Pension and Other Postretirement Employee Benefit Plans

9 Months Ended

Sep. 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 September 30, (in millions)	2014			2013			2014			2013			2014			2013
Components of net periodic benefit cost
Benefits earned during the period	$	70		$	78		$	8		$	8		$	—		$	1
Interest cost on benefit obligations	133			112			34			33			9			9
Expected return on plan assets	(247		)	(239		)	(42		)	(36		)	(25		)	(24		)
Amortization:
Net (gain)/loss	6			68			12			12			—			—
Prior service cost/(credit)	(9		)	(10		)	(1		)	(1		)	—			—
Net periodic defined benefit cost	(47		)	9			11			16			(16		)	(14		)
Other defined benefit pension plans(a)	3			4			2			2			NA			NA
Total defined benefit plans	(44		)	13			13			18			(16		)	(14		)
Total defined contribution plans	115			114			87			77			NA			NA
Total pension and OPEB cost included in compensation expense	$	71		$	127		$	100		$	95		$	(16	)	$	(14	)
	Pension plans
	U.S.						Non-U.S.						OPEB plans
Nine months ended September 30, (in millions)	2014			2013			2014			2013			2014			2013
Components of net periodic benefit cost
Benefits earned during the period	$	210		$	235		$	25		$	25		$	—		$	1
Interest cost on benefit obligations	401			335			104			93			27			27
Expected return on plan assets	(739		)	(716		)	(131		)	(104		)	(75		)	(70		)
Amortization:
Net (gain)/loss	19			203			36			36			—			1
Prior service cost/(credit)	(31		)	(31		)	(1		)	(2		)	—			—
Net periodic defined benefit cost	(140		)	26			33			48			(48		)	(41		)
Other defined benefit pension plans(a)	10			11			5			8			NA			NA
Total defined benefit plans	(130		)	37			38			56			(48		)	(41		)
Total defined contribution plans	333			334			254			236			NA			NA
Total pension and OPEB cost included in compensation expense	$	203		$	371		$	292		$	292		$	(48	)	$	(41	)

(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 $16.5 billion and $3.7 billion, as of September 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 nine month periods ended September 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.