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Pension Benefits and Postretirement Benefits Other Than Pensions | 9 Months Ended
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Sep. 30, 2022
Retirement Benefits [Abstract] |
Pension Benefits and Postretirement Benefits Other Than Pensions | Pension Benefits and Postretirement Benefits Other Than Pensions The Company sponsors a qualified defined benefit pension plan (the “Pension Plan”) that covers approximately 3,100 participants and beneficiaries. Effective January 1, 2006, the Pension Plan was closed to new hires and, effective June 30, 2016, benefit accruals were frozen for substantially all of the participants under the Pension Plan. The Pension Plan is generally non-contributory, but participation requires or required some employees to contribute 3% of pay, as defined, per year. Benefits for participants who are or were required to contribute to the Pension Plan are based on compensation during plan participation and the number of years of participation. Benefits for the vast majority of participants who are not required to contribute to the Pension Plan are based on years of service and final average pay, as defined. The Company funds the Pension Plan in accordance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). The components of Pension (Benefit) Expense for the Pension Plan for the nine and three months ended September 30, 2022 and 2021 were:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2022 |  | Sep 30, 2021 |  | Sep 30, 2022 |  | Sep 30, 2021
Interest Cost on Projected Benefit Obligation |  | $ | 6.5 |  |  | $ | 5.3 |  |  | $ | 2.2 |  |  | $ | 1.8 |
Expected Return on Plan Assets |  | (5.6) |  |  | (7.0) |  |  | (1.9) |  |  | (2.3) |
Amortization of Prior Service Cost |  | 0.5 |  |  | — |  |  | 0.2 |  |  | — |
Amortization of Net Actuarial Loss |  | 1.3 |  |  | 2.2 |  |  | 0.4 |  |  | 0.7 |
Total Pension (Benefit) Expense |  | $ | 2.7 |  |  | $ | 0.5 |  |  | $ | 0.9 |  |  | $ | 0.2 |
The Company sponsors two other than pension postretirement benefit (“OPEB”) plans (together the “OPEB Plans”) that together provide medical, dental and/or life insurance benefits to approximately 330 retired and 490 active employees. The components of OPEB benefits for the OPEB Plans for the nine and three months ended September 30, 2022 and 2021 were:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2022 |  | Sep 30, 2021 |  | Sep 30, 2022 |  | Sep 30, 2021
Service Cost |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | 0.1 |
Interest Cost on Accumulated Postretirement Benefit Obligation |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |
Amortization of Prior Service Credit |  | (1.0) |  |  | (1.0) |  |  | (0.3) |  |  | (0.3) |
Amortization of Net Gain |  | (1.3) |  |  | (1.3) |  |  | (0.5) |  |  | (0.6) |
Total OPEB (Benefit) Expense |  | $ | (2.1) |  |  | $ | (2.0) |  |  | $ | (0.8) |  |  | $ | (0.8) |
The non-service cost components of the Pension Plan and OPEB Plans are presented within the Interest and Other Expenses line item in the Condensed Consolidated Statements of Income.

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