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Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
Pension Plans
SJW Group maintains noncontributory defined benefit pension plans for its eligible employees. SJWC employees hired before March 31, 2008 and CWC and MWC employees hired before January 1, 2009 are entitled to benefits under the pension plans 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. Effective January 1, 2023, TWC employees became eligible to participate under SJWC’s cash balance plan. Interest is credited based on the annual yield on 30-year Treasury bonds as of October for the preceding plan year with a minimum annual rate of 3.25% and a maximum annual rate of 6.00%. For the year ended December 31, 2024, the interest credits assumption was 4.00%. Certain employees hired before March 1, 2012, and covered by a plan merged into the CWC plan in 2013 are also entitled to benefits based on the employee’s years of service and compensation. 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.
The pension plans are administered by their respective committees where the investment strategy of the investments of the various pension and postretirement benefit plans are reviewed and approved to achieve the goals of income generation and long-term capital preservation. SJW Group engages third-party investment consultants and managers to assist with, among other things, asset allocation strategy, investment policy advice, performance monitoring, and investment manager due diligence. Individual investment decisions have been delegated by the pension plan committees to the investment managers who are also monitored by an investment consultant. Investment managers are not permitted to invest outside of the asset class or strategy under the pension plans’ investment guidelines. The committees ensure that the plans establish a target mix that is expected to achieve its investment objectives by assuring a broad diversification of investment assets among investment types, while minimizing volatility of the target asset mix, unless market conditions make such a change appropriate to reduce risk. The pension plans require a minimum portion of plan assets to be allocated to fixed income securities and provide guidelines and restrictions on equity investments for the assets.
Plan assets are marked to market at each measurement date, resulting in unrealized actuarial gains or losses. Unrealized actuarial gains and losses on pension assets are amortized over the expected future working lifetime of participants for actuarial expense calculation purposes.
Generally, it is expected of the investment managers that the performance of the assets held in the pension plans, computed on a total annual rate of return basis, should meet or exceed specific performance standards over a three-to-five-year period and/or full market cycle. These standards include specific absolute and risk-adjusted performance standards over a three-to-five-year period and/or full market cycle. The expected long-term rate of return on the pension plan assets is between 6.25% and 6.75% for the year ended December 31, 2024.
SJW Group calculates the market-related value of defined benefit pension plan assets, which is defined under FASB ASC Topic 715—“Compensation—Retirement Benefits,” as a balance used to calculate the expected return on plan assets, using fair value. The fair value is based on quoted prices in active markets for identical assets and significant observable inputs.
Certain senior management hired before March 31, 2008 for SJWC and January 1, 2009 for CWC are eligible to receive additional retirement benefits under the supplemental executive retirement plans and retirement contracts (collectively, “SERP”). 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 (“Cash Balance Executive Supplemental Retirement Plan”). Both of the plans are non-qualified plans in which only senior management and other designated members of management may participate. The annual cost of the plans has been included in the determination of the net periodic benefit cost shown below. The SERP and Cash Balance Executive Supplemental Retirement Plan had a projected benefit obligation of $40,328 and $43,001 as of December 31, 2024 and 2023, respectively, and net periodic pension cost of $3,879, $3,257 and $4,400 for 2024, 2023 and 2022, respectively. For the years ended December 31, 2024, 2023 and 2022, the amounts not recognized as a component of net periodic benefit cost was $169, $314, and $1,640, respectively, recorded as other comprehensive income on the consolidated financial statements. SJWC’s non-qualified plans are unfunded while CWC’s SERP is funded through investments consisting primarily of life insurance contracts and assets in a Rabbi Trust. As of December 31, 2024 and 2023, total investments made to fund CWC’s SERP were $7,336 and $6,843, respectively, which is included in “Investments” in SJW Group’s Consolidated Balance Sheets. The life insurance contracts are valued at cash surrender value of the policies as reported by the insurer. As of December 31, 2024 and 2023, the value of the life insurance contracts was $4,294 and $3,937, respectively.
The following tables summarize the fair values of the Rabbi Trust investment assets to fund CWC’s SERP by major categories as of December 31, 2024 and 2023:

  
Fair Value Measurements at December 31, 2024
Asset CategoryTotalQuoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Money market funds$28 28 — — 
Mutual funds2,062 2,062 — — 
Fixed income722 722 — — 
Total$2,812 2,812 — — 
  
Fair Value Measurements at December 31, 2023
Asset CategoryTotalQuoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Money market funds$71 71 — — 
Mutual funds2,053 2,053 — — 
Fixed income709 709 — — 
Total$2,833 2,833 — — 
Other Postretirement Benefits
In addition to providing pension and savings benefits, the company also provides health care and life insurance benefits for eligible retired employees under the respective employer-sponsored postretirement benefits other than pension plans. The benefits are paid by the company and not from plan assets due to limitations imposed by Internal Revenue Service.
Flexible Spending Plan
SJW Group sponsors flexible spending account plans for its employees for the purpose of providing eligible employees with the opportunity to choose from among the fringe benefits available under the plans. The flexible spending plan is intended to qualify as a cafeteria plan under the provisions of the Internal Revenue Code Section 125. The flexible spending plan allows employees to save pre-tax income in a Health Care Spending Account (“HCSA”) and/or a Dependent Care Spending Account (“DCSA”) to help defray the cost of out-of-pocket medical and dependent care expenses. The annual maximum limit under the HCSA and DCSA plans is $3.2 and $5, respectively.
Savings Plans for Employees
SJW Group also sponsors salary deferral plans which are defined contribution plans that allow employees to defer and contribute a portion of their earnings to the plan. Contributions, not to exceed set limits, are matched by the company. SJW Group contributions were $4,221, $3,902 and $3,003 in 2024, 2023 and 2022, respectively. All of the company’s contributions are invested at the direction of the employees in funds offered under the plans.
Special Deferral Election Plans and Deferral Election Program
SJW Group maintains a special deferral election plan and a deferred compensation plan and agreements for senior management and a deferral election program for non-employee directors allowing for the deferral of a portion of their earnings each year and to realize an investment return on those funds during the deferral period. Senior management and non-employee directors have to make an election on the deferral and distribution method of the deferrals before services are rendered. CWC’s deferred compensation plan allows the company to make discretionary contributions. Senior management and non-employee directors had deferred $8,216 and $8,148 under the plans as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, $6,276 and $6,223, respectively, of the total amount deferred is related to CWC agreements.
Assumptions Utilized on Actuarial Calculations
Net periodic cost for the defined benefit plans and other postretirement benefits was calculated using the following assumptions:
 Pension Benefits
Other Postretirement Benefits
 202420232022202420232022
%%%%%%
Discount rate
4.99 - 5.03
4.95 - 5.24
2.65 - 2.82
4.95 - 5.01
4.96 - 5.21
2.61 - 2.76
Expected return on plan assets
6.25, 6.75
6.00, 6.75
6.50, 6.75
4.20, 6.25
4.20, 6.00
4.20, 6.00
Rate of compensation increase
4.50, 5.00
4.50, 5.00
4.00, 4.50
N/AN/AN/A
The expected rate of return on plan assets was determined based on a review of historical returns, for the pension plans and for medium- to large-sized defined benefit pension funds with similar asset allocations. This review generated separate expected returns for each asset class. These expected future returns were then blended based on the pension plans’ target asset allocations.
Benefit obligations for the defined benefit plans and other postretirement benefits were calculated using the following assumptions as of December 31:
 Pension Benefits
Other Postretirement Benefits
 2024202320242023
 %%%%
Discount rate
5.55 - 5.63
4.99 - 5.03
5.48 - 5.58
4.95 - 5.01
Rate of compensation increase
4.50 - 5.00
4.50 - 5.00
N/AN/A
SJW Group utilized each plan’s projected benefit stream in conjunction with the FTSE Pension Discount Curve in determining the discount rate used in calculating the pension and other postretirement benefits liabilities at the measurement date.
SJW Group has adopted MP-2021, Mortality Improvement Scales to determine mortality assumptions. The tables and scales reflect increasing life expectancies of participants in the United States. See also “Reconciliation of Funded Status” below.
For other postretirement benefits, the assumed healthcare cost trend rate for 2025 is 8.00%, grading down gradually to 4.50% by 2032.
Net Periodic Pension Costs
Net periodic costs for the defined benefit plans and other postretirement benefits for the years ended December 31 was as follows:
 Pension Benefits
Other Postretirement Benefits
 202420232022202420232022
Components of net periodic benefit cost
Service cost$6,662 7,569 9,359 $665 638 1,032 
Interest cost14,451 14,234 10,708 1,181 1,268 883 
Expected return on assets(17,852)(15,440)(18,841)(1,068)(860)(1,047)
Amortization of prior service cost15 15 17 — — — 
Amortization of actuarial (gain) loss
(71)2,210 4,620 (643)(350)(115)
Recognition of significant event— — (1,595)— — — 
Net periodic benefit cost$3,205 8,588 4,268 $135 696 753 
Reconciliation of Funded Status
For the defined benefit plans and other postretirement benefits, the benefit obligation is the projected benefit obligation and the accumulated benefit obligation, respectively. The projected benefit obligations and the funded status of the defined benefit pension and other postretirement plans as of December 31 were as follows:
 Pension Benefits
Other Postretirement Benefits
 2024202320242023
Change in benefit obligation
Benefit obligation at beginning of year$297,834 289,123 $24,264 25,830 
Service cost6,662 7,569 665 638 
Interest cost14,451 14,234 1,181 1,268 
Actuarial loss (gain)
(14,816)5,794 (146)(2,645)
Implicit rate subsidy— — (336)(237)
Plan participants contributions— — 183 179 
Administrative expenses paid(146)(137)— — 
Benefits paid and settlements(16,941)(18,749)(731)(769)
Benefit obligation at end of year$287,044 297,834 $25,080 24,264 
Change in plan assets
Fair value of assets at beginning of year$285,504 251,960 $21,207 17,952 
Actual return on plan assets31,523 41,285 2,879 3,136 
Employer contributions8,007 11,145 7 920 
Plan participants contributions— — 183 179 
Administrative expenses paid(146)(137)(71)(67)
Benefits paid and settlements(16,941)(18,749)(980)(913)
Fair value of plan assets at end of year307,947 285,504 23,225 21,207 
Funded status at end of year$20,903 (12,330)$(1,855)(3,057)
For the year ended December 31, 2024, the net actuarial gain on the benefit obligation was related primarily to a gain from changes in the discount rate of $21,129 and a $6,005 loss from pension data changes. For the year ended December 31, 2023, the net actuarial gain of the benefit obligation was related primarily to a gain from changes of discount rate of $1,188 and a $1,993 loss from pension data changes.
The amounts recognized on the balance sheet as of December 31 were as follows:
 Pension Benefits
Other Postretirement Benefits
 2024202320242023
Noncurrent assets$61,231 30,671 $5,191 3,123 
Current liabilities(2,308)(2,365)(146)(113)
Noncurrent liabilities(38,020)(40,636)(6,900)(6,067)
$20,903 (12,330)$(1,855)(3,057)
As of December 31, 2024 and 2023, the accumulated benefit obligation of the defined benefit pension plans was $263,607 and $270,209, respectively.
The following table provides selected information about plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets as of December 31:
20242023
Pension Benefits:
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation
$40,328 $43,001 
Fair value of plan assets
— — 
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation
38,053 39,652 
Fair value of plan assets
— — 
Other Postretirement Benefits:
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation
16,891 15,580 
Fair value of plan assets
9,844 9,401 
SJW Group recognizes regulatory assets and liabilities that represent actuarial losses and gains and prior service cost that have not yet been recognized as components of net periodic benefit cost for certain of its pension and other postretirement benefit plans, in accordance with ASC Topic 980. SJW Group recorded regulatory assets of $3,177 and $24,593 as of December 31, 2024 and 2023, respectively, and regulatory liabilities of $27,872 and $20,196 as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the amounts deferred in regulatory assets that have not yet been recognized as components of net periodic benefit cost include net loss of $3,150 and $24,552, respectively, and prior service cost of $27 and $41, respectively. As of December 31, 2024 and 2023, the amounts deferred in regulatory liabilities that have not yet been recognized as components of net periodic benefit cost include net gain of $27,872 and $20,196, respectively.
Plan Assets
Plan assets as of December 31 were as follows:
 Pension Benefits
Other Postretirement Benefits
 2024202320242023
Fair value of assets at end of year:
Debt securities$116,987 101,498 $5,368 5,596 
38 %36 %23 %26 %
Equity securities179,103 174,155 16,737 14,424 
58 %61 %72 %68 %
Cash and equivalents11,857 9,851 1,120 1,187 
4 %3 %5 %6 %
Total$307,947 285,504 $23,225 21,207 
The following tables summarize the fair values of plan assets by major categories as of December 31, 2024 and 2023:
  
Fair Value Measurements at December 31, 2024
Asset CategoryTotalQuoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$12,977 12,977 — — 
Equity securities (a)195,840 195,840 — — 
Fixed Income (b)122,355 46,549 75,806 — 
Total$331,172 255,366 75,806 — 
___________________________________
(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, 2023
Asset CategoryTotalQuoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$11,038 11,038 — — 
Equity securities188,579 188,579 — — 
Fixed Income107,094 39,048 68,046 — 
Total$306,711 238,665 68,046 — 
In 2025, SJW Group expects to make required and discretionary cash contributions of up to $6,680 to the pension plans and other postretirement benefit plans.
Benefits expected to be paid in the next five years and in the aggregate for the five years thereafter are:
Pension Plans
Other Postretirement
Benefit Plans
2025$17,730 $1,765 
202623,536 1,840 
202719,615 1,910 
202819,526 1,874 
202920,233 1,841 
2030 - 2034109,784 9,656