EMPLOYEE BENEFIT PLANS

3 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

10. EMPLOYEE BENEFIT PLANS

Pension and Other Postemployment Benefit Plans

The components of the net periodic cost for pension benefits, including the Company's Pension Equalization Plan, and OPEB costs (principally health care and life insurance) for employees and covered dependents were as follows:

	Pension				OPEB
	Three Months Ended				Three Months Ended
	December 31,				December 31,
(Thousands)	2022		2021		2022		2021
Service cost	$	1,350	$	2,073	$	618	$	1,076
Interest cost	3,794		2,408		2,286		1,589
Expected return on plan assets	(4,993)		(5,319)		(1,680)		(1,894)
Recognized actuarial loss	75		2,186		—		1,421
Prior service cost (credit) amortization	25		25		—		(36)
Net periodic benefit cost	$	251	$	1,373	$	1,224	$	2,156

The Company does not expect to be required to make additional contributions to fund the pension plans during fiscal 2023 based on current actuarial assumptions; however, funding requirements are uncertain and can depend significantly on changes in actuarial assumptions, returns on plan assets and changes in the demographics of eligible employees and covered dependents. In addition, as in the past, the Company may elect to make contributions in excess of the minimum required amount to the plans. There were no discretionary contributions made during the three months ended December 31, 2022 and 2021.

There are no federal requirements to pre-fund OPEB benefits. However, the Company is required to fund certain amounts due to regulatory agreements with the BPU and estimates that it will contribute between $5 million and $10 million over each of the next five years. Additional contributions may be required based on market conditions and changes to assumptions.