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Employee Benefit Plans
 3 Months Ended
Mar. 31, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans

Note 8 – Employee Benefit Plans

Pension Benefits - The Company’s Pension Plan covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides for a potential annual contribution in an amount that is at the discretion of the Company, based upon a percentage of the participants’ annual paid compensation. In order to be eligible for a contribution, the participant must be employed by the Company on December 31st of the year to which the contribution relates. For each of the three month periods ended March 31, 2022 and 2021, the Company did not make Pension Plan cash contributions. The Company expects to make Pension Plan cash contributions of approximately $3.4 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.4 million in annual benefits to the retired participants.

Other Postretirement Benefits - The Company’s retirement plan other than pensions (Other Benefits Plan) covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For the three month periods ended March 31, 2022 and 2021, the Company did not make Other Benefits Plan cash contributions. The Company expects to make additional Other Benefits Plan cash contributions of $0.8 million over the remainder of the current year.

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The following table sets forth information relating to the Company’s periodic cost (benefit) for its employee retirement benefit plans:

(In Thousands)

Pension Benefits

Other Benefits

Three Months Ended March 31,

2022

2021

2022

2021

 

Service Cost

$

591

$

674

$

200

$

229

Interest Cost

761

677

331

309

Expected Return on Assets

(1,760

)

(1,556

)

(887

)

(786

)

Amortization of Unrecognized Losses

418

717

-

132

Net Periodic Benefit Cost (Benefit)*

$

10

$

512

$

(356

)

$

(116

)

*Service cost is included in Operations and Maintenance expense on the Condensed Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net.