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Pension and postretirement benefits
 6 Months Ended
Jun. 30, 2021
Employee benefits  
Pension and postretirement benefits Note 28 – 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 June 30,

 

Quarters ended June 30,

(In thousands)

 

2021

 

2020

 

2021

 

2020

Personnel Cost:

 

 

 

 

 

 

 

 

Service cost

$

-

$

-

$

160

$

178

Other operating expenses:

 

 

 

 

 

 

 

 

Interest cost

 

3,998

 

5,847

 

893

 

1,228

Expected return on plan assets

 

(9,670)

 

(9,526)

 

-

 

-

Amortization of prior service cost/(credit)

 

-

 

-

 

-

 

-

Amortization of net loss

 

4,720

 

5,220

 

469

 

142

Total net periodic pension cost

$

(952)

$

1,541

$

1,522

$

1,548

 

 

Pension Plans

 

OPEB Plan

 

 

Six months ended June 30,

 

Six months ended June 30,

(In thousands)

 

2021

 

2020

 

2021

 

2020

Personnel Cost:

 

 

 

 

 

 

 

 

Service cost

$

-

$

-

$

320

$

356

Other operating expenses:

 

 

 

 

 

 

 

 

Interest cost

 

7,996

 

11,694

 

1,785

 

2,456

Expected return on plan assets

 

(19,341)

 

(19,052)

 

-

 

-

Amortization prior service cost/(credit)

 

-

 

-

 

-

 

-

Amortization of net loss

 

9,440

 

10,440

 

939

 

284

Total net periodic pension cost

$

(1,905)

$

3,082

$

3,044

$

3,096

The Corporation paid the following contributions to the plans for the six months ended June 30, 2021 and expects to pay the following contributions for the year ending December 31, 2021.

 

For the six months ended

For the year ending

(In thousands)

June 30, 2021

December 31, 2021

Pension Plans

$

114

$

229

OPEB Plan

$

3,030

$

6,333