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Note 8 - Accrued Retirement Benefits
6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Retirement Benefits [Text Block]

8.

ACCRUED RETIREMENT BENEFITS

 

Accrued retirement benefits at June 30, 2024 and December 31, 2023 consisted of the following:

 

  

June 30,

  

December 31,

 
  

2024

  

2023

 
  

(unaudited)

  

(audited)

 
  

(in thousands)

 
         

Defined benefit pension plan

 $(53) $(33)

Non-qualified retirement plans

  1,701   1,725 

Total

  1,648   1,692 

Less current portion

  (142)  (142)

Non-current portion of accrued retirement benefits

 $1,506  $1,550 

 

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 employees and former executives. In 2009, the non-qualified retirement plan was frozen, and in 2011, the pension benefits under the defined benefit pension plan were frozen. All future vesting of additional benefits were discontinued effective in 2009 for the non-qualified plan and in 2011 for the defined benefit pension plan. The Board of Directors approved the termination of the defined benefit pension plan and the non-qualified retirement plan in 2023.

 

The net periodic benefit costs for pension and post-retirement benefits for the three and six months ended June 30, 2024 and 2023 were as follows:

 

  

Three Months Ended June 30,

(unaudited)

  

Six Months Ended June 30,

(unaudited)

 
  

2024

  

2023

  

2024

  

2023

 
  

(in thousands)

  

(in thousands)

 
                 

Interest cost

 $184  $203  $368  $406 

Expected return on plan assets

  (174)  (164)  (348)  (328)

Amortization of net loss

  68   82   136   165 

Pension and other postretirement expenses

 $78  $121  $156  $243 

 

No contributions are required to be made to the defined benefit pension plan in 2024.