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RETIREMENT PLANS

6 Months Ended

Jun. 30, 2020

9. RETIREMENT PLANS

The Company has noncontributory defined benefit pension and noncontributory defined medical, dental, vision, and life benefit plans for eligible employees in its International Telecom segment who meet certain eligibility criteria.

The Company recorded the net periodic benefit cost identified below (in thousands):


	Three months ended
	June 30, 2020				June 30, 2019
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Operating expense
Service cost	$	423	$	32	$	447	$	37
Non-operating expense
Interest cost		879		45		841		40
Expected return on plan assets		(1,158)		—		(1,263)		—
Actuarial (gain)/ loss		(7)		(15)		7		(17)
Net periodic pension expense	$	137	$	62	$	32	$	60


	Six months ended
	June 30, 2020				June 30, 2019
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Operating expense
Service cost	$	846	$	64	$	895	$	74
Non-operating expense
Interest cost		1,758		90		1,682		80
Expected return on plan assets		(2,316)		—		(2,527)		—
Actuarial (gain)/ loss		(14)		(30)		15		(34)
Net periodic pension expense	$	274	$	124	$	65	$	120

In the first quarter of 2020, the Company began the process of winding up one of its pension plans. At December 31, 2019 this plan had assets of $15.1 million and a projected benefit obligation of $15.6 million.

The Company is not required to make contributions to its pension and postretirement benefit plans. However, the Company periodically evaluates whether to make discretionary contributions. The Company funds its postretirement benefit plans as claims are made. During the six months ended June 30, 2020 the Company contributed $0.7 million to its pension benefit plans. The Company did not make any contributions to its pension benefit plans during the six months ended June 30, 2019.