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Benefit Plans
 12 Months Ended
Nov. 30, 2021
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
U.S. Pension Plan
We maintain a defined benefit pension plan, Jefferies Group LLC Employees’ Pension Plan (the “U.S. Pension Plan”), which is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended, and covers certain of our employees. Under the U.S. Pension Plan, benefits to participants are based on years of service and the employee’s career average pay. Effective December 31, 2005, benefits under the U.S. Pension Plan were frozen with no further benefit accruing to participants for future service after December 31, 2005.
Employer Contributions - Our funding policy is to contribute to the U.S. Pension Plan at least the minimum amount required for funding purposes under applicable employee benefit and tax laws. We did not contribute to the U.S. Pension Plan during the year ended November 30, 2021 and we do not anticipate making a contribution to the plan for the year ending November 30, 2022.
The following tables summarize the changes in the projected benefit obligation, the fair value of the assets and the funded status of the plan (in thousands):
Year Ended November 30,
20212020
Change in projected benefit obligation:
Projected benefit obligation, beginning of period
$71,541 $63,222 
Interest cost
1,409 1,801 
Actuarial losses487 9,874 
Administrative expenses paid
(186)(346)
Benefits paid
(2,504)(1,003)
Settlements
— (2,477)
Other costs400 470 
Projected benefit obligation, end of period
$71,147 $71,541 
Change in plan assets:
Fair value of assets, beginning of period
$63,161 $56,980 
Benefits paid
(2,504)(1,003)
Administrative expenses paid
(186)(346)
Actual return on plan assets
2,064 10,007 
Settlements
— (2,477)
Fair value of assets, end of period
$62,535 $63,161 
Funded status at end of period
$(8,612)$(8,380)
The amounts recognized in our Consolidated Statements of Financial Condition are as follows (in thousands):
November 30,
20212020
Consolidated statements of financial condition:
Accrued expenses and other liabilities$8,612 $8,380 
Accumulated other comprehensive income, before taxes:
Net losses
$(11,842)$(10,875)
The following tables summarize the components of net periodic pension cost and other amounts recognized in Other comprehensive income, before taxes (in thousands):
Year Ended November 30,
202120202019
Components of net periodic pension cost:
Interest cost on projected benefit obligation
$1,409 $1,801 $2,303 
Expected return on plan assets
(3,094)(3,477)(3,008)
Net amortization
549 252 122 
Settlement losses
— 376 — 
Other costs400 470 500 
Net periodic pension cost
$(736)$(578)$(83)
Year Ended November 30,
202120202019
Amounts recognized in Other comprehensive income:
Net losses arising during the period
$1,516 $3,344 $1,899 
Amortization of net loss
(549)(252)(122)
Settlements during the period
— (376)— 
Total losses recognized in Other comprehensive income
$967 $2,716 $1,777 
Net losses recognized in net periodic benefit cost and Other comprehensive income$231 $2,138 $1,694 
The assumptions used to determine the actuarial present value of the projected obligation and net periodic pension benefit cost are as follows:
Year Ended November 30,
202120202019
Discount rate used to determine benefit obligation
2.40 %2.00 %2.90 %
Weighted average assumptions used to determine net pension cost:
Discount rate
2.00 %2.90 %4.30 %
Expected long-term rate of return on plan assets
5.00 %6.25 %6.25 %
Expected Benefit Payments - Expected benefit payments for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in thousands):
2022$5,994 
20234,431 
20245,033 
20254,663 
20265,294 
2027 through 203124,938 
Plan Assets - We have an agreement with an external investment manager to invest and manage the plan’s assets under a strategy using a combination of two portfolios. The investment manager allocates the plan’s assets between a growth portfolio and a liability-driven portfolio according to certain target allocations and tolerance bands that are agreed to by the Administrative Committee of the U.S. Pension Plan. Such target allocations will take into consideration the plan’s funded ratio. The manager will also monitor the strategy and, as the plan’s funded ratio changes over time, will rebalance the strategy, if necessary, to be within the agreed tolerance bands and target allocations. The portfolios are comprised of certain common collective investment trusts that are established and maintained by the investment manager. The common collective trusts are valued at their NAV as a practical expedient for fair value.