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Defined Benefit Plan | 9 Months Ended
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Sep. 30, 2020
Retirement Benefits [Abstract] |
DEFINED BENEFIT PLAN | Defined Benefit Plan SJW Group maintains noncontributory defined benefit pension plans for its eligible employees. San Jose Water Company (“SJWC”) and CTWS employees hired before March 31, 2008, and January 1, 2009, respectively, are entitled to benefits under the pension plans based on the employee’s years of service and compensation. Certain employees hired before March 1, 2012, and covered by a plan merged into the CTWS plan in 2013 are also entitled to benefits based on the employee’s years of service and compensation. For SJWC employees hired on or after March 31, 2008, benefits are determined using a cash balance formula based upon compensation credits and interest credits for each employee. CTWS employees hired on or after January 1, 2009, are entitled to an additional 1.5% of eligible compensation to their company sponsored savings plan. SJW Group does not have multi-employer plans. In addition, senior management hired before March 31, 2008, for SJWC and January 1, 2009, for CTWS are eligible to receive additional retirement benefits under supplemental executive retirement plans and retirement contracts. SJWC’s senior management hired on or after March 31, 2008, are eligible to receive additional retirement benefits under SJWC’s Cash Balance Executive Supplemental Retirement Plan. The supplemental retirement plans and Cash Balance Executive Supplemental Retirement Plan are non-qualified plans in which only senior management and other designated members of management may participate. SJW Group also provides health care and life insurance benefits for retired employees under employer-sponsored postretirement benefits other than pension plans. The components of net periodic benefit costs for the defined benefit plans and other postretirement benefits for the three and nine months ended September 30, 2020, and 2019 are as follows:
| Three months ended September 30, |  | Nine months ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Service cost | $ | 2,390 |  |  | 1,479 |  |  | $ | 7,170 |  |  | 4,437 |
Interest cost | 2,860 |  |  | 2,113 |  |  | 8,580 |  |  | 6,338 |
Expected return on assets | (4,126 | ) |  | (2,310 | ) |  | (12,429 | ) |  | (6,929 | )
Unrecognized actuarial loss | 1,296 |  |  | 1,056 |  |  | 3,888 |  |  | 3,168 |
Amortization of prior service cost | 39 |  |  | 61 |  |  | 115 |  |  | 184 |
| $ | 2,459 |  |  | 2,399 |  |  | $ | 7,324 |  |  | 7,198 |
The following tables summarize the fair values of plan assets by major categories as of September 30, 2020, and December 31, 2019:
| Fair Value Measurements at September 30, 2020
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Observable Inputs |  | Significant Unobservable Inputs
Asset Category | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash and cash equivalents | $ | 7,921 |  |  | 7,921 |  |  | — |  |  | — |
Equity securities (a) | 159,687 |  |  | 155,850 |  |  | 3,837 |  |  | — |
Fixed income (b) | 101,653 |  |  | 34,806 |  |  | 66,847 |  |  | — |
Total | $ | 269,261 |  |  | 198,577 |  |  | 70,684 |  |  | — |
______________________________________
(a) | Actively managed portfolio of equity securities with the goal to exceed the benchmark performance
(b) | Actively managed portfolio of fixed income securities with the goal to exceed the benchmark performance
| Fair Value Measurements at December 31, 2019
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Observable Inputs |  | Significant Unobservable Inputs
Asset Category | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash and cash equivalents | $ | 11,801 |  |  | 11,801 |  |  | — |  |  | — |
Equity securities (a) | 157,050 |  |  | 149,265 |  |  | 7,785 |  |  | — |
Fixed income (b) | 91,896 |  |  | 31,686 |  |  | 60,210 |  |  | — |
Total | $ | 260,747 |  |  | 192,752 |  |  | 67,995 |  |  | — |
______________________________________
(a) | Actively managed portfolio of equity securities with the goal to exceed the benchmark performance
(b) | Actively managed portfolio of fixed income securities with the goal to exceed the benchmark performance
In 2020, SJW Group expects to make required and discretionary cash contributions of up to $14,594 to the pension plans and Social Welfare Plan. For the three and nine months ended September 30, 2020, SJW Group has made $9,360 contributions to such plans.

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