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PENSION PLAN | 12 Months Ended
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Sep. 30, 2023
Pension Plan [Abstract] |
PENSION PLAN | NOTE L - PENSION PLAN The Company had a noncontributory defined benefit pension plan (the “Plan”) covering all eligible employees. On January 26, 2006, the Plan was frozen and amended to eliminate future benefit accruals after February 15, 2006. Plan assets are invested in seven diversified investment funds of the Pentegra Retirement Trust, a no load series open-ended mutual fund. The long-term investment objective is to be invested 65% in equity securities (equity mutual funds) and 35% in debt securities (bond mutual funds). Asset rebalancing is performed at least annually, with interim adjustments made when the investment mix varies more than 5% from the target (i.e., a 10% target range). Risk/volatility is further managed by the distinct investment objectives of each of the funds and the diversification within each fund. The following table sets forth the Plan’s funded status and amounts recognized in the Company’s Consolidated Balance Sheets at September 30, 2023 and September 30, 2022.
|  | September 30, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Actuarial present value of benefit obligations |  | $ | 3,495 |  |  | $ | 3,735 |
Change in benefit obligations |  |  |  |  |  |  |  |
Projected benefit obligation, beginning |  | $ | 3,735 |  |  | $ | 4,926 |
Interest cost |  |  | 190 |  |  |  | 144 |
Actuarial (gain) loss |  |  | (181 | ) |  |  | (1,071 | )
Annuity payments and lump sum distributions |  |  | (249 | ) |  |  | (264 | )
Projected benefit obligation, end |  | $ | 3,495 |  |  | $ | 3,735 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of assets, beginning |  | $ | 3,886 |  |  | $ | 4,871 |
Actual return on plan assets |  |  | 438 |  |  |  | (721 | )
Annuity payments and lump sum distributions |  |  | (249 | ) |  |  | (264 | )
Fair value of assets, end |  | $ | 4,075 |  |  | $ | 3,886 |
Funded status included with other assets |  | $ | 580 |  |  | $ | 151 |
Net pension cost for the years ended September 30, 2023 and 2022 included the following components:
|  | September 30, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Service cost benefits earned during the year |  | $ | — |  |  | $ | — |
Interest cost on projected benefit obligation |  |  | 190 |  |  |  | 144 |
Expected return on plan assets |  |  | (226 | ) |  |  | (285 | )
Amortization of unrecognized net loss |  |  | 122 |  |  |  | 146 |
Net pension cost |  | $ | 86 |  |  | $ | 5 |
For the year ended September 30, 2023 and 2022, the weighted average discount rate used in determining the actuarial net periodic pension cost was 5.25% and 3.00%, respectively. For the year ended September 30, 2023 and 2022, the weighted average discount rate used in determining the actuarial present value of the projected benefit obligation was 5.75% and 5.25%, respectively. The long-term rate-of-return-on-assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn rates of return in the ranges of 6-8% and 3-5%, respectively, with an assumed long-term inflation rate of 2.5% reflected within these ranges for the year ended September 30, 2023. When these overall return expectations are applied to the plan’s target allocation, the result is an expected rate of return of 5.0% to 7.0%. Accordingly, the expected long-term rates of return on assets were 6.00% for 2024 and 6.00% for 2023. Current Asset Allocation The Plan’s weighted-average asset allocations at September 30, 2023 and 2022, by asset category are as follows:
|  | September 30, |
|  | 2023 |  |  | 2022 |
Equity securities |  |  | 63% |  |  |  | 68% |
Debt securities (bond mutual funds) |  |  | 36% |  |  |  | 31% |
Other (money market fund) |  |  | 2% |  |  |  | 1% |
Total |  |  | 100% |  |  |  | 100% |
The target asset allocation set for the assets of the Plan are in equity securities ranging from 50% to 75% and in debt securities ranging from 25% to 50%. In general, the Plan assets are investment securities that are well-diversified in terms of industry, capitalization and asset class. The Plan assets are mostly a mix of mutual funds indexed to the performance of Fortune 500 U.S. companies, debt securities held in bond funds, domestic and foreign common equity funds, and a money market fund. The Plan’s exposure to a concentration of credit risk is limited by the diversification of the investments into various investment options with multiple asset managers. Expected Contributions For the fiscal year ending September 30, 2024, the Company does not expect to make a contribution to the Plan. Estimated Future Benefit Payments The following benefit payments are expected to be paid as follows (in thousands):
October 1, 2023 through September 30, 2024 |  | $ | 275 |
October 1, 2024 through September 30, 2025 |  |  | 273 |
October 1, 2025 through September 30, 2030 |  |  | 272 |
October 1, 2026 through September 30, 2031 |  |  | 270 |
October 1, 2027 through September 30, 2032 |  |  | 268 |
October 1, 2028 through September 30, 2033 |  |  | 1,258 |
Total |  | $ | 2,616 |
Included in the funded status of the Plan at September 30, 2023 and 2022, are actuarial losses of $440,000 and $956,000, respectively. These amounts are included, net of related income tax effects of $132,000 and $288,000, respectively, in the accumulated other comprehensive loss component of stockholders’ equity. 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 Q 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, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Investment Type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds - Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large - Cap Value |  | $ | 682 |  |  | $ | 682 |  |  | $ | — |  |  | $ | — |
Large - Cap Core |  |  | 525 |  |  |  | 525 |  |  |  | — |  |  |  | — |
Mid - Cap Core |  |  | 459 |  |  |  | 459 |  |  |  | — |  |  |  | — |
Small - Cap Core |  |  | 429 |  |  |  | 429 |  |  |  | — |  |  |  | — |
Non - U.S. Core |  |  | 465 |  |  |  | 465 |  |  |  | — |  |  |  | — |
Mutual Funds - Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intermediate Duration |  |  | 634 |  |  |  | 634 |  |  |  | — |  |  |  | — |
Short - Duration Corporate |  |  | 816 |  |  |  | 816 |  |  |  |  |  |  |  |  |
Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market |  |  | 65 |  |  |  | 65 |  |  |  | — |  |  |  | — |
Total Investment |  | $ | 4,075 |  |  | $ | 4,075 |  |  | $ | — |  |  | $ | — |
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 |  |  | $ | — |  |  | $ | — |
Equity and debt securities are reported at fair value in the table above utilizing exchange quoted prices in active markets for identical instruments (Level 1 inputs).

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