Employee Benefit Plans

6 Months Ended

Jun. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

11. EMPLOYEE BENEFIT PLANS

Components of net periodic benefit cost recorded by DESC were as follows:

(millions)	Pension Benefits						Other Postretirement Benefits
Three Months Ended June 30,	2020			2019			2020		2019
Service cost	$	4		$	3		$	1	$	—
Interest cost		6			7			2		2
Expected return on assets		(11	)		(10	)		—		—
Amortization of actuarial losses		1			3			—		—
Curtailment(1)		—			6			—		3
Net periodic benefit cost	$	—		$	9		$	3	$	5
Six Months Ended June 30,
Service cost	$	7		$	7		$	2	$	1
Interest cost		12			15			4		4
Expected return on assets		(22	)		(20	)		—		—
Amortization of actuarial losses		3			7			—		—
Curtailment(1)		—			6			—		3
Net periodic benefit cost	$	—		$	15		$	6	$	8

(1) Related to a voluntary retirement program.

No significant contribution to the pension trust is expected for the remainder of 2020 based on current market conditions and assumptions, nor is a limitation on benefit payments expected to apply. DESC recovers current pension costs through either a rate rider that may be adjusted annually for retail electric operations or through cost of service rates for gas operations.

Voluntary Retirement Program

In March 2019, Dominion Energy announced a voluntary retirement program to employees, including employees of DESC, that meet certain age and service requirements. The voluntary retirement program will not compromise safety or DESC’s ability to comply with applicable laws and regulations. In the second quarter of 2019, upon the determinations made concerning the number of employees that elected to participate in the program, DESC recorded a charge of $62 million ($47 million after-tax), of which $50 million was included within other operations and maintenance expense, $3 million within other taxes and $9 million within other income (expense), net.