UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Mark One)
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended
OR
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number 001-09120
LONG ISLAND ELECTRIC UTILITY SERVCO LLC
INCENTIVE THRIFT PLAN II
80 PARK PLAZA
NEWARK, NEW JERSEY 07102
LONG ISLAND ELECTRIC UTILITY SERVCO LLC
INCENTIVE THRIFT PLAN II
TABLE OF CONTENTS
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1 |
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FINANCIAL STATEMENTS |
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2 |
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3 |
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NOTES TO FINANCIAL STATEMENTS (Modified Cash Basis) |
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As of December 31, 2025 and 2024 and for the Year Ended December 31, 2025 |
4-11 |
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SUPPLEMENTAL SCHEDULE |
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12 |
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13 |
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14 |
All other schedules required by Section 2520.103.10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Employee Benefits Committee, Plan Administrator, and Participants of Long Island Electric Utility ServCo LLC Incentive Thrift Plan II:
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits (modified cash basis) of Long Island Electric Utility ServCo LLC Incentive Thrift Plan II (the “Plan”) as of December 31, 2025 and 2024, the related statement of changes in net assets available for benefits (modified cash basis) for the year ended December 31, 2025, and the related notes (collectively referred to as, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits (modified cash basis) of the Plan as of December 31, 2025 and 2024 and the changes in net assets available for benefits (modified cash basis) for the year ended December 31, 2025, in conformity with the modified cash basis of accounting described in Note 2.
Basis for Opinion
These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Modified Cash Basis of Accounting
As described in Note 2, these financial statements and supplemental schedule were prepared on a modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter.
Supplemental Information
The supplemental information in the accompanying Schedule H, Line 4i - Schedule of Assets (held at end of year) (modified cash basis) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Kronick Kalada Berdy & Co., P.C.
We have served as the Plan’s auditor since 2015.
Kingston, Pennsylvania
June 23, 2026
1
LONG ISLAND ELECTRIC UTILITY SERVCO LLC
INCENTIVE THRIFT PLAN II
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS (MODIFIED CASH BASIS)
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As of December 31, |
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2025 |
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2024 |
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(Thousands) |
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ASSETS |
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Investment at Fair Value: |
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Plan Interest in Master Employee Benefit Plan Trust (Note 3) |
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$ |
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$ |
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Total Investment |
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Receivable: |
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Notes Receivable from Participants |
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Total Receivable |
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Total Assets |
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LIABILITIES |
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NET ASSETS AVAILABLE FOR BENEFITS |
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$ |
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$ |
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See Notes to Financial Statements.
2
LONG ISLAND ELECTRIC UTILITY SERVCO LLC
INCENTIVE THRIFT PLAN II
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (MODIFIED CASH BASIS)
YEAR ENDED DECEMBER 31, 2025
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(Thousands) |
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ADDITIONS |
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Change in Plan Interest of Master Employee Benefit Plan Trust |
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$ |
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Total Net Investment Income |
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Interest on Notes Receivable from Participants |
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Deposits and Contributions |
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Participants |
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Rollovers |
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Total Deposits and Contributions |
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Total Additions |
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DEDUCTIONS |
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Benefit Payments to Participants |
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Administrative Expenses |
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Total Deductions |
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INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS, PRIOR TO TRANSFERS |
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Transfers to Long Island Electric Utility ServCo LLC Incentive Thrift Plan I - Net |
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INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS |
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NET ASSETS AVAILABLE FOR BENEFITS |
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Beginning of Year |
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End of Year |
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$ |
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See Notes to Financial Statements.
3
NOTES TO FINANCIAL STATEMENTS (MODIFIED CASH BASIS)
General
The following description of the Long Island Electric Utility ServCo LLC Incentive Thrift Plan II (“Plan”) is provided for general information purposes only. Participants should refer to the Summary Plan Description for more information.
The Plan is a defined contribution retirement plan covering substantially all bargaining unit employees of Long Island Electric Utility ServCo LLC (“ServCo”) and ServCo is an indirect subsidiary of Public Service Enterprise Group Incorporated (“PSEG”). The ServCo Employee Benefits Committee (“Benefits Committee”) is the Named Fiduciary of the Plan responsible for controlling and managing its operation and administration ("Plan Administrator"). The ServCo Pension Investment Committee is the Named Fiduciary of the Plan responsible for management of the Plan investments and the selection and monitoring of the funds offered under the Plan. The Vanguard Group Inc. (“Trustee”) is responsible for the custody of the Plan’s assets. Vanguard Participant Services is the recordkeeper of the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
The Plan’s assets are held in a trust account by the Trustee and consist of a divided interest in an investment account of the Master Employee Benefit Plan Trust (“Master Trust”), a Master Trust established by ServCo and administered by the Trustee.
Contributions and Investment Options
Each Participant enters into a contribution agreement in order to make pre-tax contributions and/or Roth 401(k) contributions (together “Elective Contributions”) and/or after-tax contributions, subject to certain Internal Revenue Code (“IRC”) limitations. A Participant may elect to make after-tax contributions from
Participants may direct the investment of their accounts into various investment options offered by the Plan through the Master Trust. The Plan offers investment options in the Common Stock of PSEG ("PSEG Share Fund"), which has been designated as an Employee Stock Ownership Plan under section 4975(e) of the Code, and mutual funds consisting of various target-date funds, commingled bonds, and other collective investment funds.
Participant Accounts
Individual accounts are maintained for each Participant. Each Participant’s account consists of (a) Participant’s contributions, (b) applicable QNEC contributions, (c) earnings and/or losses, and (d) specific Participant transactions. The Participant’s account is reduced for certain administrative expenses. The benefit to which a Participant is entitled upon disability, retirement or termination of service, as applicable, or a beneficiary upon the death of a Participant, is the benefit that can be provided from the Participant’s vested account.
4
NOTES TO FINANCIAL STATEMENTS (MODIFIED CASH BASIS)
Dividends on PSEG Common Stock held in the accounts of Participants who have elected to participate in the PSEG Share Fund will be reinvested in the PSEG Share Fund.
Notes Receivable from Participants
Except as discussed in the following paragraph, Participants may borrow from their Plan accounts a minimum of $
Participants may have no more than two loans outstanding at any one time.
These notes receivable are measured at their unpaid principal balances plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when incurred. Delinquent loans are reclassified as distributions based upon terms of the Plan document.
Payment of Benefits
Upon disability, retirement, or termination of service, a Participant may elect to receive an amount equal to the value of the interest in their account in either a total or partial lump-sum payment, or through various periodic installment methods (not less frequently than annually). If a Participant’s account balance is less than $
A Participant who is an employee and who has attained age 59½ may withdraw all or a part of their vested account. A Participant who is currently an employee and who has not attained age 59½ may withdraw all or part of their after-tax contributions that have been in the Plan for more than two years. Elective Contributions may not be withdrawn during employment prior to age 59½ except for reasons of extraordinary financial hardship and to the extent permitted by the IRC (“hardship withdrawals”). Hardship withdrawals are subject to taxes and penalties.
Vesting
All Participant contributions are always
Plan Amendments
The Plan was amended effective January 1, 2025 to provide for additional Catch-Up Contributions for Eligible Employees who have attained age 60 before the close of the Plan Year but who have not attained age 64 by the close of the Plan Year.
The Plan was also amended effective January 1, 2026 to provide that Catch-Up Contributions shall be in the form of Roth 401(k) Contributions for Eligible Employees whose prior year’s Social Security earnings are more than $
5
NOTES TO FINANCIAL STATEMENTS (MODIFIED CASH BASIS)
Basis of Accounting
The accompanying financial statements are prepared on the modified cash basis of accounting, which is a basis of accounting other than generally accepted accounting principles in the United States (“GAAP”). The modified cash basis of accounting utilizes the cash basis of accounting while carrying investments at fair value and recording investment income or loss on the accrual basis.
Use of Estimates
The preparation of financial statements requires Plan management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Risks and Uncertainties
The Plan permits Participants to select from among various investment options. Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near-term and that such changes could materially affect Participants’ account balances and the amounts reported in the financial statements.
Investment Valuation and Income Recognition
The Plan’s investment is in the Master Trust. The investments maintained in the Master Trust are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market Participants at the measurement date. The Plan's Investment Committee determines the Plan's valuation policies utilizing information provided by its investment advisers, trustee, and insurance company. See Note 4 for a discussion of fair value measurements.
Purchases and sales of investments are recorded on a trade-date basis. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Capital gain distributions are included in dividend income. Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.
Contributions
Contributions from the Plan participants and the matching contributions, if any, from the Employer are recorded on the cash basis.
Payment of Benefits
Benefit payments to Participants are recorded when paid.
Administrative Expenses of the Plan
Certain expenses of maintaining the Plan are paid by the Plan, unless otherwise paid by ServCo. Expenses that are paid by ServCo are excluded from these financial statements. Fees related to the administration of notes receivable from Participants are charged directly to the Participant's account and are included in administrative expenses. Investment related expenses are included in net appreciation of fair value of investments. Certain expenses incurred with the general
6
NOTES TO FINANCIAL STATEMENTS (MODIFIED CASH BASIS)
administration of the Plan, including taxes and brokerage costs, are recorded in the accompanying Statement of Changes in Net Assets Available for Benefits. Certain administrative functions performed by the officers and employees of ServCo are paid by the Employers (Note 6).
SECURE Act 2.0
On December 29, 2022, President Biden signed the Consolidated Appropriations Act (CAA) of 2023, which included the SECURE 2.0 Act of 2022 ("Secure 2.0"), into law. SECURE 2.0 builds on the SECURE Act of 2019 and implemented a number of changes regarding retirement plans and plan sponsors. The Plan document has been amended for provisions required to be effective beginning 2024 through 2026.
Subsequent Events
The Plan has evaluated the effects of events that have occurred subsequent to December 31, 2025, through the filing date of this Form 11-K.
Use of the Master Trust permits the commingling of trust assets with the assets of the Thrift Plan I for investment and administrative purposes. The Thrift Plan I is a defined contribution retirement plan available to non-represented employees of ServCo. Although assets of both plans are commingled in the Master Trust, the Trustee maintains supporting records for the purpose of allocating the net assets and net income or loss of the investment account to the respective participating plans. The net assets and the net investment income or loss of the investment assets are allocated by the Trustee to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans.
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As of December 31, |
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2025 |
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2024 |
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(Thousands) |
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Investments of Master Trust at Fair Value: |
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Mutual Funds |
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$ |
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$ |
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Collective Investment Trusts |
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Commingled Bonds |
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Common Stock of PSEG* |
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Total Investments |
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$ |
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$ |
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* Permitted party-in-interest transactions.
7
NOTES TO FINANCIAL STATEMENTS (MODIFIED CASH BASIS)
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For the Year Ended |
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December 31, 2025 |
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(Thousands) |
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Investment Income of Master Trust: |
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Net Appreciation in Fair Value of Mutual Funds |
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$ |
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Net Appreciation in Fair Value of Collective Investment Trusts |
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Net Appreciation in Fair Value of Commingled Bonds |
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Net Depreciation in Fair Value of Common Stock of PSEG* |
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Dividends from Common Stock of PSEG* |
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Total Investment Income, Net |
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$ |
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* Permitted party-in-interest transactions.
The changes in net assets of the Master Trust for the year ended December 31, 2025 are summarized as follows:
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(Thousands) |
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Changes in Net Assets: |
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Net Appreciation of Investments |
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$ |
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Dividends from Common Stock of PSEG* |
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Net Investment Income, Net |
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Administrative Expenses |
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Net Transfers |
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Increase in Net Assets |
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Net Assets: |
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Beginning of Year |
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End of Year |
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$ |
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* Permitted party-in-interest transactions.
As of December 31, 2025 and 2024, the Plan’s interests in the assets of the Master Trust were as follows:
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As of December 31, |
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2025 |
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2024 |
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(Thousands) |
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Plan Interest in Master Employee Benefit Plan Trust: |
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Mutual Funds |
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$ |
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$ |
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Collective Investment Trusts |
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Commingled Bonds |
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Common Stock of PSEG* |
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Total Investments |
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$ |
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$ |
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* Permitted party-in-interest transactions.
8
NOTES TO FINANCIAL STATEMENTS (MODIFIED CASH BASIS)
The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The three levels of the fair value hierarchy under FASB Accounting Standard Codification 820 are described as follows:
The asset's or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
The following tables present information about the Master Trust’s investments measured at fair value on a recurring basis as of December 31, 2025 and 2024, including the fair value measurements and the levels of inputs used in determining those fair values.
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Assets at Fair Value Measurements as of December 31, 2025 |
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Description |
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Total |
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Quoted Market |
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Significant |
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Significant |
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(Thousands) |
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Mutual Funds |
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$ |
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$ |
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$ |
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$ |
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Collective Investment Trusts |
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Commingled Bonds |
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Common Stock of PSEG* |
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Total Investment in Master Trust at Fair Value |
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$ |
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$ |
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$ |
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$ |
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9
NOTES TO FINANCIAL STATEMENTS (MODIFIED CASH BASIS)
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Assets at Fair Value Measurements as of December 31, 2024 |
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Description |
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Total |
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Quoted Market |
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Significant |
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Significant |
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(Thousands) |
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Mutual Funds |
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$ |
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$ |
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$ |
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$ |
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Collective Investment Trusts |
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Commingled Bonds |
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Common Stock of PSEG* |
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Total Investment in Master Trust at Fair Value |
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$ |
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$ |
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$ |
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$ |
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(A) The Plan's policy is to recognize transfers of investments into or out of Level 3 as of the date of the event or change in circumstances that caused the transfer. For the year ended December 31, 2025, there were no transfers of investments into or out of Level 3. There are no Plan assets requiring the use of Level 3 inputs for the periods presented.
* Permitted party-in-interest transactions.
Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2025 and 2024.
Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
Collective Investment Trusts: Have a NAV published daily. The Funds are redeemable daily without restrictions on purchases or redemptions.
Commingled bonds: Have a readily determinable fair value as the funds’ NAV is priced and published daily. The funds are redeemable daily, without restriction, and are, therefore, considered Level 1.
Common Stock of PSEG: Valued at the closing price reported on the active market on which the individual security is traded.
The Internal Revenue Service (“IRS”) has
The Plan Administrator is currently performing an internal audit of the Plan. The Plan Administrator will correct the errors, if any, that are discovered during the audit in accordance with the IRS correction program. If appropriate under the IRS correction program, the Plan Administrator will file a Voluntary Correction Program submission with the IRS.
10
NOTES TO FINANCIAL STATEMENTS (MODIFIED CASH BASIS)
The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator evaluates tax positions taken by the Plan and recognizes a tax liability for any uncertain position that more likely than not would be sustained upon examination by the IRS.
Certain Plan investments are in the Common Stock of PSEG. Since PSEG is the parent of ServCo, the Plan Sponsor, these transactions qualify as party-in-interest transactions. Certain administrative functions are performed by the officers and employees of ServCo (who may also be Participants in the Plan) at no cost to the Plan.
As of December 31, 2025 and 2024, the Master Trust held approximately
For the year ended December 31, 2025, the Master Trust recorded dividend income of approximately $
These transactions are not deemed prohibited party-in-interest transactions, because they are covered by statutory or administrative exemptions from ERISA’s rules on prohibited transactions.
Although it has not expressed any intent to do so, ServCo has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event of Plan termination, Participants will become
11
INCENTIVE THRIFT PLAN II
PLAN No.
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
(MODIFIED CASH BASIS)
DECEMBER 31, 2025
(a) |
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(b) |
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(c) |
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(d) |
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(e) |
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Identity of Issue, Borrower or Similar Party |
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Description of Investment, Including Maturity Date, Rate of Interest, Collateral, and Par or Maturity Value |
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Cost |
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Current Value |
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* |
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Various Participants |
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Participant Loans (maturing |
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$ |
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$ |
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* Permitted party-in-interest transactions.
12
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this Annual Report to be signed by the undersigned thereunto duly authorized.
Long Island Electric Utility ServCo LLC
Incentive Thrift Plan II
(Name of Plan)
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By: /s/ Sheila Rostiac |
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Sheila Rostiac |
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Chairperson of Employee |
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Benefits Committee |
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Date: June 23, 2026
13
14