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v2.4.1.9

Pension and OPEB | 3 Months Ended
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Mar. 31, 2015
Pension and OPEB | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis. Pension and OPEB costs for PSEG, except for Servco, are detailed as follows:
|  | Pension Benefits |  | OPEB |
|  | Three Months Ended |  | Three Months Ended |
|  | March 31, |  | March 31, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
|  | Millions |
| Components of Net Periodic Benefit Costs (Credit) |  |  |  |  |  |  |  |
| Service Cost | $ | 31 |  |  | $ | 26 |  |  | $ | 5 |  |  | $ | 5 |  |
| Interest Cost | 59 |  |  | 59 |  |  | 17 |  |  | 17 |  |
| Expected Return on Plan Assets | (103 | ) |  | (100 | ) |  | (7 | ) |  | (7 | ) |
| Amortization of Net |  |  |  |  |  |  |  |
| Prior Service Cost (Credit) | (5 | ) |  | (5 | ) |  | (3 | ) |  | (4 | ) |
| Actuarial Loss | 37 |  |  | 14 |  |  | 10 |  |  | 6 |  |
| Total Benefit Costs (Credit) | $ | 19 |  |  | $ | (6 | ) |  | $ | 22 |  |  | $ | 17 |  |
Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, except for Servco, are detailed as follows:
|  | Pension Benefits |  | OPEB |
|  | Three Months Ended |  | Three Months Ended |
|  | March 31, |  | March 31, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
|  | Millions |
| PSE&G | $ | 10 |  |  | $ | (5 | ) |  | $ | 14 |  |  | $ | 11 |  |
| Power | 6 |  |  | (2 | ) |  | 7 |  |  | 5 |  |
| Other | 3 |  |  | 1 |  |  | 1 |  |  | 1 |  |
| Total Benefit Costs (Credit) | $ | 19 |  |  | $ | (6 | ) |  | $ | 22 |  |  | $ | 17 |  |
During the three months ended March 31, 2015, PSEG contributed its entire planned contribution for the year 2015 of $15 million into its pension plans and its entire planned $14 million annual contribution to its OPEB plan for 2015. Servco Pension and OPEB At the direction of LIPA, effective January 1, 2014, Servco established benefit plans that provide substantially the same benefits to its employees as those previously provided by National Grid Electric Services LLC (NGES), the predecessor T&D system manager for LIPA. Since the vast majority of Servco's employees had worked under NGES' T&D operations services arrangement with LIPA, Servco's plans provide certain of those employees with pension and OPEB vested credit for prior years' services earned while working for NGES. The benefit plans cover all employees of Servco for current service. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 3. Variable Interest Entities. 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 benefit 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 may contribute up to $30 million into its pension plan trusts during 2015. The pension-related revenues and costs for the three months ended March 31, 2015 and 2014 were $6 million and $23 million, respectively. The OPEB-related revenues earned or costs incurred for each of the three months ended March 31, 2015 and 2014 were immaterial.
PSE And G [Member] |
Pension and OPEB | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis. Pension and OPEB costs for PSEG, except for Servco, are detailed as follows:
|  | Pension Benefits |  | OPEB |
|  | Three Months Ended |  | Three Months Ended |
|  | March 31, |  | March 31, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
|  | Millions |
| Components of Net Periodic Benefit Costs (Credit) |  |  |  |  |  |  |  |
| Service Cost | $ | 31 |  |  | $ | 26 |  |  | $ | 5 |  |  | $ | 5 |  |
| Interest Cost | 59 |  |  | 59 |  |  | 17 |  |  | 17 |  |
| Expected Return on Plan Assets | (103 | ) |  | (100 | ) |  | (7 | ) |  | (7 | ) |
| Amortization of Net |  |  |  |  |  |  |  |
| Prior Service Cost (Credit) | (5 | ) |  | (5 | ) |  | (3 | ) |  | (4 | ) |
| Actuarial Loss | 37 |  |  | 14 |  |  | 10 |  |  | 6 |  |
| Total Benefit Costs (Credit) | $ | 19 |  |  | $ | (6 | ) |  | $ | 22 |  |  | $ | 17 |  |
Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, except for Servco, are detailed as follows:
|  | Pension Benefits |  | OPEB |
|  | Three Months Ended |  | Three Months Ended |
|  | March 31, |  | March 31, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
|  | Millions |
| PSE&G | $ | 10 |  |  | $ | (5 | ) |  | $ | 14 |  |  | $ | 11 |  |
| Power | 6 |  |  | (2 | ) |  | 7 |  |  | 5 |  |
| Other | 3 |  |  | 1 |  |  | 1 |  |  | 1 |  |
| Total Benefit Costs (Credit) | $ | 19 |  |  | $ | (6 | ) |  | $ | 22 |  |  | $ | 17 |  |
During the three months ended March 31, 2015, PSEG contributed its entire planned contribution for the year 2015 of $15 million into its pension plans and its entire planned $14 million annual contribution to its OPEB plan for 2015. Servco Pension and OPEB At the direction of LIPA, effective January 1, 2014, Servco established benefit plans that provide substantially the same benefits to its employees as those previously provided by National Grid Electric Services LLC (NGES), the predecessor T&D system manager for LIPA. Since the vast majority of Servco's employees had worked under NGES' T&D operations services arrangement with LIPA, Servco's plans provide certain of those employees with pension and OPEB vested credit for prior years' services earned while working for NGES. The benefit plans cover all employees of Servco for current service. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 3. Variable Interest Entities. 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 benefit 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 may contribute up to $30 million into its pension plan trusts during 2015. The pension-related revenues and costs for the three months ended March 31, 2015 and 2014 were $6 million and $23 million, respectively. The OPEB-related revenues earned or costs incurred for each of the three months ended March 31, 2015 and 2014 were immaterial.
Power [Member] |
Pension and OPEB | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis. Pension and OPEB costs for PSEG, except for Servco, are detailed as follows:
|  | Pension Benefits |  | OPEB |
|  | Three Months Ended |  | Three Months Ended |
|  | March 31, |  | March 31, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
|  | Millions |
| Components of Net Periodic Benefit Costs (Credit) |  |  |  |  |  |  |  |
| Service Cost | $ | 31 |  |  | $ | 26 |  |  | $ | 5 |  |  | $ | 5 |  |
| Interest Cost | 59 |  |  | 59 |  |  | 17 |  |  | 17 |  |
| Expected Return on Plan Assets | (103 | ) |  | (100 | ) |  | (7 | ) |  | (7 | ) |
| Amortization of Net |  |  |  |  |  |  |  |
| Prior Service Cost (Credit) | (5 | ) |  | (5 | ) |  | (3 | ) |  | (4 | ) |
| Actuarial Loss | 37 |  |  | 14 |  |  | 10 |  |  | 6 |  |
| Total Benefit Costs (Credit) | $ | 19 |  |  | $ | (6 | ) |  | $ | 22 |  |  | $ | 17 |  |
Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, except for Servco, are detailed as follows:
|  | Pension Benefits |  | OPEB |
|  | Three Months Ended |  | Three Months Ended |
|  | March 31, |  | March 31, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
|  | Millions |
| PSE&G | $ | 10 |  |  | $ | (5 | ) |  | $ | 14 |  |  | $ | 11 |  |
| Power | 6 |  |  | (2 | ) |  | 7 |  |  | 5 |  |
| Other | 3 |  |  | 1 |  |  | 1 |  |  | 1 |  |
| Total Benefit Costs (Credit) | $ | 19 |  |  | $ | (6 | ) |  | $ | 22 |  |  | $ | 17 |  |
During the three months ended March 31, 2015, PSEG contributed its entire planned contribution for the year 2015 of $15 million into its pension plans and its entire planned $14 million annual contribution to its OPEB plan for 2015. Servco Pension and OPEB At the direction of LIPA, effective January 1, 2014, Servco established benefit plans that provide substantially the same benefits to its employees as those previously provided by National Grid Electric Services LLC (NGES), the predecessor T&D system manager for LIPA. Since the vast majority of Servco's employees had worked under NGES' T&D operations services arrangement with LIPA, Servco's plans provide certain of those employees with pension and OPEB vested credit for prior years' services earned while working for NGES. The benefit plans cover all employees of Servco for current service. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 3. Variable Interest Entities. 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 benefit 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 may contribute up to $30 million into its pension plan trusts during 2015. The pension-related revenues and costs for the three months ended March 31, 2015 and 2014 were $6 million and $23 million, respectively. The OPEB-related revenues earned or costs incurred for each of the three months ended March 31, 2015 and 2014 were immaterial.

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