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Pension, Other Postretirement Benefits (OPEB) and Savings Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Changes in Benefit Obligation and Fair Value of Plan Assets | The following table provides a roll-forward of the changes in the benefit obligation and the fair value of plan assets during each of the two years in the periods ended December 31, 2024 and 2023. It also provides the funded status of the plans and the amounts recognized and amounts not recognized on the Consolidated Balance Sheets at the end of both years.
|  |  | Pension Benefits |  |  | Other Benefits |  |
|  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |
|  |  | Millions |  |
| Change in Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |  |
| Benefit Obligation at Beginning of Year (A) |  | $ | 4,758 |  |  | $ | 5,628 |  |  | $ | 802 |  |  | $ | 851 |  |
| Service Cost |  |  | 94 |  |  |  | 90 |  |  |  | 3 |  |  |  | 3 |  |
| Interest Cost |  |  | 225 |  |  |  | 259 |  |  |  | 37 |  |  |  | 41 |  |
| Actuarial (Gain) Loss (B) |  |  | (291 | ) |  |  | 103 |  |  |  | (39 | ) |  |  | (30 | ) |
| Gross Benefits Paid |  |  | (309 | ) |  |  | (352 | ) |  |  | (76 | ) |  |  | (68 | ) |
| Settlements |  |  | — |  |  |  | (970 | ) |  |  | — |  |  |  | — |  |
| Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5 |  |
| Benefit Obligation at End of Year (A) |  | $ | 4,477 |  |  | $ | 4,758 |  |  | $ | 727 |  |  | $ | 802 |  |
| Change in Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |
| Fair Value of Assets at Beginning of Year |  | $ | 4,140 |  |  | $ | 4,911 |  |  | $ | 440 |  |  | $ | 429 |  |
| Actual Return on Plan Assets |  |  | 134 |  |  |  | 539 |  |  |  | 18 |  |  |  | 51 |  |
| Employer Contributions |  |  | 13 |  |  |  | 12 |  |  |  | 41 |  |  |  | 28 |  |
| Gross Benefits Paid |  |  | (309 | ) |  |  | (352 | ) |  |  | (76 | ) |  |  | (68 | ) |
| Settlements |  |  | — |  |  |  | (970 | ) |  |  | — |  |  |  | — |  |
| Fair Value of Assets at End of Year |  | $ | 3,978 |  |  | $ | 4,140 |  |  | $ | 423 |  |  | $ | 440 |  |
| Funded Status |  |  |  |  |  |  |  |  |  |  |  |  |
| Funded Status (Plan Assets less Benefit Obligation) |  | $ | (499 | ) |  | $ | (618 | ) |  | $ | (304 | ) |  | $ | (362 | ) |
| Additional Amounts Recognized in the Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |  |  |  |
| Current Accrued Benefit Cost |  | $ | (11 | ) |  | $ | (12 | ) |  | $ | (12 | ) |  | $ | (13 | ) |
| Noncurrent Accrued Benefit Cost |  |  | (488 | ) |  |  | (606 | ) |  |  | (292 | ) |  |  | (349 | ) |
| Amounts Recognized |  | $ | (499 | ) |  | $ | (618 | ) |  | $ | (304 | ) |  | $ | (362 | ) |
| Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets, Deferred Assets and Deferred Liabilities (C) |  |  |  |  |  |  |  |  |  |  |  |  |
| Prior Service Cost (Credit) |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 6 |  |
| Net Actuarial Loss (Gain) |  |  | 1,481 |  |  |  | 1,656 |  |  |  | (26 | ) |  |  | (6 | ) |
| Total |  | $ | 1,481 |  |  | $ | 1,656 |  |  | $ | (22 | ) |  | $ | — |  |
(A) Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of separation or retirement. (B) For pension benefits and OPEB, the net actuarial gains in 2024 were due primarily to an increase in the discount rate, partially offset by actuarial losses driven by a lower than expected return on assets. For pension benefits, the net actuarial loss in 2023 was due primarily to a decrease in the discount rate. For OPEB, the net actuarial gain in 2023 was primarily due to assumption updates. (C) Includes $107 million ($76 million, after-tax) and $143 million ($102 million, after-tax) in AOCL related to Pension and OPEB as of December 31, 2024 and 2023, respectively. Also includes Regulatory Assets of $1,227 million, Deferred Assets of $134 million and Deferred Liabilities of $9 million as of December 31, 2024 and Regulatory Assets of $1,427 million and Deferred Assets of $141 million as of December 31, 2023. The Regulatory Asset amounts do not include $103 million and $55 million as of December 31, 2024 and 2023, respectively, as a result of modifying the method for calculating pension expense for ratemaking purposes, approved by the BPU effective January 1, 2023. The following table provides a roll-forward of the changes in Servco’s benefit obligation and the fair value of its plan assets during the years ended December 31, 2024 and 2023. It also provides the funded status of the plans and the amounts recognized and amounts not recognized on the Consolidated Balance Sheets at the end of both years.
|  |  | Pension Benefits |  |  | Other Benefits |  |
|  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |
|  |  | Millions |  |
| Change in Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |  |
| Benefit Obligation at Beginning of Year (A) |  | $ | 535 |  |  | $ | 452 |  |  | $ | 514 |  |  | $ | 455 |  |
| Service Cost |  |  | 28 |  |  |  | 24 |  |  |  | 14 |  |  |  | 12 |  |
| Interest Cost |  |  | 26 |  |  |  | 23 |  |  |  | 25 |  |  |  | 24 |  |
| Actuarial (Gain) Loss (B) |  |  | (54 | ) |  |  | 31 |  |  |  | (29 | ) |  |  | 35 |  |
| Plan Amendment |  |  | — |  |  |  | 16 |  |  |  | — |  |  |  | — |  |
| Gross Benefits Paid |  |  | (14 | ) |  |  | (11 | ) |  |  | (14 | ) |  |  | (12 | ) |
| Benefit Obligation at End of Year (A) |  | $ | 521 |  |  | $ | 535 |  |  | $ | 510 |  |  | $ | 514 |  |
| Change in Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |
| Fair Value of Assets at Beginning of Year |  | $ | 433 |  |  | $ | 370 |  |  | $ | — |  |  | $ | — |  |
| Actual Return on Plan Assets |  |  | 46 |  |  |  | 56 |  |  |  | — |  |  |  | — |  |
| Employer Contributions |  |  | 25 |  |  |  | 18 |  |  |  | 14 |  |  |  | 12 |  |
| Gross Benefits Paid |  |  | (14 | ) |  |  | (11 | ) |  |  | (14 | ) |  |  | (12 | ) |
| Fair Value of Assets at End of Year |  | $ | 490 |  |  | $ | 433 |  |  | $ | — |  |  | $ | — |  |
| Funded Status |  |  |  |  |  |  |  |  |  |  |  |  |
| Funded Status (Plan Assets less Benefit Obligation) |  | $ | (31 | ) |  | $ | (102 | ) |  | $ | (510 | ) |  | $ | (514 | ) |
| Additional Amounts Recognized in the Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |  |  |  |
| Accrued Pension Costs of Servco |  | $ | (31 | ) |  | $ | (102 | ) |  | N/A |  |  | N/A |  |
| OPEB Costs of Servco |  | N/A |  |  | N/A |  |  |  | (510 | ) |  |  | (514 | ) |
| Amounts Recognized (C) |  | $ | (31 | ) |  | $ | (102 | ) |  | $ | (510 | ) |  | $ | (514 | ) |
(A) Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of separation or retirement. (B) For pension benefits, the net actuarial gain in 2024 was due primarily to an increase in the discount rate. For OPEB, the net actuarial gain in 2024 was due primarily to an increase in the discount rate partially offset by other assumption updates. For pension benefits and OPEB, the net actuarial losses in 2023 were due primarily to a decrease in the discount rate and other assumption updates. (C) Amounts equal to the accrued pension and OPEB costs of Servco are offset in Long-Term Receivable of VIE on PSEG’s Consolidated Balance Sheets.
Schedule of Components of Net Periodic Benefit Cost | The following table provides the components of net periodic benefit relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco for the years ended December 31, 2024, 2023 and 2022. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and the 2023 BPU accounting order. Only the service cost component is eligible for capitalization, when applicable.
|  |  | Pension Benefits Years Ended December 31, |  |  | Other Benefits Years Ended December 31, |  |
|  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |
|  |  | Millions |  |
| Components of Net Periodic Benefit (Credits) Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Service Cost (included in O&M Expense) |  | $ | 94 |  |  | $ | 90 |  |  | $ | 142 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 6 |  |
| Non-Service Components of Pension and OPEB (Credits) Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest Cost |  |  | 225 |  |  |  | 259 |  |  |  | 167 |  |  |  | 37 |  |  |  | 41 |  |  |  | 26 |  |
| Expected Return on Plan Assets |  |  | (321 | ) |  |  | (361 | ) |  |  | (484 | ) |  |  | (34 | ) |  |  | (33 | ) |  |  | (42 | ) |
| Amortization of Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Prior Service Credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | (52 | ) |  |  | (129 | ) |
| Actuarial Loss |  |  | 71 |  |  |  | 83 |  |  |  | 60 |  |  |  | (2 | ) |  |  | (2 | ) |  |  | 15 |  |
| Settlement Charge Resulting from Pension Lift-Out |  |  | — |  |  |  | 338 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |
| Non-Service Components of Pension and OPEB (Credits) Costs |  |  | (25 | ) |  |  | 319 |  |  |  | (257 | ) |  |  | 3 |  |  |  | (46 | ) |  |  | (130 | ) |
| Total Net Benefit (Credits) Costs |  | $ | 69 |  |  | $ | 409 |  |  | $ | (115 | ) |  | $ | 6 |  |  | $ | (43 | ) |  | $ | (124 | ) |
Schedule of Pension and OPEB Costs | Pension and OPEB (credits) costs for PSEG and PSE&G are detailed as follows:
|  |  | Pension Benefits Years Ended December 31, |  |  | Other Benefits Years Ended December 31, |  |
|  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |
|  |  | Millions |  |
| PSE&G |  | $ | 43 |  |  | $ | 50 |  |  | $ | (70 | ) |  | $ | (2 | ) |  | $ | (42 | ) |  | $ | (109 | ) |
| PSEG Power & Other |  |  | 26 |  |  |  | 359 |  |  |  | (45 | ) |  |  | 8 |  |  |  | (1 | ) |  |  | (15 | ) |
| Total Net Benefit (Credits) Costs |  | $ | 69 |  |  | $ | 409 |  |  | $ | (115 | ) |  | $ | 6 |  |  | $ | (43 | ) |  | $ | (124 | ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table provides the pre-tax changes recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets, Deferred Assets and Deferred Liabilities:
|  |  | Pension |  |  | Other Benefits |  |
|  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |
|  |  | Millions |  |
| Net Actuarial (Gain) Loss in Current Period due to Plan Experience and Assumption Changes |  | $ | (104 | ) |  | $ | (35 | ) |  | $ | (22 | ) |  | $ | (49 | ) |
| Net Actuarial (Gain) Loss due to Settlements/Curtailments |  |  | — |  |  |  | (39 | ) |  |  | — |  |  |  | — |  |
| Amortization of Net Actuarial Gain (Loss) |  |  | (71 | ) |  |  | (83 | ) |  |  | 2 |  |  |  | 2 |  |
| Recognition of Net Actuarial (Gain) Loss due to Settlements/Curtailments |  |  | — |  |  |  | (338 | ) |  |  | — |  |  |  | — |  |
| Prior Service Cost (Credit) in Current Period |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6 |  |
| Amortization of Prior Service Credit |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | 52 |  |
| Total |  | $ | (175 | ) |  | $ | (495 | ) |  | $ | (22 | ) |  | $ | 11 |  |
Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs | The following assumptions were used to determine the benefit obligations and net periodic benefit costs:
|  |  | Pension Benefits |  |  | Other Benefits |  |
|  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |
| Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31 |  |  |
| Discount Rate |  |  | 5.68 | % |  |  | 5.02 | % |  |  | 5.20 | % |  |  | 5.59 | % |  |  | 4.96 | % |  |  | 5.16 | % |
| Rate of Compensation Increase |  |  | 4.60 | % |  |  | 4.60 | % |  |  | 4.40 | % |  |  | 4.60 | % |  |  | 4.60 | % |  |  | 4.40 | % |
| Cash Balance Interest Crediting Rate |  |  | 6.00 | % |  |  | 6.00 | % |  |  | 6.00 | % |  | N/A |  |  | N/A |  |  | N/A |  |
| Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 |  |
| Discount Rate |  |  | 5.02 | % |  |  | 5.20 | % |  |  | 2.94 | % |  |  | 4.96 | % |  |  | 5.16 | % |  |  | 2.82 | % |
| Service Cost Interest Rate |  |  | 5.14 | % |  |  | 5.31 | % |  |  | 3.19 | % |  |  | 5.03 | % |  |  | 5.23 | % |  |  | 3.06 | % |
| Interest Cost Interest Rate |  |  | 4.91 | % |  |  | 5.09 | % |  |  | 2.37 | % |  |  | 4.88 | % |  |  | 5.07 | % |  |  | 2.21 | % |
| Expected Return on Plan Assets |  |  | 8.10 | % |  |  | 8.10 | % |  |  | 7.20 | % |  |  | 8.10 | % |  |  | 8.10 | % |  |  | 7.20 | % |
| Rate of Compensation Increase |  |  | 4.60 | % |  |  | 4.40 | % |  |  | 4.40 | % |  |  | 4.60 | % |  |  | 4.40 | % |  |  | 4.40 | % |
| Cash Balance Interest Crediting Rate |  |  | 6.00 | % |  |  | 6.00 | % |  |  | 6.00 | % |  | N/A |  |  | N/A |  |  | N/A |  |
| Assumed Health Care Cost Trend Rates as of December 31 |  |
| Health Care Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Immediate Rate |  |  |  |  |  |  |  |  |  |  |  | 9.08 | % |  |  | 8.89 | % |  |  | 6.98 | % |
| Ultimate Rate |  |  |  |  |  |  |  |  |  |  |  | 4.75 | % |  |  | 4.75 | % |  |  | 4.75 | % |
| Year Ultimate Rate Reached |  |  |  |  |  |  |  |  |  |  | 2034 |  |  | 2033 |  |  | 2032 |  |
The following assumptions were used to determine the benefit obligations of Servco:
|  |  | Pension Benefits |  |  | Other Benefits |  |
|  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |
| Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31 |  |
| Discount Rate |  |  | 5.84 | % |  |  | 5.13 | % |  |  | 5.30 | % |  |  | 5.87 | % |  |  | 5.16 | % |  |  | 5.34 | % |
| Rate of Compensation Increase |  |  | 5.50 | % |  |  | 5.54 | % |  |  | 3.95 | % |  |  | 5.50 | % |  |  | 5.54 | % |  |  | 3.95 | % |
| Cash Balance Interest Crediting Rate |  |  | 4.84 | % |  |  | 4.13 | % |  |  | 4.30 | % |  | N/A |  |  | N/A |  |  | N/A |  |
| Assumed Health Care Cost Trend Rates as of December 31 |  |
| Health Care Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Immediate Rate |  |  |  |  |  |  |  |  |  |  |  | 7.46 | % |  |  | 6.84 | % |  |  | 6.71 | % |
| Ultimate Rate |  |  |  |  |  |  |  |  |  |  |  | 4.75 | % |  |  | 4.75 | % |  |  | 4.75 | % |
| Year Ultimate Rate Reached |  |  |  |  |  |  |  |  |  |  | 2036 |  |  | 2033 |  |  | 2032 |  |
Schedule of Allocation of Plan Assets | The following tables present information about the investments measured at fair value on a recurring basis as of December 31, 2024 and 2023, including the fair value measurements and the levels of inputs used in determining those fair values.
|  |  | Recurring Fair Value Measurements as of December 31, 2024 |  |
|  |  |  |  |  | Quoted Market Prices for Identical Assets |  |  | Significant Other Observable Inputs |  |
| Description |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |
|  |  | Millions |  |
| Cash Equivalents (A) |  | $ | 21 |  |  | $ | 13 |  |  | $ | 8 |  |
| Equity Securities |  |  |  |  |  |  |  |  |  |
| Common Stock (B) |  |  | 661 |  |  |  | 661 |  |  |  | — |  |
| Commingled (C) |  |  | 1,916 |  |  |  | — |  |  |  | 1,916 |  |
| Debt Securities (D) |  |  |  |  |  |  |  |  |  |
| U.S. Treasury |  |  | 1,099 |  |  |  | — |  |  |  | 1,099 |  |
| Commingled |  |  | 6 |  |  |  | 6 |  |  |  | — |  |
| Subtotal Fair Value |  | $ | 3,703 |  |  | $ | 680 |  |  | $ | 3,023 |  |
| Measured at net asset value practical expedient |  |  |  |  |  |  |  |  |  |
| Commingled—Equities (E) |  |  | 382 |  |  |  |  |  |  |  |
| Real Estate Investment (F) |  |  | 308 |  |  |  |  |  |  |  |
| Other |  |  | 1 |  |  |  |  |  |  |  |
| Total Fair Value (G) |  | $ | 4,394 |  |  |  |  |  |  |  |
|  |  | Recurring Fair Value Measurements as of December 31, 2023 |  |
|  |  |  |  |  | Quoted Market Prices for Identical Assets |  |  | Significant Other Observable Inputs |  |
| Description |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |
|  |  | Millions |  |
| Cash Equivalents (A) |  | $ | 39 |  |  | $ | 39 |  |  | $ | — |  |
| Equity Securities |  |  |  |  |  |  |  |  |  |
| Common Stock (B) |  |  | 748 |  |  |  | 748 |  |  |  | — |  |
| Commingled (C) |  |  | 1,376 |  |  |  | — |  |  |  | 1,376 |  |
| Debt Securities (D) |  |  |  |  |  |  |  |  |  |
| U.S. Treasury |  |  | 1,299 |  |  |  | — |  |  |  | 1,299 |  |
| Commingled |  |  | 4 |  |  |  | 4 |  |  |  | — |  |
| Subtotal Fair Value |  | $ | 3,466 |  |  | $ | 791 |  |  | $ | 2,675 |  |
| Measured at net asset value practical expedient |  |  |  |  |  |  |  |  |  |
| Commingled—Equities (E) |  |  | 745 |  |  |  |  |  |  |  |
| Real Estate Investment (F) |  |  | 365 |  |  |  |  |  |  |  |
| Other |  |  | 2 |  |  |  |  |  |  |  |
| Total Fair Value (G) |  | $ | 4,578 |  |  |  |  |  |  |  |
(A) The Collective Investment Fund publishes a daily net asset value (NAV) which participants may use for daily redemptions without restrictions (Level 1). (B) Common stocks are measured using observable data in active markets and considered Level 1. (C) Commingled Funds that publish daily NAV but with certain near-term redemption restrictions which prevent redemption at the published daily NAV are classified as Level 2. (D) Debt securities include mainly U.S. Treasury obligations. These investments are valued using an evaluated pricing approach that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads or the most recent quotes for similar securities which are a Level 2 measure. (E) Certain commingled equity funds are not included in the fair value hierarchy as they are measured at fair value using the NAV per share (or its equivalent) practical expedient. These funds do not meet the definition of readily determinable fair value due to the frequency of publishing NAV (monthly). The objectives of these funds are mainly tracking the S&P Index or achieving long-term growth through investment in foreign equity securities and the Morgan Stanley Capital International Index. (F) The unlisted real estate fund invests in office, apartment, industrial and retail space. The fund is valued using the NAV per unit of funds. The investment value of the real estate properties is determined on a quarterly basis by independent market appraisers engaged by the board of directors of the fund. The ability to redeem funds is subject to the availability of cash arising from net investment income, allocations and the sale of investments in the normal course of business. The fund’s NAV is published quarterly. In addition, redemptions require one quarter advance notice prior to redemption and are fulfilled quarterly. The fund, therefore, does not meet the definition of readily determinable fair value. The purpose of the fund is to acquire, own, hold for investment and ultimately dispose of investments in real estate and real estate-related assets with the intention of achieving current income, capital appreciation or both. (G) Excludes net receivables of $6 million and $2 million as of December 31, 2024 and 2023, respectively, which consist of interest, dividends and receivables and payables related to pending securities sales and purchases. In addition, the table excludes cash and foreign currency of $1 million as of December 31, 2024. The following tables present information about Servco’s investments measured at fair value on a recurring basis as of December 31, 2024 and 2023, including the fair value measurements and the levels of inputs used in determining those fair values.
|  |  | Recurring Fair Value Measurements as of December 31, 2024 |  |
|  |  |  |  |  | Quoted Market Prices for Identical Assets |  |  | Significant Other Observable Inputs |  |
| Description |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |
|  |  | Millions |  |
| Cash Equivalents |  | $ | 2 |  |  | $ | 2 |  |  | $ | — |  |
| Equity Securities |  |  |  |  |  |  |  |  |  |
| Common Stock (A) |  |  | 35 |  |  |  | 35 |  |  |  | — |  |
| Commingled (B) |  |  | 334 |  |  |  | — |  |  |  | 334 |  |
| Commingled Bonds (B) |  |  | 119 |  |  |  | — |  |  |  | 119 |  |
| Total Fair Value |  | $ | 490 |  |  | $ | 37 |  |  | $ | 453 |  |
|  |  | Recurring Fair Value Measurements as of December 31, 2023 |  |
|  |  |  |  |  | Quoted Market Prices for Identical Assets |  |  | Significant Other Observable Inputs |  |
| Description |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |
|  |  | Millions |  |
| Cash Equivalents |  | $ | 2 |  |  | $ | 2 |  |  | $ | — |  |
| Equity Securities |  |  |  |  |  |  |  |  |  |
| Common Stock (A) |  |  | 32 |  |  |  | 32 |  |  |  | — |  |
| Commingled (B) |  |  | 294 |  |  |  | — |  |  |  | 294 |  |
| Commingled Bonds (B) |  |  | 105 |  |  |  | — |  |  |  | 105 |  |
| Total Fair Value |  | $ | 433 |  |  | $ | 34 |  |  | $ | 399 |  |
(A) Common stocks are measured using observable data in active markets and considered Level 1. (B) Investments in commingled equity and bond funds have a readily determinable fair value as they publish a daily NAV available to investors which is the basis for current transactions and contain certain redemption restrictions requiring advance notice of one to two days for withdrawals (Level 2).
Schedule of Percentage of Fair Value of Total Plan Assets | The following table provides the percentage of fair value of total plan assets for each major category of plan assets held for the qualified pension and OPEB plans as of the measurement date, December 31:
|  |  | As of December 31, |  |
| Investments |  | 2024 |  |  | 2023 |  |
| Equity Securities |  |  | 67 | % |  |  | 63 | % |
| Debt Securities |  |  | 25 | % |  |  | 28 | % |
| Other Investments |  |  | 8 | % |  |  | 9 | % |
| Total Percentage |  |  | 100 | % |  |  | 100 | % |
The following table provides the percentage of fair value of total plan assets for each major category of plan assets held for the qualified pension and OPEB plans of Servco as of the measurement date, December 31:
|  |  | As of December 31, |  |
| Investments |  | 2024 |  |  | 2023 |  |
| Equity Securities |  |  | 76 | % |  |  | 76 | % |
| Debt Securities |  |  | 24 | % |  |  | 24 | % |
| Total Percentage |  |  | 100 | % |  |  | 100 | % |
Schedule of Expected Benefit Payments | The following pension benefit and postretirement benefit payments are expected to be paid to plan participants.
| Year |  | Pension Benefits |  |  | Other Benefits |  |
|  |  | Millions |  |
| 2025 |  | $ | 372 |  |  | $ | 73 |  |
| 2026 |  |  | 333 |  |  |  | 71 |  |
| 2027 |  |  | 340 |  |  |  | 69 |  |
| 2028 |  |  | 346 |  |  |  | 67 |  |
| 2029 |  |  | 353 |  |  |  | 64 |  |
| 2030-2034 |  |  | 1,792 |  |  |  | 272 |  |
| Total |  | $ | 3,536 |  |  | $ | 616 |  |
The following pension benefit and postretirement benefit payments are expected to be paid to Servco’s plan participants:
| Year |  | Pension Benefits |  |  | Other Benefits |  |
|  |  | Millions |  |
| 2025 |  | $ | 17 |  |  | $ | 14 |  |
| 2026 |  |  | 20 |  |  |  | 16 |  |
| 2027 |  |  | 23 |  |  |  | 18 |  |
| 2028 |  |  | 25 |  |  |  | 20 |  |
| 2029 |  |  | 28 |  |  |  | 22 |  |
| 2030-2034 |  |  | 181 |  |  |  | 140 |  |
| Total |  | $ | 294 |  |  | $ | 230 |  |
Schedule of Amount Paid for Employer Matching Contributions | The amounts paid for employer matching contributions to the plans for PSEG and PSE&G are detailed as follows:
|  |  | Thrift Plan and Savings Plan |  |
|  |  | Years Ended December 31, |  |
|  |  | 2024 |  |  | 2023 |  |  | 2022 |  |
|  |  | Millions |  |
| PSE&G |  | $ | 31 |  |  | $ | 29 |  |  | $ | 28 |  |
| PSEG Power & Other |  |  | 14 |  |  |  | 14 |  |  |  | 14 |  |
| Total Employer Matching Contributions |  | $ | 45 |  |  | $ | 43 |  |  | $ | 42 |  |

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