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Note 15 - Employee Benefit Plans
 3 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Retirement Benefits [Text Block]

15.

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 a retirement benefit based on years of service and employee compensation.  The postretirement plan, covering employees hired before January 1, 2000, 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 December 31,

 
  

2024

  

2023

 

Components of net periodic pension cost:

        

Service cost

 $96,858  $81,066 

Interest cost

  352,602   367,206 

Expected return on plan assets

  (375,976)  (294,958)

Recognized loss

  14,857   79,132 

Net periodic pension cost

 $88,341  $232,446 

 

  

Three Months Ended December 31,

 
  

2024

  

2023

 

Components of postretirement benefit cost:

        

Service cost

 $1,095  $7,599 

Interest cost

  126,856   153,369 

Expected return on plan assets

  (182,430)  (133,311)

Recognized gain

  (58,153)  (10,149)

Net postretirement benefit cost

 $(112,632) $17,508 

 

The components of net periodic benefit cost, excluding 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.

 

No funding contributions were made to the pension plan or postretirement plan for the periods presented in the tables above.  The Company is not currently planning to make any funding contributions to either plan for the remainder of fiscal 2025.