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EMPLOYEE BENEFIT PLANS | 6 Months Ended
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Jun. 30, 2023
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Pension Plans Holdings and Equitable Financial Retirement Plans Holdings sponsors the MONY Life Retirement Income Security Plan for Employees and Equitable Financial sponsors the Equitable Retirement Plan (the “Equitable Financial QP”), both of which are frozen qualified defined benefit plans covering eligible employees and financial professionals. These pension plans are non-contributory, and their benefits are generally based on a cash balance formula and/or, for certain participants, years of service and average earnings over a specified period. Holdings and Equitable Financial also sponsor certain nonqualified defined benefit plans, including the Equitable Excess Retirement Plan, that provide retirement benefits in excess of the amount permitted under the tax law for the qualified plans. Holdings has assumed primary liability for both plans. Equitable Financial remains secondarily liable for its obligations under the Equitable Financial QP and would recognize such liability in the event Holdings does not perform. AB Retirement Plans AB maintains a qualified, non-contributory, defined benefit retirement plan covering current and former employees who were employed by AB in the United States prior to October 2, 2000 (the “AB Plan”). Benefits under the AB Plan are based on years of credited service, average final base salary, and primary Social Security benefits. Service and compensation after December 31, 2008 are not taken into account in determining participants’ retirement benefits. Net Periodic Pension Expense Components of net periodic pension expense for the Company’s plans were as follows:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2023 |  | 2022 |  |  |  |  |  | 2023 |  | 2022 |  |
| (in millions) |  |
Service cost | $ | 2 |  |  | $ | 2 |  |  |  |  |  |  | $ | 4 |  |  | $ | 4 |  |  |
Interest cost | 31 |  |  | 14 |  |  |  |  |  |  | 62 |  |  | 28 |  |  |
Expected return on assets | (39) |  |  | (40) |  |  |  |  |  |  | (78) |  |  | (79) |  |  |
Prior period service cost amortization | (1) |  |  | (1) |  |  |  |  |  |  | (1) |  |  | (1) |  |  |
Actuarial (gain) loss | — |  |  | — |  |  |  |  |  |  | — |  |  | 1 |  |  |
Net amortization | 9 |  |  | 20 |  |  |  |  |  |  | 18 |  |  | 40 |  |  |
Net Periodic Pension Expense | $ | 2 |  |  | $ | (5) |  |  |  |  |  |  | $ | 5 |  |  | $ | (7) |  |  |

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