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UNITED STATES
FORM 11-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
For the year ended December 31, 2006
OR
Commission File Number 001-09120 Full title of the plan and the address of the plan, if different from that of the issuer named below:
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
All other schedules required by Section 2520.103.10 of the Department of Labors rules and regulations for reporting and disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because
they are not applicable.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustee and Participants of Public Service Enterprise Group Incorporated
We have audited the accompanying statements of net assets available for benefits of Public Service Enterprise Group Incorporated Thrift and Tax-Deferred Savings Plan (the Plan) as of December 31, 2006 and 2005
and the related statement of changes in net assets available for benefits for the year ended December 31, 2006. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control
over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plans internal control over financial reporting.
Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2006 and 2005 and the changes in net assets available
for benefits for the year ended December 31, 2006, in conformity with accounting principles generally accepted in the United States of America.
Our audits were made for the purpose of forming an opinion on the basic 2006 and 2005 financial statements taken as a whole. The supplemental schedule is presented for purposes of additional analysis and is not a required
part of the basic financial statements but is supplementary information required by the Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is
the responsibility of the Plan's management. The supplemental schedule has been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
/s/ Kronick Kalada Berdy & Co., P.C.
1
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
See Notes to Financial Statements.
2
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
See Notes to Financial Statements.
3
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF THE PLAN
General
The following description of the Public Service Enterprise Group Incorporated Thrift and Tax-Deferred Savings Plan (Plan) is provided for general information purposes only. Participants should refer to the Plan Document for
more complete information.
The Plan is a defined contribution plan covering substantially all non-bargaining unit employees of Public Service Enterprise Group Incorporated (Company) and its Participating Affiliates (each, an Employer). The
Companys Employee Benefits Committee (Benefits Committee) is the Named Fiduciary of the Plan and controls and manages its operation and administration. The trustee of the Plan, The Bank of New York (Trustee), is responsible for the custody and
management of the Plans assets. Hewitt Associates is the record keeper of the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).
The majority of the Plans assets is held in a trust account by the Trustee and consist of an undivided interest in an investment account of the Master Employee Benefit Trust (Master Trust), a master trust established
by the Company and administered by the Trustee.
Contributions, Deposits and Investment Options
Generally, Participants may contribute from 1% to 8% of their annual compensation each year as basic deposits, as defined in the Plan (Basic Deposits), subject to certain Internal Revenue Code (IRC) limitations. A
Participants Employer contributes an amount equal to 50% of this Basic Deposit as its matching contribution to the Plan (Employer Contributions). Employer Contributions begin when that Participant has completed one Year of Service, as defined
in the Plan, with his/her Employer. Employer Contributions are made in cash. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans.
Effective August 1, 2006, the Plan was amended to provide Participants the ability to make Roth Elective Deferrals within the Plan. In addition, a
Participant may elect to make supplemental deposits to the Plan in increments of 1% of compensation up to an additional 42% of compensation (Supplemental Deposits), subject to certain IRC limitations, without any corresponding matching Employer
Contribution. Participants may designate such Basic and/or Supplemental Deposits as post-income tax contributions or Roth Elective Deferrals (together Nondeferred Deposits), or pre-income tax contributions (Deferred Deposits).
Each Participant may, within any Plan Year, make one or more additional lump sum deposits on a nondeferred basis in minimum amounts of $250 and in such total amounts which, when aggregated with such Participant's Basic
Deposits and Supplemental Deposits, do not exceed 50% of his or her compensation for that Plan Year and subject to IRC limitations.
4
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Participants direct the investment of their accounts into various investment options offered by the Plan. The Plan offers investment options in Guaranteed Investment Contracts (GICs), the Common Stock of the Company via the
Enterprise Common Stock Fund and the Employee Stock Ownership Plan Fund (ESOP Fund) and the Schwab Personal Choice Retirement Account (PCRA) Fund, five mutual funds and three pre-mix portfolios, each of which are invested in specific percentages of
the mutual funds.
The ESOP Fund was only available to Participants who were hired prior to August 1, 1986 and qualified for participation. Contributions to or transfers into the ESOP Fund are no longer permitted. ESOP Fund Participants
receive quarterly payments directly from the Trustee equal to the dividends paid to the Trustee on the shares of the Company Common Stock held for their account in the ESOP Fund.
Participant Accounts
Individual accounts are maintained for each Participant. Each Participants account is credited with the Participants contributions and allocations of (a) the Employers contributions and (b) Plan earnings,
and charged with an allocation of certain administrative expenses. Allocations are based on Participant earnings or account balances, as defined. The benefit to which a Participant or beneficiary is entitled upon death, disability, retirement, or
termination of service as applicable, is the benefit that can be provided from the Participants vested account.
Participants who have elected to participate in the Enterprise Common Stock Fund may elect to have the dividends on the shares of the Common Stock paid directly to the Participant (or beneficiary) in cash or paid to the
Participants account, which will then be reinvested in the Enterprise Common Stock Fund. This provision is not applicable with respect to Enterprise Common Stock held in a Participants ESOP Account.
Participant Loans
Except as discussed in the following paragraph, Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance at the time
the loan is originated. The loans are secured by the balance in the Participants account and existing loans bear interest at rates that range from 4.00% to 10.75%, which are commensurate with local prevailing rates at the time that the loan
was originated, as determined by the Benefits Committee. Principal and interest is paid ratably through payroll deductions.
No amounts may be loaned directly from any ESOP Fund, from any portion of a Participants Savings Account attributable to transfers from the Cash Balance Pension Plan of Public Service Enterprise Group Incorporated
(Cash Balance Plan) or from assets held in the Schwab PCRA Fund. No Participant may have more than two loans outstanding at any time.
Payment of Benefits
On termination of service due to retirement, a Participant may elect to receive an amount equal to the value of the vested interest in his or her account in either one or more lump-sum payments, or in quarterly or annual
installments over a ten-year period. If a Participant is no longer working for the Company and has a balance in the Plan, he or she must begin to receive distributions from his or her account no later than April 1 following
the calendar year in which he or she reaches age 70½. If a Participants account balance is less than $1,000 at the time of termination, the Participant will receive an automatic lump-sum payment for
the entire account balance. For termination due to death, the Participants beneficiary will receive a lump-sum distribution equal to the value of the Participants vested interest in his or her account. For termination of service for
reasons other than those described above, the Participant will receive an automatic lump-sum distribution equal to the value of the Participants vested interest in his or her account.
5
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
If a Participant withdraws Basic and/or Supplemental Deposits and/or vested Employer Contributions before they have been in the Plan for twenty-four months, such Participant will lose the matching Employer Contributions on
made during the subsequent three months. Distributions to Participants electing to withdraw Nondeferred Deposits and Employer Contributions are made as soon as practicable after such elections are received by the Plans record keeper.
Nondeferred Deposits may be withdrawn at any time, but certain penalties may apply. Deferred Deposits may not be withdrawn during employment prior to age 59-1/2 except for reasons of extraordinary financial hardship and to the extent permitted by
the IRC (hardship withdrawals). Distributions to Participants of approved hardship withdrawals are made as soon as practicable after such approval.
Vesting
Except for amounts transferred from the Cash Balance Plan into the Plan, Employer Contributions to a Participants Thrift Account and earnings therein are fully vested. Amounts transferred from the Cash Balance Plan
follow the Cash Balance Plan vesting regulations and vest upon the earliest of a Participant's completion of five years of service with an Employer, attainment of age 65 or approval for benefits under an Employers long-term disability plan.
All amounts credited to a Participant's ESOP Fund are fully vested.
Forfeitures
Any nonvested portion (amounts transferred from the Cash Balance Plan) of the Participants account, determined as of the date of severance from employment, will be forfeited and will be applied thereafter to reduce a
subsequent contribution or contributions of the Employer as provided in the Plan. If such former Participant is rehired and remains employed by an Employer at the end of the fifth Plan Year after the Plan Year in which such severance occurred, then
such nonvested portion of the Participants Account will be reinstated by the Employer and the Participants right thereto will be determined as if the Participant had not terminated employment, provided that the Participant repays to the
Plan the amount of any distribution paid to him or her resulting from the severance from employment. For the year ended December 31, 2006 forfeitures amounted to $44,849. For the year ended December 31, 2005, forfeitures, net of reinstatements,
amounted $3,920. There were no reinstatements for the year ended December 31, 2006.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements of the Plan have been prepared on an accrual basis in accordance with accounting principles generally accepted in the U.S. (GAAP).
Use of Estimates
The preparation of financial statements in conformity with GAAP requires Plan management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein and
disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
6
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Risks and Uncertainties
The Plan utilizes various investment options. Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain
investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near-term and that such changes could materially affect Participants account balances and the amounts reported in the
financial statements.
Investment Valuation and Income Recognition
The Plan's investments consist of the Master Trust and Participant Loans. The investments in the Master Trust are stated at fair market value, except for its contracts within the Stable Value Fund. The Plan's investments in
the guaranteed annuity contracts of the Stable Value Fund are with various insurance companies and other financial institutions. The contracts are included in the financial statements at contract value as reported to the Plan. Contract value
represents contributions made under the contracts plus accumulated interest, less withdrawals. There are no reserves against contract value for credit risk of the contract issuers or otherwise. The aggregate fair value of the investment contracts at
December 31, 2006 and 2005 was $599,952,368 and $573,857,841, respectively. The average yield was approximately 4.78% and 4.52% for 2006 and 2005, respectively. The crediting interest rates were approximately 4.93% and 4.52% for 2006 and
2005, respectively. The crediting interest rate is based on a formula agreed upon with the issuers, but may not be less than zero. Such rates are reviewed on a quarterly basis for resetting. The fair market value of the wrapper contract in the
Stable Value Fund as of December 31, 2006 and 2005 was $8,160,227 and $5,568,987 respectively.
Certain events, such as the premature termination of the contracts by the Plan or the termination of the Plan, would limit the Plans ability to transact at the contract value with the various insurance companies and
other financial institutions. The Company believes the occurrence of such events that would limit the Plans ability to transact at contract value with Plan participants is not probable.
Short-Term Investments are stated at cost, which approximates fair market value. The Participants Loans are valued at outstanding principal balance plus accrued interest. Purchases and sales of securities are recorded on a
trade-date basis. Dividend income is recorded on the ex-dividend date.
Payment of Benefits
Benefit payments to Participants are recorded upon distribution. Amounts allocated to accounts of persons who have elected to withdraw from the Plan, but have not yet been paid were $344,320 and $143,040 as of
December 31, 2006 and 2005, respectively.
Administrative Expenses of the Plan
Certain expenses incurred with the general administration of the Plan, including taxes and brokerage costs, are recorded in the accompanying Statement of Changes in Net Assets Available for Benefits. Certain administrative
functions performed by the officers and employees of the Company are paid by Employers (Note 5).
7
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Transfers of the ESOP Fund
Participants are permitted to transfer all, but not less than all, of the shares of the Companys Common Stock from their ESOP Fund to other investment options in the Plan. To affect such transfers, the Trustee will
sell the shares of the Companys Common Stock held in the ESOP Fund and invest the proceeds in the other investment funds designated by the Participant. The cash value of each share of the Companys Common Stock transferred will be equal
to the price per share of the Companys Common Stock actually received by the Trustee. 3. INVESTMENT
OF THE PLAN AND THE PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED EMPLOYEE
SAVINGS PLAN (SAVINGS PLAN) IN THE MASTER TRUST
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
SECURITIES EXCHANGE ACT OF
1934 (NO FEE REQUIRED)
A.
THRIFT AND TAX-DEFERRED SAVINGS PLAN
B.
80 PARK PLAZA
NEWARK, NEW JERSEY 07102
MAILING ADDRESS: P.O. Box 1171
NEWARK, NEW JERSEY 07101-1171
THRIFT AND TAX-DEFERRED SAVINGS PLAN
TABLE OF CONTENTS
Page(s)
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
1
FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits as of December 31, 2006 and 2005
2
Statement of Changes in Net Assets Available for Benefits for the Year Ended
3
NOTES TO FINANCIAL STATEMENTS
As of December 31, 2006 and 2005 and for the Year Ended December 31, 2006
4-10
SUPPLEMENTAL SCHEDULE
Schedule H, Part IV Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2006
11
SIGNATURE
12
EXHIBIT INDEX
13
Thrift and Tax-Deferred Savings Plan:
Kingston, Pennsylvania
June 28, 2007
THRIFT AND TAX-DEFERRED SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
ASSETS
Investments at Fair Value:
Plan Interest in Master Employee Benefit Plan Trust (Note 3)
$
1,022,185,693
$
945,307,518
Participant Loans
10,946,451
11,143,969
Total Investments
1,033,132,144
956,451,487
Receivables:
Deposits and Contributions Employees
1,196,997
1,287,923
Deposits and Contributions Employer
507,757
493,650
Total Receivables
1,704,754
1,781,573
Total Assets
1,034,836,898
958,233,060
LIABILITIES
Accounts Payable
369,441
347,121
Accrued Expenses
678,330
442,120
Total Liabilities
1,047,771
789,241
NET ASSETS AVAILABLE FOR BENEFITS
$
1,033,789,127
$
957,443,819
THRIFT AND TAX-DEFERRED SAVINGS PLAN
STATEMENT OF CHANGES IN
NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2006
ADDITIONS
Net Investment Income
Plan Interest in Income of Master Employee Benefit Plan Trust (Note 3)
$
94,725,597
Interest on Participant Loans
578,518
Total Net Investment Income
95,304,115
Deposits and Contributions
Employees
37,876,109
Employer
12,208,627
Total Deposits and Contributions
50,084,736
Total Additions
145,388,851
DEDUCTIONS
Benefit Payments to Participants
73,021,050
Administrative Expenses
1,922,696
Total Deductions
74,943,746
INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS, PRIOR TO
TRANSFERS
70,445,105
Transfer from Employee Savings PlanNet
5,900,203
INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS
76,345,308
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of Year
957,443,819
End of Year
$
1,033,789,127
THRIFT AND TAX-DEFERRED SAVINGS PLAN
AS OF DECEMBER 31, 2006 AND 2005 AND FOR THE YEAR ENDED DECEMBER 31, 2006
As of December 31,
|
||||||
2006
|
2005
|
|||||
Investments in Master Trust at Fair Value: | ||||||
Cash and Cash Equivalents |
$
|
17,191,238 | $ | 22,904,746 | ||
Common Stock of | ||||||
Public Service Enterprise Group Incorporated* | 164,282,601 | 209,629,538 | ||||
Mutual Funds | 931,758,181 | 764,386,865 | ||||
GICs | 608,112,595 | 579,426,828 | ||||
Schwab PCRA Fund (a) | 48,787,896 | 40,911,008 | ||||
Total Investments |
$
|
1,770,132,511 | $
|
1,617,258,985 | ||
For the
|
||||||
Year Ended
|
||||||
December 31,
|
||||||
2006
|
||||||
Investment Income: | ||||||
Net Appreciation in Fair Value of Mutual Funds | $ | 122,621,880 | ||||
Net Appreciation in Fair Value of Common Stock | ||||||
of Public Service Enterprise Group Incorporated* | 4,449,580 | |||||
Net Appreciation in Fair Value of Schwab PCRA Fund (a) | 1,996,794 | |||||
Interest from GICs | 27,740,880 | |||||
Dividends from Common Stock of Public Service Enterprise Group Incorporated* | 6,296,706 | |||||
Total Investment Income, Net | $ | 163,105,840 |
|
|
(a) | Amounts primarily relate to equity investments in stocks and in mutual funds. The net appreciation in fair value is primarily comprised of realized/unrealized gains or losses and dividends earned on these equity investments. |
* | Permitted party-in-interest. |
8
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Assets of the Stable Value Fund
The assets of the Stable Value Fund, included in the Master Trust, are primarily invested in GICs with additional investments in the Trustees Short-Term Investment Fund. As of December 31, 2006, the Stable Value Fund was comprised of the following:
Issuer | Type | Expiration |
Effective Rate
|
Contract Value | |||||
Bank of America (A) | Synthetic | Open-Ended |
5.02%
|
$ | 67,753,837 | ||||
ING Life Insurance & Annuity Co. (A) | Synthetic | Open-Ended |
4.49%
|
72,853,057 | |||||
JP Morgan Chase (A) | Synthetic | Open-Ended |
5.17%
|
57,260,545 | |||||
Monumental Life (A) | Synthetic | Open-Ended |
4.84%
|
112,132,068 | |||||
Pacific Life Insurance (A) | Synthetic | Open-Ended |
4.83%
|
109,079,334 | |||||
Rabobank Nederland (A) | Synthetic | Open-Ended |
5.31%
|
95,662,647 | |||||
State Street Bank and Trust (A) | Synthetic | Open-Ended |
4.11%
|
13,762,550 | |||||
UBS AG (A) | Synthetic | Open-Ended |
4.97%
|
79,608,557 | |||||
Total GICs | 608,112,595 | ||||||||
Investment in Bank of New York Short-Term Investment Fund |
5.37%
|
14,211,997 | |||||||
Total Stable Value Fund | $ | 622,324,592 | |||||||
(A) Managed by INVESCO Institutional, Inc. | |||||||||
As of December 31, 2005, the Stable Value Fund was comprised of the following: | |||||||||
Issuer | Type | Expiration |
Effective Rate
|
Contract Value | |||||
Bank of America (A) | Synthetic | Open-Ended |
4.11%
|
$ | 64,739,789 | ||||
ING Life Insurance & Annuity Co. (A) | Synthetic | Open-Ended |
4.10%
|
72,813,136 | |||||
JP Morgan Chase (A) | Synthetic | Open-Ended |
4.13%
|
54,608,742 | |||||
Metropolitan Life (A) | Synthetic | Open-Ended |
4.68% |
104,114,704 | |||||
Monumental Life (A) | Synthetic | Open-Ended |
4.66% |
104,092,841 | |||||
Rabobank Nederland (A) | Synthetic | Open-Ended |
5.24%
|
90,864,224 | |||||
State Street Bank and Trust (A) | Synthetic | Open-Ended |
3.69%
|
18,139,231 | |||||
UBS AG (A) | Synthetic | Open-Ended |
4.71%
|
70,054,161 | |||||
Total GICs | 579,426,828 | ||||||||
Investment in Bank of New York Short-Term Investment Fund |
4.13%
|
15,090,159 | |||||||
Total Stable Value Fund | $ | 594,516,987 |
(A) Managed by INVESCO Institutional, Inc.
Assets of the Enterprise Common Stock Fund
The assets of the Enterprise Common Stock Fund are invested in the Companys Common Stock.
Schwab PCRA Fund
The Schwab PCRA Fund is a self-directed brokerage account in which Participants can select and manage a wide selection of investments including mutual funds and stocks. Deposits into the Schwab PCRA Fund must come from balances transferred from the other options in the Plan. Participants may transfer up to 100% of their account balance, less $500 to pay for certain fees, to the Schwab PCRA Fund.
9
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
4. FEDERAL INCOME TAX STATUS
The Internal Revenue Service ruled, in a determination letter dated May 25, 2004, that the Plan qualifies under Section 401(a) of the IRC and, therefore, the underlying trust is not subject to tax under IRC Section 501(a). Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. While subsequent amendments have been made to the Plan, the Company believes that the Plan is currently being operated in compliance with the applicable requirements of the IRC and the Plan and related trust continue to be tax-exempt. Therefore, no provision for income taxes has been included in the Plan's financial statements.
5. RELATED-PARTY TRANSACTIONS
Certain Plan investments are in the Companys Common Stock. Since the Company is the Plan Sponsor, these transactions qualify as party-in-interest transactions. Certain administrative functions are performed by the officers and employees of the Company (who may also be Participants in the Plan) at no cost to the Plan.
As of December 31, 2006 and 2005, the Master Trust held 2,474,881 and 3,226,559 shares, respectively, of the Companys Common Stock, in the ESOP Fund and the Enterprise Common Stock Fund, with a market value per share of $66.38 and $64.97, respectively.
For the year ended December 31, 2006, the Master Trust recorded dividend income of approximately $6 million from the Companys Common Stock.
These transactions are not deemed prohibited party-in-interest transactions, because they are covered by statutory or administrative exemptions from ERISAs rules on prohibited transactions.
6. PLAN TERMINATION
Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event that the Plan is terminated, all Participants would become 100% vested in their account.
7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500:
2006
|
2005
|
|||||||
Net assets available for benefits per the financial statements | $ | 1,033,789,127 | $ | 957,443,819 | ||||
Less: deemed distributions of Participant Loans | (38,854 | ) | (38,854 | ) | ||||
Net assets available for benefits per Form 5500
|
$ | 1,033,750,273 | $ | 957,404,965 |
The $92,802,901 Net Investment Gain from Master Trust Investments presented in the Form 5500 for the year ended December 31, 2006 is comprised of the $94,725,597 of the Plans interest in Income of Master Employee Benefit Plan Trust, net of $1,922,696 of Administrative Expenses.
10
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
THRIFT AND TAX-DEFERRED SAVINGS PLAN
PLAN No. 004, EIN No. 22-2625848
SCHEDULE H, PART IV LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2006
Identity of Issue, Borrower | ||||||||
or Similar Party | Description of Investment |
Cost
|
Current Value
|
|||||
Various Participants* | 934 Participant Loans (maturing 2007 | |||||||
to 2012 at interest rates of 4.00% to | ||||||||
10.75%)
|
$ | - | $ | 10,946,451 | ||||
* Permitted party-in-interest. |
11
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this Annual Report to be signed by the undersigned thereunto duly authorized.
Public Service Enterprise Group Incorporated | ||
Thrift and Tax-Deferred Savings Plan | ||
(Name of Plan) | ||
By: | /s/ Margaret M. Pego | |
Margaret M. Pego | ||
Chairperson of Employee | ||
Benefits Committee |
Date: June 28, 2007
12
EXHIBIT INDEX
Exhibit Number
|
||
99 | Consent of Independent Registered Public Accounting Firm |
13
EXHIBIT 99
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement No. 033-44581 on Form S-8 of our report dated June 28, 2007, appearing in this Annual Report on Form 11-K of Public Service Enterprise Group Incorporated Thrift and Tax-Deferred Savings Plan for the year ended December 31, 2006.
/s/ Kronick Kalada Berdy & Co., P.C.
Kingston, Pennsylvania
June 28, 2007