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Note 13 - Employee Benefit Plans
 6 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Retirement Benefits [Text Block]

13.

Employee Benefit Plans

 

The Company has both a pension plan and a postretirement plan. The pension plan covers the Company’s employees hired before January 1, 2017 and provides retirement income based on years of service and employee compensation. The postretirement plan provides certain health care and supplemental life insurance benefits to retired employees who meet specific age and service requirements. Net pension plan and postretirement plan expense is detailed as follows:

 

  

Three Months Ended

  

Six Months Ended

 
  

March 31,

  

March 31,

 
  

2022

  

2021

  

2022

  

2021

 

Components of net periodic pension cost:

                

Service cost

 $162,072  $183,570  $324,144  $367,140 

Interest cost

  253,279   243,785   506,558   487,570 

Expected return on plan assets

  (457,888)  (503,936)  (915,776)  (1,007,872)

Recognized loss

  36,600   125,535   73,200   251,070 

Net periodic pension cost (benefit)

 $(5,937) $48,954  $(11,874) $97,908 

 

  

Three Months Ended

  

Six Months Ended

 
  

March 31,

  

March 31,

 
  

2022

  

2021

  

2022

  

2021

 

Components of postretirement benefit cost:

                

Service cost

 $24,450  $35,172  $48,900  $70,344 

Interest cost

  110,930   107,623   221,860   215,246 

Expected return on plan assets

  (166,541)  (149,122)  (333,082)  (298,244)

Recognized loss

  —   38,664   —   77,328 

Net postretirement benefit cost (benefit)

 $(31,161) $32,337  $(62,322) $64,674 

 

The components of net periodic benefit cost, other than the service cost component, are included in other income, net in the condensed consolidated statements of income. Service cost is included in operations and maintenance expense in the condensed consolidated statements of income.

 

The table below reflects the Company's actual contributions made fiscal year-to-date and the expected remaining contributions to be made during the balance of the current fiscal year.

 

  

Fiscal Year-to-Date Contributions

  

Remaining Fiscal Year Contributions

 

Pension plan

 $—  $500,000 

Postretirement plan

  —   400,000 

Total

 $—  $900,000