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RETIREMENT PLANS | 9 Months Ended
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Jun. 30, 2021
Retirement Benefits [Abstract] |
RETIREMENT PLANS | 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 Executive 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 previously sponsored a post-retirement medical insurance benefits plan (“Post-retirement Medical”) covering eligible U.S. employees. In December 2019, the Company’s Board of Directors approved a resolution to freeze all future benefit accruals for all participants under the Company’s Pension Plan and SERP effective December 31, 2019. Consequently, current participants in the Pension Plan and SERP no longer accrue new benefits under the plans and new employees of the Company are no longer eligible to enter the Pension Plan and SERP as participants after December 31, 2019. The freezing of the Pension Plan and SERP triggered a curtailment which required a remeasurement of the projected benefit obligations of the Pension Plan and SERP and resulted in an $880,000 actuarial gain in accumulated other comprehensive loss and a $1,699,000 reduction in unrecognized pension benefit costs that were previously included in accumulated other comprehensive loss, with a corresponding benefit in other comprehensive income which were recorded in the quarter ended December 31, 2019. In June 2021, the Company terminated its Post-retirement Medical plan, which covered officers of the Company who had attained at least 20 years of service of which at least 10 years were at the position of Vice President or higher, their spouses and qualifying dependents, effective June 4, 2021. The Post-retirement Medical plan was an unfunded plan and the Company funded benefits when payments were made. As result of the plan termination, the Company recognized a non-cash gain of $2,341,000 during the three and nine months ended June 30, 2021. The following tables detail the components of net periodic benefit (income) cost for Barnwell’s retirement plans:
| Pension Plan |  | SERP |  | Post-retirement Medical
| Three months ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Interest cost | $ | 64,000 |  |  | $ | 73,000 |  |  | $ | 13,000 |  |  | $ | 16,000 |  |  | $ | 12,000 |  |  | $ | 20,000 |
Expected return on plan assets | (136,000) |  |  | (173,000) |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of net actuarial loss | 10,000 |  |  | — |  |  | — |  |  | — |  |  | 16,000 |  |  | 20,000 |
Net periodic benefit (income) cost | $ | (62,000) |  |  | $ | (100,000) |  |  | $ | 13,000 |  |  | $ | 16,000 |  |  | $ | 28,000 |  |  | $ | 40,000 |
| Pension Plan |  | SERP |  | Post-retirement Medical
| Nine months ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Service cost | $ | — |  |  | $ | 50,000 |  |  | $ | — |  |  | $ | 3,000 |  |  | $ | — |  |  | $ | — |
Interest cost | 193,000 |  |  | 228,000 |  |  | 39,000 |  |  | 49,000 |  |  | 48,000 |  |  | 60,000 |
Expected return on plan assets | (410,000) |  |  | (508,000) |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | — |  |  | 1,000 |  |  | — |  |  | (1,000) |  |  | — |  |  | — |
Amortization of net actuarial loss | 30,000 |  |  | 35,000 |  |  | — |  |  | 5,000 |  |  | 62,000 |  |  | 60,000 |
Curtailment cost (income) | — |  |  | 53,000 |  |  | — |  |  | (53,000) |  |  | — |  |  | — |
Net periodic benefit (income) cost | $ | (187,000) |  |  | $ | (141,000) |  |  | $ | 39,000 |  |  | $ | 3,000 |  |  | $ | 110,000 |  |  | $ | 120,000 |
The net periodic benefit (income) cost, including service cost, is included in “General and administrative” expenses in the Company's Condensed Consolidated Statements of Operations. Currently, no contributions are expected to be made to the Pension Plan during fiscal 2021. The SERP plan is unfunded and Barnwell funds benefits when payments are made. Expected payments under the SERP for fiscal 2021 is 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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