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Pension and OPEB
 3 Months Ended
Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]  
Pension and Other Postretirement Benefits (OPEB) Pension and Other Postretirement Benefits (OPEB)
PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria.
PSEG, PSE&G and PSEG Power are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions of each PSEG company are required to be measured as of the date of their respective year-end Consolidated Balance Sheets.
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 for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Only the service cost component is eligible for capitalization, when applicable.
 
 
 
 
 
 
 
 
 
 
 
 
Pension Benefits
 
OPEB
 
 
 
Three Months Ended
 
Three Months Ended
 
 
 
March 31,
 
March 31,
 
 
 
2020
 
2019
 
2020
 
2019
 
 
 
Millions
 
 
Components of Net Periodic Benefit (Credits) Costs
 
 
 
 
 
 
 
 
 
Service Cost (included in O&M Expense)
$
35

 
$
29

 
$
2

 
$
2

 
 
Non-Service Components of Pension and OPEB (Credits) Costs
 
 
 
 
 
 
 
 
 
Interest Cost
48

 
58

 
9

 
11

 
 
Expected Return on Plan Assets
(111
)
 
(97
)
 
(10
)
 
(9
)
 
 
Amortization of Net
 
 
 
 
 
 
 
 
 
Prior Service Credit
(2
)
 
(5
)
 
(32
)
 
(32
)
 
 
Actuarial Loss
23

 
27

 
12

 
13

 
 
Non-Service Components of Pension and OPEB (Credits) Costs
(42
)
 
(17
)
 
(21
)
 
(17
)
 
 
Total Benefit (Credits) Costs
$
(7
)
 
$
12

 
$
(19
)
 
$
(15
)
 
 
 
 
 
 
 
 
 
 
 

Pension and OPEB costs for PSE&G, PSEG Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows:
 
 
 
 
 
 
 
 
 
 
 
 
Pension Benefits
 
OPEB
 
 
 
Three Months Ended
 
Three Months Ended
 
 
 
March 31,
 
March 31,
 
 
 
2020
 
2019
 
2020
 
2019
 
 
 
Millions
 
 
PSE&G
$
(7
)
 
$
7

 
$
(19
)
 
$
(16
)
 
 
PSEG Power
(1
)
 
3

 
—

 
1

 
 
Other
1

 
2

 
—

 
—

 
 
Total Benefit (Credits) Costs
$
(7
)
 
$
12

 
$
(19
)
 
$
(15
)
 
 
 
 
 
 
 
 
 
 
 

PSEG does not plan to contribute to its pension and OPEB plans in 2020. Internal Revenue Service (IRS) minimum funding requirements for pension plans are determined based on the fund’s assets and liabilities at the end of a calendar year for the subsequent calendar year. As a result, the market downturn associated with the ongoing coronavirus pandemic is not expected to impact PSEG’s pension contributions in 2020.
Servco Pension and OPEB
At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 5. Variable Interest Entity. 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 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 plans to contribute $30 million into its pension plan during 2020. IRS minimum funding requirements for pension plans are determined based on the fund’s assets and liabilities at the end of a calendar year for the subsequent calendar year. As a result, the market downturn associated with the ongoing coronavirus pandemic is not expected to impact Servco’s pension contributions in 2020. Servco’s pension-related revenues and costs were $8 million and $7 million for the three months ended March 31, 2020 and 2019, respectively. The OPEB-related revenues earned and costs incurred were $2 million and $1 million for the three months ended March 31, 2020 and 2019.
Public Service Electric and Gas Company [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Pension and Other Postretirement Benefits (OPEB) Pension and Other Postretirement Benefits (OPEB)
PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria.
PSEG, PSE&G and PSEG Power are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions of each PSEG company are required to be measured as of the date of their respective year-end Consolidated Balance Sheets.
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 for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Only the service cost component is eligible for capitalization, when applicable.
 
 
 
 
 
 
 
 
 
 
 
 
Pension Benefits
 
OPEB
 
 
 
Three Months Ended
 
Three Months Ended
 
 
 
March 31,
 
March 31,
 
 
 
2020
 
2019
 
2020
 
2019
 
 
 
Millions
 
 
Components of Net Periodic Benefit (Credits) Costs
 
 
 
 
 
 
 
 
 
Service Cost (included in O&M Expense)
$
35

 
$
29

 
$
2

 
$
2

 
 
Non-Service Components of Pension and OPEB (Credits) Costs
 
 
 
 
 
 
 
 
 
Interest Cost
48

 
58

 
9

 
11

 
 
Expected Return on Plan Assets
(111
)
 
(97
)
 
(10
)
 
(9
)
 
 
Amortization of Net
 
 
 
 
 
 
 
 
 
Prior Service Credit
(2
)
 
(5
)
 
(32
)
 
(32
)
 
 
Actuarial Loss
23

 
27

 
12

 
13

 
 
Non-Service Components of Pension and OPEB (Credits) Costs
(42
)
 
(17
)
 
(21
)
 
(17
)
 
 
Total Benefit (Credits) Costs
$
(7
)
 
$
12

 
$
(19
)
 
$
(15
)
 
 
 
 
 
 
 
 
 
 
 

Pension and OPEB costs for PSE&G, PSEG Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows:
 
 
 
 
 
 
 
 
 
 
 
 
Pension Benefits
 
OPEB
 
 
 
Three Months Ended
 
Three Months Ended
 
 
 
March 31,
 
March 31,
 
 
 
2020
 
2019
 
2020
 
2019
 
 
 
Millions
 
 
PSE&G
$
(7
)
 
$
7

 
$
(19
)
 
$
(16
)
 
 
PSEG Power
(1
)
 
3

 
—

 
1

 
 
Other
1

 
2

 
—

 
—

 
 
Total Benefit (Credits) Costs
$
(7
)
 
$
12

 
$
(19
)
 
$
(15
)
 
 
 
 
 
 
 
 
 
 
 

PSEG does not plan to contribute to its pension and OPEB plans in 2020. Internal Revenue Service (IRS) minimum funding requirements for pension plans are determined based on the fund’s assets and liabilities at the end of a calendar year for the subsequent calendar year. As a result, the market downturn associated with the ongoing coronavirus pandemic is not expected to impact PSEG’s pension contributions in 2020.
Servco Pension and OPEB
At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 5. Variable Interest Entity. 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 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 plans to contribute $30 million into its pension plan during 2020. IRS minimum funding requirements for pension plans are determined based on the fund’s assets and liabilities at the end of a calendar year for the subsequent calendar year. As a result, the market downturn associated with the ongoing coronavirus pandemic is not expected to impact Servco’s pension contributions in 2020. Servco’s pension-related revenues and costs were $8 million and $7 million for the three months ended March 31, 2020 and 2019, respectively. The OPEB-related revenues earned and costs incurred were $2 million and $1 million for the three months ended March 31, 2020 and 2019.
PSEG Power [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Pension and Other Postretirement Benefits (OPEB) Pension and Other Postretirement Benefits (OPEB)
PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria.
PSEG, PSE&G and PSEG Power are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions of each PSEG company are required to be measured as of the date of their respective year-end Consolidated Balance Sheets.
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 for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Only the service cost component is eligible for capitalization, when applicable.
 
 
 
 
 
 
 
 
 
 
 
 
Pension Benefits
 
OPEB
 
 
 
Three Months Ended
 
Three Months Ended
 
 
 
March 31,
 
March 31,
 
 
 
2020
 
2019
 
2020
 
2019
 
 
 
Millions
 
 
Components of Net Periodic Benefit (Credits) Costs
 
 
 
 
 
 
 
 
 
Service Cost (included in O&M Expense)
$
35

 
$
29

 
$
2

 
$
2

 
 
Non-Service Components of Pension and OPEB (Credits) Costs
 
 
 
 
 
 
 
 
 
Interest Cost
48

 
58

 
9

 
11

 
 
Expected Return on Plan Assets
(111
)
 
(97
)
 
(10
)
 
(9
)
 
 
Amortization of Net
 
 
 
 
 
 
 
 
 
Prior Service Credit
(2
)
 
(5
)
 
(32
)
 
(32
)
 
 
Actuarial Loss
23

 
27

 
12

 
13

 
 
Non-Service Components of Pension and OPEB (Credits) Costs
(42
)
 
(17
)
 
(21
)
 
(17
)
 
 
Total Benefit (Credits) Costs
$
(7
)
 
$
12

 
$
(19
)
 
$
(15
)
 
 
 
 
 
 
 
 
 
 
 

Pension and OPEB costs for PSE&G, PSEG Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows:
 
 
 
 
 
 
 
 
 
 
 
 
Pension Benefits
 
OPEB
 
 
 
Three Months Ended
 
Three Months Ended
 
 
 
March 31,
 
March 31,
 
 
 
2020
 
2019
 
2020
 
2019
 
 
 
Millions
 
 
PSE&G
$
(7
)
 
$
7

 
$
(19
)
 
$
(16
)
 
 
PSEG Power
(1
)
 
3

 
—

 
1

 
 
Other
1

 
2

 
—

 
—

 
 
Total Benefit (Credits) Costs
$
(7
)
 
$
12

 
$
(19
)
 
$
(15
)
 
 
 
 
 
 
 
 
 
 
 

PSEG does not plan to contribute to its pension and OPEB plans in 2020. Internal Revenue Service (IRS) minimum funding requirements for pension plans are determined based on the fund’s assets and liabilities at the end of a calendar year for the subsequent calendar year. As a result, the market downturn associated with the ongoing coronavirus pandemic is not expected to impact PSEG’s pension contributions in 2020.
Servco Pension and OPEB
At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 5. Variable Interest Entity. 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 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 plans to contribute $30 million into its pension plan during 2020. IRS minimum funding requirements for pension plans are determined based on the fund’s assets and liabilities at the end of a calendar year for the subsequent calendar year. As a result, the market downturn associated with the ongoing coronavirus pandemic is not expected to impact Servco’s pension contributions in 2020. Servco’s pension-related revenues and costs were $8 million and $7 million for the three months ended March 31, 2020 and 2019, respectively. The OPEB-related revenues earned and costs incurred were $2 million and $1 million for the three months ended March 31, 2020 and 2019.