Components of Net Periodic Benefit Cost

9 Months Ended

Sep. 30, 2022

Components of Net Periodic Benefit Cost

Components of Net Periodic Benefit Cost

6.    Components of Net Periodic Benefit Cost

	Three Months Ended September 30,								Nine Months Ended September 30,
					Post-Retirement								Post-Retirement
	Pension Benefits				Health Benefits				Pension Benefits				Health Benefits
(Dollar amounts in thousands)	2022		2021		2022		2021		2022		2021		2022		2021
Service cost	$	297	$	339	$	8	$	10	$	892	$	1,016	$	25	$	32
Interest cost		707		658		28		26		2,120		1,974		83		77
Expected return on plan assets		(1,227)		(1,178)		—		—		(3,682)		(3,535)		—		—
Net amortization of prior service cost		—		—		—		—		—		—		—		—
Net amortization of net (gain) loss		315		518		—		—		944		1,554		—		—
Net Periodic Benefit Cost	$	92	$	337	$	36	$	36	$	274	$	1,009	$	108	$	109

Employer Contributions

First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2021 that it expected to contribute $250 thousand and $703 thousand respectively to its Pension Plan and ESOP and $248 thousand to the Post Retirement Health Benefits Plan in 2022. Contributions of $95 thousand have been made to the Pension Plan thus far in 2022. Contributions of $171 thousand have been made through the first nine months of 2022 for the Post Retirement Health Benefits plan. No contributions have been made in 2022 for the ESOP. The Pension plan was frozen for most employees at the end of 2012 and for those employees there will be discretionary contributions to the ESOP plan and a 401K plan in place of the former Pension benefit. In the first nine months of 2022 and 2021 there has been $1.7 million and $2.3 million of expense accrued for potential contributions to these alternative retirement benefit options.