Employee Benefit Plans:

3 Months Ended

Mar. 31, 2013

Employee Benefit Plans:

Employee Benefit Plans:

Note 7 — Employee Benefit Plans:

The components of net periodic benefit costs, before allocation to the overhead pool, for Registrant’s pension plan, postretirement plan, and Supplemental Executive Retirement Plan (“SERP”) for the three months ended March 31, 2013 and 2012 are as follows:

	Pension Benefits						Other Postretirement Benefits						SERP
(dollars in thousands)	2013			2012			2013			2012			2013		2012
Components of Net Periodic Benefits Cost:
Service cost	$	1,864		$	1,719		$	106		$	112		$	201	$	183
Interest cost	1,731			1,676			113			136			129		122
Expected return on plan assets	(1,893		)	(1,636		)	(95		)	(90		)	—		—
Amortization of transition	—			—			105			105			—		—
Amortization of prior service cost (benefit)	30			30			(50		)	(50		)	40		40
Amortization of actuarial loss	711			778			—			—			85		77
Net periodic pension cost under accounting standards	2,443			2,567			179			213			455		422
Regulatory adjustment — deferred	(510		)	(566		)	—			—			—		—
Total expense recognized, before allocation to overhead pool	$	1,933		$	2,001		$	179		$	213		$	455	$	422

Registrant expects to contribute approximately $6.6 million and $150,000 to the pension and postretirement medical plans in 2013, respectively.  No contributions were made to these plans during the three months ended March 31, 2013.  In April 2013, Registrant contributed $2.1 million to the pension plan.

Regulatory Adjustment:

In May 2013, the CPUC issued a final decision that once again authorized GSWC to establish a two-way balancing account for its water regions and the general office to track differences between the forecasted annual pension expenses adopted in rates and the actual annual expense recorded by GSWC in accordance with the accounting guidance for pension costs.  As of March 31, 2013, GSWC has included a $4.9 million under-collection in the two-way pension balancing account recorded as a regulatory asset (Note 2).