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RETIREMENT PLANS | 12 Months Ended
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Dec. 31, 2023
RETIREMENT PLANS |
RETIREMENT PLANS | 12. RETIREMENT PLANS The Company has noncontributory defined benefit pension plans as well as noncontributory postretirement benefit plans offering defined medical, dental, vision, and life benefits for certain of its employees. The Company’s pension and other postretirement benefit plans are closed to new participants and only grandfathered participants continue to accrue additional benefits. Also, in 2020 the Company began the process of winding up one of its benefit plans. The Company reviews the funded status of its pension plans and makes contributions based on that analysis. The benefits are based on the participants’ compensation during their employment and the credited service years earned by participants. The Company funds the other postretirement benefit plans as benefits are paid. The weighted-average rates assumed in the actuarial calculations for the pension and other postretirement benefit plans are as follows as of December 31, 2023, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021 | ​
Discount Rate – Pension Benefit Obligation |  | 4.3 | % | 5.4 | % | 2.9 | %
Discount Rate – Pension Benefit Cost | ​ | 5.4 | % | 2.9 | % | 2.6 | %
Discount Rate – Postretirement Benefit Obligation | ​ | 5.2 | % | 5.4 | % | 2.8 | %
Discount Rate – Postretirement Benefit Cost | ​ | 5.2 | % | 2.8 | % | 2.5 | %
Expected long-term return on plan assets |  | 5.3 | % | 5.2 | % | 5.3 | %
​ The expected long-term rate of return on plan assets was determined based on several factors including input from pension investment consultants, projected long-term returns of equity and bond indices, and historical returns over the life of the related obligations of the fund. The Company, in conjunction with its pension investment consultants, reviews its asset allocation periodically and rebalances its investments when appropriate in an effort to earn the expected long-term returns. The Company will continue to evaluate its long-term rate of return assumptions at least annually and will adjust them as necessary. The annual salary increase assumption is no longer applicable as the plan participants no longer accrue additional service. The discount rate was determined based on a review of market data including yields on high quality corporate bonds with maturities approximating the remaining life of the project benefit obligations. The other postretirement benefit plans healthcare cost trend assumptions is based on health care trend rates. The 2023 assumed medical health care cost trend rate is 12% trending to an ultimate rate of 4% in 2074. The assumed dental care cost trend rate is 4% in 2023 and remains at this rate until 2074. Changes during the year in the projected benefit obligations and in the fair value of plan assets are as follows for 2023 and 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pension Benefits | ​ | Postretirement Benefits | ​ | Pension Benefits | ​ | Postretirement Benefits
Projected benefit obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at beginning of year: | ​ | $ | 66,175 | ​ | $ | 3,624 | ​ | $ | 100,624 | ​ | $ | 5,343
Service cost | ​ |  | 90 | ​ |  | 65 | ​ |  | 151 | ​ |  | 124
Interest cost | ​ |  | 3,323 | ​ | ​ | 182 | ​ |  | 2,373 | ​ | ​ | 139
Benefits and settlements paid | ​ |  | (6,899) | ​ | ​ | (309) | ​ |  | (18,490) | ​ | ​ | (396)
Actuarial (gain) loss | ​ |  | 1,460 | ​ |  | 63 | ​ |  | (16,758) | ​ |  | (1,586)
Settlement | ​ |  | - | ​ |  | — | ​ |  | (1,725) | ​ |  | -
Balance at end of year | ​ | $ | 64,149 | ​ | $ | 3,625 | ​ | $ | 66,175 | ​ | $ | 3,624
Plan net assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at beginning of year: | ​ | $ | 71,552 | ​ | $ | — | ​ | $ | 103,718 | ​ | $ | —
Actual return on plan assets | ​ | ​ | 7,142 | ​ |  | — | ​ | ​ | (13,188) | ​ |  | —
Company contributions | ​ |  | 207 | ​ |  | 309 | ​ |  | — | ​ |  | 396
Benefits and settlements paid | ​ |  | (7,397) | ​ |  | (309) | ​ |  | (18,978) | ​ |  | (396)
Balance at end of year | ​ | $ | 71,504 | ​ | $ | — | ​ | $ | 71,552 | ​ | $ | —
Over/ (Under) funded status of plan | ​ | $ | 7,355 | ​ | $ | (3,625) | ​ | $ | 5,377 | ​ | $ | (3,624)
​ The Company reports an asset or liability on its balance sheet equal to the funded status of its pension and other postretirement benefit plans. Plans in an overfunded status are aggregated and recorded as a net pension benefit asset in other assets. Plans in an underfunded status are aggregated and recorded as a net postretirement benefit liability in other liabilities. The funded status of the Company’s pension and other retirement benefit plans is below (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Viya Pension Benefit | ​ | Alaska Pension Benefit | ​ | Viya Postretirement Benefits | ​ | Alaska Postretirement Benefits
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Projected benefit obligation | ​ | $ | 53,075 | ​ | $ | 11,074 | ​ | $ | 3,341 | ​ | $ | 284
Plan Net Assets | ​ | ​ | 62,142 | ​ | ​ | 9,362 | ​ | ​ | — | ​ | ​ | —
Over/ (Under) funded status of plan | ​ | $ | 9,067 | ​ | $ | (1,712) | ​ | $ | (3,341) | ​ | $ | (284)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | GTT Pension Benefit | ​ | Viya Pension Benefit | ​ | Alaska Pension Benefit | ​ | Viya Postretirement Benefits | ​ | Alaska Postretirement Benefits
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Projected benefit obligation | ​ | $ | 2,038 | ​ | $ | 52,832 | ​ | $ | 11,305 | ​ | $ | 3,337 | ​ | $ | 287
Plan Net Assets | ​ | ​ | 2,038 | ​ | ​ | 60,132 | ​ | ​ | 9,382 | ​ | ​ | — | ​ | ​ | —
Over/ (Under) funded status of plan | ​ | $ | — | ​ | $ | 7,300 | ​ | $ | (1,923) | ​ | $ | (3,337) | ​ | $ | (287)
The Company’s investment policy for its pension assets is to have a reasonably balanced investment approach, with a long-term bias toward debt investments. The Company’s strategy allocates plan assets among equity, debt and other assets to achieve long-term returns without significant risk to principal. The pension fund has limitations from investing in the equity, debt or other securities of the employer, its subsidiaries or associates of the employer or any company of which the employer is a subsidiary or an associate. The fair values for the pension plan’s net assets, by asset category, at December 31, 2023 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset Category |  | Total |  | Level 1 |  | Level 2 |
Cash, cash equivalents, money markets and other | ​ | $ | 2,642 | ​ | $ | 2,642 | ​ | $ | — | ​
Common stock | ​ | ​ | 12,680 | ​ | ​ | 12,680 | ​ | ​ | — | ​
Mutual funds - fixed income | ​ | ​ | 8,836 | ​ | ​ | 8,836 | ​ | ​ | — | ​
Mutual funds - equities | ​ | ​ | 9,527 | ​ | ​ | 9,527 | ​ | ​ | — | ​
Fixed income securities | ​ | ​ | 33,728 | ​ | ​ | — | ​ | ​ | 33,728 | ​
Other | ​ | ​ | 4,091 | ​ | ​ | 4,091 | ​ | ​ | — | ​
Total | ​ | $ | 71,504 | ​ | $ | 37,776 | ​ | $ | 33,728 | ​
The fair values for the pension plan’s net assets, by asset category, at December 31, 2022 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset Category |  | Total |  | Level 1 |  | Level 2
Cash, cash equivalents, money markets and other | ​ | $ | 7,572 | ​ | $ | 7,572 | ​ | $ | —
Common stock | ​ | ​ | 17,974 | ​ | ​ | 17,974 | ​ | ​ | —
Mutual funds - fixed income | ​ | ​ | 10,732 | ​ | ​ | 10,732 | ​ | ​ | —
Mutual funds - equities | ​ | ​ | 5,228 | ​ | ​ | 5,228 | ​ | ​ | —
Fixed income securities | ​ | ​ | 22,913 | ​ | ​ | — | ​ | ​ | 22,913
Other | ​ | ​ | 7,133 | ​ | ​ | 7,133 | ​ | ​ | —
Total | ​ | $ | 71,552 | ​ | $ | 48,639 | ​ | $ | 22,913
​ The plan’s weighted-average asset allocations at December 31, 2023 and 2022, by asset category are as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 | ​
Cash, cash equivalents, money markets and other |  | 4 | % | 11 | %
Common stock | ​ | 18 | ​ | 25 | ​
Mutual funds - fixed income | ​ | 12 | ​ | 15 | ​
Mutual funds - equities | ​ | 13 | ​ | 7 | ​
Fixed income securities | ​ | 47 | ​ | 32 | ​
Other | ​ | 6 | ​ | 10 | ​
Total |  | 100 | % | 100 | %
​ Amounts recognized on the Company’s consolidated balance sheets consist of (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ | 2023 |  | 2022
​ | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued and current liabilities | ​ | $ | — | ​ | $ | 310 | ​ | $ | — | ​ | $ | 294
Other Liabilities | ​ | ​ | 1,712 | ​ | ​ | 3,318 | ​ | ​ | 1,923 | ​ | ​ | 3,068
Other Assets | ​ |  | 9,070 | ​ |  | — | ​ |  | 7,303 | ​ |  | —
Accumulated other comprehensive income, net of tax | ​ | ​ | 8,592 | ​ | ​ | 1,415 | ​ | ​ | 6,191 | ​ | ​ | 1,589
​ Amounts recognized in accumulated other comprehensive income consist of (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, | ​
​ |  | 2023 |  | 2022 | ​
​ | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net actuarial gain | ​ | $ | 8,842 | ​ | $ | 1,614 | ​ | $ | 6,268 | ​ | $ | 1,614 | ​
Accumulated other comprehensive income, pre-tax | ​ | ​ | 8,842 | ​ | ​ | 1,614 | ​ | ​ | 6,268 | ​ | ​ | 1,614 | ​
Accumulated other comprehensive income, net of tax | ​ |  | 8,592 | ​ |  | 1,415 | ​ |  | 6,191 | ​ |  | 1,589 | ​
​ Components of the plan’s net periodic pension cost are as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 | ​ | 2021 | ​
​ | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits | ​
Operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost | ​ | $ | 90 | ​ | $ | 65 | ​ | $ | 151 | ​ | $ | 124 | ​ | $ | 229 | ​ | $ | 143 | ​
Non-operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest cost | ​ |  | 3,323 | ​ |  | 182 | ​ |  | 2,373 | ​ |  | 139 | ​ |  | 2,043 | ​ |  | 127 | ​
Expected return on plan assets | ​ |  | (2,936) | ​ |  | — | ​ |  | (3,814) | ​ |  | — | ​ |  | (3,366) | ​ |  | — | ​
Amortization of actuarial (gain) loss | ​ |  | (43) | ​ |  | (113) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Settlement | ​ |  | — | ​ |  | — | ​ |  | 1,725 | ​ |  | — | ​ |  | 34 | ​ |  | — | ​
Net periodic pension cost | ​ | $ | 434 | ​ | $ | 134 | ​ | $ | 435 | ​ | $ | 263 | ​ | $ | (1,060) | ​ | $ | 270 | ​
​ The Company is currently evaluating whether it will make any contributions to its pension and postretirement benefit plans during the year ending December 31, 2024. ​ The following estimated benefits, which reflect expected future service, as appropriate, are expected to be paid over the next 10 years as indicated below (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Pension | ​ | Postretirement
Fiscal Year | ​ | Benefits |  | Benefits
2024 | ​ | $ | 5,365 | ​ | $ | 317
2025 | ​ |  | 4,899 | ​ | ​ | 333
2026 | ​ |  | 4,969 | ​ | ​ | 238
2027 | ​ |  | 5,026 | ​ | ​ | 265
2028 | ​ |  | 4,775 | ​ | ​ | 265
2029-2033 | ​ |  | 23,351 | ​ | ​ | 1,483
Total | ​ | $ | 48,385 | ​ | $ | 2,901
​ Multi-employer Defined Benefit Plan Certain employees of the Company’s US Telecom participate in the Alaska Electrical Pension Plan (“AEPF”). The Company pays the AEPF a contractual hourly amount based on employee classification or base compensation. As a multi-employer defined benefit plan, the accumulated benefits and plan assets are not determined for, or allocated separately to, the individual employer. The following table provides additional information about the AEPF multi-employer pension plan. ​
​ | ​
Plan name | Alaska Electrical Pension Plan
Number of employees covered | 541
Pension Protection Act zone status at the plan's year-end: | ​
December 31, 2022 | Green
December 31, 2021 | Green
Plan subject to funding improvement plan | No
Plan subject to rehabilitation plan | No
Employer subject to contribution surcharge | No
Company contributions to the plan for the year ended: | ​
December 31, 2023 | $ 6.2 million
December 31, 2022 | $ 6.6 million
December 31, 2021 | $ 3.1 million
Name and expiration date of collective bargaining agreements requiring contributions to the plan: | ​
Collective Bargaining Agreement Between Alaska | ​
Communications Systems and Local Union 1547 IBEW | June 30, 2025
Outside Agreement Alaska Electrical Construction between | ​
Local Union 1547 IBEW and Alaska Chapter National | ​
Electrical Contractors Association Inc. | June 30, 2026
Inside Agreement Alaska Electrical Construction between | ​
Local Union 1547 IBEW and Alaska Chapter National | ​
Electrical Contractors Association Inc. | April 30, 2026
​ The Company’s contributions to the plan in 2023 and 2022 represent greater than 5% of the total contributions to the plan. The Company cannot accurately project any change in the plan status in future years given the uncertainty of economic conditions or the effect of actuarial valuations versus actual performance in the market. Minimum required future contributions to the AEPF are subject to the number of employees in each classification and base compensation of employees in future years.

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