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RETIREMENT PLANS
 9 Months Ended
Sep. 30, 2024
RETIREMENT PLANS  
RETIREMENT PLANS

10. 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.

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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):

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Three months ended

  

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Nine months ended

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September 30, 2024

   

September 30, 2023

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September 30, 2024

   

September 30, 2023

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Pension benefits

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Postretirement benefits

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Pension benefits

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Postretirement benefits

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Pension benefits

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Postretirement benefits

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Pension benefits

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Postretirement benefits

Operating expense

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Service cost

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$

22

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$

16

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$

38

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$

31

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$

67

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$

49

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$

113

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$

62

Non-operating expense

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Interest cost

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824

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45

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593

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35

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2,473

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136

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1,780

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70

Expected return on plan assets

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(729)

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—

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(953)

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—

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(2,188)

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—

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(2,858)

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—

Amortization of unrecognized actuarial gain

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(11)

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(28)

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—

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—

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(32)

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(84)

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—

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—

Settlements

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—

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—

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—

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—

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—

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—

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369

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—

Net periodic pension expense (benefit)

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$

106

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$

33

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$

(322)

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$

66

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$

320

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$

101

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$

(596)

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$

132

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The Company was not required to make contributions to its pension plans during the nine months ended September 30, 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 nine months ended September 30, 2024 and 2023.