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Pension and Other Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2021

Pension and Other Postretirement Benefit Plans

9. Pension and Other Postretirement Benefit Plans

The following table sets forth information regarding the components of net expense for the pension and other postretirement benefit plans.


	Three months ended
	March 31,
(In thousands)	2021		2020

Employee Pension Plan:
Interest cost	$	128	$	163
Amortization of actuarial loss		122		111
Expected return on plan assets		(274)		(257)
Net employee pension (benefit) expense	$	(24)	$	17

Outside Director Pension Plan:
Service cost	$	4	$	4
Interest cost		12		16
Amortization of actuarial gain		(5)		(14)
Amortization of past service liability		—		—
Net outside director pension expense	$	11	$	6

Other Postretirement Benefit Plans:
Service cost	$	73	$	69
Interest cost		58		65
Amortization of actuarial gain		—		—
Amortization of past service credit		(21)		(20)
Net other postretirement expense	$	110	$	114

The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2020 that it expects to contribute $0.3 million to each of the Outside Director Pension Plan (the “Outside Director Pension Plan”) and the other postretirement benefit plans (the “Other Postretirement Benefit Plans”), during the year ending December 31, 2021. The Company does not expect to make a contribution to the Employee Pension Plan (the “Employee Pension Plan”). As of March 31, 2021, the Company had contributed $36,000 to the Outside Director Pension Plan and $53,000 in contributions were made to the Other Postretirement Benefit Plans. As of March 31, 2021, the Company has not revised its expected contributions for the year ending December 31, 2021.