OTHER DISCLOSURES

12 Months Ended

Dec. 31, 2024

OTHER DISCLOSURES.

RETIREMENT PLANS.

Compensation and related costs includes expense recognized for our defined contribution retirement plans of $162.0 million in 2024, $152.5 million in 2023, and $130.2 million in 2022.

SUPPLEMENTAL SAVINGS PLAN.

The supplemental savings plan provides certain senior officers the opportunity to defer payment on up to 50% of their annual cash incentive, limited to $2 million annually. The amounts deferred are adjusted in accordance with the hypothetical investments chosen by the officer from a list of T. Rowe Price products. The officer must specify if they would like to receive payment as a lump sum or up to ten annual installments upon separation of service. Additionally, the officer may elect to receive a lump sum payment while still employed in as little as five years.

Below is a roll forward of the supplement savings plan liability which is reported in deferred compensation liabilities on the consolidated balance sheets.


(in millions)	2024		2023
Balance at beginning of the year	$	895.0	$	761.2
Deferrals (including taxes)	53.4		52.8
Market appreciation (depreciation)	104.3		123.2
Distributions	(46.7)		(42.2)
Balance at end of the year	$	1,006.0	$	895.0