Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 203

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 203
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 impaired debt securities which were written down to their respective fair values during the years ended December 31, 2024 and 2023, respectively.

NOTE 12: EMPLOYEE BENEFIT PLANS

Pension Plan and Postretirement Benefits Other than Pensions (“PBOP”)PG&E Corporation and the Utility sponsor a non-contributory defined benefit pension plan for eligible employees hired before December 31, 2012 and a cash balance plan for those eligible employees hired after this date or who made a one-time election to participate (“Pension Plan”).  Certain trusts underlying these plans are qualified trusts under the IRC.  If certain conditions are met, PG&E Corporation and the Utility can deduct payments made to the qualified trusts, subject to certain limitations.  PG&E Corporation’s and the Utility’s funding policy is to contribute tax-deductible amounts, consistent with applicable regulatory decisions and federal minimum funding requirements.  On an annual basis, the Utility funds the pension plan up to the amount it is authorized to recover through rates.PG&E Corporation and the Utility also sponsor contributory postretirement medical plans for retirees and their eligible dependents, and non-contributory postretirement life insurance plans for eligible employees and retirees.  PG&E Corporation and the Utility use a fiscal year-end measurement date for all plans.

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Change in Plan Assets, Benefit Obligations, and Funded Status The following tables show the reconciliation of changes in plan assets, benefit obligations, and the plans’ aggregate funded status for pension benefits and other benefits for PG&E Corporation during 2024 and 2023:Pension Plan(in millions)20242023Change in plan assets:Fair value of plan assets at beginning of year$17,211 $16,369 Actual return on plan assets218 1,518 Company contributions337 336 Benefits and expenses paid(999)(1,012)Fair value of plan assets at end of year$16,767 $17,211 Change in benefit obligation:Benefit obligation at beginning of year$17,697 $16,608 Service cost for benefits earned396 379 Interest cost916 913 Actuarial loss (gain) (1)(424)809 Benefits and expenses paid(1,000)(1,012)Benefit obligation at end of year (2)$17,585 $17,697 Funded Status:Current liability$(10)$(9)Noncurrent liability(808)(477)Net liability at end of year$(818)