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RETIREMENT PLANS | 3 Months Ended
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Dec. 31, 2014
RETIREMENT PLANS |
RETIREMENT PLANS | 8.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 Pension Plan, and a postretirement medical insurance benefits plan (“Postretirement Medical”) covering eligible U.S. employees. The following table details the components of net periodic benefit cost for Barnwell’s retirement plans:
|  | Pension Plan |  | SERP |  | Postretirement Medical |
|  | Three months ended December 31, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Service cost |  |  | $ | 51,000 |  |  |  | $ | 59,000 |  |  |  | $ | 15,000 |  |  |  | $ | 12,000 |  |  |  | $ | - |  |  |  | $ | 3,000 |
Interest cost |  |  |  | 87,000 |  |  |  |  | 85,000 |  |  |  |  | 18,000 |  |  |  |  | 16,000 |  |  |  |  | 13,000 |  |  |  |  | 13,000 |
Expected return on plan assets |  |  |  | (125,000 | ) |  |  |  | (105,000 | ) |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |
Amortization of prior service cost (credit) |  |  |  | 1,000 |  |  |  |  | 1,000 |  |  |  |  | (1,000 | ) |  |  |  | (1,000 | ) |  |  |  | - |  |  |  |  | 3,000 |
Amortization of net actuarial loss (gain) |  |  |  | 21,000 |  |  |  |  | 9,000 |  |  |  |  | 6,000 |  |  |  |  | 1,000 |  |  |  |  | (1,000 | ) |  |  |  | (5,000 | )
Net periodic benefit cost |  |  | $ | 35,000 |  |  |  | $ | 49,000 |  |  |  | $ | 38,000 |  |  |  | $ | 28,000 |  |  |  | $ | 12,000 |  |  |  | $ | 14,000 |
Barnwell contributed $250,000 to the Pension Plan during the three months ended December 31, 2014 and does not expect to make any further contributions during the remainder of fiscal 2015. The SERP and Postretirement Medical plans are unfunded, and Barnwell funds benefits when payments are made. Barnwell does not expect to make any benefit payments under the Postretirement Medical plan during fiscal 2015 and expected payments under the SERP for fiscal 2015 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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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6414718&loc=d3e28014-114942 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35743120&loc=d3e2410-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=35742057&loc=SL14450702-114947 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6414199&loc=d3e39622-114963 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39675-114964 + Details
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