The Firm has various defined benefit pension plans and OPEB plans that provide benefits to its employees in the U.S. and certain non-U.S. locations. Substantially all the defined benefit pension plans are closed to new participants. The principal defined benefit pension plan in the U.S., which covered substantially all U.S. employees, was closed to new participants and frozen for existing participants on January 1, 2020, (and January 1, 2019 for new hires on or after December 2, 2017). Interest credits continue to accrue to participants’ accounts based on their accumulated balances.

The Firm maintains funded and unfunded postretirement benefit plans that provide medical and life insurance for certain eligible employees and retirees as well as their

dependents covered under these programs. None of these plans have a material impact on the Firm’s Consolidated Financial Statements.

The Firm also provides a qualified defined contribution plan in the U.S. and maintains other similar arrangements in certain non-U.S. locations. The most significant of these plans is the JPMorgan Chase 401(k) Savings Plan (“the 401(k) Savings Plan”), which covers substantially all U.S. employees. Employees can contribute to the 401(k) Savings Plan on a pretax and/or Roth 401(k) after-tax basis. The Firm makes an annual matching contribution as well as an annual profit-sharing contribution to the 401(k) Savings Plan on behalf of eligible participants.

The following table presents the pretax benefit obligations, plan assets, the net funded status, and the amounts recorded in AOCI on the Consolidated balance sheets for the Firm’s significant defined benefit pension and OPEB plans.


As of or for the year ended December 31,	Defined benefit pension and OPEB plans
(in millions)	2022		2021
Projected benefit obligations	$	(13,545)	$	(18,046)
Fair value of plan assets	19,890		25,692
Net funded status	6,345		7,646
Accumulated other comprehensive income/(loss)	(1,916)		(453)

The weighted-average discount rate used to value the benefit obligations as of December 31, 2022 and 2021, was 5.14% and 2.54%, respectively.

Gains and losses

Gains or losses resulting from changes in the benefit obligation and the fair value of plan assets are recorded in OCI. Amortization of net gains or losses are recognized as part of the net periodic benefit cost over subsequent periods, if, as of the beginning of the year, the net gain or loss exceeds 10% of the greater of the projected benefit obligation or the fair value of the plan assets. Amortization is generally over the average expected remaining lifetime of plan participants, given the frozen status of most plans. During the year ended December 31, 2022, a remeasurement of the Firm’s U.S. principal defined benefit plan in the third quarter, was required as a result of a

pension settlement. The remeasurement resulted in a reduction in the fair value of the Firm’s U.S. principal defined benefit plan assets, reflecting market conditions at the time of remeasurement, and a reduction in the plan’s projected benefit obligation totaling $4.0 billion and $2.6 billion, respectively, resulting in a net decrease of $1.4 billion in pre-tax AOCI. For the year ended December 31, 2021, the net gain was predominantly attributable to market-driven increases in the fair value of plan assets and the discount rate.

The following table presents the net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans, and in other comprehensive income for the defined benefit pension and OPEB plans.


	Pension and OPEB plans
Year ended December 31, (in millions)	2022		2021		2020
Total net periodic defined benefit plan cost/(credit)(a)	$	(192)	$	(201)	$	(285)
Total defined contribution plans	1,408		1,333		1,332
Total pension and OPEB cost included in noninterest expense	$	1,216	$	1,132	$	1,047
Total recognized in other comprehensive (income)/loss	$	1,459	$	(1,129)	$	(214)

(a) Includes pension settlement loss of $92 million and $33 million, respectively, for the years ended December 31, 2022 and 2021.

The following table presents the weighted-average actuarial assumptions used to determine the net periodic benefit costs for the defined benefit pension and OPEB plans.


	Defined benefit pension and OPEB plans
Year ended December 31,	2022		2021		2020
Discount rate	2.54	%	2.17	%	2.93	%
Expected long-term rate of return on plan assets	3.68	%	2.97	%	3.91	%

Plan assumptions

The Firm’s expected long-term rate of return is a blended weighted average, by asset allocation of the projected long-term returns for the various asset classes, taking into consideration local market conditions and the specific allocation of plan assets. Returns on asset classes are developed using a forward-looking approach and are not strictly based on historical returns, with consideration given to current market conditions and the portfolio mix of each plan.

The discount rates used in determining the benefit obligations are generally provided by the Firm’s actuaries, with the Firm’s principal defined benefit pension plan using a rate that was selected by reference to the yields on portfolios of bonds with maturity dates and coupons that closely match each of the plan’s projected cash flows.

Investment strategy and asset allocation

The assets of the Firm’s defined benefit pension plans are held in various trusts and are invested in well-diversified portfolios of equity and fixed income securities, cash and cash equivalents, and alternative investments. The Firm regularly reviews the asset allocations and asset managers, as well as other factors that could impact the portfolios, which are rebalanced when deemed necessary. The approved asset allocation ranges by asset class for the Firm’s principal defined benefit plan are 42-100% debt securities, 0-40% equity securities, 0-3% real estate, and 0-12% alternatives as of December 31, 2022.

As of December 31, 2022, assets held by the Firm’s defined benefit pension and OPEB plans do not include securities issued by JPMorgan Chase or its affiliates, except through indirect exposures through investments in exchange traded funds, mutual funds and collective investment funds managed by third-parties. The defined benefit pension and OPEB plans hold investments that are sponsored or managed by affiliates of JPMorgan Chase in the amount of $1.7 billion and $2.5 billion, as of December 31, 2022 and 2021, respectively.

Fair value measurement of the plans’ assets and liabilities

Refer to Note 2 for information on fair value measurements, including descriptions of level 1, 2, and 3 of the fair value hierarchy and the valuation methods employed by the Firm.


Pension plan assets and liabilities measured at fair value
	Defined benefit pension and OPEB plans
	2022								2021
December 31, (in millions)	Level 1(a)		Level 2(b)		Level 3(c)		Total fair value		Level 1(a)		Level 2(b)		Level 3(c)		Total fair value
Assets measured at fair value classified in fair value hierarchy	$	5,308	$	9,617	$	2,613	$	17,538	$	6,541	$	12,315	$	3,172	$	22,028
Assets measured at fair value using NAV as practical expedient not classified in fair value hierarchy							2,593								3,960
Net defined benefit pension plan payables not classified in fair value hierarchy							(241)								(296)
Total fair value of plan assets							$	19,890							$	25,692

(a) Consists predominantly of equity securities, U.S. federal, state, and local and non-U.S. government debt securities, and cash equivalents.

(b) Consists predominantly of corporate debt securities and U.S. federal, state, and local and non-U.S. government debt securities.

Changes in level 3 fair value measurements using significant unobservable inputs

Investments classified in level 3 of the fair value hierarchy decreased in 2022 to $2.6 billion, due to $501 million in unrealized losses and $54 million in settlements, and increased in 2021 to $3.2 billion, predominantly due to $332 million in unrealized gains, partially offset by $94 million in settlements.

Estimated future benefit payments

The following table presents benefit payments expected to be paid for the defined benefit pension and OPEB plans for the years indicated.


Year ended December 31, (in millions)	Defined benefit pension and OPEB plans
2023	$	1,022
2024	1,016
2025	1,007
2026	980
2027	977
Years 2028–2032	4,720