ED » Topics » Pension Benefits

This excerpt taken from the ED 10-K filed Feb 22, 2010.

Note E — Pension Benefits

Con Edison maintains a tax-qualified, non-contributory pension plan that covers substantially all employees of CECONY and O&R and certain

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employees of Con Edison’s competitive energy businesses. The plan is designed to comply with the Internal Revenue Code and the Employee Retirement Income Security Act of 1974. In addition, Con Edison maintains additional non-qualified supplemental pension plans.

 

This excerpt taken from the ED 10-Q filed May 1, 2009.

Note E - Pension Benefits

Reference is made to Note E to the financial statements in Item 8 of the Form 10-K.

 

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NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED

 

This excerpt taken from the ED DEF 14A filed Apr 9, 2009.

Pension Benefits

 

Name & Principal Position

 

Plan Name

  Number of
Years Credited
Service
(#)
  Present Value of
Accumulated
Benefit(1)
($)
  Payments during
Last Fiscal Year
($)

Kevin Burke

Chairman of the Board, President and Chief Executive Officer

  Retirement Plan Supplemental Retirement Income Plan   36

36

  $

$

1,190,615

8,669,587

  $

$

0

0

Robert Hoglund(2)

Senior Vice President and Chief Financial Officer

  Retirement Plan Supplemental Retirement Income Plan   5

5

  $

$

74,206

208,411

  $

$

0

0

Louis L. Rana

President and Chief Operating Officer

  Retirement Plan Supplemental Retirement Income Plan   40

40

  $

$

1,378,670

4,836,501

  $

$

0

0

John D. McMahon

President and Chief Executive Officer, Orange & Rockland

  Retirement Plan Supplemental Retirement Income Plan   32

32

  $

$

1,094,282

4,726,302

  $

$

0

0

Charles E. McTiernan, Jr.

General Counsel

  Retirement Plan Supplemental Retirement Income Plan   27

27

  $

$

1,629,666

1,900,806

  $

$

0

0

 

Footnotes:

(1)   Amounts were calculated as of December 31, 2008, using the assumptions that were used for the Company’s financial statements. See Note E to the financial statements in the Form 10-K for material assumptions.
(2)   Represents “cash balance” formula values. The “cash balance” formula under which Mr. Hoglund’s pension benefits are valued also provides him credit for an additional five years of service if he completes ten years of continuous employment with the Company and an additional five years of service (for a total of ten years of additional service) if he completes fifteen years of continuous employment with the Company. As of December 31, 2008, he had not yet completed ten years of continuous employment with the Company.

 

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This excerpt taken from the ED 10-K filed Feb 23, 2009.

Note E – Pension Benefits

Con Edison maintains a tax-qualified, non-contributory pension plan that covers substantially all employees of Con Edison of New York and O&R and certain employees of Con Edison’s competitive energy businesses. The plan is designed to comply with the Internal Revenue Code and the Employee Retirement Income Security Act of 1974. In addition, Con Edison maintains additional non-qualified supplemental pension plans.

Investment gains and losses are fully recognized in expense over a 15-year period and other actuarial gains and losses are fully recognized in expense over a 10-year period, subject to the deferral provisions discussed in the next paragraph. This amortization is in accordance with the Statement of Policy issued by the PSC and is permitted under SFAS No. 87, “Employers’ Accounting for Pensions,” which provides a “corridor method” for moderating the effect of investment gains and losses on pension expense, or alternatively, allows for any systematic method of amortization of unrecognized gains and losses that is faster than the corridor method and is applied consistently to both gains and losses.

In accordance with its current electric, gas and steam rate agreements, Con Edison of New York is deferring the difference between expenses recognized under SFAS No. 87 and the rate allowance. Generally, O&R has also been deferring such difference pursuant to its rate agreements. See Note B.

 

This excerpt taken from the ED 10-Q filed Nov 7, 2008.

Note E - Pension Benefits

Reference is made to Note E to the financial statements in Item 8 of the Form 10-K and Note E to the financial statements in Part I, Item 1 of the First and Second Quarter Forms 10-Q.

 

This excerpt taken from the ED 10-Q filed Aug 7, 2008.

Note E - Pension Benefits

Reference is made to Note E to the financial statements in Item 8 of the Form 10-K and Note E to the financial statements in Part I, Item 1 of the First Quarter Form 10-Q.

 

This excerpt taken from the ED 10-Q filed May 2, 2008.

Note E - Pension Benefits

Reference is made to Note E to the financial statements in Item 8 of the Form 10-K.

 

This excerpt taken from the ED DEF 14A filed Apr 11, 2008.

Pension Benefits

 

Name & Principal Position


  

Plan Name


   Number of
Years Credited
Service
(#)

   Present Value of
Accumulated
Benefit
($)(1)

   Payments during
last fiscal year
($)

Kevin Burke

Chairman of the Board, President and Chief Executive Officer

   Retirement Plan Supplemental Retirement Income Plan    35

35

   $

$

1,057,890

6,067,482

   $

$

0

0

Robert Hoglund(2)

Senior Vice President and Chief Financial Officer

   Retirement Plan Supplemental Retirement Income Plan    4

4

   $

$

58,334

152,855

   $

$

0

0

Stephen B. Bram

Group President, Competitive Energy Businesses

   Retirement Plan Supplemental Retirement Income Plan    45

45

   $

$

2,248,404

5,448,336

   $

$

0

0

Louis L. Rana

President and Chief Operating Officer

   Retirement Plan Supplemental Retirement Income Plan    39

39

   $

$

1,207,811

3,264,259

   $

$

0

0

John D. McMahon

President and Chief Executive Officer, O&R

   Retirement Plan Supplemental Retirement Income Plan    31

31

   $

$

951,613

3,719,798

   $

$

0

0

 

Footnotes:

(1)   Amounts were calculated as of December 31, 2007, using the assumptions that were used for the Company’s financial statements. See Note E to the financial statements in the Form 10-K for material assumptions.
(2)   Represents “cash balance” formula values. The “cash balance” formula under which Mr. Hoglund’s pension benefits are valued also provides him credit for an additional five years of service if he completes ten years of continuous employment with the Company and an additional ten years of service if he completes fifteen years of continuous employment with the Company. As of December 31, 2007, he has not yet completed ten years of continuous employment with the Company.

 

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This excerpt taken from the ED 10-K filed Feb 22, 2008.

Note E – Pension Benefits

Con Edison maintains a tax-qualified, non-contributory pension plan that covers substantially all employees of Con Edison of New York and O&R and certain employees of Con Edison’s competitive energy businesses. The plan is designed to comply with the Internal Revenue Code and the Employee Retirement Income Security Act of 1974. In addition, Con Edison maintains additional non-qualified supplemental pension plans. Investment

 

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Notes to the Financial Statements — Continued

 

gains and losses are fully recognized in expense over a 15-year period and other actuarial gains and losses are fully recognized in expense over a 10-year period, subject to the deferral provisions discussed in the next paragraph. This amortization is in accordance with the Statement of Policy issued by the PSC and is permitted under SFAS No. 87, “Employers’ Accounting for Pensions,” which provides a “corridor method” for moderating the effect of investment gains and losses on pension expense, or alternatively, allows for any systematic method of amortization of unrecognized gains and losses that is faster than the corridor method and is applied consistently to both gains and losses.

In accordance with its current electric, gas and steam rate agreements, Con Edison of New York is deferring the difference between expenses recognized under SFAS No. 87 and the rate allowance. Generally, O&R has also been deferring such difference pursuant to its rate agreements. See Note B.

 

This excerpt taken from the ED 10-Q filed Nov 1, 2007.

Note E - Pension Benefits

Reference is made to Note E to the financial statements in Item 8 of the Form 10-K and Note D to the financial statements in Part I, Item 1 of the First and Second Quarter Forms 10-Q.

 

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NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED

 

This excerpt taken from the ED 10-Q filed Aug 2, 2007.

Note D - Pension Benefits

Reference is made to Note E to the financial statements in Item 8 of the Form 10-K and Note D to the financial statements in Part I, Item 1 of the First Quarter Form 10-Q.

 

This excerpt taken from the ED 10-Q filed May 10, 2007.

Note D - Pension Benefits

Reference is made to Note E to the financial statements in Item 8 of the Form 10-K.

 

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NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED

 

This excerpt taken from the ED DEF 14A filed Apr 11, 2007.

Pension Benefits

 

Name & Principal Position


  

Plan Name


  

Number of
Years Credited
Service

(#)


  

Present Value of
Accumulated
Benefit

($)(1)


  

Payments during
last fiscal year

($)


Kevin Burke

    Chairman of the Board, President

  

Retirement Plan

SRIP

   34
34
   $
$
924,465
4,450,656
   $
$
0
0

    and Chief Executive Officer

                       

Robert N. Hoglund (2)

  

Retirement Plan

   3    $ 39,951    $ 0

    Senior Vice President and Chief Financial Officer

  

SRIP

   3    $ 98,284    $ 0

Stephen B. Bram

  

Retirement Plan

   44    $ 2,030,698    $ 0

    Group President, Competitive Energy Businesses

  

SRIP

   44    $ 4,217,871    $ 0

Louis L. Rana

  

Retirement Plan

   38    $ 1,076,085    $ 0

    President and Chief Operating Officer

  

SRIP

   38    $ 2,082,485    $ 0

John D. McMahon

  

Retirement Plan

   30    $ 847,361    $ 0

    President and Chief Executive Officer, O&R

  

SRIP

   30    $ 2,923,721    $ 0

Eugene R. McGrath

  

Retirement Plan

   43    $ 2,220,204    $ 122,739

    Chairman

  

SRIP

   43    $ 23,817,463    $ 1,316,697

Joan S. Freilich (3)

    Vice Chairman

  

Retirement Plan

   30    $ 1,524,190    $ 9,332
  

SRIP

   30    $ 5,348,843    $ 0

Footnotes:

(1)   Amounts were calculated as of December 31, 2006, using the assumptions that were used for the Company’s financial statements. See Note E to the financial statements in the Form 10-K for material assumptions.
(2)   Represent “cash balance” formula values. The “cash balance” formula under which Mr. Hoglund’s pension benefits are valued also provides him credit for an additional five years of service if he completes ten years of continuous employment with the Company and an additional ten years of service if he completes fifteen years of continuous employment with the Company. As of December 31, 2006, he has not yet completed five years of continuous employment with the Company.
(3)   Numbers for Ms. Freilich include an additional 18 months of service upon her retirement in accordance with her employment agreement.

 

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This excerpt taken from the ED 10-K filed Feb 21, 2007.

Note E – Pension Benefits

Con Edison maintains a tax-qualified, non-contributory pension plan that covers substantially all employees of Con Edison of New York and O&R and certain employees of Con Edison’s competitive energy businesses. The plan is designed to comply with the Internal Revenue Code and the Employee Retirement Income Security Act of 1974. In addition, Con Edison maintains additional non-qualified supplemental pension plans.

Investment gains and losses are fully recognized in expense over a 15-year period and other actuarial gains and losses are fully recognized in expense over a 10-year period, subject to the deferral provisions discussed in the next paragraph. This amortization is in accordance with the Statement of Policy issued by the PSC and is permitted under SFAS No. 87, “Employers’ Accounting for Pensions,” which provides a “corridor method” for moderating the effect of investment gains and losses on pension expense, or alternatively, allows for any systematic method of amortization of unrecognized gains and losses that is faster than the corridor method and is applied consistently to both gains and losses.

Effective April 1, 2005, in accordance with the 2005 Electric Rate Agreement and October 1, 2004, in accordance with the gas and steam rate agreements, Con Edison of New York began deferring the difference between expenses recognized under SFAS No. 87 and the rate allowance. Generally, O&R has also been deferring such difference pursuant to its rate agreements. See Note B.

 

This excerpt taken from the ED 10-Q filed Nov 2, 2006.

Note E – Pension Benefits

Reference is made to Note E to the financial statements in Item 8 of the Form 10-K.

 

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NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED

 

This excerpt taken from the ED 10-Q filed Aug 3, 2006.

Note E - Pension Benefits

Reference is made to Note E to the financial statements in Item 8 of the Form 10-K.

 

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NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED

 

This excerpt taken from the ED 10-Q filed May 3, 2006.

Note D - Pension Benefits

Reference is made to Note E to the financial statements in Item 8 of the Form 10-K.

 

This excerpt taken from the ED 10-K filed Feb 22, 2006.

Note E – Pension Benefits

Con Edison maintains a tax-qualified, non-contributory pension plan that covers substantially all employees of Con Edison of New York and O&R and certain employees of Con Edison’s competitive businesses. The plan is designed to comply with the Internal Revenue Code and the Employee Retirement Income Security Act of 1974. In addition, Con Edison maintains additional non-qualified supplemental pension plans.

 

Investment gains and losses are fully recognized in expense over a 15-year period. Other actuarial gains and losses are fully recognized in expense over a 10-year period. This amortization is in accordance with the Statement of Policy issued by the PSC and is permitted under SFAS No. 87, “Employers’ Accounting for Pensions,” which provides a “corridor method” for moderating the effect of investment gains and losses on pension expense, or alternatively, allows for any systematic method of amortization of unrecognized gains and losses that is faster than the corridor method and is applied consistently to both gains and losses.

 

Effective April 1, 2005, in accordance with the 2005 Electric Rate Agreement and October 1, 2004, in accordance with the gas and steam Joint Proposal, Con Edison of New York began deferring the difference between expenses recognized under SFAS No. 87 and the rate allowance. Generally, O&R has also been deferring such difference pursuant to its rate agreements. See Note B.

 

Con Edison uses a measurement date of December 31 for its pension plan.

 

This excerpt taken from the ED 10-Q filed Nov 2, 2005.

Note J - Pension Benefits

Reference is made to Note E to the financial statements in Item 8 of the Form 10-K.

 

This excerpt taken from the ED 10-Q filed Aug 3, 2005.

Note J - Pension Benefits

Reference is made to Note E to the financial statements in Item 8 of the Form 10-K.

 

This excerpt taken from the ED 10-Q filed May 5, 2005.

Note K - Pension Benefits

Reference is made to Note E to the financial statements in Item 8 of the Form 10-K.

 

This excerpt taken from the ED 10-K filed Feb 25, 2005.

Note E – Pension Benefits

Con Edison maintains a tax-qualified, non-contributory pension plan that covers substantially all employees of Con Edison of New York and O&R and certain employees of other Con Edison subsidiaries. The plan is designed to comply with the Internal Revenue Code and the Employee Retirement Income Security Act of 1974.

 

Investment gains and losses are fully recognized in expense over a 15-year period. Other actuarial gains and losses are fully recognized in expense over a 10-year period. This amortization is in accordance with the Statement of Policy issued by the PSC and is permitted under SFAS No. 87, “Employers’ Accounting for Pensions,” which provides a “corridor method” for moderating the effect of investment gains and losses on pension expense, or alternatively, allows for any systematic method of amortization of unrecognized gains and losses that is faster than the corridor method and is applied consistently to both gains and losses.

 

Consistent with the provisions of SFAS No. 71 and its rate agreements, O&R defers for future recovery any difference between expenses recognized under SFAS No. 87 and the current rate allowance for its New York operations. Effective October 1, 2004, Con Edison of New York, in accordance with the new gas and steam rate plans, began deferring any difference between expenses recognized under SFAS No. 87 and the current rate allowance for its gas and steam operations. Con Edison of New York’s pending electric rate plan includes a similar provision to reconcile such expenses allocable to electric operations. See Note B.

 

Con Edison uses a measurement date of December 31 for its pension plan.

 

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NOTES TO THE FINANCIAL STATEMENTSCONTINUED

 

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