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RETIREMENT PLANS | 12 Months Ended
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Mar. 31, 2024
Retirement Benefits [Abstract] |
RETIREMENT PLANS | RETIREMENT PLANS CSWC sponsors an unfunded Retirement Restoration Plan, which is a nonqualified plan. Unvested accrued benefits under the Retirement Restoration Plan were forfeited as of September 30, 2015. The Retirement Restoration Plan is a frozen plan under which no new service cost is being accrued by plan participants. The following tables set forth the Retirement Restoration Plan’s net pension benefit and benefit obligation amounts for the years ended March 31, 2024, 2023 and 2022, as well as amounts recognized in our Consolidated Statements of Assets and Liabilities at March 31, 2024 and 2023 (amounts in thousands):
| Years ended March 31,
| 2024 |  | 2023 |  | 2022
Net pension cost |  |  |  |  |
Interest cost on projected benefit obligation | $ | 28 |  |  | $ | 90 |  |  | $ | 79 |
Net amortization | (47) |  |  | 33 |  |  | 37 |
Net pension cost from restoration plan | $ | (19) |  |  | $ | 123 |  |  | $ | 116 |
| Years ended March 31,
| 2024 |  | 2023 |  | 2022
Change in benefit obligation |  |  |  |  |
Benefit obligation at beginning of year | $ | 598 |  |  | $ | 2,707 |  |  | $ | 2,979 |
Interest cost | 28 |  |  | 90 |  |  | 79 |
Actuarial gain | (9) |  |  | (2,052) |  |  | (104) |
Benefits paid | (47) |  |  | (147) |  |  | (247) |
Benefit obligation at end of year | $ | 570 |  |  | $ | 598 |  |  | $ | 2,707 |
| Years ended March 31,
| 2024 |  | 2023
Amounts recognized in our Consolidated Statements of Assets and Liabilities |  |  |
Projected benefit obligation | $ | (570) |  |  | $ | (598) |
Net actuarial gain recognized as a component of equity | (1,090) |  |  | (1,128) |
Total | $ | (1,660) |  |  | $ | (1,726) |
Accumulated benefit obligation | $ | (570) |  |  | $ | (598) |
The corridor approach is used to amortize the actuarial gains or losses based on 10% of the projected benefit obligation. The increase in the actuarial gain in the current year was primarily due to the death of a retired participant in the Retirement Restoration Plan. The following assumptions were used in estimating the actuarial present value of the projected benefit obligations:
| Years ended March 31,
| 2024 |  | 2023 |  | 2022
Discount rate | 5.25 | % |  | 5.00 | % |  | 3.50 | %
The following assumptions were used in estimating the net periodic (income)/expense:
| Years ended March 31,
| 2024 |  | 2023 |  | 2022
Discount rate | 5.00 | % |  | 3.50 | % |  | 2.75 | %
Following are the expected benefit payments for the next five years and in the aggregate for the years 2030-2034 (amounts in thousands):
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030-2034
Restoration Plan | $ | 47 |  |  | $ | 47 |  |  | $ | 47 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 220 |

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