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Retirement Plans
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Retirement Plans RETIREMENT PLANS
Defined Contribution Savings Plan
We sponsor a 401(k) plan which is a voluntary defined contribution savings plan, for U.S. employees. Employees are immediately eligible to make contributions to the plan and are also eligible for an employer contribution match at an amount equal to 100.0% of the first 6.0% of eligible employee contributions. Savings plan expense is included in compensation and benefits expense in the Consolidated Statements of Income:
Year Ended December 31,
202220212020
(in millions)
Savings Plan expense$17 $14 $14 
Pension and Supplemental Executive Retirement Plans
We maintain non-contributory, defined-benefit pension plans, non-qualified SERPs for certain senior executives and other post-retirement benefit plans for eligible employees in the U.S., collectively referred to as the Nasdaq Benefit Plans. Our pension plans and SERPs are frozen. Future service and salary for all participants do not count toward an accrual of benefits under the pension plans and SERPs. Most employees outside the U.S. are covered by local retirement plans or by applicable social laws. Benefits under social laws are generally expensed in the periods in which the costs are incurred. The total expense for these plans is included in compensation and benefits expense in the Consolidated Statements of Income:
Year Ended December 31,
202220212020
(in millions)
Retirement Plans expense$24 $26 $23 
Nasdaq recognizes the funded status of the Nasdaq Benefit Plans, measured as the difference between the fair value of the plan assets and the benefit obligation, in the Consolidated Balance Sheets.
As of December 31, 2022, the fair value of our U.S. defined-benefit pension plan's assets was $79 million and the benefit obligation was $81 million. As a result, the U.S. defined-benefit pension plan is underfunded by $2 million as of December 31, 2022.
As of December 31, 2021, the fair value of our U.S. defined-benefit pension plan's assets was $111 million and the benefit obligation was $112 million. As a result, the U.S. defined-benefit pension plan was underfunded by $1 million as of December 31, 2021.
During 2022 and 2021, we did not make any contributions to our U.S. defined-benefit pension plan. For our SERP and other post-retirement benefit plans, the net underfunded liability was $28 million as of December 31, 2022 and $34 million as of December 31, 2021. The underfunded liability for the above plans is included in accrued personnel costs and other non-current liabilities in the Consolidated Balance Sheets. The plan assets of the Nasdaq Benefit Plans are invested per target allocations adopted by Nasdaq’s Pension and 401(k) Committee and are primarily invested in collective fund investments that have underlying investments in fixed income securities. The collective fund investments are valued at net asset value which is a practical expedient to estimate fair value.
Accumulated Other Comprehensive Loss
As of December 31, 2022, accumulated other comprehensive
loss for the Nasdaq Benefit Plans was $23 million reflecting an unrecognized net loss of $28 million, partially offset by an income tax benefit of $5 million, primarily due to our pension plans.
Estimated Future Benefit Payments
We expect to make the following benefit payments to participants in the next ten fiscal years under the Nasdaq Benefit Plans:
 PensionSERPPost-retirementTotal
Fiscal Year Ended:(in millions)
2023$8 $5 $— $13 
20247 3 — 10 
20257 3 — 10 
20268 2 — 10 
20278 2 — 10 
2028 through 203233 7 2 42 
 $71 $22 $2 $95 
Nonqualified Deferred Compensation Plan
In June 2022, we established the Nasdaq, Inc. Nonqualified Deferred Compensation Plan. This plan provides certain eligible employees with the opportunity to defer a portion of their annual salary and bonus up to certain approval limits. All deferrals and associated earnings are our general unsecured obligations and were immaterial for the year ended December 31, 2022.