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RETIREMENT BENEFIT OBLIGATIONS | 3 Months Ended
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Mar. 31, 2021
Retirement Benefits [Abstract] |
Retirement Benefit Plans | NOTE 9: RETIREMENT BENEFIT OBLIGATIONS The Company sponsors the following retirement benefit plans to provide certain pension and post-retirement benefits for its retirees and current employees as follows:
| • |  | The Unitil Corporation Retirement Plan (Pension Plan) - The Pension Plan is a defined benefit pension plan. Under the Pension Plan, retirement benefits are based upon an employee’s level of compensation and length of service. Effective January 1, 2010, the Pension Plan was closed to new non-union employees. For union employees, the Pension Plan was closed on various dates between December 31, 2010 and June 1, 2013, depending on the various Collective Bargaining Agreements of each union.
| • |  | The Unitil Retiree Health and Welfare Benefits Plan (PBOP Plan) - The PBOP Plan provides health care and life insurance benefits to retirees. The Company has established Voluntary Employee Benefit Trusts, into which it funds contributions to the PBOP Plan.
| • |  | The Unitil Corporation Supplemental Executive Retirement Plan (SERP) - The SERP is a non-qualified retirement plan, with participation limited to executives selected by the Board of Directors.
See Note 10 (Retirement Benefit Plans) to the Consolidated Financial Statements in the Company’s Form 10-K for the year ended December 31, 2020 as filed with the SEC on February 2, 2021 for additional information regarding these plans. The following table includes the key weighted average assumptions used in determining the Company’s benefit plan costs and obligations:
Used to Determine Plan Costs |  | 2021 |  |  | 2020 |
Discount Rate |  |  | 2.50 | % |  |  | 3.25 | %
Rate of Compensation Increase |  |  | 3.00 | % |  |  | 3.00 | %
Expected Long-term rate of return on plan assets |  |  | 7.50 | % |  |  | 7.40 | %
Health Care Cost Trend Rate Assumed for Next Year |  |  | 6.60 | % |  |  | 7.00 | %
Ultimate Health Care Cost Trend Rate |  |  | 4.50 | % |  |  | 4.50 | %
Year that Ultimate Health Care Cost Trend Rate is reached |  |  | 2029 |  |  |  | 2029 |
The following table provides the components of the Company’s Retirement plan costs ($000’s):
|  | Pension Plan |  |  | PBOP Plan |  |  | SERP |
Three Months Ended March 31, |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Service Cost |  | $ | 868 |  |  | $ | 831 |  |  | $ | 758 |  |  | $ | 675 |  |  | $ | 89 |  |  | $ | 71 |
Interest Cost |  |  | 1,251 |  |  |  | 1,444 |  |  |  | 685 |  |  |  | 780 |  |  |  | 114 |  |  |  | 137 |
Expected Return on Plan Assets |  |  | (2,423 | ) |  |  | (2,255 | ) |  |  | (627 | ) |  |  | (516 | ) |  |  | — |  |  |  | — |
Prior Service Cost Amortization |  |  | 75 |  |  |  | 80 |  |  |  | 302 |  |  |  | 303 |  |  |  | 14 |  |  |  | 14 |
Actuarial Loss Amortization |  |  | 2,022 |  |  |  | 1,618 |  |  |  | 262 |  |  |  | 186 |  |  |  | 372 |  |  |  | 259 |
Sub-total |  |  | 1,793 |  |  |  | 1,718 |  |  |  | 1,380 |  |  |  | 1,428 |  |  |  | 589 |  |  |  | 481 |
Amounts Capitalized and Deferred |  |  | (713 | ) |  |  | (630 | ) |  |  | (662 | ) |  |  | (532 | ) |  |  | (178 | ) |  |  | (138 | )
Net Periodic Benefit Cost Recognized |  | $ | 1,080 |  |  | $ | 1,088 |  |  | $ | 718 |  |  | $ | 896 |  |  | $ | 411 |  |  | $ | 343 |
Employer Contributions As of March 31, 2021, th e Company had made $0.7 million and $0.4 million in contributions to its Pension Plan and PBOP Plan, respectively, in 2021. The Company, along with its subsidiaries, expects to continue to make contributions to its Pension and PBOP Plans in 2021 and future years at minimum required and discretionary funding levels consistent with the amounts recovered in the distribution utilities’ rates for these Pension and PBOP Plan costs. As of March 31, 2021, the Company had made $0.2 million of benefit payments under the SERP Plan in 2021. The Company presently anticipates making an additional $0.4 million of benefit payments unde r the SERP Plan in 2021.

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