v3.26.1
Pension and Other Postretirement Benefits (OPEB)
 3 Months Ended
Mar. 31, 2026
Defined Benefit Plan Disclosure [Line Items]  
Pension and Other Postretirement Benefits (OPEB)

Note 7. 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 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,

 

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

Components of Net Periodic Benefit Costs (Credits)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Cost (included in O&M Expense)

 

$

22

 

 

$

22

 

 

$

—

 

 

$

—

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Cost

 

 

54

 

 

 

58

 

 

 

8

 

 

 

9

 

 

 

Expected Return on Plan Assets

 

 

(82

)

 

 

(77

)

 

 

(9

)

 

 

(8

)

 

 

Amortization of Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

Actuarial Loss (Gain)

 

 

14

 

 

 

15

 

 

 

(1

)

 

 

(1

)

 

 

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

 

 

(14

)

 

 

(4

)

 

 

(2

)

 

 

1

 

 

 

Total Net Periodic Benefit Costs (Credits)

 

$

8

 

 

$

18

 

 

$

(2

)

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

OPEB

 

 

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

March 31,

 

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

4

 

 

$

12

 

 

$

(3

)

 

$

(1

)

 

 

PSEG Power & Other

 

 

4

 

 

 

6

 

 

 

1

 

 

 

2

 

 

 

Total Net Periodic Benefit Costs (Credits)

 

$

8

 

 

$

18

 

 

$

(2

)

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG will make future pension contributions to satisfy Internal Revenue Service (IRS) minimum funding requirements. Depending on market performance, actuarial assumptions and financial estimates, PSEG could contribute up to $100 million to its pension plan in 2026.

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. The OPEB obligation, as well as the offsetting long-term receivable, is separately presented on the Condensed Consolidated Balance Sheet of PSEG. Prepaid pension costs are included in Other Noncurrent Assets with an offsetting liability in Other Noncurrent Liabilities.

Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trust and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco plans to contribute $15 million into its pension plan in 2026. Servco’s pension-related revenues and costs were $4 million and $6 million for the three months ended March 31, 2026 and 2025, respectively. The OPEB-related revenues earned and costs incurred was $3 million for each of the three months ended March 31, 2026 and 2025.
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 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,

 

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

Components of Net Periodic Benefit Costs (Credits)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Cost (included in O&M Expense)

 

$

22

 

 

$

22

 

 

$

—

 

 

$

—

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Cost

 

 

54

 

 

 

58

 

 

 

8

 

 

 

9

 

 

 

Expected Return on Plan Assets

 

 

(82

)

 

 

(77

)

 

 

(9

)

 

 

(8

)

 

 

Amortization of Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

Actuarial Loss (Gain)

 

 

14

 

 

 

15

 

 

 

(1

)

 

 

(1

)

 

 

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

 

 

(14

)

 

 

(4

)

 

 

(2

)

 

 

1

 

 

 

Total Net Periodic Benefit Costs (Credits)

 

$

8

 

 

$

18

 

 

$

(2

)

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

OPEB

 

 

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

March 31,

 

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

4

 

 

$

12

 

 

$

(3

)

 

$

(1

)

 

 

PSEG Power & Other

 

 

4

 

 

 

6

 

 

 

1

 

 

 

2

 

 

 

Total Net Periodic Benefit Costs (Credits)

 

$

8

 

 

$

18

 

 

$

(2

)

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG will make future pension contributions to satisfy Internal Revenue Service (IRS) minimum funding requirements. Depending on market performance, actuarial assumptions and financial estimates, PSEG could contribute up to $100 million to its pension plan in 2026.

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. The OPEB obligation, as well as the offsetting long-term receivable, is separately presented on the Condensed Consolidated Balance Sheet of PSEG. Prepaid pension costs are included in Other Noncurrent Assets with an offsetting liability in Other Noncurrent Liabilities.

Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trust and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco plans to contribute $15 million into its pension plan in 2026. Servco’s pension-related revenues and costs were $4 million and $6 million for the three months ended March 31, 2026 and 2025, respectively. The OPEB-related revenues earned and costs incurred was $3 million for each of the three months ended March 31, 2026 and 2025.