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PENSION PLAN
 12 Months Ended
Sep. 30, 2024
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.

 

The following table sets forth the Plan’s funded status and amounts recognized in the Company’s Consolidated Balance Sheets at September 30, 2024 and September 30, 2023.

 

   September 30, 
   2024   2023 
   (In thousands) 
         
Actuarial present value of benefit obligations  $3,697   $3,495 
           
Change in benefit obligations          
Projected benefit obligation, beginning  $3,495   $3,735 
Interest cost   193    190 
Actuarial (gain) loss   283    (181)
Annuity payments and lump sum distributions   (274)   (249)
           
Projected benefit obligation, end  $3,697   $3,495 
           
Change in plan assets          
Fair value of assets, beginning  $4,076   $3,886 
Actual return on plan assets   816    438 
Annuity payments and lump sum distributions   (274)   (248)
           
Fair value of assets, end  $4,618   $4,076 
           
Funded status included with other assets  $921   $580 

 

Net pension cost for the years ended September 30, 2024 and 2023 included the following components:

 

   September 30, 
   2024   2023 
   (In thousands) 
         
Service cost benefits earned during the year  $
—
   $
—
 
Interest cost on projected benefit obligation   193    190 
Expected return on plan assets   (236)   (226)
Amortization of unrecognized net loss   53    122 
Net pension cost  $10   $86 

 

Current Asset Allocation

 

The Plan’s weighted-average asset allocations at September 30, 2024 and 2023, by asset category are as follows:

 

   September 30, 
   2024   2023 
         
Equity securities   65%    63% 
Debt securities (bond mutual funds)   32%    36% 
Other (money market fund)   2%    2% 
Total   100%    100% 

 

Expected Contributions

 

For the fiscal year ending September 30, 2025, 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, 2024 through September 30, 2025  $276 
October 1, 2025 through September 30, 2026   275 
October 1, 2026 through September 30, 2027   274 
October 1, 2027 through September 30, 2028   271 
October 1, 2028 through September 30, 2029   269 
October 1, 2029 through September 30, 2034   1,263 
Total  $2,628 

 

Included in the funded status of the Plan at September 30, 2024 and 2023, are actuarial losses of $91 thousand and $440 thousand, respectively. These amounts are included, net of related income tax effects of $132 thousand in the accumulated other comprehensive loss component of stockholders’ equity at September 30, 2024 and 2023.

 

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, 2024                
Investment Type                    
Mutual Funds - Equity                    
Large - Cap Value  $738   $738   $
—
   $
—
 
Large - Cap Core   628    628    
—
    
—
 
Mid - Cap Core   591    591    
—
    
—
 
Small - Cap Core   484    484    
—
    
—
 
Non - U.S. Core   581    581    
—
    
—
 
Mutual Funds - Fixed Income                    
Intermediate Duration   707    707    
—
    
—
 
Short - Duration Corporate   787    787    
—
    
—
 
Cash Equivalents                    
Money Market   102    102    
—
    
—
 
Total Investment  $4,618   $4,618   $
—
   $
—
 
                     
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   $
—
   $
—
 

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).