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Pension and Postretirement Benefits | 6 Months Ended
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Jun. 30, 2024
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 Quarter ended June 30, Quarter ended June 30, (In thousands) 2024 2023 2024 2023 Personnel Cost: Service cost $ - $ - $ 32 $ 48 Other operating expenses: Interest cost 7,558 7,887 1,421 1,520 Expected return on plan assets (8,594) (8,591) - - Amortization of prior service cost/(credit) - - - - Amortization of net loss 4,166 5,366 (548) (553) Total net periodic pension cost $ 3,130 $ 4,662 $ 905 $ 1,015 Pension Plans OPEB Plan Six months ended June 30, Six months ended June 30, (In thousands) 2024 2023 2024 2023 Personnel Cost: Service cost $ - $ - $ 63 $ 95 Other operating expenses: Interest cost 15,117 15,774 2,843 3,041 Expected return on plan assets (17,188) (17,183) - - Amortization prior service cost/(credit) - - - - Amortization of net loss 8,332 10,732 (1,096) (1,106) Total net periodic pension cost $ 6,261 $ 9,323 $ 1,810 $ 2,030 The Corporation paid the following contributions to the plans for the six months ended June 30, 2024 and expects to pay the following contributions for the year ending December 31, 2024. For the six months ended For the year ending (In thousands) June 30, 2024 December 31, 2024 Pension Plans $ 114 $ 228 OPEB Plan $ 3,217 $ 5,744

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