Pension and Retirement Plans

9 Months Ended

Jun. 30, 2024

Pension and Retirement Plans

Pension and Retirement Plans

10.          Pension and Retirement Plans

The Company’s operations have defined benefit and defined contribution plans in the UK and in the US. In the UK, the Company provides defined benefit pension plans and defined contribution plans for some of its employees. In the US, the Company provides benefits through supplemental retirement plans to certain former employees. The US supplemental retirement plans have life insurance policies which are not plan assets but were purchased by the Company as a vehicle to fund the costs of the plan. The Company also provides for officer death benefits through post-retirement plans to certain current officers of the Company in the US All the Company’s defined benefit plans are closed to newly hired employees and have been since September 2009.

The Company funds its pension plans in amounts sufficient to meet the requirements set forth in applicable employee benefits laws and local tax laws. Liabilities for amounts in excess of these funding levels are accrued and reported in the condensed consolidated balance sheets.

The Company’s pension plan in the UK is the only plan with plan assets. The plan assets consist of an investment in a commingled fund which in turn comprises a diversified mix of assets including corporate equity securities, government securities and corporate debt securities.

The components of net periodic benefit costs related to the US and UK plans are as follows:

	Three Months Ended June 30,
	2024						2023
	U.K.		U.S.		Total		U.K.		U.S.		Total
	(Amounts in thousands)
Pension:
Interest cost	$	112	$	2	$	114	$	110	$	4	$	114
Expected return on plan assets		(149)		—		(149)		(148)		—		(148)
Amortization of past service costs		2		—		2		1		—		1
Amortization of net gain		—		(1)		(1)		—		(1)		(1)
Net periodic (benefit) cost	$	(35)	$	1	$	(34)	$	(37)	$	3	$	(34)
Post Retirement:
Service cost	$	—	$	5	$	5	$	—	$	6	$	6
Interest cost		—		16		16		—		14		14
Amortization of net gain		—		(43)		(43)		—		(50)		(50)
Net periodic benefit	$	—	$	(22)	$	(22)	$	—	$	(30)	$	(30)

	Nine months ended June 30,
	2024						2023
	U.K.		U.S.		Total		U.K.		U.S.		Total
	(Amounts in thousands)
Pension:
Interest cost	$	333	$	8	$	341	$	321	$	11	$	332
Expected return on plan assets		(445)		—		(445)		(430)		—		(430)
Amortization of past service costs		6		—		6		5		—		5
Amortization of net gain		—		(4)		(4)		—		(3)		(3)
Net periodic (benefit) cost	$	(106)	$	4	$	(102)	$	(104)	$	8	$	(96)
Post Retirement:
Service cost	$	—	$	17	$	17	$	—	$	18	$	18
Interest cost		—		48		48		—		46		46
Amortization of net gain		—		(129)		(129)		—		(147)		(147)
Net periodic benefit	$	—	$	(64)	$	(64)	$	—	$	(83)	$	(83)

The fair value of the assets held by the UK pension plan by asset category are as follows:

	Fair Values as of
	June 30, 2024								September 30, 2023
	Fair Value Measurements Using Inputs Considered as								Fair Value Measurements Using Inputs Considered as
Asset Category	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	(Amounts in thousands)
Cash on deposit	$	64	$	64	$	—	$	—	$	428	$	428	$	—	$	—
Fixed income		9,565		8,016		1,549		—		8,703		7,251		1,452		—
Equity		881		247		634		—		903		266		637		—
Total plan assets	$	10,510	$	8,327	$	2,183	$	—	$	10,034	$	7,945	$	2,089	$	—