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Employee Benefit Plans
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans

Note 14 – 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 for the three and nine months ended September 30, 2024 and 2023, are as follows:

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Pension Benefits

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Interest cost

 

$

130

 

 

$

151

 

 

$

399

 

 

$

453

 

Expected return on plan assets

 

 

(70

)

 

 

(83

)

 

 

(220

)

 

 

(250

)

Amortization of unrecognized net income

 

 

39

 

 

 

38

 

 

 

109

 

 

 

115

 

Loss on pension settlement

 

 

-

 

 

 

313

 

 

 

-

 

 

 

313

 

 

 

$

99

 

 

$

419

 

 

$

288

 

 

$

631

 

 

The Company made no contributions to the Plan for the three and nine months ended September 30, 2024 and 2023. The Company expects to make no contributions to the Plan in 2024.

 

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