Pension and postretirement benefits

9 Months Ended

Sep. 30, 2022

Employee benefits

Pension and postretirement benefits

Note 29 – Pension and postretirement benefits

The Corporation has a non-contributory defined benefit pension plan and supplementary pension benefit restoration plans for regular employees of certain of its subsidiaries (the “Pension Plans”). The accrual of benefits under the Pension Plans is frozen to all participants. The Corporation also provides certain postretirement health care benefits for retired employees of certain subsidiaries (the “OPEB Plan”).

The components of net periodic cost for the Pension Plans and the OPEB Plan for the periods presented were as follows:

		Pension Plans				OPEB Plan
		Quarters ended September 30,				Quarters ended September 30,
(In thousands)		2022		2021		2022		2021
Personnel Cost:
Service cost	$	-	$	-	$	121	$	160
Other operating expenses:
Interest cost		4,800		3,998		983		893
Expected return on plan assets		(8,847)		(9,670)		-		-
Amortization of prior service cost/(credit)		-		-		-		-
Amortization of net loss		3,911		4,719		-		468
Total net periodic pension cost	$	(136)	$	(953)	$	1,104	$	1,521

		Pension Plans				OPEB Plan
		Nine months ended September 30,				Nine months ended September 30,
(In thousands)		2022		2021		2022		2021
Personnel Cost:
Service cost	$	-	$	-	$	364	$	480
Other operating expenses:
Interest cost		14,399		11,994		2,948		2,679
Expected return on plan assets		(26,541)		(29,011)		-		-
Amortization prior service cost/(credit)		-		-		-		-
Amortization of net loss		11,733		14,159		-		1,407
Total net periodic pension cost	$	(409)	$	(2,858)	$	3,312	$	4,566

The Corporation paid the following contributions to the plans for the nine months ended September 30, 2022 and expects to pay the following contributions for the year ending December 31, 2022.

	For the nine months ended		For the year ending
(In thousands)	September 30, 2022		December 31, 2022
Pension Plans	$	170	$	227
OPEB Plan	$	5,046	$	5,971