Company: POR
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0000784977-25-000055
Chunk: 55

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 55
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 was closed to new participants before Mr. Trpik, Mr. Felton, Ms. Espinosa, and Mr. McFarland joined the Company.

| Name       |     | Plan Name    |     | Number of Years Credited Service |     | Present Value of Accumulated Benefit |
| Maria Pope |     | Pension Plan |     |                               16 |     |                             $717,819 |

Participants in the Pension Plan earn benefits under the plan during each year of employment. Participants are vested in plan benefits after 5 years of service. Normal retirement age under the plan is 65. An early retirement benefit is available to participants after age 55, but benefits are reduced for each year prior to the participant's normal retirement date, using early retirement factors and based on the benefit formula described below. Ms. Pope qualified for early retirement as of December 31, 2022.

For non-union plan participants, the basic monthly pension benefit is based on Final Average Earnings (FAE), defined as the highest consecutive 60 months of earnings (base pay paid, excluding reductions due to income deferrals) during the last 120 months of employment.

The basic pension benefit under the plan is calculated as follows:

| Monthly Benefit |     | = |     | 1.2% of FAE for first 30 years of service |     | + |     | 0.5% of FAE in excess of 30-Year Average of Social Security Taxable Wage Base |     | + |     | 0.5% of FAE for each year of service over 30 years |

The normal form of payment for a participant who does not have a spouse is a straight life annuity, which makes periodic payments to the participant until his or her death. The normal form of payment if the participant has a spouse is a contingent annuity, which makes full payments for the life of the participant and thereafter 50% of the full payments until the death of the spouse if he or she survives the participant.

Pension Plan calculations are based on assumptions that are reviewed annually with the Company’s actuaries. The benefit calculation shown in the table above assumes normal retirement at age 65 (or current age if later), a discount rate of 5.70% and mortality assumptions based on the Generational Annuitant Mortality (PRI-2012 with white collar adjustment and MP2021 projection with 0% improvement in 2020-2023 and convergence to SSA smoothed long-term rates). These