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Employee Benefit Plans
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Employee Benefit Plans

Note 12 – Employee Benefit Plans

 

The Company has a qualified, defined benefit pension plan (the “Plan”) that was established to provide benefits to certain employees. The Plan is frozen and participants are no longer accruing benefits. Generally, contributions to the Plan were not less than the minimum amounts required under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and not more than the maximum amount that can be deducted for federal income tax purposes. The Plan assets are held by an independent trustee and consist primarily of equity and fixed income securities.

 

The components of net periodic benefit cost (benefit) for the three and nine months ended September 30, 2023 and 2022, are as follows:

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Pension Benefits

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Interest cost

 

$

151

 

 

$

157

 

 

$

453

 

 

$

709

 

Expected return on plan assets

 

 

(83

)

 

 

(208

)

 

 

(250

)

 

 

(1,442

)

Amortization of unrecognized net income (loss)

 

 

38

 

 

 

40

 

 

 

115

 

 

 

207

 

Reclassification adjustment for amortization of net income (loss)

 

 

-

 

 

 

(36

)

 

 

-

 

 

 

(36

)

Loss on pension settlement

 

 

313

 

 

 

8,105

 

 

 

313

 

 

 

8,105

 

 

 

$

419

 

 

$

8,058

 

 

$

631

 

 

$

7,543

 

 

The Company made no contributions to the Company’s defined benefit pension plan for the three and nine months ended September 30, 2023 and 2022. The Company expects to make no further contributions to its pension plan.

 

During the three and nine months ended September 30, 2023, the Company offered a one-time, lump sum pay-out option to its terminated vested participants under the Plan. The lump sum pay-out was funded by the assets of the Plan. As a result of the lump sum pay-out, the Company reduced its gross Plan liabilities by $536 and recognized a non-cash pre-tax pension settlement loss of $313 during the three and nine months ended September 30, 2023.

 

The Company also maintains qualified defined contribution plans, which provide benefits to employees based on employee contributions and employee earnings with discretionary contributions allowed.