Note 9 - Accrued Retirement Benefits

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Retirement Benefits [Text Block]

9. ACCRUED RETIREMENT BENEFITS

Accrued retirement benefits at September 30, 2023 and December 31, 2022 consisted of the following:

	September 30,		December 31,
	2023		2022
	(unaudited)		(audited)
	(in thousands)
Defined benefit pension plan	$	1,077	$	1,023
Non-qualified retirement plans		1,698		1,731
Total		2,775		2,754
Less current portion		142		142
Non-current portion of accrued retirement benefits	$	2,633	$	2,612

The Company has a defined benefit pension plan which covers many of its former bargaining unit employees and an unfunded non-qualified plan covering nine former non-bargaining unit management and former executives. In 2011, pension benefits under the qualified plan were frozen and the non-qualified retirement plan was frozen in 2009. All future vesting of additional benefits were discontinued effective in 2011 for the qualified plan and 2009 for the unqualified plan. During the nine months ended September 30, 2023, the Board approved the termination of the defined benefit pension plan and the non-qualified retirement plan. The final settlements of the plan terminations are expected to be completed in 2024.

The net periodic benefit costs for pension and post-retirement benefits for the three and nine months ended September 30, 2023 and 2022 were as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	(unaudited)						(unaudited)
	2023			2022			2023			2022
	(in thousands)
Interest cost	$	203		$	264		$	608		$	793
Expected return on plan assets		(165	)		(306	)		(491	)		(918	)
Amortization of net loss		83			156			247			468
Pension and other postretirement expenses	$	121		$	114		$	364		$	343

No contributions are required to be made to the defined benefit pension plan in 2023.