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EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Pension Plans
Holdings and Equitable Financial Retirement Plans
Equitable Financial sponsors the Equitable 401(k) Plan, a qualified defined contribution plan for eligible employees and financial professionals. The plan provides for a company contribution, a company matching contribution, and a discretionary profit-sharing contribution. Expenses associated with this 401(k) Plan were $60 million, $58 million and $38 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Holdings sponsors the MONY Life Retirement Income Security Plan for Employees and Equitable Financial sponsors the Equitable Retirement Plan (the “ Equitable Financial QP”), both of which were frozen on December 31, 2013, qualified defined benefit plans covering eligible employees and financial professionals. These pension plans are non-contributory, and their benefits are generally based on a cash balance formula and/or, for certain participants, years of service and average earnings over a specified period. Holdings has assumed primary liability for both plans. Equitable Financial remains secondarily liable for its obligations under the Equitable Financial QP and would recognize such liability in the event Holdings does not perform. Holdings and Equitable Financial also sponsor certain nonqualified deferred compensation plans, including the Equitable Excess Retirement Plan, that provide retirement benefits in excess of the amount permitted under the tax law for the qualified plans.
Effective January 1, 2025, Equitable changed how it provides certain retirement-related benefits to its eligible employees and financial professionals. Equitable will discontinue the non-elective company contribution to its 401(k) plan but continue to provide a 401(k) matching contribution. Instead of the non-elective 401(k) contribution, eligible employees and financial professionals will receive cash balance allocations in the Equitable Retirement Plan. The Equitable Retirement Plan is a qualified defined benefit plan that was frozen on December 31st, 2013, but was reopened on January 1, 2025 to provide these cash balance allocations. Under the new cash balance feature, each eligible employee will receive monthly pay credits equal to four percent of their eligible monthly pay. Each eligible financial professional will receive pay credits equal to two and a half percent of eligible monthly pay up to the Social Security Wage Base, and then five percent for eligible monthly pay above the Social Security Wage Base up to the qualified plan pay maximum. Balances in these cash balance accounts in the Equitable Retirement Plan will be credited with interest at six percent from 2025 through 2027. Starting in 2028, the applicable interest crediting rate for these accounts will be based on the 10-year U.S. Treasury Yield (subject to a 6% cap). As of December 31, 2024, the Equitable Retirement Plan was estimated to be funded at 122 percent of target, with an estimated prefunding balance of $374 million on an ERISA funding basis. There was no impact to current retiree benefits, existing funded status, or funding requirements as a result of the reopening of the Equitable Retirement Plan.
Holdings and Equitable Financial use a December 31 measurement date for their pension plans.
AB Retirement Plans
AB maintains the Profit Sharing Plan for Employees of AB, a tax-qualified retirement plan for U.S. employees. Employer contributions under this plan are discretionary and generally are limited to the amount deductible for federal income tax purposes.
AB also maintains a qualified, non-contributory, defined benefit retirement plan covering current and former employees who were employed by AB in the United States prior to October 2, 2000 (the “AB Plan”). Benefits under the AB Plan are based on years of credited service, average final base salary, and primary Social Security benefits.
AB uses a December 31 measurement date for the AB Plan.
During 2024, the Compensation Committee of the AB Board of Directors approved the termination of the Retirement Plan, effective May 22, 2024. AB began the process of settling benefits with vested participants and all lump sum disbursements elected by plan participants were distributed in December 2024 in the amount of $35 million. The remaining retirement plan participants who did not elect a lump sum disbursement elected to roll over their benefit to a group annuity contract from a qualified insurance company to administer all future payments. During the fourth quarter of 2024, AB recognized a non-cash settlement charge of approximately $13 million related to Retirement Plan losses and the reclassification from accumulated other comprehensive loss to general and administrative expenses in the consolidated statements of income. AB will elect the qualified insurance company to administer all future payments during the first quarter of 2025 at which point, the remaining benefit obligation will be purchased by the insurance carrier and AB will fully terminate the plan and recognize a gain or loss on the pension settlement at that time. As of December 31, 2024 the Retirement Plan was underfunded with a benefit obligation of $69 million and plan assets of $63 million.

AB’s policy is to satisfy its funding obligation for each year in an amount not less than the minimum required by ERISA and not greater than the maximum amount it can deduct for federal income tax purposes. AB did not make a contribution to the Retirement Plan during 2024. AB expects to make a contribution to the Retirement Plan during the first quarter of 2025 in the amount of $5 million to fully fund the Retirement Plan, purchase the group annuity contract and settle the remaining termination costs associated with the Retirement Plan.
Net Periodic Pension Expense (Benefit)
Components of net periodic pension expense for the Company’s qualified and non-qualified plans were as follows:
Year Ended December 31,
2024

20232022
 
 (in millions)
Service cost$6 $6 $6 
Interest cost103 107 57 
Expected return on assets(147)(154)(159)
Prior Period Svc Cost Amortization— — — 
Actuarial (gain) loss1 1 1 
Net amortization60 40 65 
Impact of settlement13 3 6 
Net periodic pension expense (benefit)$36 $3 $(24)
Changes in Projected Benefit Obligation (PBO)
Changes in the PBO of the Company’s qualified and non-qualified plans were comprised of:
Year Ended December 31,
 
20242023
 
(in millions)
Projected benefit obligation, beginning of period
$2,218 $2,254 
Interest cost103 107 
Actuarial (gains)/losses (1)(52)60 
Benefits paid(195)(191)
Settlements(39)(12)
Projected benefit obligation, end of period
$2,035 $2,218 
______________
(1)Actuarial gains and losses are a product of changes in the discount rate as shown below.
The following table discloses the change in plan assets and the funded status of the Company’s qualified pension plans and non-qualified pension plans:
Year Ended December 31,
 20242023
 
(in millions)
Pension plan assets at fair value, beginning of period
$2,106 $2,110 
Actual return on plan assets82 149 
Contributions35 — 
Benefits paid and fees(200)(159)
Settlements(39)(12)
Other— 18 
Pension plan assets at fair value, end of period
$1,984 $2,106 
PBO$2,035 $2,218 
Excess of PBO Over Pension Plan Assets$51 $112 
Accrued pension costs of $51 million and $112 million as of December 31, 2024 and 2023, respectively, were recognized in the accompanying consolidated balance sheets to reflect the unfunded status of these plans.
 December 31,
 20242023
 
 (in millions)
Projected benefit obligation$2,035 $2,218 
Accumulated benefit obligation$2,035 $2,218 
Fair value of plan assets$1,984 $2,106 
Unrecognized Net Actuarial (Gain) Loss
The following table discloses the amounts included in AOCI that have not yet been recognized as components of net periodic pension cost.
 December 31,
 20242023
 
 (in millions)
Unrecognized net actuarial (gain) loss$717 $759 
Unrecognized prior service cost (credit)(1)(1)
Total$716 $758 
Pension Plan Assets
The fair values of qualified pension plan assets are measured and ascribed to levels within the fair value hierarchy in a manner consistent with the fair values of the Company’s invested assets that are measured at fair value on a recurring basis. See Note 8 of the Notes to these Consolidated Financial Statements for a description of the fair value hierarchy.
The following table discloses the allocation of the fair value of total qualified pension plan assets:
 December 31,
 20242023
Fixed maturities48.1 %49.3 %
Equity securities26.4 24.1 
Equity real estate17.8 19.6 
Cash and short-term investments2.7 1.9 
Other5.0 5.1 
Total100.0 %100.0 %
Qualified pension plan assets are invested with the primary objective of return, giving consideration to prudent risk. Guidelines regarding the allocation of plan assets are established by the respective Investment Committees for the plans and are designed with a long-term investment horizon. As of December 31, 2024, the qualified pension plans continued their investment allocation strategy to target a 50% - 50% mix of long and intermediate duration bonds and “return-seeking” assets, including public equities, real estate, hedge funds, and private equity.
The following tables disclose the fair values of qualified pension plan assets and their level of observability within the fair value hierarchy:
Level 1
Level 2
Total
(in millions)
December 31, 2024:
Fixed Maturities:
     Corporate$— $864 $864 
     U.S. Treasury, government and agency— 95 95 
     States and political subdivisions— 6 6 
     Foreign governments— 14 14 
Level 1
Level 2
Total
(in millions)
Common equity, REITs and preferred equity348 91 439 
Mutual funds2 — 2 
Collective Trust— 67 67 
Cash and cash equivalents17 — 17 
Short-term investments— 40 40 
Total Assets at Fair Value367 1,177 1,544 
Investments measured at NAV— — 440 
Total Investments at Fair Value$367 $1,177 $1,984 
December 31, 2023:
Fixed Maturities:
Corporate$— $656 $656 
U.S. Treasury, government and agency— 367 367 
States and political subdivisions— 7 7 
Foreign governments— 15 15 
Common equity, REITs and preferred equity327 89 416 
Mutual funds14 — 14 
Collective Trust— 72 72 
Cash and cash equivalents12 — 12 
Short-term investments— 27 27 
Total Assets at Fair Value353 1,233 1,586 
Investments measured at NAV— — 520 
Total Investments at Fair Value$353 $1,233 $2,106 
As of December 31, 2024, assets classified as Level 1, Level 2 and Level 3 comprise approximately 18.5%, 59.3% and 0.0%, respectively, of qualified pension plan assets. As of December 31, 2023, assets classified as Level 1, Level 2 and Level 3 comprised approximately 16.8%, 58.5% and 0.0%, respectively, of qualified pension plan assets. There are no significant concentrations of credit risk arising within or across categories of qualified pension plan assets.
In addition to the plan assets above, the Company and certain subsidiaries purchased COLI policies on the lives of certain key employees. Under the terms of these polices the Company and these subsidiaries are named as beneficiaries. The purpose of the COLI policies is to provide the Company additional funds with which to satisfy various employee benefit obligations held by the Company, including those associated with its nonqualified defined benefit plans and post-retirement benefit plans. As of December 31, 2024 and 2023, the carrying value of COLI was $965 million and $921 million, respectively.
The following table lists investments for which NAV is calculated; NAV is used as a practical expedient to determine the fair value of these investments:
Practical Expedient Disclosure as of December 31, 2024 and 2023
Investment
Fair Value
Redemption Frequency
(If currently eligible)
Redemption Notice Period
Unfunded Commitments
 (in millions)
December 31, 2024:
Private Equity Fund$63 N/A (1) (2)N/A$12 
Private Real Estate Investment Trust 341 QuarterlyOne Quarter— 
Hedge Fund36 Calendar Quarters (3)Previous Quarter End$22 
Total (4)$440 
December 31, 2023:
Private Equity Fund$71 N/A (1)(2)N/A$14 
Private Real Estate Investment Trust399 QuarterlyOne Quarter— 
Hedge Fund50 Calendar Quarters (3)Previous Quarter End$17 
Total (4)$520 
_______________
(1)Cannot sell or transfer ownership interest without prior written consent to transfer, and by meeting several criteria (e.g., does not adversely affect other investors).
(2)Cannot sell interest in the vehicle without prior written consent of the managing member.
(3)March, June, September and December.
(4)Includes equity method investments of $92 million and $96 million as of December 31, 2024 and 2023, respectively.
Assumptions
Discount Rate    
The benefits obligations and related net periodic costs of the Company’s qualified and non-qualified pension plans are measured using discount rate assumptions that reflect the rates at which the plans’ benefits could be effectively settled. Projected nominal cash outflows to fund expected annual benefits payments under each of the plans are discounted using a published high-quality bond yield curve as a practical expedient for a matching bond approach. Beginning in 2014, the Company uses the FTSE (formerly the Citigroup) Above Median Pension Discount Curve (the “FTSE Curve”) for this purpose. The Company has concluded that an adjustment to the FTSE Curve is not required after comparing the projected benefit streams of the plans to the cash flows and duration of the reference bonds.
Mortality
In 2019, the Society of Actuaries (“SOA”) released the PRI-2012 Mortality tables, and in October 2021, the MP-2021 mortality improvement scale was released. In 2024, the Company reviewed the mortality assumptions used for purposes of measuring and reporting its consolidated defined benefit plan obligations. As of December 31, 2024, the Company concluded to update the mortality basis from the RP-2000 base mortality table projected on a full generational basis with Scale BB mortality improvements to the PRI-2012 mortality tables projected on a full generational basis with MP-2021 mortality improvement scale. This reflects the most recently published tables by the SOA.
The following table discloses assumptions used to measure the Company’s pension benefit obligations and net periodic pension cost:
December 31,
20242023
Discount rates:
Equitable Financial QP5.47%4.92%
Equitable Excess Retirement Plan5.40%4.88%
MONY Life Retirement Income Security Plan for Employees5.57%5.00%
AB Qualified Retirement Plan5.15%5.40%
Other defined benefit plans
5.12% - 5.46%
4.74% - 5.00%
Periodic cost
4.74% - 5.50%
4.70% - 5.71%
Cash balance interest crediting rate for pre-April 1, 2012 accruals4.00%4.00%
Cash balance interest crediting rate for post-April 1, 2012 accruals5.30%2.50%
Rates of compensation increase:
Benefit obligation5.94%5.91%
Periodic cost6.36%6.36%
Expected long-term rates of return on pension plan assets (periodic cost)7.00%7.00%
The expected long-term rate of return assumption on plan assets is based upon the target asset allocation of the plan portfolio and is determined using forward-looking assumptions in the context of historical returns and volatilities for each asset class. Prior to 1987, participants’ benefits under the Equitable Financial QP were funded through the purchase of non-participating annuity contracts from Equitable Financial. Benefit payments under these contracts were approximately $2 million and $2 million for 2024 and 2023, respectively.
The following table provides an estimate of future benefits expected to be paid in each of the next five years, beginning January 1, 2025, and in the aggregate for the five years thereafter. These estimates are based on the same assumptions used to measure the respective benefit obligations as of December 31, 2024 and include benefits attributable to estimated future employee service.
Calendar YearPension Benefits
(in millions)
2025$196,110 
2026$214,646 
2027$184,354 
2028$179,312 
2029$171,031 
2030 to 2034$2,155,792 
Post-Retirement Benefits
The Company eliminated any subsidy for post-retirement medical and dental coverage for individuals retiring on or after May 1, 2012. The Company continues to contribute to the cost of post-retirement medical and dental coverage for certain individuals who retired prior to May 1, 2012 based on years of service and age, subject to rights reserved in the plans to change or eliminate these benefits. The Company funds these post-retirement benefits on a pay-as-you-go basis.
The Company sponsors the Equitable Executive Survivor Benefits Plan (the “ESB Plan”) which provides post-retirement life insurance benefits to eligible executives. Eligible executives may choose up to four levels of coverage with each level providing a benefit equal to the executive’s compensation, subject to an overall $25 million cap. Aside from the ESB Plan, the Company does not currently offer post-retirement life insurance benefits but continues to provide post-retirement life insurance benefits to certain active and retired employees who were eligible for such benefits under discontinued plans. The ESB Plan was closed to new participants on January 1, 2019.
For 2024 and 2023, post-retirement benefits payments were $21 million and $19 million, respectively, net of employee contributions.
The Company uses a December 31 measurement date for its post-retirement plans.
Components of Net Post-Retirement Benefits Costs
Year Ended December 31,
 202420232022
 
(in millions)
Service cost$1 $1 $2 
Interest cost16 17 10 
Net amortization(1)(3)6 
Net periodic post-retirement benefits costs$16 $15 $18 

Changes in the accumulated benefits obligation of the Company’s post-retirement plans recognized in the accompanying consolidated financial statements are described in the following table:
Accumulated Post-Retirement Benefits Obligation
December 31,
20242023
(in millions)
Accumulated post-retirement benefits obligation, beginning of period
$353 $349 
Service cost 1 1 
Interest cost 16 17 
Contributions and benefits paid (21)(19)
Actuarial (gains) losses (24)5 
Accumulated post-retirement benefits obligation, end of period
$325 $353 

The post-retirement medical plan obligations of the Company are offset by an anticipated subsidy from Medicare Part D, which is assumed to increase with the healthcare cost trend.
Assumed Healthcare Cost Trend Rates used to Measure the Expected Cost of Benefits
December 31,
20242023
Following year6.4%7.0%
Ultimate rate to which cost increase is assumed to decline3.9%3.9%
Year in which the ultimate trend rate is reached20922098

The following table discloses the amounts included in AOCI that have not yet been recognized as components of net periodic post-retirement benefits cost:
December 31,
20242023
(in millions)
Unrecognized net actuarial (gains) losses $19 $22 
Unrecognized prior service (credit) (18)(21)
Total $1 $1 

The assumed discount rates for measuring the post-retirement benefit obligations as of December 31, 2024 and 2023 were determined in substantially the same manner as described above for measuring the pension benefit obligations. The following table discloses the range of discrete single equivalent discount rates and related net periodic cost at and for the years ended December 31, 2024 and 2023.
December 31,
20242023
Discount rates:
Benefit obligation
5.35% - 5.54%
4.87% - 4.98%
Periodic cost
4.85% - 4.98%
5.07% - 5.20%
The following table provides an estimate of future benefits expected to be paid in each of the next five years, beginning January 1, 2025, and in the aggregate for the five years thereafter. These estimates are based on the same assumptions used to measure the respective benefit obligations as of December 31, 2024 and include benefits attributable to estimated future employee service.
Calendar YearPostretirement Benefits
(in millions)
2025$28,080 
2026$27,666 
2027$27,252 
2028$26,759 
2029$26,388 
2030 to 2034$464,073 
Post-Employment Benefits
The Company provides post-employment medical and life insurance coverage for certain disabled former employees. The accrued liabilities for these post-employment benefits were $1 million and $2 million, respectively, as of December 31, 2024 and 2023. The net post-employment benefits costs were $0 million for the years ended December 31, 2024 and 2023 and $1 million for year ended December 31, 2022.