PNC FINANCIAL SERVICES GROUP INC
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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Net Periodic Costs - Assumptions
The weighted-average assumptions used (as of the beginning of each year) to determine the net periodic costs shown in Table 97 were as follows:
Table 98: Net Periodic Costs - Assumptions
| Net Periodic Cost Determination | |||
|---|---|---|---|
| As of January 1 | 2023 | 2022 | 2021 |
| Discount rate (a) | |||
| Qualified pension | 5.55% | 2.90% | 2.60% |
| Nonqualified pension | 5.45% | 2.65% | 2.15% |
| Postretirement benefits | 5.50% | 2.80% | 2.40% |
| Rate of compensation increase (average) (b) | 4.25% | 4.25% | 4.25% |
| Interest crediting rate (average) | |||
| Qualified pension | 4.65% | 3.70% | 3.70% |
| Nonqualified pension | 4.80% | 4.00% | 4.00% |
| Postretirement benefits | 4.30% | 1.65% | 1.30% |
| Assumed health care cost trend rate (c) | |||
| Initial trend | 6.00% | 6.00% | 6.00% |
| Ultimate trend | 4.50% | 4.50% | 5.00% |
| Year ultimate trend reached | 2029 | 2028 | 2025 |
| Expected long-term return on plan assets (b) (d) | 6.20% | 4.50% | 4.40% |
(a)The 2021 discount rate for each plan is a blended rate that is inclusive of the BBVA plans acquired during the year.
(b)Rate disclosed is for the qualified pension plan.
(c)Rate is applicable only to the postretirement benefit plans.
(d)The 2021 rate is a blended rate that is inclusive of the BBVA plan assets acquired during the year.
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