PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
127
44. PENSION AND SEVERANCE continued
Pension Plan continued b. Four employer defined benefit pension plans, Dana Pensiun Pemberi Kerja-Program Pensiun
Manfaat Pasti DPPK-PPMP are derived from the respective pension plans of the Merged Banks, namely Dana Pensiun Bank Mandiri Satu or DPBM I BBD, DPBM II BDN, DPBM III Bank Exim
and DPBM IV Bapindo. The regulations of the respective pension plans were legalized by the Minister of Finance of the Republic of Indonesia in decision letters No. KEP-394KM.0171999,
No. KEP-395KM.0171999, No. KEP-396KM.0171999 and No. KEP-397KM.0171999 dated November 15, 1999. Based on the approval of shareholders No. S-923M-MBU2003 dated March
6, 2003, Bank Mandiri has adjusted pension benefits for each Pension Fund. Such approval has been incorporated in each of the Pension Fund’s Regulations Peraturan Dana Pensiun PDP
which have been approved by the Minister of Finance based on its decision letters No.
KEP115KM.62003 of PDP DPBM I, No. KEP116KM.62003 of PDP DPBM II, No. KEP117KM.62003 of PDP DPBM III, and No. KEP118KM.62003 of PDP DPBM IV, all
dated March 31, 2003. The members of the defined benefit pension plans originated from legacy banks who have
rendered three or more service years at the time of merger and are comprised of active employees of the Bank, deferred members those whose employement have been terminated but did not
transfer the beneficial rights to other pension plans, and pensioners.
As of June 30, 2004, the calculation of estimated projected benefit obligations is based on the actuarial report of PT Dayamandiri Dharmakonsolindo as of December 31, 2003. In its calculation, the actuary
used the following assumptions:
DPBM I DPBM II
DPBM III DPBM IV
Frequency of actuarial valuation
Annually Annually Annually Annually
Interest rate 9 per annum
9 per annum 9 per annum
9 per annum Expected rate of return on
plan assets 10 per annum
10 per annum 10 per annum
10 per annum Working period used
As of July 31, 1999 As of July 31, 1999
As of July 31, 1999 As of July 31, 1999
Pensionable salary used As of December 31,
2003, adjusted amount over legacy
banks’ pensionable salary
As of December 31, 2003, adjusted
amount over legacy banks’ pensionable
salary As of December 31,
2003, adjusted amount over legacy
banks’ pensionable salary
As of December 31, 2003, adjusted
amount over legacy banks’ pensionable
salary Expected rates of
pensionable salary increase
Nil Nil
Nil Nil
Mortality rate table CSO-1958
CSO-1958 CSO-1958
CSO-1958 Turnover rate
5 up to employees’ age 25
and reducing linearly by 0.25 for
each year up to 0 at age 45 and
thereafter 5 up to
employees’ age 25 and reducing
linearly by 0.25 for each year up to 0
at age 45 and thereafter
5 up to employees’ age 25
and reducing linearly by 0.25 for
each year up to 0 at age 45 and
thereafter 5 up to
employees’ age 25 and reducing
linearly by 0.25 for each year up to 0
at age 45 and thereafter
Ill-health retirement rate NA
NA NA
NA
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
128
44. PENSION AND SEVERANCE continued
