Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 142

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 142
---
 this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote. Postretirement Benefit Plan AssetsWe estimate the expected returns on plan assets for the VEBA trust much the same way we estimate returns on our pension funds. The primary investment objectives of the VEBA trust are to obtain a market rate of return, take into consideration the safety and/or risk of the investment, and to diversify the portfolio in order to satisfy the trust’s anticipated liquidity requirements. The following table shows the asset target allocations prescribed by the trust’s investment policy.Target AllocationAsset Class2024U.S. equity securities64 %International equity securities16 Fixed income securities20 Total100 %  Investments consist of mutual funds and other assets that invest in underlying assets in accordance with the target asset allocations shown above. Exchange-traded mutual funds are valued using quoted prices and, therefore, are classified as Level 1. Investments in other assets are valued using the Net Asset Value practical expedient and are not classified within the fair value hierarchy. These investments do not have readily determinable fair values and are valued using a methodology consistent with accounting guidance that allows the plan to estimate fair value based upon net asset value per share (or its equivalent, such as member units or an ownership in partners’ capital to which a proportionate share of net assets is attributed).The following tables show the fair values of our postretirement plan assets by asset class at December 31, 2024, and December 31, 2023.December 31, 2024    Dollars in millionsLevel 1Level 2Level 3TotalASSET CLASSMutual funds:Equity — U.S.$26 $— $— $26 Equity — International6 — — 6 Fixed income — U.S.8 — — 8 Other assets (measured at NAV)(a)— — — 1 Total net assets at fair value$40 $— $— $41 (a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote. December 31, 2023    Dollars in millionsLevel 1Level 2Level