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Benefit Plans | 9 Months Ended
--- | ---
Sep. 30, 2022
Retirement Benefits [Abstract] |
Benefit Plans | 13. BENEFIT PLANS The following table summarizes key information related to the Company’s pension plans and retirement agreements (in thousands):
|  | Nine Months Ended September 30, 2022 |  |  | Year Ended December 31, 2021 |
Change in Projected Benefit Obligation |  |  |  |  |  |
Projected benefit obligation, beginning of period |  | $ | 31,830 |  |  | $ | 33,530 |
Service cost |  |  | 839 |  |  |  | 1,404 |
Interest cost |  |  | 721 |  |  |  | 1,274 |
Actuarial gain |  |  | — |  |  |  | (3,505 | )
Benefits paid |  |  | (733 | ) |  |  | (873 | )
Projected benefit obligation, end of period |  | $ | 32,657 |  |  | $ | 31,830 |
Change in Plan Assets |  |  |  |  |  |
Plan assets at fair value, beginning of period |  | $ | — |  |  | $ | — |
Company contributions |  |  | 733 |  |  |  | 873 |
Benefits paid |  |  | (733 | ) |  |  | (873 | )
Plan assets at fair value, end of period |  | $ | — |  |  | $ | — |
Unfunded Status of the Plan |  | $ | 32,657 |  |  | $ | 31,830 |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2022 |  |  | September 30, 2021 |  |  | September 30, 2022 |  |  | September 30, 2021 |
Components of Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 280 |  |  | $ | 351 |  |  | $ | 839 |  |  | $ | 1,053 |
Interest cost |  |  | 240 |  |  |  | 319 |  |  |  | 721 |  |  |  | 956 |
Net loss |  |  | 108 |  |  |  | 197 |  |  |  | 324 |  |  |  | 591 |
Net periodic pension cost |  | $ | 628 |  |  | $ | 867 |  |  | $ | 1,884 |  |  | $ | 2,600 |
The long-term portion of the pension liability as of September 30, 2022 and December 31, 2021 was $31.8 million and $31.5 million, respectively, and is included in Other Non-Current Liabilities in the accompanying consolidated balance sheets. Amended and Restated Executive Retirement Agreement The Company also has a non-qualified deferred compensation agreement with its former CEO. The agreement provides for a lump sum cash payment upon retirement, no sooner than age 55. As of September 30, 2022, the former CEO had reached age 55 and was eligible to receive the payment upon retirement. On May 27, 2021, the Company and its former CEO entered into an Amended and Restated Executive Retirement Agreement which replaced the former CEO’s previous agreement, effective July 1, 2021. Pursuant to the terms of the Amended and Restated Executive Retirement Agreement, upon the date that the former CEO ceases to provide services to the Company, the Company will pay to the former CEO an amount equal to $3,600,000 which shall be paid in cash. The payment shall be credited with interest at a rate of 5% compounded quarterly. Additionally, at the end of each calendar year provided that the former CEO is still providing services to GEO pursuant to the Executive Chairman Agreement, GEO will credit an amount equal to $1,000,000 at the end of each calendar year (the “Employment Contributions Account”). The Employment Contributions Account will be credited with interest at the rate of 5% compounded quarterly. The balance of the Amended and Restated Executive Retirement Agreement was approximately $5.8 million at September 30, 2022. The Company has established several trusts for the purpose of paying the retirement benefit pursuant to the Amended and Restated Executive Retirement Agreement. The trusts are revocable “rabbi trusts” and the assets of the trusts are subject to the claims of the Company’s creditors in the event of the Company’s insolvency.

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