Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 224

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 224
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 when required or when applicable upon an agreement with the plans’ trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans.Contributions to both the U.S. and non-U.S. pension plans during the year ending December 31, 2025 are not expected to be material. 

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LAZARD, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(dollars in thousands, except for per share data, unless otherwise noted)

The following table summarizes the changes in the benefit obligations, the fair value of the assets, the funded status and amounts recognized in the consolidated statements of financial condition for the post-retirement plans. The Company uses December 31 as the measurement date for its post-retirement plans.Pension Plans 20242023Change in benefit obligationBenefit obligation at beginning of year$490,701 $440,050 Service cost658 338 Interest cost21,042 20,930 Amendments15,935 10,201 Actuarial (gain) loss(48,336)21,937 Benefits paid(28,277)(25,542)Foreign currency translation and other adjustments(9,298)22,787 Benefit obligation at end of year442,425 490,701 Change in plan assetsFair value of plan assets at beginning of year496,451 468,872 Actual return on plan assets(23,539)22,461 Employer contributions2,517 5,673 Benefits paid(27,872)(25,542)Foreign currency translation and other adjustments(8,631)24,987 Fair value of plan assets at end of year438,926 496,451 Funded (deficit) at end of year$(3,499)$5,750 Amounts recognized in the consolidated statements of financial condition at December 31, 2024 and 2023 consist of:Prepaid pension asset (included in “other assets”)$12,075 $10,507 Accrued benefit liability (included in “other liabilities”)(15,574)(4,757)Net amount recognized$(3,499)$5,750 Amounts recognized in AOCI (excluding tax benefits of $39,769 and $40,017 at December 31, 2024 and 2023, respectively) consist of:Actuarial net loss$182,439 $193,193 Prior service cost23