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RETIREMENT PLANS | 9 Months Ended
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Jun. 30, 2022
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 June 2021, the Company terminated its Post-retirement Medical plan effective June 4, 2021. Pursuant to the Post-retirement Medical plan document, the Company, as the sponsor of the Post-retirement Medical plan, had the right to terminate the plan by resolution of the Board of Directors of the Company and sixty days’ notice to each participant in the plan. Further, under the terms of the plan document, the participants in the Post-retirement Medical plan were not entitled to any unpaid vested benefits thereunder upon termination of the plan. The Post-retirement Medical plan was an unfunded plan and the Company funded benefits when payments were made. As a 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,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Interest cost | $ | 73,000 |  |  | $ | 64,000 |  |  | $ | 15,000 |  |  | $ | 13,000 |  |  | $ | — |  |  | $ | 12,000 |
Expected return on plan assets | (156,000) |  |  | (136,000) |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of net actuarial loss | — |  |  | 10,000 |  |  | — |  |  | — |  |  | — |  |  | 16,000 |
Net periodic benefit (income) cost | $ | (83,000) |  |  | $ | (62,000) |  |  | $ | 15,000 |  |  | $ | 13,000 |  |  | $ | — |  |  | $ | 28,000 |
| Pension Plan |  | SERP |  | Post-retirement Medical
| Nine months ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Interest cost | $ | 218,000 |  |  | $ | 193,000 |  |  | $ | 45,000 |  |  | $ | 39,000 |  |  | $ | — |  |  | $ | 48,000 |
Expected return on plan assets | (467,000) |  |  | (410,000) |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of net actuarial loss | — |  |  | 30,000 |  |  | — |  |  | — |  |  | — |  |  | 62,000 |
Net periodic benefit (income) cost | $ | (249,000) |  |  | $ | (187,000) |  |  | $ | 45,000 |  |  | $ | 39,000 |  |  | $ | — |  |  | $ | 110,000 |
The net periodic benefit (income) 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 2022. The SERP plan is unfunded and Barnwell funds benefits when payments are made. Expected payments under the SERP for fiscal 2022 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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