14 NORTHERN COLLEGE OF APPLIED ARTS AND TECHNOLOGY Notes to Financial Statements Years ended March 31, 2013 and March 31, 2012 6. Employ ment related obligations (continued): Other employee future benefits: The College maintains defined benefit and defi ned contribution plans providing other retirement and employee future benefit s to most of its employees. The costs of other post-empl oyment benefits (including medi cal benefits, dental care, life insurance, and certain compensated absences) rela ted to the employees’ current service is charged to income annually. The cost is com puted on an actuarial basis using the projected benefit method estimating the usage frequenc y and cost of services covered and management’s best estimates of investment yields , salary escalation, and other factors. Plan assets are valued at fair value for purposes of calculating the expected return on plan assets. The fair values of plan assets and accr ued benefit obligations were determined by independent actuaries on behalf of the College Syst em as a whole as at March 31, 2011. Information about the College’s post empl oyment benefits is as follows: March 31, March 31, April 1, 2013 2012 2011 Liability for Employee future benefits $ 439,000 $ 425,000 $ 426,000 Fair value of plan asset 56,000 61,000 66,000 Funded status $ 383,000 $ 364,000 $ 360,000 The significant actuarial assumptions adopt ed in measuring the College’s accrued benefit obligation include a discount rate of 2.25% (March 31, 2012 – 3.05%). The average retirement age in the College System is assumed to be 63 and the liability has been recalculated as a result of a separation of t he benefit pool for retirees and those on long-term disability from active employees.