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PENSION PLAN AND OTHER BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
PENSION PLAN AND OTHER BENEFIT PLANS | PENSION PLAN AND OTHER BENEFIT PLANS Pension Plan The Corporation has a noncontributory defined benefit pension plan covering certain employees. The plan's defined benefit formula generally based payments to retired employees upon their length of service multiplied by a percentage of the average monthly pay over the last five years of employment. New employees hired on or after July 10, 2010 were not eligible to participate in the plan, however, existing participants at that time continued to accrue benefits. On October 20, 2016, the Corporation amended its noncontributory defined benefit pension plan (“pension plan”) to freeze future retirement benefits after December 31, 2016. Beginning on January 1, 2017, both the pay-based and service-based component of the formula used to determine retirement benefits in the pension plan were frozen so that participants will no longer earn further retirement benefits. The Corporation uses a December 31 measurement date for its pension plan. The following table presents (1) changes in the plan's projected benefit obligation and plan assets, and (2) the plan's funded status at December 31, 2023 and 2022 (in thousands):
Change in projected benefit obligation: |  | 2023 |  | 2022
Benefit obligation at beginning of year |  | $ | 30,506 |  |  | $ | 40,404 |
Service cost |  | — |  |  | — |
Interest cost |  | 1,605 |  |  | 1,130 |
Actuarial (gain) loss |  | 1,098 |  |  | (8,856) |
Curtailments |  | — |  |  | — |
Settlements |  | — |  |  | — |
Benefits paid |  | (2,186) |  |  | (2,172) |
Benefit obligation at end of year |  | $ | 31,023 |  |  | $ | 30,506 |
Change in plan assets: |  | 2023 |  | 2022
Fair value of plan assets at beginning of year |  | $ | 44,656 |  |  | $ | 52,987 |
Actual return on plan assets |  | 4,480 |  |  | (6,159) |
Employer contributions |  | — |  |  | — |
Settlements |  | — |  |  | — |
Benefits paid |  | (2,186) |  |  | (2,172) |
Fair value of plan assets at end of year |  | $ | 46,950 |  |  | $ | 44,656 |
Funded status |  | $ | 15,927 |  |  | $ | 14,150 |
Amount recognized in accumulated other comprehensive income (loss) at December 31, 2023 and 2022 consist of the following (in thousands):
|  | 2023 |  | 2022
Net actuarial loss |  | $ | 3,961 |  |  | $ | 4,988 |
Prior service cost |  | — |  |  | — |
Total before tax effects |  | $ | 3,961 |  |  | $ | 4,988 |
The accumulated benefit obligation at December 31, 2023 and 2022 was $31.0 million and $30.5 million, respectively. Actuarial losses in the Projected Benefit Obligation (PBO) in 2023 were primarily the result of the decrease in discount rate. The decrease in discount rate caused the PBO to increase by $1.0 million. The update in mortality table caused the PBO to decrease by $0.2 million. Other sources of gain/loss such as plan experience, updated census data and minor adjustments to actuarial assumptions generated a combined loss of less than 1% of expected year end obligations. The principal actuarial assumptions used in determining the projected benefit obligation as of December 31, 2023 and 2022 were as follows:
|  | 2023 |  | 2022 |  |
Discount rate |  | 5.07 | % |  | 5.42 | % |  |
Assumed rate of future compensation increase |  | N/A |  | N/A |  |
Weighted-average interest crediting rate |  | N/A |  | N/A |  |
Components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) in 2023 and 2022 consist of the following (in thousands):
Net periodic benefit cost |  | 2023 |  | 2022 |  |
Service cost, benefits earned during the year |  | $ | — |  |  | $ | — |  |  |
Interest cost on projected benefit obligation |  | 1,605 |  |  | 1,130 |  |  |
Expected return on plan assets |  | (2,391) |  |  | (2,851) |  |  |
Amortization of net loss |  | 36 |  |  | — |  |  |
Amortization of prior service cost |  | — |  |  | — |  |  |
Recognized (gain) loss due to settlements |  | — |  |  | — |  |  |
Net periodic cost (benefit) |  | $ | (750) |  |  | $ | (1,721) |  |  |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  | 2023 |  | 2022 |  |
Net actuarial (gain) loss |  | $ | (990) |  |  | $ | 154 |  |  |
Recognized loss |  | (37) |  |  | — |  |  |
Amortization of prior service cost |  | — |  |  | — |  |  |
Total recognized in other comprehensive income (loss) (before tax effect) |  | $ | (1,027) |  |  | $ | 154 |  |  |
Total recognized in net (benefit) cost and other comprehensive income (loss) (before tax effect) |  | $ | (1,777) |  |  | $ | (1,567) |  |  |
During 2023, the plan's total unrecognized net loss decreased by $1.0 million. The variance between the actual and expected return on plan assets during 2023 decreased the total unrecognized net loss by $2.1 million. Because the total unrecognized net gain or loss is less than the greater of 10% of the projected benefit obligation or 10% of the plan assets, no amortization is necessary. As of January 1, 2023, the average expected future life expectancy of plan participants was 10.2 years. Actual results for 2024 will depend on the 2024 actuarial valuation of the plan. The principal actuarial assumptions used in determining the net periodic benefit cost for the years ended December 31, 2023, 2022 were as follows:
|  | 2023 |  | 2022 |  |
Discount rate |  | 5.42 | % |  | 2.87 | % |  |
Expected return on assets |  | 5.50 | % |  | 5.50 | % |  |
Assumed rate of future compensation increase |  | N/A |  | N/A |  |
Weighted-average interest crediting rate |  | N/A |  | N/A |  |
The Corporation changes important assumptions whenever conditions warrant changes. At December 31, 2023 the Corporation used the Society of Actuaries PRI-2012 Private Retirement Plans Mortality Table with Mortality Improvement Scale MP-2021 as a basis for the Plan's valuation. At December 31, 2022, the Corporation used IRS Static 2023 Mortality Table with Mortality Improvement Scale MP-2021 as a basis for the Plan's valuation. The discount rate is evaluated at least annually and the expected long-term return on plan assets will typically be revised every three to five years, or as conditions warrant. The Corporation's overall investment strategy is to achieve a mix of investments for long-term growth and for near-term benefit payments with a wide diversification of asset types. The target allocations for plan assets are shown in the table below. Equity securities primarily include investments in common or preferred shares of both U.S. and international companies. Debt securities include U.S. Treasury and Government bonds as well as U.S. Corporate bonds. Other investments may consist of mutual funds, money market funds and cash & cash equivalents. While no significant changes in the asset allocations are expected during 2024, the Corporation may make changes at any time. The expected return on plan assets was determined based on a CAPM using historical and expected future returns of the various asset classes, reflecting the target allocations described below.
Asset Class |  | Target Allocation 2023 |  | Percentage of Plan Assets at December 31, |  | Expected Long-Term Rate of Return
|  |  |  | 2023 |  | 2022 |  |
Large cap domestic equities |  | 30% - 60% |  | 41 | % |  | 39 | % |  | 11.8 | %
Mid-cap domestic equities |  | 0% - 8% |  | 2 | % |  | 2 | % |  | 11.5 | %
Small-cap domestic equities |  | 0% - 6% |  | 1 | % |  | 1 | % |  | 9.7 | %
International equities |  | 0% - 8% |  | 3 | % |  | 3 | % |  | 6.9 | %
Intermediate fixed income |  | 33% - 63% |  | 37 | % |  | 43 | % |  | 7.0 | %
Alternative assets |  | 0% - 15% |  | — | % |  | — | % |  | 2.9 | %
Cash |  | 0% - 20% |  | 16 | % |  | 12 | % |  | 1.2 | %
Total |  |  |  | 100 | % |  | 100 | % |  |
The investment policy of the plan is to provide for long-term growth of principal and income without undue exposure to risk. The focus is on long-term capital appreciation and income generation. The Corporation maintains an IPS that guides the investment allocation in the plan. The IPS describes the target asset allocation positions as shown in the table above. The Corporation has appointed an Employee Pension and Profit Sharing Committee to manage the general philosophy, objectives and process of the plan. The Employee Pension and Profit Sharing Committee meets with the Investment Manager periodically to review the plan's performance and to ensure that the current investment allocation is within the guidelines set forth in the IPS. Only the Employee Pension and Profit Sharing Committee, in consultation with the Investment Manager, can make adjustments to maintain target ranges and for any permanent changes to the IPS. Quarterly, the Board of Directors' Trust and Employee Benefits Committee reviews the performance of the plan with the Investment Manager. As of December 31, 2023 and 2022, the Corporation's pension plan did not hold any direct investment in the Corporation's common stock. The Corporation used the following methods and significant assumptions to estimate the fair value of each type of financial instrument held by the pension plan: Fair value is the exchange price that would be received for an asset in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date. The fair value hierarchy described below requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Discounted cash flows are calculated using spread and optionality. During times when trading is more liquid, broker quotes are used (if available) to validate the model. Rating agency and industry research reports as well as defaults and deferrals on individual securities are reviewed and incorporated into the calculations. The fair value of the plan assets at December 31, 2023 and 2022, by asset class are as follows (in thousands):
|  | Fair Value Measurement at December 31, 2023 Using
Plan Assets |  | Carrying Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash |  | $ | 7,503 |  |  | $ | 7,503 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |
U.S. companies |  | 19,374 |  |  | 19,374 |  |  | — |  |  | — |
Mutual funds |  | 17,905 |  |  | 17,905 |  |  | — |  |  | — |
Debt securities: |  |  |  |  |  |  |  |
U.S. Treasuries/Government bonds |  | 1,920 |  |  | 1,920 |  |  | — |  |  | — |
U.S. Corporate bonds |  | 248 |  |  | 248 |  |  | — |  |  | — |
Total plan assets |  | $ | 46,950 |  |  | $ | 46,950 |  |  | $ | — |  |  | $ | — |
|  | Fair Value Measurement at December 31, 2022 Using
Plan Assets |  | Carrying Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash |  | $ | 5,374 |  |  | $ | 5,374 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |
U.S. companies |  | 17,526 |  |  | 17,526 |  |  | — |  |  | — |
Mutual funds |  | 19,619 |  |  | 19,619 |  |  | — |  |  | — |
Debt securities: |  |  |  |  |  |  |  |
U.S. Treasuries/Government bonds |  | 1,891 |  |  | 1,891 |  |  | — |  |  | — |
U.S. Corporate bonds |  | 246 |  |  | 246 |  |  | — |  |  | — |
Total plan assets |  | $ | 44,656 |  |  | $ | 44,656 |  |  | $ | — |  |  | $ | — |
The following table presents the estimated benefit payments for each of the next five years and the aggregate amount expected to be paid in years six through ten for the pension plan (in thousands):
Calendar Year |  | Future Expected Benefit Payments
2024 |  | $ | 2,390 |
2025 |  | $ | 2,369 |
2026 |  | $ | 2,372 |
2027 |  | $ | 2,353 |
2028 |  | $ | 2,324 |
2029-2032 |  | $ | 11,222 |
The Corporation does not expect to contribute to the plan during 2024. Funding requirements for subsequent years are uncertain and will significantly depend on changes in assumptions used to calculate plan funding levels, the actual return on plan assets, changes in the employee groups covered by the plan, and any legislative or regulatory changes affecting plan funding requirements. For tax planning, financial planning, cash flow management or cost reduction purposes the Corporation may increase, accelerate, decrease or delay contributions to the plan to the extent permitted by law. Defined Contribution Profit Sharing, Savings and Investment Plan On October 20, 2016, the Bank amended its defined contribution profit sharing, savings, and investment plan for all active participants to supersede the current contribution formula used by the Plan, which included eliminating the 1000 hours of service requirement to participate in employer contributions. Beginning on January 1, 2017, the Bank began contributing a non-discretionary 3% of gross annual wages for each participant, regardless of the participant’s deferral, and eliminated discretionary contributions for participants hired prior to July 1, 2010. Additionally, beginning January 1, 2017 the Bank began contributing a 50% match up to 6% of gross annual wages. Expense related to these plans totaled $1.4 million for each of the years ended December 31, 2023 and 2022. The plan's assets at December 31, 2023 and 2022 include 124,214 and 121,847 shares, respectively, of Chemung Financial Corporation common stock, as well as other common and preferred stocks, U.S. Government securities, corporate bonds and notes, and mutual funds. Defined Benefit Health Care Plan On October 20, 2016, the Corporation amended its defined benefit health care plan to not allow any new retirees into the plan, effective January 1, 2017. The effects of this freeze are reflected in the defined benefit health care plan disclosures as of December 31, 2017. The Corporation uses a December 31 measurement date for its defined benefit health care plan. The following table presents (1) changes in the plan's accumulated postretirement benefit obligation and (2) the plan's funded status at December 31, 2023 and 2022 (in thousands):
Changes in accumulated postretirement benefit obligation: |  | 2023 |  | 2022
Accumulated postretirement benefit obligation - beginning of year |  | $ | 95 |  |  | $ | 194 |
Service cost |  | — |  |  | — |
Interest cost |  | 5 |  |  | 3 |
Participant contributions |  | 18 |  |  | 18 |
Amendments |  | — |  |  | — |
Actuarial (gain) loss |  | 3 |  |  | (71) |
Benefits paid |  | (45) |  |  | (49) |
Accumulated postretirement benefit obligation at end of year |  | $ | 76 |  |  | $ | 95 |
Change in plan assets: |  | 2023 |  | 2022
Fair value of plan assets at beginning of year |  | $ | — |  |  | $ | — |
Employer contribution |  | 27 |  |  | 31 |
Plan participants’ contributions |  | 18 |  |  | 18 |
Benefits paid |  | (45) |  |  | (49) |
Fair value of plan assets at end of year |  | $ | — |  |  | $ | — |
Unfunded status |  | $ | (76) |  |  | $ | (95) |
Amount recognized in accumulated other comprehensive income (loss) at December 31, 2023 and 2022 consist of the following (in thousands):
|  | 2023 |  | 2022
Net actuarial loss |  | $ | 102 |  |  | $ | 118 |
Prior service credit |  | — |  |  | — |
Total before tax effects |  | $ | 102 |  |  | $ | 118 |
Weighted-average assumption for disclosure as of December 31: |  | 2023 |  | 2022 |  |
Discount rate |  | 5.07% |  | 5.42% |  |
Assumed rate of future compensation increase |  | N/A |  | N/A |  |
Health care cost trend: Initial (Pre-65/Post 65) |  | 8.00% / 7.00% |  | 7.50% / 6.50% |  |
Health care cost trend: Ultimate (Pre-65/Post 65) |  | 4.75% / 4.75% |  | 4.75% / 4.75% |  |
Year ultimate cost trend reached |  | 2033 / 2032 |  | 2032 / 2030 |  |
The components of net periodic postretirement benefit cost for the years ended December 31, 2023 and 2022 are as follows (in thousands):
Net periodic cost (benefit) |  | 2023 |  | 2022 |  |
Service cost |  | $ | — |  |  | $ | — |  |  |
Interest cost |  | 5 |  |  | 3 |  |  |
Expected return on plan assets |  | — |  |  | — |  |  |
Amortization of prior service benefit |  | — |  |  |  |  |
Recognized actuarial loss |  | 19 |  |  | 18 |  |  |
Recognized prior service benefit due to curtailments |  | — |  |  | — |  |  |
Net periodic postretirement cost (benefit) |  | $ | 24 |  |  | $ | 21 |  |  |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  | 2023 |  | 2022 |  |
Net actuarial (gain) loss |  | $ | 3 |  |  | $ | (71) |  |  |
Recognized actuarial loss |  | (19) |  |  | (18) |  |  |
Prior service credit |  |  |  | — |  |  |
Amortization of prior service benefit |  |  |  | — |  |  |
Total recognized in other comprehensive income (loss)(before tax effect) |  | $ | (16) |  |  | $ | (89) |  |  |
Total recognized in net benefit cost and other comprehensive income (loss) (before tax effect) |  | $ | 8 |  |  | $ | (68) |  |  |
Actuarial loss for 2023 is primarily the net impact of a decrease in discount rate, which increased the Accumulated Postretirement Benefit Obligation (APBO) by $1 thousand, the updating of mortality tables, which decreased the APBO by $4 thousand, and the reflection of updated data, claims experience and health care trend rates (HCTR), which (combined) increased the APBO by $6 thousand. All other sources of gain or loss had a combined net impact of less than $1 thousand. During 2023 the plan's total unrecognized net loss decreased by $16 thousand. Because the total unrecognized net gain or loss in the plan exceeds 10% of the accumulated postretirement benefit obligation, the excess will be amortized over the average future life expectancy of all plan participants. As of January 1, 2023, the average future life expectancy of all plan participants was 6.0 years. Actual results for 2024 will depend on the 2024 actuarial valuation of the plan. The change in unrecognized gain/loss is one measure of the degree to which important assumptions have coincided with actual experience. During 2023, the unrecognized net loss decreased by 16% of the December 31, 2022 accumulated postretirement benefit obligation. The Corporation changes important assumptions whenever changing conditions warrant. The discount rate and per capita costs are typically changed at least annually. Other material assumptions include rates of participant mortality and rates of increase in medical costs.
Weighted-average assumptions for net periodic cost as of December 31: |  | 2023 |  | 2022 |  |
Discount rate |  | 5.42% |  | 2.87% |  |
Expected return on plan assets |  | N/A |  | N/A |  |
Assumed rate of future compensation increase |  | N/A |  | N/A |  |
Health care cost trend: Initial |  | 8.00% / 7.00% |  | 7.50% / 6.50% |  |
Health care cost tread: Ultimate |  | 4.75% / 4.75% |  | 4.75% / 4.75% |  |
Year ultimate reached |  | 2033 / 2032 |  | 2032 / 2030 |  |
The following table presents the estimated benefit payments for each of the next five years and the aggregate amount expected to be paid in years six through ten (in thousands):
Calendar Year |  | Future Estimated Benefit Payments
2024 |  | $ | 12 |
2025 |  | $ | 11 |
2026 |  | $ | 11 |
2027 |  | $ | 10 |
2028 |  | $ | 9 |
2029-2032 |  | $ | 32 |
The Corporation’s policy is to contribute the amount required to fund postretirement benefits as they become due to retirees. The amount expected to be required in contributions to the plan during 2024 is $12 thousand. Executive Supplemental Pension Plan The Corporation also sponsors an Executive Supplemental Pension Plan for certain former executive officers to restore certain pension benefits that may be reduced due to limitations under the Internal Revenue Code. The benefits under this plan are unfunded as of December 31, 2023 and 2022. The Corporation uses a December 31 measurement date for its Executive Supplemental Pension Plan. The following table presents Executive Supplemental Pension plan status at December 31, 2023 and 2022 (in thousands):
Change in projected benefit obligation: |  | 2023 |  | 2022
Benefit obligation at beginning of year |  | $ | 948 |  |  | $ | 1,173 |
Service cost |  | — |  |  | — |
Interest cost |  | 48 |  |  | 32 |
Actuarial (gain) loss |  | 37 |  |  | (148) |
Benefits paid |  | (109) |  |  | (109) |
Projected benefit obligation at end of year |  | $ | 924 |  |  | $ | 948 |
Changes in plan assets: |  | 2023 |  | 2022
Fair value of plan assets at beginning of year |  | $ | — |  |  | $ | — |
Employer contributions |  | 109 |  |  | 109 |
Benefits paid |  | (109) |  |  | (109) |
Fair value of plan assets at end of year |  | $ | — |  |  | $ | — |
Unfunded status |  | $ | (924) |  |  | $ | (948) |
Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2023 and 2022 consist of the following (in thousands):
|  | 2023 |  | 2022
Net actuarial loss |  | $ | 202 |  |  | $ | 172 |
Prior service cost |  | — |  |  | — |
Total before tax effects |  | $ | 202 |  |  | $ | 172 |
Accumulated benefit obligation at December 31, 2023 and 2022 was $0.9 million and $0.9 million, respectively.
Weighted-average assumption for disclosure as of December 31: |  | 2023 |  | 2022 |  |
Discount rate |  | 5.07 | % |  | 5.42 | % |  |
Assumed rate of future compensation increase |  | N/A |  | N/A |  |
Weighted-average interest crediting rate |  | N/A |  | N/A |  |
The components of net periodic benefit cost for the years ended December 31, 2023 and 2022 are as follows (in thousands):
Net periodic benefit cost |  | 2023 |  | 2022 |  |
Service cost |  | $ | — |  |  | $ | — |  |  |
Interest cost |  | 48 |  |  | 32 |  |  |
Recognized actuarial loss |  | 7 |  |  | 19 |  |  |
Net periodic postretirement benefit cost |  | $ | 55 |  |  | $ | 51 |  |  |
Other changes in plan assets and benefit obligation recognized in other comprehensive income (loss): |  | 2023 |  | 2022 |  |
Net actuarial (gain) loss |  | $ | 37 |  |  | $ | (148) |  |  |
Recognized actuarial loss |  | (7) |  |  | (20) |  |  |
Total recognized in other comprehensive income (loss) (before tax effect) |  | $ | 30 |  |  | $ | (168) |  |  |
Total recognized in net benefit cost and other comprehensive income (loss) (before tax effect) |  | $ | 85 |  |  | $ | (117) |  |  |
During 2023, there was a $20 thousand increase in the projected benefit obligation as a result of the decrease in discount rate. Offsetting this was a mortality decrease of $8 thousand, due to the update in the mortality assumption. There was also a $25 thousand increase in PBO due to participant mortality (longevity) experience. There were no other significant sources of gain or loss during 2023. During 2023, the plan's total unrecognized net loss increased by $30 thousand. Because the total unrecognized net gain or loss exceeds the greater of 10% of the projected benefit obligation or 10% of the plan assets, the excess will be amortized over the average future life expectancy of all participants. As of January 1, 2024, the average future life expectancy of plan participants was 10.17 years.
Weighted-average assumptions for net periodic cost as of December 31: |  | 2023 |  | 2022 |  |
Discount rate |  | 5.42 | % |  | 2.87 | % |  |
Expected asset return |  | N/A |  | N/A |  |
Assumed rate of future compensation increase |  | N/A |  | N/A |  |
Weighted-average interest crediting rate |  | N/A |  | N/A |  |
The discount rate was determined by projecting the plan's expected future benefit payments as defined for the projected benefit obligation, discounting those expected payments using a theoretical zero-coupon spot yield curve derived from a universe of high-quality bonds as of the measurement date, and solving for the single equivalent discount rate that resulted in the same projected benefit obligation. The change in unrecognized net gain or loss is one measure of the degree to which important assumptions have coincided with actual experience. During 2023 the unrecognized net loss increased 3.2% of the December 31, 2022 projected benefit obligation. The following table presents the estimated benefit payments for each of the next five years and the aggregate amount expected to be paid in years six through ten for the Supplemental Pension Plan (in thousands):
Calendar Year |  | Future Estimated Benefit Payments
2024 |  | $ | 108 |
2025 |  | $ | 105 |
2026 |  | $ | 100 |
2027 |  | $ | 96 |
2028 |  | $ | 90 |
2029-2032 |  | $ | 368 |
Contributions for an unfunded pension plan are equal to the benefit payments being made during the year. The Corporation expects to contribute $110 thousand to the plan during 2024. Defined Contribution Supplemental Executive Retirement Plan The Corporation also sponsors a Defined Contribution Supplemental Executive Retirement Plan for certain current executive officers, which was initiated in 2012. The plan is unfunded as of December 31, 2023 and is intended to provide nonqualified deferred compensation benefits payable at retirement, disability, death or certain other events. The accrued obligation for the plan as of December 31, 2023 and 2022 was $3.4 million and $2.9 million, respectively. A total of $0.6 million and $0.5 million was expensed during the years ended December 31, 2023 and 2022, respectively. In addition to each participant's account being credited with the annual company contribution, each account will receive a quarterly interest credit that will be calculated based upon the average yield on five year U.S. Treasury Notes.

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