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PENSION PLAN (Tables) | 12 Months Ended
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Sep. 30, 2022
Retirement Benefits [Abstract] |
Schedule of plan's funded status and amounts recognized | The following table sets forth the Plan’s funded status and amounts recognized in the Company’s Consolidated Balance Sheets at September 30, 2022 and September 30, 2021.
|  | September 30, |
|  | 2022 |  |  | 2021 |
|  | (In thousands) |
Actuarial present value of benefit obligations |  | $ | 3,735 |  |  | $ | 4,926 |
Change in benefit obligations |  |  |  |  |  |  |  |
Projected benefit obligation, beginning |  | $ | 4,926 |  |  | $ | 5,227 |
Interest cost |  |  | 144 |  |  |  | 140 |
Actuarial (gain) loss |  |  | (1,071 | ) |  |  | (242 | )
Annuity payments and lump sum distributions |  |  | (264 | ) |  |  | (199 | )
Projected benefit obligation, end |  | $ | 3,735 |  |  | $ | 4,926 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of assets, beginning |  | $ | 4,871 |  |  | $ | 3,579 |
Actual return on plan assets |  |  | (721 | ) |  |  | 661 |
Employer contributions |  |  | — |  |  |  | 830 |
Annuity payments and lump sum distributions |  |  | (264 | ) |  |  | (199 | )
Fair value of assets, end |  | $ | 3,886 |  |  | $ | 4,871 |
Funded status included with other assets |  | $ | 151 |  |  | $ | — |
Funded status included with other liabilities |  | $ | — |  |  | $ | (55 | )
Schedule of net pension costs | Net pension cost for the years ended September 30, 2022 and 2021 included the following components:
|  | September 30, |
|  | 2022 |  |  | 2021 |
|  | (In thousands) |
Service cost benefits earned during the year |  | $ | — |  |  | $ | — |
Interest cost on projected benefit obligation |  |  | 144 |  |  |  | 140 |
Expected return on plan assets |  |  | (285 | ) |  |  | (217 | )
Amortization of unrecognized net loss |  |  | 146 |  |  |  | 206 |
Net pension cost |  | $ | 5 |  |  | $ | 129 |
Schedule of weighted-average asset allocations by asset category | The Plan’s weighted-average asset allocations at September 30, 2022 and 2021, by asset category are as follows:
|  | September 30, |
|  | 2022 |  |  | 2021 |
Equity securities |  |  | 68% |  |  |  | 68% |
Debt securities (bond mutual funds) |  |  | 31% |  |  |  | 31% |
Other (money market fund) |  |  | 1% |  |  |  | 1% |
Total |  |  | 100% |  |  |  | 100% |
Schedule of expected benefit payments | The following benefit payments are expected to be paid as follows (in thousands):
October 1, 2022 through September 30, 2023 |  | $ | 240 |
October 1, 2023 through September 30, 2024 |  |  | 253 |
October 1, 2024 through September 30, 2025 |  |  | 253 |
October 1, 2025 through September 30, 2030 |  |  | 270 |
October 1, 2026 through September 30, 2031 |  |  | 271 |
October 1, 2027 through September 30, 2032 |  |  | 1,304 |
Total |  | $ | 2,591 |
Schedule of plan assets that are measured at fair value | The following table presents the Plan assets that are measured at fair value on a recurring basis by level within the fair value hierarchy under ASC Topic 820. Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. See Note R for further detail regarding fair value hierarchy.
|  |  |  |  | Fair Value Measurements at Reporting Date Using: |
|  |  |  |  | Quoted Prices |  |  | Significant |  |  |  |
|  |  |  |  | in Active Markets |  |  | Other |  |  | Significant |
|  |  |  |  | for Identical |  |  | Observable |  |  | Unobservable |
|  | Total |  |  | Assets (Level 1) |  |  | Inputs (Level 2) |  |  | Inputs (Level 3) |
|  | (In thousands) |
At September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Investment Type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds- Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large-Cap Value |  | $ | 638 |  |  | $ | 638 |  |  | $ | — |  |  | $ | — |
Large-Cap Core |  |  | 633 |  |  |  | 633 |  |  |  | — |  |  |  | — |
Mid-Cap Core |  |  | 407 |  |  |  | 407 |  |  |  | — |  |  |  | — |
Small-Cap Core |  |  | 381 |  |  |  | 381 |  |  |  | — |  |  |  | — |
Non-U.S. Core |  |  | 573 |  |  |  | 573 |  |  |  | — |  |  |  | — |
Mutual Funds- Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intermediate Duration |  |  | 433 |  |  |  | 433 |  |  |  | — |  |  |  | — |
Short-Duration Corporate |  |  | 785 |  |  |  | 785 |  |  |  |  |  |  |  |  |
Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market |  |  | 36 |  |  |  | 36 |  |  |  | — |  |  |  | — |
Total Investment |  | $ | 3,886 |  |  | $ | 3,886 |  |  | $ | — |  |  | $ | — |
At September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Investment Type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds- Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large-Cap Value |  | $ | 749 |  |  | $ | 749 |  |  | $ | — |  |  | $ | — |
Large-Cap Core |  |  | 749 |  |  |  | 749 |  |  |  | — |  |  |  | — |
Mid-Cap Core |  |  | 506 |  |  |  | 506 |  |  |  | — |  |  |  | — |
Small-Cap Core |  |  | 481 |  |  |  | 481 |  |  |  | — |  |  |  | — |
Non-U.S. Core |  |  | 838 |  |  |  | 838 |  |  |  | — |  |  |  | — |
Mutual Funds- Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intermediate Duration |  |  | 665 |  |  |  | 665 |  |  |  | — |  |  |  | — |
Short-Duration Corporate |  |  | 853 |  |  |  | 853 |  |  |  |  |  |  |  |  |
Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market |  |  | 30 |  |  |  | 30 |  |  |  | — |  |  |  | — |
Total Investment |  | $ | 4,871 |  |  | $ | 4,871 |  |  | $ | — |  |  | $ | — |

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