Pension and Other Postretirement Employee Benefit Plans

6 Months Ended

Jun. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Pension and other postretirement employee benefit plans

Pension and other postretirement employee benefit plans

For a discussion of JPMorgan Chase’s pension and other postretirement employee benefit (“OPEB”) plans, see Note 9 of JPMorgan Chase’s 2013 Annual Report.

The following table presents the components of net periodic benefit costs reported in the Consolidated Statements of Income for the Firm’s U.S. and non-U.S. defined benefit pension, defined contribution and OPEB plans.

	Pension plans
	U.S.						Non-U.S.						OPEB plans
Three months June 30, (in millions)	2014			2013			2014			2013			2014			2013
Components of net periodic benefit cost
Benefits earned during the period	$	70		$	79		$	8		$	8		$	—		$	—
Interest cost on benefit obligations	134			111			36			30			9			9
Expected return on plan assets	(246		)	(238		)	(45		)	(34		)	(25		)	(24		)
Amortization:
Net (gain)/loss	7			67			12			12			—			—
Prior service cost/(credit)	(12		)	(11		)	—			—			—			—
Net periodic defined benefit cost	(47		)	8			11			16			(16		)	(15		)
Other defined benefit pension plans(a)	4			4			1			4			NA			NA
Total defined benefit plans	(43		)	12			12			20			(16		)	(15		)
Total defined contribution plans	110			115			87			80			NA			NA
Total pension and OPEB cost included in compensation expense	$	67		$	127		$	99		$	100		$	(16	)	$	(15	)
	Pension plans
	U.S.						Non-U.S.						OPEB plans
Six months ended June 30, (in millions)	2014			2013			2014			2013			2014			2013
Components of net periodic benefit cost
Benefits earned during the period	$	140		$	157		$	17		$	17		$	—		$	—
Interest cost on benefit obligations	268			223			70			60			18			18
Expected return on plan assets	(492		)	(477		)	(89		)	(68		)	(50		)	(46		)
Amortization:
Net (gain)/loss	13			135			24			24			—			1
Prior service cost/(credit)	(22		)	(21		)	—			(1		)	—			—
Net periodic defined benefit cost	(93		)	17			22			32			(32		)	(27		)
Other defined benefit pension plans(a)	7			7			3			6			NA			NA
Total defined benefit plans	(86		)	24			25			38			(32		)	(27		)
Total defined contribution plans	218			220			167			159			NA			NA
Total pension and OPEB cost included in compensation expense	$	132		$	244		$	192		$	197		$	(32	)	$	(27	)

(a) Includes various defined benefit pension plans which are individually immaterial.

The fair values of plan assets for the U.S. defined benefit pension and OPEB plans and for the material non-U.S. defined benefit pension plans were $16.7 billion and $3.8 billion, as of June 30, 2014, and $16.1 billion and $3.5 billion respectively, as of December 31, 2013. See Note 19 for further information on unrecognized amounts (i.e., net loss and prior service costs/(credit)) reflected in AOCI for the three and six month periods ended June 30, 2014, and 2013.

The Firm does not anticipate any contribution to the U.S. defined benefit pension plan in 2014 at this time. For 2014, the cost associated with funding benefits under the Firm’s U.S. non-qualified defined benefit pension plans is expected to total $37 million. The 2014 contributions to the non-U.S. defined benefit pension and OPEB plans are expected to be $49 million and $2 million, respectively.