Life insurance and contributions to the medical program for eligible retirees will be eliminated (younger than)

CSX CORPORATION  
PART IIItem 8. Financial Statements and Supplementary DataNOTE 9.  Employee Benefit Plans  
The Company sponsors defined benefit pension plans principally for salaried, management personnel. For employees hired prior to 2003, the plans provide eligible employees with retirement benefits based predominantly on years of service and compensation rates near retirement. For employees hired between 2003 and 2019, benefits are determined based on a cash balance formula, which provides benefits by utilizing interest and pay credits based upon age, service and compensation. Beginning in 2020, the CSX Pension Plan was closed to new participants.  
In addition to these plans, the Company sponsors a post-retirement medical plan and a life insurance plan that provide certain benefits to full-time, salaried, management employees hired prior to 2003 upon their retirement if certain eligibility requirements are met. Beginning in 2019, both the life insurance benefit for eligible active management employees and health savings account contributions made by the Company to eligible retirees younger than 65 were eliminated for those retiring on or after January 1, 2019. Beginning in 2020, the employer-funded health reimbursement arrangements and life insurance benefit for eligible retirees 65 years or older were eliminated. These changes did not result in a curtailment loss as there was no material impact to service costs for active plan participants.  
The Company engages independent actuaries to compute the amounts of liabilities and expenses relating to these plans subject to the assumptions that the Company determines are appropriate based on historical trends, current market rates and future projections. These amounts are reviewed by management. In order to perform this valuation, the actuaries are provided with the details of the population covered at the beginning of the year, summarized in the table below, and projects that population forward to the end of the year. 

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | Summary of Participants as of |
|  | January 1, 2021 |
|   | Pension Plans |  | Post-retirement Medical Plan |
| Active Employees | 3,019  |  |  | 698  |  |
| Retirees and Beneficiaries | 11,659  |  |  | 847  |  |
| Other(a) | 3,748  |  |  | —  |  |
| Total | 18,426  |  |  | 1,545  |  |

(a) For pension plans, the other category consists mostly of terminated but vested former employees. CSX 2021 Form 10-K p.83
