Retirement & Savings
PSEG offers a variety of retirement and savings programs to its employees.
Save for your future financial goals through the 401(k) Plan with before-tax, after-tax, and Roth contributions.
You may also be eligible for a 401(k) company match and/or pension plan option. See new hire materials for specific details.
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Eligible to select between to different Retirement Programs: “Core Contribution/401(k) Program” or “Cash Balance/401(k) Program”.
- Option 1: The Core Contribution/401(k) Program provides you with Core Contributions equal to 4% of your eligible earnings in the 401(k) Plan, as well as a dollar-for-dollar Company Match up to 4% of your contributions, each pay period. Core contributions are employer contributions and you are not required to enroll in the 401(k) Plan in order to receive Core Contributions.
- Option 2: The Cash Balance/401(k) Program provides you with pay credits in the Cash Balance Component of the Pension Plan (the “Cash Balance Component”) and a Company Match in the 401(k) Plan equal to 50% on the first 7% for represented employees and 8% for non- represented employees of your contributions each pay period. Annual pay credits are based on your age and service.
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The Employee Stock Purchase Program allows you to purchase shares of PSEG common stock through convenient payroll deductions at a discount from the market price.
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Credit Union advantages include dividend rates; personal, educational, auto and home equity loans; and the Credit Union Discount Real Estate System (sellers pay only 4% commission; buyers receive a credit at closing). Credit unions are located at several PSEG locations, and all associates are eligible to join.