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Pension and postretirement benefits

9 Months Ended

Sep. 30, 2020

Note 29 – Pension and postretirement benefits

The Corporation has a non-contributory defined benefit pension plan and supplementary pension benefit restoration plans for regular employees of certain of its subsidiaries (the “Pension Plans”). The accrual of benefits under the Pension Plans is frozen to all participants. The Corporation also provides certain postretirement health care benefits for retired employees of certain subsidiaries (the “OPEB Plan”).

The components of net periodic cost for the Pension Plans and the OPEB Plan for the periods presented were as follows:


		Pension Plans				OPEB Plan
		Quarters ended September 30,				Quarters ended September 30,
(In thousands)		2020		2019		2020		2019
Personnel Cost:
Service cost	$	-	$	-	$	178	$	190
Other operating expenses:
Interest cost		5,847		7,109		1,228		1,489
Expected return on plan assets		(9,526)		(8,096)		-		-
Amortization of prior service cost/(credit)		-		-		-		-
Amortization of net loss		5,220		5,877		142		-
Total net periodic pension cost	$	1,541	$	4,890	$	1,548	$	1,679

		Pension Plans				OPEB Plan
		Nine months ended September 30,				Nine months ended September 30,
(In thousands)		2020		2019		2020		2019
Personnel Cost:
Service cost	$	-	$	-	$	535	$	570
Other operating expenses:
Interest cost		17,541		21,329		3,684		4,466
Expected return on plan assets		(28,577)		(24,288)		-		-
Amortization prior service cost/(credit)		-		-		-		-
Amortization of net loss		15,660		17,629		426		-
Total net periodic pension cost	$	4,624	$	14,670	$	4,645	$	5,036

The Corporation paid the following contributions to the plans for the nine months ended September 30, 2020 and expects to pay the following contributions for the year ending December 31, 2020.

	For the nine months ended		For the year ending
(In thousands)	September 30, 2020		December 31, 2020
Pension Plans	$	171	$	229
OPEB Plan	$	4,600	$	6,516