Company: CNLHP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000072741-25-000007
Chunk: 334

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 334
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 January 1, 2025, a Cash Balance Pension Plan is established, which replaces employer K-Vantage contributions.  Eversource transferred into the Cash Balance Pension Plan employees who are participants in the K-Vantage plan, with the exception of one union group with ongoing negotiations, and will credit employees a set percentage of an employee’s eligible pay based on age and years of service on the employee’s behalf.  This benefit is a new, additional obligation of the existing Pension Plan and will be funded through the existing assets of the Eversource Pension Plan.  This plan amendment did not require a remeasurement in 2024 and the liability will begin to accrue benefits upon the effective date of January 1, 2025.

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Funded Status:  The Pension, SERP and PBOP Plans are accounted for under the multiple-employer approach, with each operating company's balance sheet reflecting its share of the funded status of the plans.  The SERP Plans do not contain any assets.  The following tables provide information on the plan benefit obligations, fair values of plan assets, and funded status:   Pension and SERPAs of December 31, 20242023(Millions of Dollars)EversourceCL&PNSTARElectricPSNHEversourceCL&PNSTARElectricPSNHChange in Benefit Obligation:      Benefit Obligation as of Beginning of Year$(5,238.4)$(1,048.5)$(1,107.0)$(562.3)$(5,220.1)$(1,030.0)$(1,110.4)$(556.2)Service Cost(44.3)(12.7)(7.7)(4.3)(43.1)(12.3)(7.8)(4.3)Interest Cost(250.0)(50.3)(51.6)(26.8)(254.0)(50.5)(53.9)(27.3)Actuarial Gain/(Loss)280.2 56.2 74.1 30.7 (110.4)(19.7)(17.6)(11.6)Benefits Paid - Pension320.9 68.1 67.1 38.0 317.3 66.1 76.7 35.7 Benefits Paid - Lump Sum24.0 — 7.6 0.1 28.9