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Retirement Benefits (All Registrants)
 9 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Retirement Benefits (All Registrants) Retirement Benefits (All Registrants)
Defined Benefit Pension and OPEB
Effective February 1, 2022, in connection with the separation, pension and OPEB obligations and assets for current and former employees of the Constellation business and certain other former employees of Exelon and its subsidiaries transferred to pension and OPEB plans and trusts maintained by Constellation or its subsidiaries. The Exelon New England Union Employees Pension Plan and Constellation Mystic Power, LLC Union Employees Pension Plan Including Plan A and Plan B were transferred. The following OPEB plans were also transferred: Constellation Mystic Power, LLC Post-Employment Medical Savings Account Plan, Exelon New England Union Post-Employment Medical Savings Account Plan, and the Nine Mile Point Nuclear Station, LLC Medical Care and Prescription Drug Plan for Retired Employees.
As a result of the separation, Exelon restructured certain of its qualified pension plans. Pension obligations and assets for current and former employees continuing with Exelon and who were participants in the Exelon Employee Pension Plan for Clinton, TMI, and Oyster Creek, Pension Plan of Constellation Energy Nuclear
Group, LLC, and Nine Mile Point Pension Plan were merged into the Pension Plan of Constellation Energy Group, Inc, which was subsequently renamed, Exelon Pension Plan (EPP). Exelon employees who participated in these plans prior to the separation now participate in the EPP. The merging of the plans did not change the benefits offered to the plan participants and, thus, had no impact on Exelon's pension obligations.
The tables below show the pension and OPEB plans in which employees of each operating company participated as of September 30, 2022:
Operating Company(a)
Name of Plan:ComEd PECO BGE PHIPepcoDPLACE
Qualified Pension Plans:
Exelon Corporation Retirement ProgramXXXXXXX
Exelon Corporation Pension Plan for Bargaining Unit EmployeesX  
Exelon Pension PlanXXXXXXX
Pepco Holdings LLC Retirement PlanXXXXXXX
Non-Qualified Pension Plans:
Exelon Corporation Supplemental Pension Benefit Plan and 2000 Excess Benefit PlanX  X  X
Exelon Corporation Supplemental Management Retirement PlanX  X  XXX
Constellation Energy Group, Inc. Senior Executive Supplemental PlanX  X
Constellation Energy Group, Inc. Supplemental Pension PlanX  X
Constellation Energy Group, Inc. Benefits Restoration PlanXX  X
Baltimore Gas & Electric Company Executive Benefit PlanX  
Baltimore Gas & Electric Company Manager Benefit PlanXX  
Pepco Holdings LLC 2011 Supplemental Executive Retirement PlanXXXX
Conectiv Supplemental Executive Retirement PlanXXX
Pepco Holdings LLC Combined Executive Retirement PlanXX
Atlantic City Electric Director Retirement PlanXX
Operating Company(a)
Name of Plan: ComEd PECO BGE PHIPepcoDPLACE
OPEB Plans:
PECO Energy Company Retiree Medical Plan  XX  XXXXX
Exelon Corporation Health Care ProgramXXXXXXX
Exelon Corporation Employees’ Life Insurance Plan  X  X  X
Exelon Corporation Health Reimbursement Arrangement Plan  X  X  X
BGE Retiree Medical PlanXXXXXX
BGE Retiree Dental PlanX
Exelon Retiree Medical Plan of Constellation Energy Nuclear Group, LLCXXX
Exelon Retiree Dental Plan of Constellation Energy Nuclear Group, LLCXXX
Pepco Holdings LLC Welfare Plan for RetireesXXXXXXX
__________
(a)Employees generally remain in their legacy benefit plans when transferring between operating companies.
As of February 1, 2022, in connection with the separation, Exelon's pension and OPEB plans were remeasured. The remeasurement and separation resulted in a decrease to the pension obligation, net of plan assets, of $921 million and a decrease to the OPEB obligation of $893 million. Additionally, accumulated other comprehensive loss, decreased by $1,994 million (after-tax) and regulatory assets and liabilities increased by $14 million and $5 million respectively. Key assumptions were held consistent with the year end December 31, 2021 assumptions with the exception of the discount rate.
The majority of the 2022 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 3.24%. The majority of the 2022 OPEB cost is calculated using an expected long-term rate of return on plan assets of 6.44% for funded plans and a discount rate of 3.20%.
During the first quarter of 2022, Exelon received an updated valuation of its pension and OPEB to reflect actual census data as of February 1, 2022. This valuation resulted in a decrease to the pension obligation of $24 million and an increase to the OPEB obligation of $5 million. Additionally, accumulated other comprehensive loss increased by $5 million (after-tax) and regulatory assets and liabilities decreased by $30 million and $3 million, respectively.
A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following table presents the components of Exelon's net periodic benefit costs, prior to capitalization, for the three and nine months ended September 30, 2022 and 2021.
Pension BenefitsOPEB
Three Months Ended September 30,Three Months Ended September 30,
2022202120222021
Components of net periodic benefit cost:
Service cost$58 $74 $10 $13 
Interest cost110 102 19 18 
Expected return on assets(205)(212)(25)(26)
Amortization of:
Prior service cost (credit)1 1 (5)(6)
Actuarial loss73 100 4 7 
Settlement charges— 2 — — 
Net periodic benefit cost$37 $67 $3 $6 
Pension BenefitsOPEB
Nine Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Components of net periodic benefit cost:
Service cost$177 $222 $30 $38 
Interest cost330 304 57 52 
Expected return on assets(619)(633)(75)(75)
Amortization of:
Prior service cost (credit)3 3 (15)(18)
Actuarial loss222 299 12 19 
Curtailment benefits— — — (1)
Settlement charges— 2 — — 
Net periodic benefit cost$113 $197 $9 $15 
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.
 Three Months Ended September 30,Nine Months Ended September 30,
Pension and OPEB Costs (Benefit)2022202120222021
Exelon$40 $73 $122 $212 
ComEd15 32 45 97 
PECO(2)2 (6)5 
BGE11 16 33 47 
PHI13 12 39 36 
Pepco2 2 6 5 
DPL1 1 3 2 
ACE3 3 9 8 
Defined Contribution Savings Plan
The Registrants participate in a 401(k) defined contribution savings plan that is sponsored by Exelon. The plan is qualified under applicable sections of the IRC and allows 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 the employer contributions and employer matching contributions to the savings plan for the three and nine months ended September 30, 2022 and 2021.
Three Months Ended September 30,Nine Months Ended September 30,
Savings Plan Employer Contributions2022202120222021
Exelon$23 $24 $66 $67 
ComEd11 9 29 27 
PECO3 2 9 8 
BGE2 4 7 8 
PHI4 5 11 12 
Pepco1 1 3 3 
DPL1 1 3 3 
ACE1 1 2 2