ODYSSEY RE HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued The weighted average assumptions used to calculate the net periodic benefit cost are as follows: The weighted average assumptions used to calculate the benefit obligation are as follows: Net periodic pension cost included the following components (in thousands): The accumulated benefit obligation for the Plan is $33,725 and $29,038 as of December 31, 2004 and 2003, respectively. The Plan’s expected future benefit payments ar shown below (in thousands): 67 Year Amount 2005 $ 1,750 2006 2,260 2007 1,200 2008 3,320 2009 2,330 2010 - 2014 23,520 2004 2003 2002 Service cost $2,210 $1,754 $1,328 Interest cost 2,105 1,897 1,652 Return on assets (1,645) (1,622) (1,621) Net amortization and deferral 10 (32) (449) Net pension cost $ 2,680 $1,997 $ 910 2004 2003 Discount rate 5.75% 6.00% Rate of compensation increase 5.76% 5.69% 2004 2003 Discount rate 5.75% 6.00% Rate of compensation increase 5.76% 5.69% Expected long term rate of return on Plan assets 5.75% 6.00%