Company: CENX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000949157-25-000024
Chunk: 146

Company: CENTURY ALUMINUM CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 146
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 compensation increase without Jamaica (2)3.5%4%/3.5%3%/3.5%3.5%4%/3.5%3%/3.5%Rate of compensation increase Jamaica9.0%n/an/a8.0%n/an/aExpected return on plan assets (3)7.28%7.25%7.25%—%—%—%(1)We use the Ryan Above Median Yield Curve to determine the discount rate.(2)For 2024, the rate of compensation increase is 3.5%. For 2023, the rate of compensation increase was 4% per year for the first year and 3.5% per year thereafter. For 2022, the rate of compensation increase was 3% per year for the first year and 3.5% per year thereafter.(3)The rate for each of our defined benefit plans was selected by taking into account our expected asset mix and is based on historical performance as well as expected future rates of return on plan assets.For measurement purposes, medical cost inflation for location other than Jamaica is initially estimated to be 8.5%, and 7.5% for pre- and post-65 participants, respectively, declining to 4.5% over ten years and continuing thereafter.  For Jamaica, it is initially estimated to be 8.0% for both pre and post 65 participants and for the next two years. 

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CENTURY ALUMINUM COMPANYNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS(amounts in millions, except share and per share amounts)

Benefit Plan AssetsPension Plan Investment Strategy and PolicyThe Pension Plans’ assets are invested in a prudent manner for the exclusive purpose of providing benefits to participants. Other objectives are to:•Provide a total return that, over the long term, provides sufficient assets to fund the pension plan liabilities subject to a level of risk, contributions and pension expense deemed appropriate by the company.•Minimize, where possible, pension expense volatility, and inclusion of liability driven investing as an investment strategy when appropriate. As the funding ratio improves, the objectives will evolve to minimize the funded status volatility.•Diversify investments within asset classes to reduce the impact of losses in single investments.The assets of the Pension Plans are invested in compliance with ERISA, as amended, and any subsequent applicable regulations and laws.PerformanceOur performance objective is to outperform the return of weighing passive investment alternatives by the policy target allocations after fees at a comparable