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RETIREMENT PLAN BENEFIT LIABILITY
 6 Months Ended
Jun. 30, 2023
Retirement Benefits [Abstract]  
RETIREMENT PLAN BENEFIT LIABILITY RETIREMENT PLAN BENEFIT LIABILITY:

On March 18, 2010, the Human Capital Committee and the Board of Directors of the Company approved and adopted the Universal Display Corporation Supplemental Executive Retirement Plan (SERP). The SERP is currently unfunded and includes salary and bonus as part of the plan. The purpose of the SERP is to provide certain of the Company’s key employees with supplemental pension benefits following a cessation of their employment and to encourage their continued employment with the Company. As of June 30, 2023, there were eight participants in the SERP. In December 2022, one of the participants retired and monthly SERP benefit payments commenced in January 2023. The total SERP benefit payments for the six months ended June 30, 2023 were $1.2 million.

The Company records amounts relating to the SERP based on calculations that incorporate various actuarial and other assumptions, including discount rates, rate of compensation increases, retirement dates and life expectancies. The net periodic costs are recognized as employees render the services necessary to earn the SERP benefits.

The components of net periodic pension cost were as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Service cost

 

$

237

 

 

$

362

 

 

$

475

 

 

$

723

 

Interest cost

 

 

725

 

 

 

346

 

 

 

1,449

 

 

 

692

 

Amortization of prior service cost

 

 

204

 

 

 

279

 

 

 

408

 

 

 

559

 

Amortization of loss

 

 

120

 

 

 

372

 

 

 

240

 

 

 

744

 

Total net periodic benefit cost

 

$

1,286

 

 

$

1,359

 

 

$

2,572

 

 

$

2,718