Company: SCE-PL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000827052-25-000022
Chunk: 127

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 127
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ensionsPension PlansNoncontributory defined benefit pension plans (some with cash balance features) cover most employees meeting minimum service requirements. Employees hired by the participating companies on or after December 31, 2017 are no longer eligible to participate in the pension plan. In lieu of that, an additional non-contributory employer contribution is deposited into the Edison 401(k) Savings Plan. SCE recognizes pension expense for its nonexecutive plan as calculated by the actuarial method used for ratemaking. The expected contributions (all by the employer) for Edison International and SCE are approximately $44 million and $15 million, respectively, for the year ending December 31, 2025. The majority of annual contributions made by SCE to its pension plans are anticipated to be recovered through CPUC-approved regulatory mechanisms.The funded position of Edison International's pension is sensitive to changes in market conditions. Changes in overall interest rate levels significantly affect the company's liabilities, while assets held in the various trusts established to fund Edison International's pension are affected by movements in the equity and bond markets. Due to SCE's regulatory recovery treatment, unrealized losses equal to the unfunded status are recorded to a regulatory asset and unrealized gains equal to the funded status are recorded to a regulatory liability. See Note 11 for further information.

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Table of Contents

Information on pension plan assets and benefit obligations is shown below.Edison InternationalSCEYears ended December 31,(in millions)2024202320242023Change in projected benefit obligationProjected benefit obligation at beginning of year$3,647 $3,524 $3,278 $3,159 Service cost103 101 99 97 Interest cost175 180 157 162 Actuarial (gain) loss(59)96 (47)82 Benefits paid(230)(254)(198)(222)Projected benefit obligation at end of year$3,636 $3,647 $3,289 $3,278 Change in plan assetsFair value of plan assets at beginning of year$3,609 $3,462 $3,415 $3,275 Actual return on plan assets192 369 182 349 Employer contributions37 32 17 13 Benefits paid(230)(254)(198)(222)Fair value of plan assets at end of year3,608 3,609 3,416 3,415 (Underfunded)/Overfunded status at end of