Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 175

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 175
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50% in 2024, 2023, and 2022, respectively.

In 2024 and 2023, we had actuarial losses related to our OPEB benefit obligation of $5.8 million and $19.5 million, respectively, both of which were driven by claims and premium updates and changes to medical trend assumptions. Partially offsetting the losses, was a higher discount rate in 2024. The discount rate for our OPEB benefits was 5.70%, 5.15%, and 5.50% in 2024, 2023, and 2022, respectively.

The amounts recognized on our balance sheets at December 31 related to the funded status of the benefit plans were as follows:

|                             | (in millions) | Pension Benefits | 2024 |     |   | 2023 |     | OPEB Benefits | 2024 |     |   | 2023 |
|:----------------------------|:--------------|:-----------------|-----:|:----|:--|-----:|:----|:--------------|-----:|:----|:--|-----:|
| Pension and OPEB assets     |               | $                | 79.2 |     | $ | 61.6 |     | $             |    — |     | $ |  9.4 |
| Other long-term liabilities |               |                  | 28.2 |     |   | 30.2 |     |               |  1.2 |     |   |    — |
| Total net assets            |               | $                | 51.0 |     | $ | 31.4 |     | $             | -1.2 |     | $ |  9.4 |

The accumulated benefit obligation for all defined benefit pension plans was $851.0 million and $900.0 million as of December 31, 2024 and 2023, respectively.

The following table shows information for the pension plans with an accumulated benefit obligation in excess of plan assets. There were no plan assets related to these pension plans. Amounts presented are as of December 31:

|                                | (in millions) |   | 2024 |     |   | 2023 |
|:-------------------------------|:--------------|:--|-----:|:----|:--|-----:|
| Accumulated benefit obligation |               | $ | 28.0 |     |