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Employee Benefit Plans
 6 Months Ended
Jun. 30, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans

Note 8 – Employee Benefit Plans

Pension Benefits - The Company’s defined benefit pension plan (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 at the discretion of the Company, based upon a percentage of the participants’ annual paid compensation. For each of the three- and six-month periods ended June 30, 2022 and 2021, the Company did not make cash contributions to the Pension Plan. The Company expects to make 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 currently eligible 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 and six-month periods ended June 30, 2022 and 2021, the Company did not make Other Benefits Plan cash contributions. The Company does not expect to make any additional Other Benefits Plan cash contributions over the remainder of the current calendar year.

The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans:

(In Thousands)

Pension Benefits

Other Benefits

Three Months Ended June 30,

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

)

14

(In Thousands)

Pension Benefits

Other Benefits

Six Months Ended June 30,

2022

2021

2022

2021

 

Service Cost

$

1,181

$

1,348

$

399

$

458

Interest Cost

1,521

1,353

663

618

Expected Return on Assets

(3,520

)

(3,114

)

(1,773

)

(1,571

)

Amortization of Unrecognized Losses

837

1,434

-

264

Net Periodic Benefit Cost (Benefit)*

$

19

$

1,021

$

(711

)

$

(231

)

*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.