Authorization to Defer Pension Settlement Losses
NY-ADR
12/24/19 N.Y. St. Reg. PSC-52-19-00006-P
NEW YORK STATE REGISTER
VOLUME XLI, ISSUE 52
December 24, 2019
RULE MAKING ACTIVITIES
PUBLIC SERVICE COMMISSION
PROPOSED RULE MAKING
NO HEARING(S) SCHEDULED
I.D No. PSC-52-19-00006-P
Authorization to Defer Pension Settlement Losses
PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following proposed rule:
Proposed Action:
The Commission is considering a petition of Niagara Mohawk Power Corporation d/b/a National Grid for authorization to defer actuarial experience pension settlement losses for the fiscal year ending March 31, 2019.
Statutory authority:
Public Service Law, sections 65 and 66
Subject:
Authorization to defer pension settlement losses.
Purpose:
To address the ratemaking related to the pension settlement losses.
Substance of proposed rule:
The Commission is considering a petition, filed on February 28, 2019 by Niagara Mohawk Power Corporation d/b/a National Grid (National Grid) to defer actuarial experience pension settlement losses.
National Grid requested authorization to defer the early accounting recognition of normally occurring actuarial experience losses for the fiscal year ending March 31, 2019 (FY 2019) associated with lump sum payments to National Grid’s employees upon their retirement. As of December 31, 2018, the Company had incurred approximately $8.1 million in losses for FY 2019.
The full text of the petition and the full record of the proceeding may be viewed online at the Department of Public Service web page: www.dps.ny.gov. The Commission may adopt, reject, or modify, in whole or in part, the action proposed and may resolve related matters.
Text of proposed rule and any required statements and analyses may be obtained by filing a Document Request Form (F-96) located on our website http://www.dps.ny.gov/f96dir.htm. For questions, contact:
John Pitucci, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, (518) 486-2655, email: [email protected]
Data, views or arguments may be submitted to:
Michelle L. Phillips, Secretary, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, (518) 474-6530, email: [email protected]
Public comment will be received until:
60 days after publication of this notice.
Regulatory Impact Statement, Regulatory Flexibility Analysis, Rural Area Flexibility Analysis and Job Impact Statement
Statements and analyses are not submitted with this notice because the proposed rule is within the definition contained in section 102(2)(a)(ii) of the State Administrative Procedure Act.
(19-M-0133SP1)
| End of Document |