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Retirement Benefits (All Registrants)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Retirement Benefits (All Registrants) Retirement Benefits (All Registrants)
Exelon sponsors defined benefit pension plans and OPEB plans for essentially all current employees. Substantially all non-union employees and electing union employees hired on or after January 1, 2001 participate in cash balance pension plans. Effective January 1, 2009, substantially all newly-hired union-represented employees participate in cash balance pension plans. Effective February 1, 2018 for most newly-hired Generation and BSC non-represented, non-craft, employees, January 1, 2021 for most newly-hired utility management employees, and for certain newly-hired union employees pursuant to their collective bargaining agreements, these newly-hired employees are not eligible for pension benefits, and will instead be eligible to receive an enhanced non-discretionary employer contribution in an Exelon defined contribution savings plan. Effective January 1, 2018, most newly-hired non-represented, non-craft, employees are not eligible for OPEB benefits and employees represented by Local 614 are not eligible for retiree health care benefits. Effective January 1, 2021, most non-represented, non-craft, employees who are under the age of 40 are not eligible for retiree health care benefits. Effective January 1, 2022, management employees retiring on or after that date are no longer eligible for retiree life insurance benefits.
Effective January 1, 2019, Exelon merged the Exelon Corporation Cash Balance Pension Plan (CBPP) into the Exelon Corporation Retirement Program (ECRP). The merging of the plans did not change the benefits offered to the plan participants and, thus, had no impact on Exelon's pension obligation. However, beginning in 2019, actuarial losses and gains related to the CBPP and ECRP are amortized over participants’ average remaining service period of the merged ECRP rather than each individual plan.
Effective February 1, 2022, in connection with the separation, pension and OPEB obligations and assets for current and former Generation employees and shared service employees supporting Generation, were transferred to pension and OPEB plans and trusts established by Generation.
The tables below show the pension and OPEB plans in which employees of each operating company participated as of December 31, 2021:
Operating Company(e)
Name of Plan:ComEd PECO BGE PHIPepcoDPLACEGeneration
Qualified Pension Plans:
Exelon Corporation Retirement Program(a)
XXXXXXXX
Exelon Corporation Pension Plan for Bargaining Unit Employees(a)
X  X
Exelon New England Union Employees Pension Plan(a)
X
Exelon Employee Pension Plan for Clinton, TMI, and Oyster Creek(a)
X  XXXXXX
Pension Plan of Constellation Energy Group, Inc.(b)
XXX  XXXX
Pension Plan of Constellation Energy Nuclear Group, LLC(c)
XXXXX
Nine Mile Point Pension Plan(c)
X
Constellation Mystic Power, LLC Union Employees Pension Plan Including Plan A and Plan B(b)
X
Pepco Holdings LLC Retirement Plan(d)
XXXXXXXX
Non-Qualified Pension Plans:
Exelon Corporation Supplemental Pension Benefit Plan and 2000 Excess Benefit Plan(a)
X  X  XX
Exelon Corporation Supplemental Management Retirement Plan(a)
X  X  XXXXX
Constellation Energy Group, Inc. Senior Executive Supplemental Plan(b)
X  XX
Constellation Energy Group, Inc. Supplemental Pension Plan(b)
X  XX
Constellation Energy Group, Inc. Benefits Restoration Plan(b)
XX  XX
Constellation Energy Nuclear Plan, LLC Executive Retirement Plan(c)
XX
Constellation Energy Nuclear Plan, LLC Benefits Restoration Plan(c)
XX
Baltimore Gas & Electric Company Executive Benefit Plan(b)
X  X
Baltimore Gas & Electric Company Manager Benefit Plan(b)
XX  X
Pepco Holdings LLC 2011 Supplemental Executive Retirement Plan(d)
XXXXX
Conectiv Supplemental Executive Retirement Plan(d)
XXXX
Pepco Holdings LLC Combined Executive Retirement Plan(d)
XX
Atlantic City Electric Director Retirement Plan(d)
X
Operating Company(e)
Name of Plan: ComEd PECO BGE PHIPepcoDPLACEGeneration
OPEB Plans:
PECO Energy Company Retiree Medical Plan(a)
  XX  XXXXXX
Exelon Corporation Health Care Program(a)
  X  XXXXXXX
Exelon Corporation Employees’ Life Insurance Plan(a)
  X  X  XX
Exelon Corporation Health Reimbursement Arrangement Plan(a)
  X  X  XX
Constellation Energy Group, Inc. Retiree Medical Plan(b)
  XXX  XXXX
Constellation Energy Group, Inc. Retiree Dental Plan(b)
  X  X
Constellation Energy Group, Inc. Employee Life Insurance Plan and Family Life Insurance Plan(b)
  XX  XXXX
Constellation Mystic Power, LLC
Post-Employment Medical Account Savings Plan(b)
  XX
Exelon New England Union Post-Employment Medical Savings Account Plan(a)
  X
Retiree Medical Plan of Constellation Energy Nuclear Group, LLC(c)
XXXX
Retiree Dental Plan of Constellation Energy Nuclear Group, LLC(c)
XXXX
Nine Mile Point Nuclear Station, LLC Medical Care and Prescription Drug Plan for Retired Employees(c)
X
Pepco Holdings LLC Welfare Plan for Retirees(d)
XXXXXXXX
__________
(a)These plans are collectively referred to as the legacy Exelon plans.
(b)These plans are collectively referred to as the legacy Constellation Energy Group (CEG) Plans.
(c)These plans are collectively referred to as the legacy CENG plans.
(d)These plans are collectively referred to as the legacy PHI plans.
(e)Employees generally remain in their legacy benefit plans when transferring between operating companies.
Exelon’s traditional and cash balance pension plans are intended to be tax-qualified defined benefit plans. Exelon has elected that the trusts underlying these plans be treated as qualified trusts under the IRC. If certain conditions are met, Exelon can deduct payments made to the qualified trusts, subject to certain IRC limitations.
Benefit Obligations, Plan Assets, and Funded Status
During the first quarter of 2021, Exelon received an updated valuation of its pension and OPEB to reflect actual census data as of January 1, 2021. This valuation resulted in an increase to the pension obligations of $33 million and a decrease to the OPEB obligations of $9 million. Additionally, accumulated other comprehensive loss increased by $1 million (after-tax) and regulatory assets and liabilities increased by $21 million and $1 million, respectively.
The following tables provide a rollforward of the changes in the benefit obligations and plan assets of Exelon for the most recent two years for all plans combined:
Pension BenefitsOPEB
2021202020212020
Change in benefit obligation:
Net benefit obligation as of the beginning of year$24,894 $22,868 $4,604 $4,658 
Service cost439 387 80 90 
Interest cost641 757 114 154 
Plan participants’ contributions— — 50 49 
Actuarial (gain) loss(a)
(630)2,217 (223)49 
Plan amendments— — — (111)
Settlements(88)(45)(5)(5)
Gross benefits paid(1,410)(1,290)(292)(280)
Net benefit obligation as of the end of year$23,846 $24,894 $4,328 $4,604 
 Pension BenefitsOPEB
2021202020212020
Change in plan assets:
Fair value of net plan assets as of the beginning of year$20,344 $18,590 $2,554 $2,541 
Actual return on plan assets1,407 2,547 203 190 
Employer contributions574 542 91 59 
Plan participants’ contributions— — 50 49 
Gross benefits paid(1,410)(1,290)(292)(280)
Settlements(88)(45)(5)(5)
Fair value of net plan assets as of the end of year$20,827 $20,344 $2,601 $2,554 
__________
(a)The pension and OPEB gains in 2021 primarily reflect an increase in the discount rate. In 2020, the actuarial losses primarily reflect a decrease in the discount rate. OPEB losses in 2020 were offset by gains related to plan changes.
Exelon presents its benefit obligations and plan assets net on its balance sheet within the following line items:
 Pension BenefitsOPEB
2021202020212020
Other current liabilities$29 $47 $42 $42 
Pension obligations2,990 4,503 — — 
Non-pension postretirement benefit obligations— — 1,685 2,008 
Unfunded status (net benefit obligation less plan assets)$3,019 $4,550 $1,727 $2,050 
The following table provides the ABO and fair value of plan assets for all pension plans with an ABO in excess of plan assets. Information for pension and OPEB plans with projected benefit obligations (PBO) and accumulated postretirement benefit obligation (APBO), respectively, in excess of plan assets has been disclosed in the Obligations and Plan Assets table above as all pension and OPEB plans are underfunded.
Exelon
ABO in Excess of Plan Assets20212020
ABO$22,609 $23,514 
Fair value of net plan assets20,827 20,344 
Components of Net Periodic Benefit Costs
The majority of the 2021 pension benefit cost for the Exelon-sponsored plans is calculated using an expected long-term rate of return on plan assets of 7.00% and a discount rate of 2.58%. The majority of the 2021 OPEB cost is calculated using an expected long-term rate of return on plan assets of 6.46% for funded plans and a discount rate of 2.51%.
A portion of the net periodic benefit cost for all plans is capitalized in the Consolidated Balance Sheets. The following table presents the components of Exelon’s net periodic benefit costs, prior to capitalization, for the years ended December 31, 2021, 2020, and 2019.
 Pension BenefitsOPEB
202120202019202120202019
Components of net periodic benefit cost:
Service cost$439 $387 $357 $80 $90 $93 
Interest cost641 757 883 114 154 188 
Expected return on assets(1,336)(1,270)(1,225)(158)(163)(153)
Amortization of:
Prior service cost (credit)3 4 — (34)(124)(179)
Actuarial loss598 512 414 37 49 45 
Curtailment benefits— — — — (1)— 
Settlement and other charges27 14 17 1 1 1 
Contractual termination benefits— — 1 — — — 
Net periodic benefit cost$372 $404 $447 $40 $6 $(5)
Cost Allocation to Exelon Subsidiaries
All Registrants account for their participation in Exelon’s pension and OPEB plans by applying multi-employer accounting. Exelon allocates costs related to its pension and OPEB plans to its subsidiaries based on both active and retired employee participation in each plan.
The amounts below represent the Registrants' allocated pension and OPEB costs. For Exelon, the service cost component is included in Operating and maintenance expense and Property, plant, and equipment, net while the non-service cost components are included in Other, net and Regulatory assets. For the Utility Registrants, the service cost and non-service cost components are included in Operating and maintenance expense and Property, plant, and equipment, net in their consolidated financial statements.
For the Years Ended December 31,ExelonComEdPECOBGEPHIPepcoDPLACE
2021$411 $129 $8 $64 $49 $6 $2 $11 
2020411 114 5 64 70 15 7 14 
2019442 96 12 61 95 25 15 16 
Components of AOCI and Regulatory Assets
Exelon recognizes the overfunded or underfunded status of defined benefit pension and OPEB plans as an asset or liability on its balance sheet, with offsetting entries to AOCI and regulatory assets (liabilities). A portion of current year actuarial (gains) losses and prior service costs (credits) is capitalized in Exelon’s Consolidated Balance Sheets to reflect the expected regulatory recovery of these amounts, which would otherwise be recorded to AOCI. The following tables provide the components of AOCI and regulatory assets (liabilities) for Exelon for the years ended December 31, 2021, 2020, and 2019 for all plans combined.
 Pension BenefitsOPEB
202120202019202120202019
Changes in plan assets and benefit obligations recognized in AOCI and regulatory assets (liabilities):
Current year actuarial (gain) loss$(700)$941 $538 $(270)$22 $80 
Amortization of actuarial loss(598)(512)(414)(37)(49)(45)
Current year prior service cost (credit)— — 68 — (111)— 
Amortization of prior service (cost) credit(3)(4)— 34 124 179 
Curtailments— — (3)— 1 — 
Settlements(27)(14)(17)(1)(1)(1)
Total recognized in AOCI and regulatory assets (liabilities)$(1,328)$411 $172 $(274)$(14)$213 
Total recognized in AOCI$(747)$271 $169 $(130)$6 $107 
Total recognized in regulatory assets (liabilities)$(581)$140 $3 $(144)$(20)$106 
The following table provides the components of gross accumulated other comprehensive loss and regulatory assets (liabilities) for Exelon that have not been recognized as components of periodic benefit cost as of December 31, 2021 and 2020, respectively, for all plans combined:
 Pension BenefitsOPEB
2021202020212020
Prior service cost (credit)$32 $35 $(111)$(145)
Actuarial loss6,752 8,077 230 538 
Total$6,784 $8,112 $119 $393 
Total included in AOCI$3,592 $4,339 $53 $183 
Total included in regulatory assets (liabilities)$3,192 $3,773 $66 $210 
Average Remaining Service Period
For pension benefits, Exelon amortizes its unrecognized prior service costs (credits) and certain actuarial (gains) losses, as applicable, based on participants’ average remaining service periods.
For OPEB, Exelon amortizes its unrecognized prior service costs (credits) over participants’ average remaining service period to benefit eligibility age and amortizes certain actuarial (gains) losses over participants’ average remaining service period to expected retirement. The resulting average remaining service periods for pension and OPEB were as follows:
202120202019
Pension plans12.4 12.3 11.7 
OPEB plans:
Benefit Eligibility Age7.6 9.0 8.7 
Expected Retirement8.8 10.2 9.3 
Assumptions
The measurement of the plan obligations and costs of providing benefits under Exelon’s defined benefit and OPEB plans involves various factors, including the development of valuation assumptions and inputs and accounting policy elections. The measurement of benefit obligations and costs is impacted by several assumptions and inputs, as shown below, among other factors. When developing the required assumptions, Exelon considers historical information as well as future expectations.
Expected Rate of Return. In determining the EROA, Exelon considers historical economic indicators (including inflation and GDP growth) that impact asset returns, as well as expectations regarding future long-term capital market performance, weighted by Exelon’s target asset class allocations.
Mortality. The mortality assumption is composed of a base table that represents the current expectation of life expectancy of the population adjusted by an improvement scale that attempts to anticipate future improvements in life expectancy. For the year ended December 31, 2021, Exelon’s mortality assumption utilizes the SOA 2019 base table (Pri-2012) and MP-2021 improvement scale adjusted to use Proxy SSA ultimate improvement rates. For the year ended December 31, 2020, Exelon's mortality assumption utilizes the SOA 2019 base table (Pri-2012) and MP-2020 improvement scale adjusted to use Proxy SSA ultimate improvement rates.
For Exelon, the following assumptions were used to determine the benefit obligations for the plans as of December 31, 2021 and 2020. Assumptions used to determine year-end benefit obligations are the assumptions used to estimate the subsequent year’s net periodic benefit costs.
 Pension BenefitsOPEB
2021 2020 2021 2020 
Discount rate2.92 %
(a) 
2.58 %
(a) 
2.88 %
(a) 
2.51 %
(a) 
Investment crediting rate3.75 %
(b) 
3.72 %
(b) 
N/AN/A
Rate of compensation increase3.75 %3.75 %3.75 %3.75 %
Mortality tablePri-2012 table with MP- 2021 improvement scale (adjusted)Pri-2012 table with MP- 2020 improvement scale (adjusted)Pri-2012 table with MP- 2021 improvement scale (adjusted) Pri-2012 table with MP- 2020 improvement scale (adjusted)
Health care cost trend on covered chargesN/AN/A
Initial and ultimate rate of 5.00%

Initial and ultimate trend of 5.00%
__________
(a)The discount rates above represent the blended rates used to determine the majority of Exelon’s pension and OPEB obligations. Certain benefit plans used individual rates, which range from 2.55% - 3.02% and 2.84% - 2.92% for pension and OPEB plans, respectively, as of December 31, 2021 and 2.11% - 2.73% and 2.45% - 2.63% for pension and OPEB plans, respectively, as of December 31, 2020.
(b)The investment crediting rate above represents a weighted average rate.
The following assumptions were used to determine the net periodic benefit cost for Exelon for the years ended December 31, 2021, 2020 and 2019: 

 Pension Benefits OPEB 
2021 2020 2019 2021 2020 2019 
Discount rate2.58 %
(a) 
3.34 %
(a) 
4.31 %
(a) 
2.51 %
(a) 
3.31 %
(a) 
4.30 %
(a) 
Investment crediting rate3.72 %
(b) 
3.82 %
(b) 
4.46 %
(b) 
N/AN/AN/A
Expected return on plan assets7.00 %
(c) 
7.00 %
(c) 
7.00 %
(c) 
6.46 %
(c) 
6.69 %
(c) 
6.67 %
(c) 
Rate of compensation increase3.75 %
(d) 
3.75 %
(d) 
3.25 %
(d) 
3.75 %
(d) 
3.75 %
(d) 
3.25 %
(d) 
Mortality tablePri-2012 table with MP- 2020 improvement scale (adjusted)Pri-2012 table with MP - 2019 improvement scale (adjusted)RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)Pri-2012 table with MP- 2020 improvement scale (adjusted)Pri-2012 table with MP - 2019 improvement scale (adjusted)RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)
Health care cost trend on covered chargesN/AN/AN/A
Initial and ultimate rate of 5.00%
Initial and ultimate rate of 5.00%
5.00% with ultimate trend of 5.00% in 2017
__________
(a)The discount rates above represent the blended rates used to establish the majority of Exelon’s pension and OPEB costs. Certain benefit plans used individual rates, which range from 2.11%-2.73% and 2.45%-2.63% for pension and OPEB plans, respectively, for the year ended December 31, 2021; 3.02%-3.44% and 3.27%-3.40% for pension and OPEB plans; respectively, for the year ended December 31, 2020; and 4.13%-4.36% and 4.27%-4.38% for pension and OPEB plans, respectively, for the year ended December 31, 2019.
(b)The investment crediting rate above represents a weighted average rate.
(c)Not applicable to pension and OPEB plans that do not have plan assets.
(d)3.25% through 2019 and 3.75% thereafter.
Contributions
Exelon allocates contributions related to its legacy Exelon pension and OPEB plans to its subsidiaries based on accounting cost. For legacy CEG, CENG, FitzPatrick, and PHI plans, pension and OPEB contributions are allocated to the subsidiaries based on employee participation (both active and retired). The following tables provide contributions to the pension and OPEB plans:
 Pension BenefitsOPEB
 2021202020192021 2020 2019
Exelon$574 $542 $356 $91 $59 $51 
ComEd174 143 72 22 5 5 
PECO17 18 27 1 — 1 
BGE57 56 34 24 22 14 
PHI39 30 10 9 9 15 
Pepco 2 2 2 9 9 12 
DPL 1 — 1 — — — 
ACE 3 2 — — — 1 
Management considers various factors when making pension funding decisions, including actuarially determined minimum contribution requirements under ERISA, contributions required to avoid benefit restrictions and at-risk status as defined by the Pension Protection Act of 2006 (the Act), management of the pension obligation, and regulatory implications. The Act requires the attainment of certain funding levels to avoid benefit restrictions (such as an inability to pay lump sums or to accrue benefits prospectively), and at-risk status (which triggers higher minimum contribution requirements and participant notification). The projected contributions below reflect a funding strategy to make levelized annual contributions with the objective of achieving 100% funded status on
an ABO basis over time. This level funding strategy helps minimize volatility of future period required pension contributions. Based on this funding strategy and current market conditions, which are subject to change, Exelon’s estimated annual qualified pension contributions will be approximately $500 million in 2022. Exelon's estimated contributions include contributions related to Generation's qualified pension plans. In connection with the separation, an additional qualified pension contribution of $207 million was completed on February 1, 2022. Unlike the qualified pension plans, Exelon’s non-qualified pension plans are not funded, given that they are not subject to statutory minimum contribution requirements.
While OPEB plans are also not subject to statutory minimum contribution requirements, Exelon does fund certain of its plans. For Exelon's funded OPEB plans, contributions generally equal accounting costs, however, Exelon’s management has historically considered several factors in determining the level of contributions to its OPEB plans, including liabilities management, levels of benefit claims paid, and regulatory implications (amounts deemed prudent to meet regulatory expectations and best assure continued rate recovery). The amounts below include benefit payments related to unfunded plans.
The following table provides all Registrants' planned contributions to the qualified pension plans, planned benefit payments to non-qualified pension plans, and planned contributions to OPEB plans in 2022:
Qualified Pension PlansNon-Qualified Pension PlansOPEB
Exelon$505 $32 $50 
ComEd173 2 12 
PECO12 1 2 
BGE48 2 16 
PHI60 10 7 
Pepco2 1 6 
DPL1 1 — 
ACE7 — — 
Estimated Future Benefit Payments
Estimated future benefit payments to participants in all of the pension plans and postretirement benefit plans as of December 31, 2021 were:
Pension BenefitsOPEB
2022$1,288 $253 
20231,298 254 
20241,326 255 
20251,330 255 
20261,326 258 
2027 through 20316,736 1,284 
Total estimated future benefits payments through 2031$13,304 $2,559 
Plan Assets
Investment Strategy. On a regular basis, Exelon evaluates its investment strategy to ensure that plan assets will be sufficient to pay plan benefits when due. As part of this ongoing evaluation, Exelon may make changes to its targeted asset allocation and investment strategy.
Exelon has developed and implemented a liability hedging investment strategy for its qualified pension plans that has reduced the volatility of its pension assets relative to its pension liabilities. Exelon is likely to continue to gradually increase the liability hedging portfolio as the funded status of its plans improves. The overall objective is to achieve attractive risk-adjusted returns that will balance the liquidity requirements of the plans’ liabilities while striving to minimize the risk of significant losses. Trust assets for Exelon’s OPEB plans are managed in a diversified investment strategy that prioritizes maximizing liquidity and returns while minimizing asset volatility.
Actual asset returns have an impact on the costs reported for the Exelon-sponsored pension and OPEB plans. The actual asset returns across Exelon’s pension and OPEB plans for the year ended December 31, 2021 were 7.21% and 9.54%, respectively, compared to an expected long-term return assumption of 7.00% and 6.46%, respectively. Exelon used an EROA of 7.00% and 6.44% to estimate its 2022 pension and OPEB costs, respectively.
Exelon’s pension and OPEB plan target asset allocations as of December 31, 2021 and 2020 were as follows:
December 31, 2021December 31, 2020
Asset CategoryPension BenefitsOPEBPension BenefitsOPEB
Equity securities35 %44 %34 %45 %
Fixed income securities41 %41 %43 %39 %
Alternative investments(a)
24 %15 %23 %16 %
Total100 %100 %100 %100 %
__________
(a)Alternative investments include private equity, hedge funds, real estate, and private credit.
Concentrations of Credit Risk. Exelon evaluated its pension and OPEB plans’ asset portfolios for the existence of significant concentrations of credit risk as of December 31, 2021. Types of concentrations that were evaluated include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country, and individual fund. As of December 31, 2021, there were no significant concentrations (defined as greater than 10% of plan assets) of risk in Exelon’s pension and OPEB plan assets.
Fair Value Measurements
The following tables present pension and OPEB plan assets measured and recorded at fair value in Exelon's Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2021 and 2020:
December 31, 2021December 31, 2020
Level 1Level 2Level 3Not subject to levelingTotalLevel 1Level 2Level 3Not subject to levelingTotal
Pension plan assets(a)
Cash equivalents$445 $156 $— $— $601 $408 $121 $— $— $529 
Equities(b)
4,621 — 3 2,180 6,804 4,255 — 2 2,552 6,809 
Fixed income:
U.S. Treasury and agencies1,716 302 — — 2,018 1,137 367 — — 1,504 
State and municipal debt— 80 — — 80 — 85 — — 85 
Corporate debt(c)
— 4,319 557 — 4,876 — 4,873 573 — 5,446 
Other(b)
74 276 20 515 885 — 239 21 537 797 
Fixed income subtotal1,790 4,977 577 515 7,859 1,137 5,564 594 537 7,832 
Private equity— — — 1,924 1,924 — — — 1,632 1,632 
Hedge funds— — — 1,325 1,325 — — — 1,314 1,314 
Real estate— — — 1,301 1,301 — — — 1,080 1,080 
Private credit— — 223 1,033 1,256 — — 234 1,046 1,280 
Pension plan assets subtotal 6,856 5,133 803 8,278 21,070 5,800 5,685 830 8,161 20,476 
OPEB plan assets(a)
Cash equivalents84 64 — — 148 50 52 — — 102 
Equities605 3 — 506 1,114 618 2 — 569 1,189 
Fixed income:
U.S. Treasury and agencies22 68 — — 90 16 66 — — 82 
State and municipal debt— 11 — — 11 — 89 — — 89 
Corporate debt(c)
— 116 — — 116 — 89 — — 89 
Other348 7 — 212 567 285 3 — 179 467 
Fixed income subtotal370 202 — 212 784 301 247 — 179 727 
Hedge funds— — — 273 273 — — — 308 308 
Real estate— — — 134 134 — — — 111 111 
Private credit— — — 131 131 — — — 117 117 
OPEB plan assets subtotal1,059 269 — 1,256 2,584 969 301 — 1,284 2,554 
Total pension and OPEB plan assets(d)
$7,915 $5,402 $803 $9,534 $23,654 $6,769 $5,986 $830 $9,445 $23,030 
__________
(a)See Note 18—Fair Value of Financial Assets and Liabilities for a description of levels within the fair value hierarchy.
(b)Includes derivative instruments of $(3) million and $2 million for the years ended December 31, 2021 and 2020, respectively, which have total notional amounts of $5,959 million and $6,879 million as of December 31, 2021 and 2020, respectively. The notional principal amounts for these instruments provide one measure of the transaction volume
outstanding as of the fiscal years ended and do not represent the amount of the company’s exposure to credit or market loss.
(c)Includes investments in equities sold short held in investment vehicles primarily to hedge the equity option component of its convertible debt. Pension equities sold short totaled $(75) million and $(96) million as of December 31, 2021 and 2020, respectively. OPEB equities sold short totaled $(28) million and $(42) million as of December 31, 2021 and 2020, respectively.
(d)Excludes net liabilities of $226 million and $132 million as of December 31, 2021 and 2020, respectively, which include certain derivative assets that have notional amounts of $214 million and $239 million as of December 31, 2021 and 2020, respectively. These items are required to reconcile to the fair value of net plan assets and consist primarily of receivables or payables related to pending securities sales and purchases, interest and dividends receivable, and repurchase agreement obligations. The repurchase agreements generally have maturities ranging from 3-6 months.

The following table presents the reconciliation of Level 3 assets and liabilities for Exelon measured at fair value for pension and OPEB plans for the years ended December 31, 2021 and 2020:
Fixed IncomeEquitiesPrivate
Credit		Total
Pension Assets
Balance as of January 1, 2021$594 $2 $234 $830 
Actual return on plan assets:
Relating to assets still held as of the
reporting date		(21)— 31 10 
Purchases, sales and settlements:
Purchases17 — 9 26 
Settlements(a)
(20)— (51)(71)
Transfers into Level 37 1 — 8 
Balance as of December 31, 2021$577 $3 $223 $803 
Fixed IncomeEquitiesPrivate
Credit		Total
Pension Assets
Balance as of January 1, 2020$245 $5 $237 $487 
Actual return on plan assets:
Relating to assets still held as of the
reporting date
19 (3)15 31 
Purchases, sales and settlements:
Purchases34 — 24 58 
Settlements(a)
(3)— (42)(45)
Transfers into Level 3(b)
299 — — 299 
Balance as of December 31, 2020$594 $2 $234 $830 
__________
(a)Represents cash settlements only.
(b)In 2020, a contract was terminated for a certain fixed income commingled fund resulting in the ownership of certain fixed income securities which led to a transfer into Level 3 from not subject to leveling of $299 million.
Valuation Techniques Used to Determine Fair Value
The techniques used to fair value the pension and OPEB assets invested in cash equivalents, equities, fixed income, derivatives, private equity, real estate, and private credit investments are the same as the valuation techniques for these types of investments in NDT funds. See Cash Equivalents and NDT Fund Investments in Note 18 - Fair Value of Financial Assets and Liabilities for further information.
Pension and OPEB assets also include investments in hedge funds. Hedge fund investments include those that employ a broad range of strategies to enhance returns and provide additional diversification. The fair value of hedge funds is determined using NAV or its equivalent as a practical expedient, and therefore, hedge funds are not classified within the fair value hierarchy. Exelon has the ability to redeem these investments at NAV or its equivalent subject to certain restrictions which may include a lock-up period or a gate.
Defined Contribution Savings Plan (All Registrants)
The Registrants participate in various 401(k) defined contribution savings plans that are sponsored by Exelon. The plans are qualified under applicable sections of the IRC and allow employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. All Registrants match a percentage of the employee contributions up to certain limits. The following table presents matching contributions to the savings plan for the years ended December 31, 2021, 2020, and 2019:
For the Years Ended December 31,ExelonComEdPECOBGEPHIPepcoDPLACE
2021$143 $35 $12 $12 14 $4 $3 $2 
2020158 36 12 13 14 4 3 3 
2019161 35 11 12 13 3 3 2