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Pension and Supplemental Executive Retirement Plans
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Pension and Supplemental Executive Retirement Plans
Note 8 – Pension and Supplemental Executive Retirement Plans

We participate in a trusteed pension plan known as the Allegheny Group Retirement Plan. Benefits are based on years of service and the employee’s compensation. Accruals under the plan were frozen as of May 31, 2014. Freezing the plan resulted in a remeasurement of the pension obligations and plan assets as of the freeze date. The pension obligation was remeasured using the discount rate based on the Citigroup Above Median Pension Discount Curve in effect on May 31, 2014 of 4.5%.
The following table presents information pertaining to the activity in our defined benefit pension plan, using the latest available actuarial valuations with a measurement date of September 30, 2023 and 2022 for the periods shown:

Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands)2023202220232022
Interest cost$113 $85 339 255 
Expected return on plan assets(164)(167)(492)(501)
Amortization of net actuarial loss29 107 87 321 
     Net periodic benefit (income) cost$(22)$25 $(66)$75 
Contributions paid$— $— $— $— 

There was no service cost or amortization of prior service cost for the three and nine months ended September 30, 2023 and 2022.

In June 2017, we approved a Supplemental Executive Retirement Plan (the “SERP”), pursuant to which the Chief Executive Officer of Potomac Mortgage Group (“PMG”) is entitled to receive certain supplemental nonqualified retirement benefits. The SERP took effect on December 31, 2017. As the executive completed three years of continuous employment with PMG prior to retirement date (which shall be no earlier than the date he attains age 55) he will, upon retirement, be entitled to receive $1.8 million payable in 180 equal consecutive monthly installments. The liability is calculated by discounting the anticipated future cash flows at 4.0%. The liability accrued for this obligation was $1.4 million and $1.3 million as of September 30, 2023 and December 31, 2022, respectively. Service costs were not material for any periods covered by this report.