Pension and OPEB

6 Months Ended

Jun. 30, 2015

Defined Benefit Plan Disclosure [Line Items]

Pension and Other Postretirement Benefits (OPEB)

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, except for Servco, 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,
	2015			2014			2015			2014			2015			2014			2015			2014
	Millions
Components of Net Periodic Benefit Costs (Credit)
Service Cost	$	31		$	26		$	6		$	4		$	62		$	52		$	11		$	9
Interest Cost	58			59			17			17			117			118			34			34
Expected Return on Plan Assets	(104		)	(100		)	(8		)	(6		)	(207		)	(200		)	(15		)	(13		)
Amortization of Net
Prior Service Cost (Credit)	(4		)	(4		)	(4		)	(3		)	(9		)	(9		)	(7		)	(7		)
Actuarial Loss	37			14			11			6			74			28			21			12
Total Benefit Costs (Credit)	$	18		$	(5	)	$	22		$	18		$	37		$	(11	)	$	44		$	35

Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, except for Servco, 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,
	2015		2014			2015		2014		2015		2014			2015		2014
	Millions
PSE&G	$	10	$	(5	)	$	14	$	12	$	20	$	(10	)	$	28	$	23
Power	5		(1		)	6		5		11		(3		)	13		10
Other	3		1			2		1		6		2			3		2
Total Benefit Costs (Credit)	$	18	$	(5	)	$	22	$	18	$	37	$	(11	)	$	44	$	35

During the three months ended March 31, 2015, PSEG contributed its entire planned contributions for the year 2015 of $15 million into its pension plans and $14 million into its OPEB plan for 2015.

Servco Pension and OPEB

At the direction of LIPA, effective January 1, 2014, Servco established benefit plans that provide substantially the same benefits to its employees as those previously provided by National Grid Electric Services LLC (NGES), the predecessor T&D system manager for LIPA. Since the vast majority of Servco's employees had worked under NGES' T&D operations services arrangement with LIPA, Servco's plans provide certain of those employees with pension and OPEB vested credit for prior years' services earned while working for NGES. The benefit plans cover all employees of Servco for current service. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 3. Variable Interest Entities. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG.

Servco amounts are not included in any of the preceding pension and OPEB benefit cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco may contribute up to $30 million into its pension plan trusts during 2015. The pension-related revenues and costs were $7 million and $23 million for the three months ended June 30, 2015 and 2014, respectively, and were $13 million and $46 million for the six months ended June 30, 2015 and 2014, respectively. The OPEB-related revenues earned or costs incurred for each of the three months and six months ended June 30, 2015 and 2014 were immaterial.

PSE And G [Member]

Defined Benefit Plan Disclosure [Line Items]

Pension and Other Postretirement Benefits (OPEB)

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, except for Servco, 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,
	2015			2014			2015			2014			2015			2014			2015			2014
	Millions
Components of Net Periodic Benefit Costs (Credit)
Service Cost	$	31		$	26		$	6		$	4		$	62		$	52		$	11		$	9
Interest Cost	58			59			17			17			117			118			34			34
Expected Return on Plan Assets	(104		)	(100		)	(8		)	(6		)	(207		)	(200		)	(15		)	(13		)
Amortization of Net
Prior Service Cost (Credit)	(4		)	(4		)	(4		)	(3		)	(9		)	(9		)	(7		)	(7		)
Actuarial Loss	37			14			11			6			74			28			21			12
Total Benefit Costs (Credit)	$	18		$	(5	)	$	22		$	18		$	37		$	(11	)	$	44		$	35

Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, except for Servco, 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,
	2015		2014			2015		2014		2015		2014			2015		2014
	Millions
PSE&G	$	10	$	(5	)	$	14	$	12	$	20	$	(10	)	$	28	$	23
Power	5		(1		)	6		5		11		(3		)	13		10
Other	3		1			2		1		6		2			3		2
Total Benefit Costs (Credit)	$	18	$	(5	)	$	22	$	18	$	37	$	(11	)	$	44	$	35

During the three months ended March 31, 2015, PSEG contributed its entire planned contributions for the year 2015 of $15 million into its pension plans and $14 million into its OPEB plan for 2015.

Servco Pension and OPEB

At the direction of LIPA, effective January 1, 2014, Servco established benefit plans that provide substantially the same benefits to its employees as those previously provided by National Grid Electric Services LLC (NGES), the predecessor T&D system manager for LIPA. Since the vast majority of Servco's employees had worked under NGES' T&D operations services arrangement with LIPA, Servco's plans provide certain of those employees with pension and OPEB vested credit for prior years' services earned while working for NGES. The benefit plans cover all employees of Servco for current service. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 3. Variable Interest Entities. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG.

Servco amounts are not included in any of the preceding pension and OPEB benefit cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco may contribute up to $30 million into its pension plan trusts during 2015. The pension-related revenues and costs were $7 million and $23 million for the three months ended June 30, 2015 and 2014, respectively, and were $13 million and $46 million for the six months ended June 30, 2015 and 2014, respectively. The OPEB-related revenues earned or costs incurred for each of the three months and six months ended June 30, 2015 and 2014 were immaterial.

Power [Member]

Defined Benefit Plan Disclosure [Line Items]

Pension and Other Postretirement Benefits (OPEB)

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, except for Servco, 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,
	2015			2014			2015			2014			2015			2014			2015			2014
	Millions
Components of Net Periodic Benefit Costs (Credit)
Service Cost	$	31		$	26		$	6		$	4		$	62		$	52		$	11		$	9
Interest Cost	58			59			17			17			117			118			34			34
Expected Return on Plan Assets	(104		)	(100		)	(8		)	(6		)	(207		)	(200		)	(15		)	(13		)
Amortization of Net
Prior Service Cost (Credit)	(4		)	(4		)	(4		)	(3		)	(9		)	(9		)	(7		)	(7		)
Actuarial Loss	37			14			11			6			74			28			21			12
Total Benefit Costs (Credit)	$	18		$	(5	)	$	22		$	18		$	37		$	(11	)	$	44		$	35

Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, except for Servco, 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,
	2015		2014			2015		2014		2015		2014			2015		2014
	Millions
PSE&G	$	10	$	(5	)	$	14	$	12	$	20	$	(10	)	$	28	$	23
Power	5		(1		)	6		5		11		(3		)	13		10
Other	3		1			2		1		6		2			3		2
Total Benefit Costs (Credit)	$	18	$	(5	)	$	22	$	18	$	37	$	(11	)	$	44	$	35

During the three months ended March 31, 2015, PSEG contributed its entire planned contributions for the year 2015 of $15 million into its pension plans and $14 million into its OPEB plan for 2015.

Servco Pension and OPEB

At the direction of LIPA, effective January 1, 2014, Servco established benefit plans that provide substantially the same benefits to its employees as those previously provided by National Grid Electric Services LLC (NGES), the predecessor T&D system manager for LIPA. Since the vast majority of Servco's employees had worked under NGES' T&D operations services arrangement with LIPA, Servco's plans provide certain of those employees with pension and OPEB vested credit for prior years' services earned while working for NGES. The benefit plans cover all employees of Servco for current service. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 3. Variable Interest Entities. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG.

Servco amounts are not included in any of the preceding pension and OPEB benefit cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco may contribute up to $30 million into its pension plan trusts during 2015. The pension-related revenues and costs were $7 million and $23 million for the three months ended June 30, 2015 and 2014, respectively, and were $13 million and $46 million for the six months ended June 30, 2015 and 2014, respectively. The OPEB-related revenues earned or costs incurred for each of the three months and six months ended June 30, 2015 and 2014 were immaterial.