Saudi Aramco GI 288.005 PENSION, SEVERANCE AND RETIREE MEDICAL

This Saudi Aramco General Instruction (GI) 288.005 provides comprehensive guidance on the annual computation of pension, severance, and retiree medical benefit obligations and expenses. It details the accounting policy statement in accordance with IAS 19R, covering defined benefit plans, actuarial assumptions, and demographic data requirements.

The document outlines the various Saudi Aramco pension, severance, and retiree medical plans, including SR, US, and Canadian plans, and specifies the methods for calculating benefit expense and liability. It also describes the roles and responsibilities of various departments, such as Accounting Policies & Systems Department (AP&SD), Human Resources (HR), and the consulting actuary, in the process.

Furthermore, the instruction includes appendices that detail monthly expense/liability postings, required demographic data for DBO computation, and a timeline of activities for the annual benefit plans DBO computation. This is an essential resource for understanding the financial and administrative aspects of Saudi Aramco's post-employment benefit programs.

Ideal for accounting managers, HR benefits specialists, and finance directors working within the oil and gas industry or large multinational corporations.