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This excerpt taken from the PBR 6-K filed Nov 29, 2007. NEW BENEFIT PLAN (PETROS PLAN 2) On June 22, 2007, the Supplementary Pensions Office approved the introduction of a new supplementary pension plan called Petros Plan 2 to the new employees as well as those who have joined after September 2002 and had no Pension Plan. This Plan was formulated according to the Variable Contribution - VC, or mixed model. We and the other sponsors will fully assume the contributions corresponding to the period in which the new participants had no plan. This past service shall consider the period from August 2002 or the date of admission up to August 29, 2007. The impacts related to the Petros Plan 2 were calculated by independent actuaries and were accounted for in accordance with the standards established in SFAS 87, 132 and 158, which increased “Employees’ post-retirement benefit obligations - Pension” in the amount of U.S.$ 214 million and “Accumulated other comprehensive income, Post-retirement benefit reserves adjustments, net of tax - pension cost”, in the amount of U.S.$ 122 million. See Note 14 of our unaudited consolidated financial statements for the nine-month period ended September 30, 2007. 20 |
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