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RETIREMENT PLANS | 3 Months Ended
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Mar. 31, 2024
RETIREMENT PLANS |
RETIREMENT PLANS | 9. RETIREMENT PLANS Multi-employer Defined Benefit Plan Pension benefits for substantially all of the Company’s Alaska-based employees are provided through the Alaska Electrical Pension Fund (“AEPF”). The Company pays a contractual hourly amount based on employee classification or base compensation to the AEPF. As a multi-employer defined benefit plan, the accumulated benefits and plan assets are not determined for, or allocated separately to, the individual employer. This plan was not in endangered or critical status during the plan year. Defined Benefit Plan The Company has noncontributory defined benefit pension and noncontributory defined medical, dental, vision, and life benefit plans for eligible employees who meet certain eligibility criteria. The majority of benefits under the plans are frozen and the plans no longer allow new participants to join. The Company recorded the net periodic benefit cost identified below (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended
​ | ​ | March 31, 2024 |  | March 31, 2023
​ | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits
Operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost | ​ | $ | 22 | ​ | $ | 16 | ​ | $ | 38 | ​ | $ | 31
Non-operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest cost | ​ | ​ | 824 | ​ | ​ | 45 | ​ | ​ | 593 | ​ | ​ | 35
Expected return on plan assets | ​ |  | (729) | ​ |  | — | ​ | ​ | (953) | ​ |  | —
Amortization of unrecognized actuarial gain | ​ | ​ | (11) | ​ | ​ | (28) | ​ | ​ | — | ​ | ​ | —
Settlements | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 369 | ​ | ​ | —
Net periodic pension expense (benefit) | ​ | $ | 106 | ​ | $ | 33 | ​ | $ | 47 | ​ | $ | 66
​ The Company was not required to make contributions to its pension plans during the three months ended March 31, 2024 and 2023. However, the Company periodically evaluates whether to make discretionary contributions. The Company funds its postretirement benefit plans as claims are made and did not make contributions to its pension plans during the three months ended March 31, 2024 and 2023.

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