Pension and OPEB

6 Months Ended

Jun. 30, 2013

Pension and Other Postretirement Benefits (OPEB)

PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis.

Pension and OPEB costs for PSEG are detailed as follows:




	Pension Benefits						OPEB						Pension Benefits						OPEB
	Three Months Ended						Three Months Ended						Six Months Ended						Six Months Ended
	June 30,						June 30,						June 30,						June 30,
	2013			2012			2013			2012			2013			2012			2013			2012
	Millions
Components of Net Periodic Benefit Cost
Service Cost	$	29		$	25		$	5		$	4		$	58		$	50		$	10		$	8
Interest Cost	53			55			16			16			107			111			32			32
Expected Return on Plan Assets	(87		)	(77		)	(5		)	(5		)	(174		)	(153		)	(10		)	(9		)
Amortization of Net
Transition Obligation	—			—			—			—			—			—			—			1
Prior Service Cost (Credit)	(4		)	(4		)	(3		)	(3		)	(9		)	(9		)	(7		)	(7		)
Actuarial Loss	47			42			10			8			94			84			21			16
Net Periodic Benefit Cost	$	38		$	41		$	23		$	20		$	76		$	83		$	46		$	41
Effect of Regulatory Asset	—			—			—			5			—			—			—			10
Total Benefit Costs, Including Effect of Regulatory Asset	$	38		$	41		$	23		$	25		$	76		$	83		$	46		$	51

Pension and OPEB costs for Power, PSE&G and PSEG’s other subsidiaries are detailed as follows:




	Pension Benefits				OPEB				Pension Benefits				OPEB
	Three Months Ended				Three Months Ended				Six Months Ended				Six Months Ended
	June 30,				June 30,				June 30,				June 30,
	2013		2012		2013		2012		2013		2012		2013		2012
	Millions
Power	$	11	$	12	$	5	$	4	$	22	$	25	$	11	$	9
PSE&G	22		25		17		20		45		49		33		40
Other	5		4		1		1		9		9		2		2
Total Benefit Costs	$	38	$	41	$	23	$	25	$	76	$	83	$	46	$	51

During the three months ended March 31, 2013, PSEG contributed its entire planned contributions for the year 2013 of $145 million and $14 million into its pension and postretirement healthcare plans, respectively.

Power [Member]

Pension and OPEB

Pension and Other Postretirement Benefits (OPEB)

Pension and OPEB costs for PSEG are detailed as follows:




	Pension Benefits						OPEB						Pension Benefits						OPEB
	Three Months Ended						Three Months Ended						Six Months Ended						Six Months Ended
	June 30,						June 30,						June 30,						June 30,
	2013			2012			2013			2012			2013			2012			2013			2012
	Millions
Components of Net Periodic Benefit Cost
Service Cost	$	29		$	25		$	5		$	4		$	58		$	50		$	10		$	8
Interest Cost	53			55			16			16			107			111			32			32
Expected Return on Plan Assets	(87		)	(77		)	(5		)	(5		)	(174		)	(153		)	(10		)	(9		)
Amortization of Net
Transition Obligation	—			—			—			—			—			—			—			1
Prior Service Cost (Credit)	(4		)	(4		)	(3		)	(3		)	(9		)	(9		)	(7		)	(7		)
Actuarial Loss	47			42			10			8			94			84			21			16
Net Periodic Benefit Cost	$	38		$	41		$	23		$	20		$	76		$	83		$	46		$	41
Effect of Regulatory Asset	—			—			—			5			—			—			—			10
Total Benefit Costs, Including Effect of Regulatory Asset	$	38		$	41		$	23		$	25		$	76		$	83		$	46		$	51

Pension and OPEB costs for Power, PSE&G and PSEG’s other subsidiaries are detailed as follows:




	Pension Benefits				OPEB				Pension Benefits				OPEB
	Three Months Ended				Three Months Ended				Six Months Ended				Six Months Ended
	June 30,				June 30,				June 30,				June 30,
	2013		2012		2013		2012		2013		2012		2013		2012
	Millions
Power	$	11	$	12	$	5	$	4	$	22	$	25	$	11	$	9
PSE&G	22		25		17		20		45		49		33		40
Other	5		4		1		1		9		9		2		2
Total Benefit Costs	$	38	$	41	$	23	$	25	$	76	$	83	$	46	$	51

PSE And G [Member]

Pension and OPEB

Pension and Other Postretirement Benefits (OPEB)

Pension and OPEB costs for PSEG are detailed as follows:




	Pension Benefits						OPEB						Pension Benefits						OPEB
	Three Months Ended						Three Months Ended						Six Months Ended						Six Months Ended
	June 30,						June 30,						June 30,						June 30,
	2013			2012			2013			2012			2013			2012			2013			2012
	Millions
Components of Net Periodic Benefit Cost
Service Cost	$	29		$	25		$	5		$	4		$	58		$	50		$	10		$	8
Interest Cost	53			55			16			16			107			111			32			32
Expected Return on Plan Assets	(87		)	(77		)	(5		)	(5		)	(174		)	(153		)	(10		)	(9		)
Amortization of Net
Transition Obligation	—			—			—			—			—			—			—			1
Prior Service Cost (Credit)	(4		)	(4		)	(3		)	(3		)	(9		)	(9		)	(7		)	(7		)
Actuarial Loss	47			42			10			8			94			84			21			16
Net Periodic Benefit Cost	$	38		$	41		$	23		$	20		$	76		$	83		$	46		$	41
Effect of Regulatory Asset	—			—			—			5			—			—			—			10
Total Benefit Costs, Including Effect of Regulatory Asset	$	38		$	41		$	23		$	25		$	76		$	83		$	46		$	51

Pension and OPEB costs for Power, PSE&G and PSEG’s other subsidiaries are detailed as follows:




	Pension Benefits				OPEB				Pension Benefits				OPEB
	Three Months Ended				Three Months Ended				Six Months Ended				Six Months Ended
	June 30,				June 30,				June 30,				June 30,
	2013		2012		2013		2012		2013		2012		2013		2012
	Millions
Power	$	11	$	12	$	5	$	4	$	22	$	25	$	11	$	9
PSE&G	22		25		17		20		45		49		33		40
Other	5		4		1		1		9		9		2		2
Total Benefit Costs	$	38	$	41	$	23	$	25	$	76	$	83	$	46	$	51

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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-Name Statement of Financial Accounting Standard (FAS)

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

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Reference 10: http://www.xbrl.org/2003/role/presentationRef

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Reference 11: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

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Reference 12: http://www.xbrl.org/2003/role/presentationRef

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+ Details