Net interest cost | (18) |  | (5) |
Net pension expense | 58 |  | 119 |
Administrative expense | 4 |  | 4 |
Total pension cost recognized in net income | 62 |  | 123 |
Net interest cost, a component of the plan cost above, is included in "finance costs" and is outlined as follows:
| Years ended December 31
(In millions of dollars) | 2023 | 2022
Interest income on plan assets | (134) |  | (108) |
Interest cost on plan obligation | 116 |  | 103 |
Net interest cost, recognized in finance costs | (18) |  | (5) |
The remeasurement recognized in the Consolidated Statements of Comprehensive Income is determined as follows:
| Years ended December 31
(In millions of dollars) | 2023 | 2022
Return (loss) on plan assets (excluding interest income) | 149 |  | (604) |
Change in financial assumptions | (328) |  | 942 |
Change in demographic assumptions | (8) |  | — |
Effect of experience adjustments | (44) |  | (36) |
Change in asset ceiling | 40 |  | (33) |
Remeasurement (loss) gain, recognized in other comprehensive income and equity | (191) |  | 269 |
PENSION PLANS PURCHASE OF ANNUITIES During the year ended December 31, 2023, our defined benefit pension plans purchased approximately $737 million of annuities from an insurance company for substantially all the retired members in the plans. The aggregate premium for the annuities was funded by selling a corresponding amount of existing assets from the plans. The purchase of the annuities relieved us of primary responsibility for, and eliminated risk associated with, the accrued benefit obligation for the retired members. The annuity purchase did not have a significant impact to our results for the year ended December 31, 2023. SUPPLEMENTAL DEFINED BENEFIT PLAN DETAILS We also provide supplemental unfunded defined benefit pensions to certain executives. Below is a summary of our accrued benefit obligations, pension expense included in employee salaries and benefits, net interest cost, remeasurements, and benefits paid.
| Years ended December 31
(In millions of dollars) | 2023 | 2022
Accrued benefit obligation, beginning of year | 83 |  | 96 |
Pension expense, recognized in employee salaries and benefits expense | 9 |  | 13 |
Net interest cost, recognized in finance costs | 5 |  | 4 |
Remeasurements, recognized in other comprehensive income | 6 |  | (24) |
Benefits paid | (9) |  | (6) |
Accrued benefit obligation, end of year | 94 |  | 83 |
Disclosure of fair value of plan assets | Plan assets comprise mainly pooled funds that invest in common stocks and bonds that are traded in an active market. Below is a summary of the fair value of the total pension plan assets by major category.
| As at December 31
(In millions of dollars) | 2023 | 2022
Equity securities | 1,371 |  | 1,281 |
Debt securities | 914 |  | 1,474 |
Other - cash | 54 |  | 15 |
Total fair value of plan assets | 2,339 |  | 2,770 |
ALLOCATION OF PLAN ASSETS
| Allocation of plan assets | Target asset allocation percentage
| 2023 | 2022
Equity securities: |  |  |
Domestic | 12.0 | % | 9.6 | % | 7% to 17%
International | 46.6 | % | 36.7 | % | 38% to 58%
Debt securities | 39.1 | % | 53.2 | % | 30% to 50%
Other - cash | 2.3 | % | 0.5 | % | 0% to 5%
Total | 100.0 | % | 100.0 | % |

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