Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 1420

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 1420
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 2023 and 2022.

We also sponsor a defined
benefit plan, the MFN Financial Corporation Pension Plan (the “Plan”). The Plan benefits were frozen on June 30, 2001.

The following tables represents
a reconciliation of the change in the plan’s benefit obligations, fair value of plan assets, and funded status at December 31,
2024 and 2023:

    Schedule of reconciliation of the change in the plan’s benefit obligations 

    December 31, 

    2024  
    2023 

    (In thousands) 
  
    Change in Projected Benefit Obligation 

    Projected benefit obligation, beginning of year 
    $15,477  
    $15,952 
  
    Interest cost 
     695  
     753 
  
    Assumption changes 
     (564) 
     (3)
  
    Actuarial (gain) loss 
     (223) 
     (271)
  
    Settlements 
     –  
     – 
  
    Benefits paid 
     (1,113) 
     (954)
  
    Projected benefit obligation, end of year 
    $14,272  
    $15,477 

    Change in Plan Assets 

    Fair value of plan assets, beginning of year 
    $20,048  
    $18,768 
  
    Return on assets 
     2,967  
     2,347 
  
    Employer contribution 
     –  
     – 
  
    Expenses 
     (122) 
     (113)
  
    Settlements 
     –  
     – 
  
    Benefits paid 
     (1,113) 
     (954)
  
    Fair value of plan assets, end of year 
    $21,780  
    $20,048 

    Funded Status at end of year 
    $7,508  
    $4,571 

     F-32 

CONSUMER PORTFOLIO SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Additional Information

Weighted average assumptions used to determine
benefit obligations and cost at December 31, 2024 and 2023 were as follows:

    Schedule of weighted average assumptions used to determine
benefit obligations 

    December,