PRINCIPAL FINANCIAL GROUP INC
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
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Sep 30, 2024 · Filed Oct 30, 2024
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12.Employee and Agent Benefits
Components of Net Periodic Benefit Cost
| · · · · · · · · · · · · | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| · · · · · · · · Other postretirement | |||||||||
| · · Pension benefits · · benefits | |||||||||
| · · For the three months ended · · For the three months ended | |||||||||
| · · September 30, · · September 30, | |||||||||
| · 2024 · 2023 · 2024 · 2023 | |||||||||
| · · (in millions) | |||||||||
| Service cost | | $14.8 | | $13.9 | | $— | | $— | |
| Interest cost | | | 40.3 | | 40.0 | | 0.8 | | 0.8 |
| Expected return on plan assets | | | (42.6) | | (40.7) | | (1.0) | | (1.2) |
| Amortization of prior service benefit | | | (4.2) | | (4.2) | | (0.3) | | (0.3) |
| Recognized net actuarial (gain) loss | | | 9.8 | | 10.2 | | (0.3) | | (0.1) |
| Net periodic benefit cost (income) | | $18.1 | | $19.2 | | $(0.8) | | $(0.8) | |
| · · · · · · · · · · · · | ||||||||
|---|---|---|---|---|---|---|---|---|
| | | | | | | | | Other postretirement |
| · · Pension benefits · · benefits | ||||||||
| · · For the nine months ended · · For the nine months ended | ||||||||
| · · September 30, · · September 30, | ||||||||
| · 2024 · 2023 · 2024 · 2023 | ||||||||
| · · (in millions) | ||||||||
| Service cost | | $44.4 | | $41.7 | | $— | | $— |
| Interest cost | | 121.1 | | 120.0 | | 2.3 | | 2.5 |
| Expected return on plan assets | | (127.8) | | (122.3) | | (3.3) | | (3.5) |
| Amortization of prior service benefit | | (12.5) | | (12.6) | | (0.8) | | (0.8) |
| Recognized net actuarial (gain) loss | | 29.2 | | 30.7 | | (0.8) | | (0.5) |
| Net periodic benefit cost (income) | | $54.4 | | $57.5 | | $(2.6) | | $(2.3) |
The components of net periodic benefit cost including the service cost component are included in operating expenses on the consolidated statements of operations.
Contributions
Our funding policy for our qualified pension plan is to fund the plan annually in an amount at least equal to the minimum annual contribution required under the Employee Retirement Income Security Act (“ERISA”) and, generally, not greater than the maximum amount that can be deducted for U.S. federal income tax purposes. We do not anticipate that we will be required to fund a minimum required contribution under ERISA in 2024; however, it is possible that we may fund the qualified and nonqualified pension plans in 2024 for a combined total of up to $75.0 million. During the three and nine months ended September 30, 2024, we contributed $26.0 million and $59.0 million to these plans, respectively.
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