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RETIREMENT PLANS | 9 Months Ended
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Jun. 30, 2012
RETIREMENT PLANS |
RETIREMENT PLANS |
7. RETIREMENT PLANS Barnwell sponsors a noncontributory defined benefit pension plan (“Pension Plan”) covering substantially all of its U.S. employees. Additionally, Barnwell sponsors a Supplemental Employee Retirement Plan (“SERP”), a noncontributory supplemental retirement benefit plan which covers certain current and former employees of Barnwell for amounts exceeding the limits allowed under the defined benefit pension plan, and a postretirement medical insurance benefits plan (“Postretirement Medical”) covering eligible U.S. employees. The following tables detail the components of net periodic benefit cost for Barnwell’s retirement plans:
|  | Pension Plan |  |  |  | SERP |  |  |  | Postretirement Medical |
|  | Three months ended June 30, |
|  | 2012 |  |  |  | 2011 |  |  |  | 2012 |  |  |  | 2011 |  |  |  | 2012 |  |  |  | 2011 |
Service cost |  | $ | 76,000 |  |  |  | $ | 74,000 |  |  |  | $ | 12,000 |  |  |  | $ | 12,000 |  |  |  | $ | 3,000 |  |  |  | $ | 4,000 |
Interest cost |  | 81,000 |  |  |  | 78,000 |  |  |  | 15,000 |  |  |  | 14,000 |  |  |  | 12,000 |  |  |  | 17,000 |
Expected return on plan assets |  | (82,000 | ) |  |  | (74,000 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Amortization of prior service cost |  | 1,000 |  |  |  | 1,000 |  |  |  | - |  |  |  | 1,000 |  |  |  | 34,000 |  |  |  | 34,000 |
Amortization of net actuarial loss (gain) |  | 28,000 |  |  |  | 21,000 |  |  |  | 4,000 |  |  |  | 4,000 |  |  |  | (2,000 | ) |  |  | 2,000 |
Net periodic benefit cost |  | $ | 104,000 |  |  |  | $ | 100,000 |  |  |  | $ | 31,000 |  |  |  | $ | 31,000 |  |  |  | $ | 47,000 |  |  |  | $ | 57,000 |
|  | Pension Plan |  |  |  | SERP |  |  |  | Postretirement Medical |
|  | Nine months ended June 30, |
|  | 2012 |  |  |  | 2011 |  |  |  | 2012 |  |  |  | 2011 |  |  |  | 2012 |  |  |  | 2011 |
Service cost |  | $ | 227,000 |  |  |  | $ | 223,000 |  |  |  | $ | 37,000 |  |  |  | $ | 34,000 |  |  |  | $ | 9,000 |  |  |  | $ | 12,000 |
Interest cost |  | 242,000 |  |  |  | 233,000 |  |  |  | 46,000 |  |  |  | 43,000 |  |  |  | 37,000 |  |  |  | 51,000 |
Expected return on plan assets |  | (246,000 | ) |  |  | (222,000 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Amortization of prior service cost |  | 4,000 |  |  |  | 4,000 |  |  |  | - |  |  |  | 3,000 |  |  |  | 102,000 |  |  |  | 102,000 |
Amortization of net actuarial loss (gain) |  | 84,000 |  |  |  | 64,000 |  |  |  | 12,000 |  |  |  | 11,000 |  |  |  | (8,000 | ) |  |  | 6,000 |
Net periodic benefit cost |  | $ | 311,000 |  |  |  | $ | 302,000 |  |  |  | $ | 95,000 |  |  |  | $ | 91,000 |  |  |  | $ | 140,000 |  |  |  | $ | 171,000 |
Barnwell contributed $670,000 to the Pension Plan during the nine months ended June 30, 2012 and does not expect to make any further contributions during the remainder of fiscal 2012. The SERP and Postretirement Medical plans are unfunded, and Barnwell will fund benefits when payments are made. Barnwell does not expect to make any benefit payments under the Postretirement Medical plan during fiscal 2012 and expected payments under the SERP for fiscal 2012 are not material. Fluctuations in actual equity market returns as well as changes in general interest rates will result in changes in the market value of plan assets and may result in increased or decreased retirement benefits costs and contributions in future periods.

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