CP 2020 ANNUAL REPORT 116 Estimated future benefit payments Defined contribution plan Contributions to multi-employer plans 23. Stock-based compensation At December 31, 2020, the Company had several stock-based compensation plans including stock option plans, various cash-settled liability plans, and an employee share purchase plan. These plans resulted in an expense of $170 million in 2020 (2019 – $133 million; 2018 – $75 million). Some of the Company’s unionized employees in the U.S. are members of a U.S. national multi-employer benefit plan. Contributions made by the Company to this plan in 2020 in respect of post-retirement medical benefits were $3 million (2019 – $3 million; 2018 – $3 million). The DC plans provide a pension based on total employee, where appropriate, and employer contributions plus investment income earned on those contributions. Effective July 1, 2010, a new U.S. DC plan was established. All U.S. non-unionized employees hired after such date must participate in this plan. Employees do not contribute to the plan. The Company annually contributes a percentage of salary. In 2020, the net cost of the DC plans, which generally equals the employer’s required contribution, was  $12 million (2019 – $11 million; 2018 – $10 million). Canadian non-unionized employees hired prior to July 1, 2010 had the option to participate in the Canadian DC plan. All Canadian non-unionized employees hired after such date must participate in this plan. Employee contributions are based on a percentage of salary. The Company matches employee contributions to a maximum percentage each year. The benefit payments from the Canadian registered and U.S. qualified DB pension plans are payable from their respective pension funds. Benefit payments from the supplemental pension plan and from the other benefits plans are payable directly from the Company. The estimated future DB pension and other benefit payments to be paid by the plans for each of the next five years and the subsequent five-year period are as follows: At December 31, 2020, fund assets included 109,008 of the Common Shares of the Company (2019 – 119,758) at a market value of $48 million (2019 – $40 million). (in millions of Canadian dollars) Pensions Other benefits 2021 $ 632  $ 33  2022 629  31  2023 631  31  2024 633  30  2025 635  30  2026-2030 3,203  142 