v3.25.1
Pension and Other Postretirement Benefits (OPEB)
 3 Months Ended
Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]  
Pension and Other Postretirement Benefits (OPEB)

Note 7. Pension and Other Postretirement Benefits (OPEB)

PSEG sponsors and Services administers 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 and PSE&G 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 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 (credits) 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, co-owner allocations and certain regulatory orders. Only the service cost component is eligible for capitalization, when applicable.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

OPEB

 

 

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

March 31,

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Components of Net Periodic Benefit (Credits) Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Cost (included in O&M Expense)

 

$

22

 

 

$

23

 

 

$

—

 

 

$

1

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Cost

 

 

58

 

 

 

56

 

 

 

9

 

 

 

9

 

 

 

Expected Return on Plan Assets

 

 

(77

)

 

 

(80

)

 

 

(8

)

 

 

(9

)

 

 

Amortization of Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Credit

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

Actuarial Loss (Gain)

 

 

15

 

 

 

18

 

 

 

(1

)

 

 

—

 

 

 

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

 

 

(4

)

 

 

(6

)

 

 

1

 

 

 

—

 

 

 

Total Net Benefit (Credits) Costs

 

$

18

 

 

$

17

 

 

$

1

 

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension and OPEB (credits) costs for PSE&G and PSEG Power & Other are detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

OPEB

 

 

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

March 31,

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

12

 

 

$

11

 

 

$

(1

)

 

$

—

 

 

 

PSEG Power & Other

 

 

6

 

 

 

6

 

 

 

2

 

 

 

1

 

 

 

Total Net Benefit (Credits) Costs

 

$

18

 

 

$

17

 

 

$

1

 

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG plans to contribute $5 million to its OPEB plan and may choose to contribute up to $100 million to its pension plans in 2025. 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.

Servco Pension and OPEB

Servco sponsors a qualified pension plan and OPEB plan covering its employees who meet certain eligibility criteria. Under the OSA, employee benefit costs for these plans are funded by LIPA. See Note 3. 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 $23 million into its pension plan in 2025. Servco’s pension-related revenues and costs were $6 million for three months ended March 31, 2025 and 2024. The OPEB-related revenues earned and costs incurred were $3 million for the three months ended March 31, 2025 and 2024.

Public Service Electric and Gas Company [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Pension and Other Postretirement Benefits (OPEB)

Note 7. Pension and Other Postretirement Benefits (OPEB)

PSEG sponsors and Services administers 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 and PSE&G 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 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 (credits) 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, co-owner allocations and certain regulatory orders. Only the service cost component is eligible for capitalization, when applicable.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

OPEB

 

 

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

March 31,

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Components of Net Periodic Benefit (Credits) Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Cost (included in O&M Expense)

 

$

22

 

 

$

23

 

 

$

—

 

 

$

1

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Cost

 

 

58

 

 

 

56

 

 

 

9

 

 

 

9

 

 

 

Expected Return on Plan Assets

 

 

(77

)

 

 

(80

)

 

 

(8

)

 

 

(9

)

 

 

Amortization of Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Credit

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

Actuarial Loss (Gain)

 

 

15

 

 

 

18

 

 

 

(1

)

 

 

—

 

 

 

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

 

 

(4

)

 

 

(6

)

 

 

1

 

 

 

—

 

 

 

Total Net Benefit (Credits) Costs

 

$

18

 

 

$

17

 

 

$

1

 

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension and OPEB (credits) costs for PSE&G and PSEG Power & Other are detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

OPEB

 

 

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

March 31,

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

12

 

 

$

11

 

 

$

(1

)

 

$

—

 

 

 

PSEG Power & Other

 

 

6

 

 

 

6

 

 

 

2

 

 

 

1

 

 

 

Total Net Benefit (Credits) Costs

 

$

18

 

 

$

17

 

 

$

1

 

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG plans to contribute $5 million to its OPEB plan and may choose to contribute up to $100 million to its pension plans in 2025. 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.

Servco Pension and OPEB

Servco sponsors a qualified pension plan and OPEB plan covering its employees who meet certain eligibility criteria. Under the OSA, employee benefit costs for these plans are funded by LIPA. See Note 3. 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 $23 million into its pension plan in 2025. Servco’s pension-related revenues and costs were $6 million for three months ended March 31, 2025 and 2024. The OPEB-related revenues earned and costs incurred were $3 million for the three months ended March 31, 2025 and 2024.