Company: SREA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001032208-25-000012
Chunk: 433

Company: SEMPRA
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 433
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 Generally, those changes are reported in OCI and as a separate component of shareholders’ equity.The detailed information presented below covers the employee benefit plans of primarily Sempra and its consolidated entities.Sempra has funded and unfunded noncontributory traditional defined benefit and cash balance plans, including separate plans for SDG&E and SoCalGas, which collectively cover all eligible employees. Pension benefits under the traditional defined benefit plans are based on service and final average earnings, while the cash balance plans provide benefits using a career average earnings methodology.IEnova has an unfunded noncontributory defined benefit plan covering all employees that provides defined benefits to retirees based on date of hire, years of service and final average earnings.

2024 Form 10-K  |  F-81

Sempra also has PBOP plans, including separate plans for SDG&E and SoCalGas, which collectively cover all domestic and certain foreign employees. The life insurance plans are both contributory and noncontributory, and the health care plans are contributory. Participants’ contributions are adjusted annually. PBOP plans include medical benefits. Pension and PBOP costs and obligations are dependent on assumptions used in calculating such amounts. We review these assumptions on an annual basis and update them as appropriate. We consider current market conditions, including interest rates, in making these assumptions.

DEDICATED ASSETS IN SUPPORT OF CERTAIN BENEFITS PLANSIn support of its Supplemental Executive Retirement, Cash Balance Restoration and Deferred Compensation Plans, Sempra maintains dedicated assets, including a Rabbi Trust and investments in life insurance contracts, which totaled $585 million and $549 million at December 31, 2024 and 2023, respectively.

PENSION AND PBOP PLANSOncorIn 2024 and 2023, we had $34 million and $38 million, respectively, in AOCI representing an actuarial loss related to Oncor’s pension plans. Benefit Obligations and AssetsThe following three tables provide a reconciliation of the changes in the plans’ projected benefit obligations and the fair value of assets during 2024 and 2023, and a statement of the funded status at December 31, 2024 and 2023.PROJECTED BENEFIT OBLIGATION, FAIR VALUE OF ASSETS AND FUNDED STATUS(Dollars in millions) Pension(1)PBOP 2024202320242023Sempra:CHANGE IN PROJECTED BENEFIT OBLIGATION    Obligation at January 1$3,107