Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 299

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 299
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pre-65/post-65 Non-Medicare Advantage) 8.60%/ 9.90 8.20%/ 8.70 7.30%/ 8.30
Ultimate rate (pre-65/post-65 Medicare Advantage) 4.50%/ 4.50 4.50%/ 4.50 4.50%/ 4.50
Ultimate rate (pre-65/post-65 Non-Medicare Advantage) 4.50%/ 4.50 4.50%/ 4.50 4.50%/ 4.50
Year the ultimate rate is reached (pre-65/post-65 Medicare Advantage) 2034 / 2035 2033 / 2034 2031 / 2031
Year the ultimate rate is reached (pre-65/post-65 Non-Medicare Advantage) 2034 / 2034 2033 / 2033 2031 / 2031
The following benefit payments are expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:
Fiscal Year Other Benefits
2025 $ 56
2026 65
2027 75
2028 80
2029 87
2030 - 2034 $ 438
Description of Significant Gains and Losses in Obligations:
For the fiscal year ended December 31, 2024, the benefit obligation summed to a net actuarial gain mainly due to the discount rate increase compared to the prior year. For the fiscal year ended December 31, 2023, the benefit obligation summed to a net actuarial gain due to a significant reduction in retirees receiving medical coverage.
TSNB Pension Plan
TSNB has a pension plan that provides monthly pension payments to eligible employees upon retirement. The pension benefits are based on years of service and specified benefit amounts. TSNB uses a December 31 measurement date each year. TSNB’s funding policy is to make contributions that satisfy at least the minimum required contribution for IRS qualified plans.
The components of the change in benefit obligation, the change in plan assets and funded status for TSNB’s pension plan for the years ended December 31, 2024, 2023 and 2022 are as follows:
Details 2024 2023 2022
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