ONEOK Legacy Retirement Plan - We have a legacy defined benefit pension plan covering certain employees and former employees, which closed to new participants in 2005. In addition, we have a supplemental executive retirement plan for the benefit of certain officers who participate in our defined benefit pension plan. Our supplemental executive retirement plan is closed to new participants. We fund our defined benefit pension plan at a level needed to maintain or exceed the minimum funding levels required by the Employee Retirement Income Security Act of 1974, as amended.

Magellan Legacy Retirement Plans - As a result of the Magellan Acquisition, we assumed the pension plan assets and obligations of Magellan in 2023. These obligations are composed of two defined benefit pension plans, including one for non-union employees and one for union employees. The pension plan for non-union employees closed to new participants upon the closing of the acquisition. The pension plan for union employees closed to new participants in January 2024. We fund these defined benefit pension plans at a level needed to maintain or exceed the minimum funding levels required by the Employee Retirement Income Security Act of 1974, as amended.

Other Postretirement Benefit Plans - We sponsor legacy health and welfare plans that provide postretirement medical and life insurance benefits to employees hired prior to 2017 who retire with at least five years of full-time consecutive service. The postretirement medical plan for pre-Medicare participants is contributory, with retiree contributions adjusted periodically, and contains other cost-sharing features such as deductibles and coinsurance. The postretirement medical plan for Medicare-eligible participants is an account-based plan under which participants may elect to purchase private insurance policies under a private exchange and/or seek reimbursement of other eligible medical expenses. In 2023, we also assumed the postretirement benefit obligations of Magellan which covers certain employees of Magellan.


	Retirement Benefits				Other Postretirement Benefits
	Dec. 31,				Dec. 31,
	2024		2023		2024		2023
Change in benefit obligation	(Millions of dollars)
Benefit obligation, beginning of period	$	702	$	423	$	51	$	38
Service cost	21		7		—		—
Interest cost	37		27		2		2
Plan participants’ contributions	—		—		1		1
Actuarial (gain) loss	(35)		38		(5)		3
Benefits paid	(36)		(33)		(3)		(4)
Magellan Acquisition	—		240		—		11
Benefit obligation, end of period (a)	689		702		46		51

Change in plan assets
Fair value of plan assets, beginning of period	554		322		16		17
Actual return on plan assets	12		60		1		2
Employer contributions	5		—		—		—
Plan participants’ contributions	—		—		1		1
Benefits paid	(36)		(33)		(3)		(4)
Magellan Acquisition	—		205		—		—
Fair value of plan assets, end of period (b)	535		554		15		16
Balance at Dec. 31	$	(154)	$	(148)	$	(31)	$	(35)

Current liabilities	$	(5)	$	(5)	$	—	$	—
Noncurrent liabilities	(149)		(143)		(31)		(35)
Balance at Dec. 31	$	(154)	$	(148)	$	(31)	$	(35)

(b) - Fair value of plan assets for Retirement Benefits exclude the assets of our supplemental executive retirement plan, which totaled $92 million and $89 million at Dec. 31, 2024 and 2023, respectively, and are included in other assets on the Consolidated Balance Sheets. These assets are maintained in a rabbi trust and are not treated as assets of the supplemental executive retirement plan.

The components of net periodic benefit cost and related assumptions, and amounts recognized in other comprehensive income related to our retirement and other postretirement benefit plans are not material. The balance in accumulated other comprehensive loss at Dec. 31, 2024 and 2023, was $58 million and $64 million, respectively. This balance is expected to be amortized over the average remaining service period of employees participating in these plans.

We determine our discount rates annually utilizing portfolios of high-quality bonds matched to the estimated benefit cash flows of our retirement and other postretirement benefit plans. Bonds selected to be included in the portfolios are only those rated by S&P or Moody’s as an AA or Aa2 rating or better and exclude callable bonds, bonds with less than a minimum issue size, yield outliers and other filtering criteria to remove unsuitable bonds.

Plan Assets - Our investment strategy is to invest plan assets in accordance with sound investment practices that emphasize long-term fundamentals. The goal of this strategy is to maximize investment returns while managing risk in order to meet the plan’s current and projected financial obligations. The investment allocation for our ONEOK legacy defined benefit pension plan follows a glide path approach of liability-driven investing that shifts a higher portfolio weighting to fixed income as the plan’s funded status increases. A majority of the legacy Magellan pension assets are allocated to fixed income securities and invested to match the duration of the plans’ short, intermediate and long-term liabilities, with the remaining amount allocated to equity securities. Our pension plans utilize a diversified mix of investments that may include domestic and international equities, short, intermediate and long term corporate and government obligations, real estate and hedge funds. The combined target allocation for the assets of our pension plans as of Dec. 31, 2024, is as follows:

The fair value of the plan assets for our other postretirement benefit plans as of Dec. 31, 2024, are not material. The following tables set forth the plan assets by fair value category as of the measurement date for our defined benefit pension plans:


	Pension Benefits
	Dec. 31, 2024
Asset Category	Level 1		Level 2		Level 3		Subtotal		Measured at NAV (d)		Total
	(Millions of dollars)
Investments:
Equity securities	$	64	$	—	$	—	$	64	$	—	$	64
Cash and money market funds	7		—		—		7		—		7
Government obligations	36		—		—		36		—		36
Corporate obligations	101		—		—		101		—		101
Common/collective trusts
Equity securities (a)	—		—		—		—		107		107
Real estate funds	—		—		—		—		18		18
Government obligations	—		—		—		—		50		50
Corporate obligations (b)	—		—		—		—		118		118
Short-term investments	—		—		—		—		5		5

Other investments (c)	—		—		—		—		29		29
Fair value of plan assets	$	208	$	—	$	—	$	208	$	327	$	535

(c) - This category represents alternative investments in limited partnerships, which can be redeemed with a 30-day notice with no further restrictions. There are no unfunded capital commitments. These limited partnerships invest through multi-strategy programs in broadly diversified portfolios of private investment funds, hedge funds and/or separate accounts to seek equity-like returns with low market correlation, reduced volatility and limited risk.


	Pension Benefits
	Dec. 31, 2023
Asset Category	Level 1		Level 2		Level 3		Subtotal		Measured at NAV (d)		Total
	(Millions of dollars)
Investments:
Equity securities	$	65	$	—	$	—	$	65	$	—	$	65
Cash and money market funds	9		—		—		9		—		9
Government obligations	45		—		—		45		—		45
Corporate obligations	100		—		—		100		—		100
Common/collective trusts
Equity securities (a)	—		—		—		—		109		109
Real estate funds	—		—		—		—		17		17
Government obligations	—		—		—		—		60		60
Corporate obligations (b)	—		—		—		—		114		114
Short-term investments	—		—		—		—		6		6
Other investments (c)	—		—		—		—		29		29
Fair value of plan assets	$	219	$	—	$	—	$	219	$	335	$	554

Contributions - During 2024, we contributed $5 million to our legacy ONEOK defined benefit pension and made no contributions to our legacy Magellan defined benefit pension plans and other post retirement benefit plans. We contributed $9 million to our legacy ONEOK defined benefit pension, $17 million to our legacy Magellan non-union plan and $3 million to

Pension and Other Postretirement Benefit Payments - Benefit payments for our defined benefit pensions and other postretirement benefit plans for the period ending Dec. 31, 2024, were $36 million and $3 million, respectively. The following table sets forth the defined benefit pension and other postretirement benefits payments expected to be paid in 2025 through 2034:

401(k) Plan - We have a 401(k) Plan covering all employees, and employee contributions are discretionary. We match 100% of employee 401(k) Plan contributions up to 6% of each participant’s eligible compensation each payroll period, subject to certain limits. We also make profit-sharing contributions under our 401(k) Plan for employees who do not participate in our defined benefit pension plans. We generally make a quarterly profit-sharing contribution equal to 1% of each profit-sharing participant’s eligible compensation during the quarter and an annual discretionary profit-sharing contribution equal to a percentage of each profit-sharing participant’s eligible compensation. Effective Jan. 1, 2025, the profit-sharing quarterly contributions will increase to 6% from 1% of quarterly eligible compensation. We will continue to make annual discretionary contributions of up to 2% of eligible compensation. Our contributions made to the plan, including profit-sharing contributions, were $66 million, $44 million and $35 million in 2024, 2023 and 2022, respectively.

Medallion terminated the legacy Medallion 401(k) Plan effective Oct. 30, 2024, prior to the closing of the Medallion Acquisition on Oct. 31, 2024. Legacy Medallion employees may roll their Medallion 401(k) Plan account balance to the ONEOK 401(k) Plan or an individual retirement account or take a distribution.

In September 2023, the legacy Magellan 401(k) Plan was terminated as a result of the Magellan Acquisition, and legacy Magellan employees were given the option to roll their 401(k) balances into the existing ONEOK 401(k) Plan or to their individual retirement accounts. The Magellan 401(k) plan was liquidated and closed in September 2024.

Subsequent event - EnLink terminated the EnLink 401(k) Plan effective Jan. 30, 2025, prior to the closing of the EnLink Acquisition. Legacy EnLink employees may roll their EnLink 401(k) Plan account balance to the ONEOK 401(k) Plan, an individual retirement account or take a distribution.

Nonqualified Deferred Compensation Plan - The 2020 Nonqualified Deferred Compensation Plan and its predecessor nonqualified deferred compensation plans (collectively, the NQDC Plan) provide a select group of management and highly compensated employees, as approved by our chief executive officer, with the option to defer portions of their compensation and receive notional employer contributions that generally are not available due to limitations on employer and employee contributions to qualified defined contribution plans under federal tax laws. Our investments which are included in other assets on the Consolidated Balance Sheets related to the NQDC Plan are not material. These investments are maintained in a rabbi trust. Our contributions to the plan were not material.