Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 138

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 138
---
$(97)(8)$(9)FVA at end of year$805 $827 $41 $40 The following table summarizes the funded status of the pension plans, which equals the amounts recognized in the balance sheets at December 31, 2024, and December 31, 2023, as well as the amount of pre-tax AOCI not yet recognized as net pension cost for the pension plans and postretirement benefit plan. The postretirement benefit plan’s PBO equaled its FVA at both December 31, 2024, and December 31, 2023. Therefore, no asset or liability was recognized on our Consolidated Balance Sheets with respect to that plan.December 31,Dollars in millionsPension PlansPostretirement Benefit Plan2024202320242023Funded status (a)$(40)$(95)Net prepaid pension cost recognized consists of:  Noncurrent assets$80 $34 Current liabilities(13)(14)Noncurrent liabilities(107)(115)Net prepaid pension cost recognized (b)$(40)$(95)Net unrecognized losses (gains)$415 $384 $(8)$(9)Net unrecognized prior service credit— — (9)(11)Total unrecognized AOCI$415 $384 $(17)$(20)(a)The shortage of the FVA under the PBO.(b)Represents the accrued benefit liability of the pension plans.At December 31, 2024, our primary qualified cash balance pension plan was sufficiently funded under the requirements of ERISA. Consequently, we are not required to make a minimum contribution to that plan in 2025. We also do not expect to make any significant discretionary contributions during 2025. There are no regulations that require contributions to the VEBA trust that funds our retiree healthcare plan, so there is no minimum funding 

165

requirement. We are permitted to make discretionary contributions to the VEBA trust, subject to certain IRS restrictions and limitations. We anticipate that our discretionary contributions in 2025, if any, will be minimal.At December 31, 2024, we expect to pay the benefits from all funded and unfunded pension plans and postretirement benefit plan as follows: Dollars in millionsPension PlansPostretirement Benefit Plan2025$82 $5 202679 5 202778 4 202877 4 202974 4 2030-2034339 17