01—Abstract
Summary
Summary of the 8-K filed November 19, 2024. Cited figures are marked; the original filing is the authoritative source.
Public Service Enterprise Group Incorporated (PSEG) filed this Form 8-K on November 19, 2024 to report amendments to two of its compensation plans, adopted by its Organization and Compensation Committee (O&CC) on November 18, 2024 as part of a periodic review of compensation plans.
The filing does not report financial results, financing, or operating developments. The first change amends the Key Executive Severance Plan (KESP), effective November 18, 2024, to update the positions eligible for Schedule A to include designated Section 16 Officer positions, excluding a Section 16 officer currently on Schedule B, along with other administrative amendments and clarifications. The second change amends the Deferred Compensation Plan for Certain Employees (DCP), also effective November 18, 2024.
The amendment adds Core Contributions to offer an alternative set of equivalent benefits for employees who elect the Core Contribution/401(k) Program rather than the Cash Balance/401(k) Program. Those benefits, previously limited to officers, now extend to certain highly-compensated non-officer employees. The amendment also clarifies that the authority to amend the DCP follows the O&CC Charter.
For investors, the filing describes governance and compensation housekeeping rather than a material change to the company's business. The filing states no dollar amounts for the changes. The full terms are in the amended plans, filed as Exhibits 10.1 and 10.2.
02—Key points
Key Highlights
- The O&CC adopted amendments to the Key Executive Severance Plan (KESP) and the Deferred Compensation Plan (DCP) on November 18, 2024, both effective the same day.
- The KESP amendment extends Schedule A eligibility to designated Section 16 Officer positions, excluding a Section 16 officer currently on Schedule B.
- The DCP amendment adds Core Contributions for employees who elect the Core Contribution/401(k) Program instead of the Cash Balance/401(k) Program.
- Core Contribution benefits under the DCP, previously available only to officers, now also cover certain highly-compensated non-officer employees.
- The DCP amendment clarifies that authority to amend the plan follows the O&CC Charter.
- Both amendments include other administrative changes and clarifications.
- The filing reports no financial results, financing transactions, or acquisitions; the amended plans are filed as Exhibits 10.1 and 10.2.
03—Questions
Frequently Asked Questions
Why did PSEG amend its executive severance and deferred compensation plans?
The filing says the amendments were made as part of the Organization and Compensation Committee's periodic review of PSEG's compensation plans.
Which employees are affected by the KESP amendment?
The amendment updates the positions eligible for Schedule A of the Key Executive Severance Plan to include designated Section 16 Officer positions. A Section 16 officer currently on Schedule B is excluded.
What does the DCP amendment change for employees?
It adds Core Contributions to provide an alternative set of equivalent benefits for employees who choose the Core Contribution/401(k) Program over the Cash Balance/401(k) Program. These benefits now extend to certain highly-compensated non-officer employees, in addition to officers.
Do these amendments involve any financial payments or dollar amounts?
The filing does not state any dollar amounts for these changes. Full terms are in the amended plans, filed as Exhibits 10.1 (KESP) and 10.2 (DCP).
When do the amendments take effect?
Both the KESP and DCP amendments were adopted on November 18, 2024, and are effective as of that date.
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