Pension and Other Postretirement Employee Benefit Plans

3 Months Ended

Mar. 31, 2013

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Pension and Other Postretirement Employee Benefit Plans

Pension and other postretirement employee benefit plans

For a discussion of JPMorgan Chase’s pension and other postretirement employee benefit (“OPEB”) plans, see Note 9 on pages 231–240 of JPMorgan Chase’s 2012 Annual Report.

The following table presents the components of net periodic benefit costs reported in the Consolidated Statements of Income for the Firm’s U.S. and non-U.S. defined benefit pension, defined contribution and OPEB plans.

	Pension plans
	U.S.						Non-U.S.						OPEB plans
Three months ended March 31, (in millions)	2013			2012			2013			2012			2013			2012
Components of net periodic benefit cost
Benefits earned during the period	$	78		$	68		$	9		$	10		$	—		$	—
Interest cost on benefit obligations	112			106			30			31			9			11
Expected return on plan assets	(239		)	(195		)	(34		)	(33		)	(22		)	(22		)
Amortization:
Net (gain)/loss	68			72			12			9			1			2
Prior service cost/(credit)	(10		)	(11		)	(1		)	—			—			—
Net periodic defined benefit cost	9			40			16			17			(12		)	(9		)
Other defined benefit pension plans(a)	3			4			2			2			NA			NA
Total defined benefit plans	12			44			18			19			(12		)	(9		)
Total defined contribution plans	105			81			79			80			NA			NA
Total pension and OPEB cost included in compensation expense	$	117		$	125		$	97		$	99		$	(12	)	$	(9	)

(a) Includes various defined benefit pension plans which are individually immaterial.

The fair values of plan assets for the U.S. defined benefit pension and OPEB plans and for the material non-U.S. defined benefit pension plans were $15.2 billion and $3.3 billion, respectively, as of March 31, 2013, and $14.6 billion and $3.3 billion, respectively, as of December 31, 2012. See Note 19 on page 163 of this Form 10-Q for further information on unrecognized amounts (i.e., net loss and prior service costs/(credit)) reflected in AOCI for the three month periods ended March 31, 2013 and 2012.

The Firm does not anticipate any contribution to the U.S. defined benefit pension plan in 2013 at this time. For 2013, the cost associated with funding benefits under the Firm’s U.S. non-qualified defined benefit pension plans is expected to total $39 million. The 2013 contributions to the non-U.S. defined benefit pension and OPEB plans are expected to be $39 million and $2 million, respectively.