Schedule of Components of Net Periodic Pension and Postretirement Benefit Cost |
Net pension plan and postretirement plan expense is detailed as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | Nine Months Ended | | | | June 30, | | | | June 30, | | | | 2020 | | 2019 | | 2020 | | 2019 | Components of net periodic pension cost: | | | | | | | | Service cost | $ | 172,902 | | | $ | 134,317 | | | $ | 518,706 | | | $ | 402,951 | | Interest cost | 265,557 | | | 291,682 | | | 796,671 | | | 875,046 | | Expected return on plan assets | (459,156) | | | (387,359) | | | (1,377,468) | | | (1,162,077) | | Recognized loss | 113,936 | | | 39,650 | | | 341,808 | | | 118,950 | | Net periodic pension cost | $ | 93,239 | | | $ | 78,290 | | | $ | 279,717 | | | $ | 234,870 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | Nine Months Ended | | | | June 30, | | | | June 30, | | | | 2020 | | 2019 | | 2020 | | 2019 | Components of postretirement benefit cost: | | | | | | | | Service cost | $ | 41,970 | | | $ | 33,221 | | | $ | 125,910 | | | $ | 99,663 | | Interest cost | 132,869 | | | 162,236 | | | 398,607 | | | 486,708 | | Expected return on plan assets | (137,599) | | | (136,805) | | | (412,797) | | | (410,415) | | | | | | | | | | Recognized loss | 59,343 | | | 30,951 | | | 178,029 | | | 92,853 | | Net postretirement benefit cost | $ | 96,583 | | | $ | 89,603 | | | $ | 289,749 | | | $ | 268,809 | |
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Summary of Employer Contributions to Defined Benefit Plans |
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 | $ | 800,000 | | | $ | — | | | Postretirement medical plan | 400,000 | | | — | | | Total | $ | 1,200,000 | | | $ | — | |
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