Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 174

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 174
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2) Includes cash collateral posted of $15.2 million.

#### NOTE 19—EMPLOYEE BENEFITS
Pension and Other Postretirement Employee Benefits

We participate in WEC Energy Group's defined benefit pension plans and OPEB plans that cover substantially all of our employees. We are responsible for our share of the plan assets and obligations. The benefits for a portion of these plans are funded through irrevocable trusts, as allowed for income tax purposes. Our balance sheets reflect only the liabilities associated with our past and current employees and our share of the plan assets and obligations. We also offer medical, dental, and life insurance benefits to active employees and their dependents. We expense the costs of these benefits as incurred.

Generally, employees who started with us after 1995 receive a benefit based on a percentage of their annual salary plus an interest credit, while employees who started before 1996 receive a benefit based upon years of service and final average salary. Management employees hired after December 31, 2014, and certain new represented employees hired after May 1, 2017, receive an annual company contribution to their 401(k) savings plan instead of being enrolled in the defined benefit plans.

| Wisconsin Electric Power Company |     | B-55 |     | 2024 Annual Financial Statements |

We use a year-end measurement date to measure the funded status of all of the pension and OPEB plans. Due to the regulated nature of our business, we have concluded that substantially all of the unrecognized costs resulting from the recognition of the funded status of the pension and OPEB plans qualify as a regulatory asset.

The following tables provide a reconciliation of the changes in our share of the plans' benefit obligations and fair value of assets:

| (in millions)                                  
 Change in benefit obligation                   |     | Pension Benefits 
 2024             |       |     |     | 2023 |       |     |     | OPEB Benefits 
 2024          |       |     | 2023 |       |
|:-----------------------------------------------|:----|:-----------------|------:|:----|:----|:-----|------:|:----|:----|:--------------|------:|:----|:-----|------:|
| Obligation at January 1                        |     | $                | 900.8 |     |     | $    | 894.9 |     |     | $             | 163.4 |     | $    |