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Employee Benefit Plans
6 Months Ended
Mar. 31, 2020
Retirement Benefits [Abstract]  
Employee Benefit Plans
Employee Benefit Plans

The Company has both a pension plan and a postretirement plan. The pension plan covers substantially all of the Company’s employees hired before January 1, 2017 and provides retirement income based on years of service and employee compensation. The postretirement plan provides certain health care and supplemental life insurance benefits to retired employees who meet specific age and service requirements. Net pension plan and postretirement plan expense is detailed as follows:
 
 
Three Months Ended
 
Six Months Ended
 
March 31,
 
March 31,
 
2020
 
2019
 
2020
 
2019
Components of net periodic pension cost:
 
 
 
 
 
 
 
Service cost
$
172,902

 
$
134,317

 
$
345,804

 
$
268,634

Interest cost
265,557

 
291,682

 
531,114

 
583,364

Expected return on plan assets
(459,156
)
 
(387,359
)
 
(918,312
)
 
(774,718
)
Recognized loss
113,936

 
39,650

 
227,872

 
79,300

Net periodic pension cost
$
93,239

 
$
78,290

 
$
186,478

 
$
156,580


 
 
Three Months Ended
 
Six Months Ended
 
March 31,
 
March 31,
 
2020
 
2019
 
2020
 
2019
Components of postretirement benefit cost:
 
 
 
 
 
 
 
Service cost
$
41,970

 
$
33,221

 
$
83,940

 
$
66,442

Interest cost
132,869

 
162,236

 
265,738

 
324,472

Expected return on plan assets
(137,599
)
 
(136,805
)
 
(275,198
)
 
(273,610
)
Recognized loss
59,343

 
30,951

 
118,686

 
61,902

Net postretirement benefit cost
$
96,583

 
$
89,603

 
$
193,166

 
$
179,206



The components of net periodic benefit cost, other than the service cost component, are included in other income, net in the condensed consolidated statements of income. Service cost is included in operations and maintenance expense in the condensed consolidated statements of income.

The table below reflects the Company's actual contributions made fiscal year-to-date and the expected contributions to be made during the balance of the current fiscal year.  
 
 
Fiscal Year-to-Date Contributions
 
Remaining Fiscal Year Contributions
 
Defined benefit pension plan
$
400,000

 
$
400,000

 
Postretirement medical plan
400,000

 

 
Total
$
800,000

 
$
400,000