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Employee benefit plans | 12 Months Ended
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Dec. 31, 2020
Disclosure of defined benefit plans [abstract] |
Employee benefit plans | 17. Employee benefit plans
| December 31, 2020 |  | December 31, 2019
Employee benefit plan expense: |  |  |
Employee Benefit Plan | $ | 3,036 |  |  | $ | 2,778 |
Supplemental Pension Plan | (187) |  |  | (61) |
| $ | 2,849 |  |  | $ | 2,717 |
Actuarial losses recognized in the statement of other comprehensive income (loss) in the period, before tax | $ | (3,440) |  |  | $ | (6,361) |
Cumulative actuarial losses recognized in the statement of other comprehensive income (loss), before tax | $ | (29,639) |  |  | $ | (26,199) |
17. Employee benefit plans (continued) Defined Benefit Plans The Company operated a registered pension plan (“the Pension Plan”) and operates a Supplemental Pension Plan (“the SERP”), which are defined benefit pension plans in Canada. The SERP is a Retirement Compensation Arrangement (“RCA”), which is a trust account. As it is a trust account, the assets in the account are protected from the Company’s creditors. The RCA requires the Company to remit 50% of any contributions and any realized investment gains to the Receiver General of Canada as refundable tax. These plans, which were only available to certain qualifying employees, provide benefits based on an employee’s years of service and final average earnings at retirement. Annual contributions related to these plans are actuarially determined and are made at or in excess of minimum requirements prescribed by legislation. Eldorado’s plans have actuarial valuations performed for funding purposes. The last actuarial valuations for funding purposes performed for the Pension Plan and the SERP are as of January 1, 2017. The measurement date for the SERP to determine the pension obligation and assets for accounting purposes was December 31, 2020. The SERP is designed to provide supplementary pension benefits to qualifying employees affected by the maximum pension limits under the Income Tax Act pursuant to the registered Pension Plan. Further, the Company is not required to pre-fund any benefit obligation under the SERP. No contributions were made to the Pension Plan and the SERP during 2020 (2019 – nil). Cash payments and transfers totaling $18,224 were made directly to beneficiaries during the year (2019 – $26,771) from Pension Plan and SERP assets. For the year 2021, no contributions are expected to be made to the SERP. On December 13, 2019, the Company resolved to wind-up the Pension Plan and the SERP. During September 2020, the Pension Plan was settled through the purchase of an annuity on behalf of the members. Accordingly, the plan assets and liabilities were re-measured on September 30, 2020, and a gain on settlement of $5 has been recognized in other income. The SERP’s defined benefit obligation has been measured as at December 31, 2020 based on the face value of the actual residual lump sum payments expected to be paid to members. The plan settlement has been measured based on market conditions as at December 31, 2020. Subsidiaries Employee Benefit Plans According to the Greek and Turkish labour laws, employees are entitled to compensation in case of dismissal or retirement, the amount of which varies depending on salary, years of service and the manner of termination (dismissal or retirement). Employees who resign or are dismissed with cause are not entitled to compensation. The Company considers this a defined benefit obligation. Amounts relating to these employee benefit plans have been included in the tables in this note under “Employee Benefit Plan” when applicable. Defined Contribution Plans The Company operates a defined contribution plan which is only available to certain qualifying employees. The amount of defined contribution pension plan expense for the year ended December 31, 2020 is $339 (2019 –$404). The amount of contributions to the defined contribution plan for the year ended December 31, 2020 is $344 (2019 – $718). 17. Employee benefit plans (continued) The amounts recognized in the consolidated statement of financial position for all pension plans are determined as follows:
| December 31, 2020 |  | December 31, 2019
| Employee benefit plans | SERP | Total |  | Employee benefit plans | SERP | Total
Present value of obligations | $ | (21,974) |  | $ | (2,721) |  | $ | (24,695) |  |  | $ | (20,182) |  | $ | (18,366) |  | $ | (38,548) |
Fair value of plan assets | — |  | 8,470 |  | 8,470 |  |  | 1,958 |  | 24,610 |  | 26,568 |
Asset (liability) on statement of financial position | $ | (21,974) |  | $ | 5,749 |  | $ | (16,225) |  |  | $ | (18,224) |  | $ | 6,244 |  | $ | (11,980) |
The movement in the present value of the employee benefit obligations over the years is as follows:
| 2020 |  | 2019
| Employee benefit plans | SERP | Total |  | Employee benefit plans | SERP | Total
Balance at January 1, | $ | (20,182) |  | $ | (18,366) |  | $ | (38,548) |  |  | $ | (16,239) |  | $ | (37,075) |  | $ | (53,314) |
Current service cost | (2,446) |  | — |  | (2,446) |  |  | (2,181) |  | (172) |  | (2,353) |
Past service cost | — |  | — |  | — |  |  | — |  | (97) |  | (97) |
Interest cost | (639) |  | (547) |  | (1,186) |  |  | (669) |  | (1,447) |  | (2,116) |
Actuarial gain (loss) | (2,664) |  | 548 |  | (2,116) |  |  | (3,097) |  | (4,781) |  | (7,878) |
Assets distributed on settlement | 3,146 |  | 14,945 |  | 18,091 |  |  | — |  | 24,430 |  | 24,430 |
Benefit payments | 1,172 |  | 180 |  | 1,352 |  |  | 1,576 |  | 2,189 |  | 3,765 |
Exchange gain (loss) | (361) |  | 519 |  | 158 |  |  | 428 |  | (1,413) |  | (985) |
Balance at December 31, | $ | (21,974) |  | $ | (2,721) |  | $ | (24,695) |  |  | $ | (20,182) |  | $ | (18,366) |  | $ | (38,548) |
The movement in the fair value of plan assets over the years is as follows:
| 2020 |  | 2019
| Employee benefit plans | SERP | Total |  | Employee benefit plans | SERP | Total
At January 1, | $ | 1,958 |  | $ | 24,610 |  | $ | 26,568 |  |  | $ | 1,864 |  | $ | 46,195 |  | $ | 48,059 |
Interest income on plan assets | 42 |  | 736 |  | 778 |  |  | 72 |  | 1,809 |  | 1,881 |
Actuarial gain (loss) | 59 |  | (1,383) |  | (1,324) |  |  | 82 |  | 1,435 |  | 1,517 |
Contributions by employer | 1,281 |  | — |  | 1,281 |  |  | — |  | — |  | — |
Assets distributed on settlement | (3,141) |  | (14,945) |  | (18,086) |  |  | — |  | (24,430) |  | (24,430) |
Benefit payments | (138) |  | (180) |  | (318) |  |  | (152) |  | (2,189) |  | (2,341) |
Exchange gain (loss) | (61) |  | (368) |  | (429) |  |  | 92 |  | 1,790 |  | 1,882 |
At December 31, | $ | — |  | $ | 8,470 |  | $ | 8,470 |  |  | $ | 1,958 |  | $ | 24,610 |  | $ | 26,568 |
17. Employee benefit plans (continued) The amounts recognized in the consolidated statements of operations are as follows:
| 2020 |  | 2019
| Employee benefit plans | SERP | Total |  | Employee benefit plans | SERP | Total
Current service cost | $ | 2,446 |  | $ | — |  | $ | 2,446 |  |  | $ | 2,181 |  | $ | 172 |  | $ | 2,353 |
Interest cost | 639 |  | 547 |  | 1,186 |  |  | 669 |  | 1,447 |  | 2,116 |
Past service cost | — |  | — |  | — |  |  | — |  | 97 |  | 97 |
Loss on settlement | (5) |  | — |  | (5) |  |  | — |  | 32 |  | 32 |
Expected return on plan assets | (44) |  | (734) |  | (778) |  |  | (72) |  | (1,809) |  | (1,881) |
Employee benefit plans expense (recovery) | $ | 3,036 |  | $ | (187) |  | $ | 2,849 |  |  | $ | 2,778 |  | $ | (61) |  | $ | 2,717 |
The actual return on plan assets was a loss of $546 (2019 – gain of $3,439). The principal actuarial assumptions used were as follows:
| 2020 |  | 2019
| Employee benefit plans |  | SERP |  | Employee benefit plans |  | SERP
| Greece | Turkey | Canada |  | Canada |  | Greece | Turkey | Canada |  | Canada
| % | % | % |  | % |  | % | % | % |  | %
Expected return on plan assets | — |  | — |  | 3.1 |  |  | 3.1 |  |  | — |  | — |  | 3.9 |  |  | 3.9 |
Discount rate - beginning of year | 0.9 |  | 13.0 |  | 3.1 |  |  | 3.1 |  |  | 1.7 |  | 15.0 |  | 3.9 |  |  | 3.9 |
Discount rate - end of year | 0.4 |  | 12.8 |  | — |  |  | 3.1 |  |  | 0.9 |  | 13.0 |  | 3.1 |  |  | 3.1 |
Rate of salary escalation | 1.7 |  | 8.5 |  | — |  |  | — |  |  | 2.7 |  | 8.2 |  | 2.0 |  |  | 2.0 |
Average remaining service period of active employees expected to receive benefits | — |  | — |  | — |  |  | — |  |  | — |  | — |  | 0.6 years |  | 0.6 years
Plan Assets The assets of the employee benefit plan are nil following the purchase of an annuity on behalf of the members of the Pension Plan. The assets held in the SERP account are held in cash with a major custodian and are invested only in conformity with the investment requirements of applicable pension laws. 17. Employee benefit plans (continued) The following table summarizes the defined benefit plans’ weighted average asset allocation percentages by asset category:
| December 31, 2020 |  | December 31, 2019
| Employee benefit plans (2) | SERP |  | Employee benefit plans | SERP
Investment funds |  |  |  |  |
Money market | — | 80 | % |  | 2 | % | 7 | %
Canadian fixed income | — | — | % |  | 98 | % | — | %
Canadian equities | — | — | % |  | — |  | — | %
US equities | — | — | % |  | — |  | — | %
International equities | — | — | % |  | — |  | — | %
Other (1) | — | 20 | % |  | — |  | 93 | %
| — | 100 | % |  | 100 | % | 100 | %
(1)Assets held by the Canada Revenue Agency in the refundable tax account (2)The Pension Plan was settled in September 2020 The sensitivity of the overall pension obligation to changes in the weighted principal assumptions is:
| Change in assumption | Impact on overall obligation
Discount rate | Increase by 0.5% | Decrease by $1,583
| Decrease by 0.5% | Increase by $1,544
Salary escalation rate | Increase by 0.5% | Increase by $1,497
| Decrease by 0.5% | Decrease by $1,558

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