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Pension and Other Postretirement Employee Benefit Plans
 6 Months Ended
Jun. 30, 2018
Retirement 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 OPEB plans, refer to Note 8 of JPMorgan Chase’s 2017 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.
 
Three months ended June 30,
 
Six months ended June 30,
 
2018
2017
 
2018
2017
 
2018
2017
 
2018
2017
(in millions)
 Defined benefit pension plans
 
OPEB plans
 
 Defined benefit pension plans
 
OPEB plans
Components of net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
Benefits earned during the period
$
89

$
82

 
$
—

$
—

 
$
179

$
164

 
$
—

$
—

Interest cost on benefit obligations
139

150

 
6

7

 
278

299

 
12

14

Expected return on plan assets
(247
)
(242
)
 
(26
)
(24
)
 
(495
)
(483
)
 
(52
)
(48
)
Amortization:
 
 
 
 
 
 
 
 
 
 
 

Net (gain)/loss
26

62

 
—

—

 
52

124

 
—

—

Prior service cost/(credit)
(6
)
(9
)
 
—

—

 
(12
)
(18
)
 
—

—

Settlement
—

—

 
—

—

 
—

(3
)
 
—

—

Net periodic defined benefit cost(a)
1

43

 
(20
)
(17
)
 
2

83

 
(40
)
(34
)
Other defined benefit pension plans(b)
9

6

 
NA

NA

 
15

10

 
NA

NA

Total defined benefit plans
10

49

 
(20
)
(17
)
 
17

93

 
(40
)
(34
)
Total defined contribution plans
222

210

 
NA

NA

 
432

396

 
NA

NA

Total pension and OPEB cost included in noninterest expense
$
232

$
259

 
$
(20
)
$
(17
)
 
$
449

$
489

 
$
(40
)
$
(34
)
(a)
Effective January 1, 2018, benefits earned during the period are reported in compensation expense; all other components of net periodic defined benefit costs are reported within other expense in the Consolidated statements of income.
(b)
Includes various defined benefit pension plans which are individually immaterial.
The following table presents 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.
(in billions)
June 30, 2018

 
December 31, 2017

Fair value of plan assets
 
 
 
Defined benefit pension plans
$
19.2

 
$
19.6

OPEB plans
2.7

 
2.8


There are no expected contributions to the U.S. defined benefit pension plan for 2018.