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Pension and postretirement benefits
 6 Months Ended
Jun. 30, 2022
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)

 

2022

 

2021

 

2022

 

2021

Personnel Cost:

 

 

 

 

 

 

 

 

Service cost

$

-

$

-

$

121

$

160

Other operating expenses:

 

 

 

 

 

 

 

 

Interest cost

 

4,800

 

3,998

 

983

 

893

Expected return on plan assets

 

(8,847)

 

(9,670)

 

-

 

-

Amortization of prior service cost/(credit)

 

-

 

-

 

-

 

-

Amortization of net loss

 

3,911

 

4,720

 

-

 

469

Total net periodic pension cost

$

(136)

$

(952)

$

1,104

$

1,522

 

 

Pension Plans

 

OPEB Plan

 

 

Six months ended June 30,

 

Six months ended June 30,

(In thousands)

 

2022

 

2021

 

2022

 

2021

Personnel Cost:

 

 

 

 

 

 

 

 

Service cost

$

-

$

-

$

242

$

320

Other operating expenses:

 

 

 

 

 

 

 

 

Interest cost

 

9,600

 

7,996

 

1,966

 

1,785

Expected return on plan assets

 

(17,694)

 

(19,341)

 

-

 

-

Amortization prior service cost/(credit)

 

-

 

-

 

-

 

-

Amortization of net loss

 

7,822

 

9,440

 

-

 

939

Total net periodic pension cost

$

(272)

$

(1,905)

$

2,208

$

3,044

The Corporation paid the following contributions to the plans for the six months ended June 30, 2022 and expects to pay the following contributions for the year ending December 31, 2022.

 

For the six months ended

For the year ending

(In thousands)

June 30, 2022

December 31, 2022

Pension Plans

$

114

$

227

OPEB Plan

$

3,305

$

5,971