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Pension and Supplemental Executive Retirement Plans | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 and 2023 for the periods shown:
|  | Three Months Ended March 31, |  |
(Dollars in thousands) |  | 2024 |  | 2023 |  |  |  |
Interest cost |  | $ | 113 |  |  | $ | 113 |  |  |  |  |
Expected return on plan assets |  | (157) |  |  | (164) |  |  |  |  |
Amortization of net actuarial loss |  | 43 |  |  | 29 |  |  |  |  |
Net periodic benefit (income) cost |  | $ | (1) |  |  | $ | (22) |  |  |  |  |
Contributions paid |  | $ | — |  |  | $ | — |  |  |  |  |
There was no service cost or amortization of prior service cost for the three months ended March 31, 2024 and 2023. 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 as of March 31, 2024 and December 31, 2023, respectively. Service cost was not material for any periods covered by this report. In February 2024, the SERP was terminated. Within the agreement, there is a one year provision for payment delay. As such, the $1.8 million obligation is scheduled to be paid in February 2025.

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