2025-11-14T05:44:02-05:00 2024-12-31 PwC US Tax LLP 2001 MARKET ST SUITE 1800 PHILADELPHIA PA 19103 990 2024-01-01 046957993 BAE SYSTEMS FUNDED RETIREE BENEFIT TRUST % DOHI SHIN BAE SYSTEMS INC BAES 5714616000 2941 FAIRVIEW PARK DRIVE FLOOR 13 FALLS CHURCH VA 22042 JODI COULTER BAE SYS INC VP/CONTR 7033126100 2025-11-13 true true SAPNA VASU P00545692 2673303000 2025-11-10 2024 2025-03-06 01:10:19Z JODI COULTER 2941 FAIRVIEW PARK DR FL 13 FALLS CHURCH VA 22042 18974143 false X N/A X 1992 NY THIS ORGANIZATION IS A VOLUNTARY EMPLOYEES' BENEFICIARY ASSOCIATION THAT FUNDS MEDICAL AND OTHER WELFARE BENEFITS FOR RETIREES. 1 1 0 0 2039689 2129753 0 0 752542 669804 5446972 6132521 0 626169 6199514 7428494 0 0 10105441 9777866 89300 89300 0 0 0 1903073 1548074 12097814 11415240 -5898300 -3986746 161850365 156711337 0 0 161850365 156711337 X TO FUND WELFARE BENEFITS FOR RETIREES PURSUANT TO IRC SECTION 501(C)(9). false false 9777866 0 669804 THE TRUST PREFUNDS WELFARE BENEFITS FOR RETIREES OF THE SPONSOR OF THE TRUST AND VARIOUS AFFILIATED ENTITIES. THE EXPENSES WERE INCURRED TO PAY BENEFITS TO THE RETIREES PURSUANT TO THE UNDERLYING BENEFIT PLAN, AND TO PAY ADMINISTRATIVE EXPENSES AND TAXES OWED. THE REVENUE AMOUNT RELATES TO PARTICIPANT AND EMPLOYER CONTRIBUTIONS TO FUND THE BENEFITS, INVESTMENT INCOME, MEDICARE REIMBURSEMENTS, AND UNRELATED BUSINESS INCOME TAX REFUNDS. 9777866 false false false false false false false false false false false false false false true true false false false false false false false false false false false false false false false false false false false false false false false false true false false true 0 0 0 true true false false false false false false false X 1 1 false false false false false false false false true false false false false false false false false false X DOHI SHIN BAE SYSTEMS INC 5714616000 2941 FAIRVIEW PARK DR FALLS CHURCH VA 22042 JP MORGAN CHASE BANK NA TRUSTEE 5.0 0.0 X 89300 0 0 89300 0 0 0 false false false ALIGHT SOLUTIONS LLC PO BOX 95135 CHICAGO IL 606945135 ADMINISTRATIVE SVCS 289381 GROOM LAW GROUP CHARTERED 1701 PENNSYLVANIA AVENUE NW SUITE WASHINGTON DC 20006 LEGAL SERVICES 113756 2 0 EMPLOYER CONTRIBUTIONS 525100 354513 354513 0 0 PARTICIPANT CONTRIBUTIONS 525100 315291 315291 0 0 669804 6057123 2178842 3878281 0 0 0 0 0 11621047 11545649 75398 75398 -139153 214551 0 0 0 0 0 0 0 0 0 REIMBURSED OVERBILLED INVT MGMT FEES 900099 626169 626169 0 0 626169 7428494 1295973 2039689 4092832 0 0 0 9777866 9777866 89300 0 89300 0 0 0 0 0 0 0 108756 108756 121750 121750 0 0 0 326307 326307 0 1492 1492 0 0 0 0 0 0 0 0 0 0 UBIT EXPENSE 822000 0 822000 0 ADMINISTRATIVE EXPENSES 167769 0 167769 0 11415240 9777866 1637374 0 5235281 2301430 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 156615084 154409907 0 0 0 0 0 0 0 0 161850365 156711337 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 0 0 0 0 161850365 156711337 161850365 156711337 161850365 156711337 -3986746 -1152282 X X false true X true false 0 0 X 6726927 -1152282 450715 -701567 7428494 7428494 12716840 1301600 1301600 11415240 11415240 FORM 990, SCHEDULE D, PART X, LINE 2 THE VEBA II FUNDING THE PLAN RECEIVED AN EXEMPTION LETTER FROM THE INTERNAL REVENUE SERVICE DATED JANUARY 5, 2004, STATING THAT THE TRUST IS TAX-EXEMPT UNDER THE PROVISIONS OF SECTION 501(C)(9) OF THE CODE AS A VEBA. ALTHOUGH THE PLAN WAS AMENDED AFTER THE RECEIPT OF THE DETERMINATION LETTER, THE AMENDMENTS DID NOT RELATE TO THE TAX QUALIFICATION REQUIREMENTS OF THE CODE. THE PLAN IS REQUIRED TO OPERATE IN CONFORMITY WITH THE CODE TO MAINTAIN THE TAX-EXEMPT STATUS OF THE TRUST. THE VEBA II HAS SINCE BEEN AMENDED, HOWEVER THE PLAN ADMINISTRATOR BELIEVES THE PLAN IS BEING OPERATED IN COMPLIANCE WITH THE APPLICABLE REQUIREMENTS OF THE CODE AND, THEREFORE, BELIEVES THE PLAN AND RELATED TRUST IS TAX-EXEMPT. UNDER SECTION 512 OF THE CODE, THE INVESTMENT EARNINGS ATTRIBUTABLE TO RESERVES FOR POSTRETIREMENT BENEFITS ARE SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). THE PLAN WAS SUBJECT TO TAX DURING THE YEAR ENDED DECEMBER 31, 2024, ON UNRELATED BUSINESS TAXABLE INCOME UNDER SECTION 511 OF THE CODE. THE PLAN PAID $822,000 OF UBIT DURING THE YEAR ENDED DECEMBER 31, 2024. FORM 990, SCHEDULE D, PART XI, LINE 2D NET DEPRECIATION IN FAIR VALUE OF INVESTMENTS OF $450,715 IS REPORTED ON THE AUDITED FINANCIAL STATEMENTS AS AN EXPENSE ITEM WHICH INCLUDES UNREALIZED LOSSES ON INVESTMENTS OF $1,152,282, REALIZED GAINS ON INVESTMENTS OF ($75,398) AND REIMBURSED OVERBILLED INVESTMENT MANAGEMENT FEES OF ($626,169). NET DEPRECIATION IN FAIR VALUE OF INVESTMENTS OF $450,715 IS REPORTED AS REVENUE AND/OR REVENUE ADJUSTMENT ON THE RETURN. FORM 990, SCHEDULE D, PART XII, LINE 2D NET DECREASE IN 401(H) ACCOUNTS OF $850,885. PLUS NET DEPRECIATION IN FAIR VALUE OF INVESTMENTS OF $450,715 WHICH IS REPORTED ON THE AUDITED FINANCIAL STATEMENTS AS AN EXPENSE ITEM WHICH INCLUDES UNREALIZED LOSSES ON INVESTMENTS OF $1,152,282, REALIZED GAINS ON INVESTMENTS OF ($75,398) AND REIMBURSED OVERBILLED INVESTMENT MANAGEMENT FEES OF ($626,169). NET DEPRECIATION IN FAIR VALUE OF INVESTMENTS OF $450,715 IS REPORTED AS REVENUE AND/OR REVENUE ADJUSTMENT ON THE RETURN. FORM 990, PART VI, LINE 8A & 8B BECAUSE BAE SYSTEMS FUNDED RETIREE BENEFIT TRUST IS A VEBA, IT DOES NOT HAVE A GOVERNING BODY OF ITS OWN. THE GOVERNING BODY OF BAE SYSTEMS, INC. HAS A COMMITTEE WHICH RELATES TO ITS VEBAS. THIS COMMITTEE HAS THE AUTHORITY TO ACT ON BEHALF OF THE BAE SYSTEMS, INC. GOVERNING BODY. FORM 990, PART VI, LINE 11 FORM 990 WAS PREPARED AND REVIEWED BY AN INDEPENDENT ACCOUNTING FIRM. THE PLAN SPONSOR, BAE SYSTEMS' MANAGEMENT TEAM WITH OVERSIGHT RESPONSIBILITY OVER THE VEBA, PERFORMED A REVIEW OF FORM 990 BEFORE IT WAS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, LINE 19 THE VEBA DOES NOT MAKE ITS GOVERNING DOCUMENTS OR INTERNAL FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. COLLECTIVELY BARGAINED AGGREMENT THIS VEBA IS ESTABLISHED UNDER A COLLECTIVELY BARGAINED PLAN. PURSUANT TO THE TAX REFORM ACT OF 1986, THIS FUND IS GENERALLY RELEASED FROM THE LIMITATIONS OF IRC SECTION 419A AND SECTION 512(A)(3)(E). FOR EMPLOYEES COVERED UNDER THE COLLECTIVE BARGAINING AGREEMENT, THE FILING VEBA DOES NOT HAVE CONTRIBUTIONS TO THE FUND THAT EXCEED THE ACCOUNT LIMIT AND IS THEREFORE NOT SUBJECT TO UNRELATED BUSINESS INCOME TAX ON SUCH EARNINGS. THE PORTION OF THE VEBA ATTRIBUTED TO ANY EMPLOYEES NOT COVERED BY THE COLLECTIVE BARGAINING AGREEMENT IS SUBJECT TO UNRELATED BUSINESS INCOME TAX AND IS REPORTED ACCORDINGLY ON FORM 990-T. BAE SYSTEMS INC 2941 FAIRVIEW PARK DRIVE FLOOR 13 FALLS CHURCH VA 22042 046957993 DEFENSE CONTR VA NA C CORP false false false false false false false false false false false false false false false false false false false true BAE SYSTEMS INC S 354513 BOOK