Pension and postretirement benefits

3 Months Ended

Mar. 31, 2023

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

Quarter ended March 31,

Quarter ended March 31,

(In thousands)

2023

2022

2023

2022

Personnel Cost:

 Service cost

$

-

$

-

$

48

$

121

Other operating expenses:

 Interest cost

7,887

4,800

1,520

983

 Expected return on plan assets

(8,591)

(8,847)

-

-

 Amortization of prior service cost/(credit)

-

-

-

-

 Amortization of net loss

5,366

3,911

(553)

-

Total net periodic pension cost 

$

4,662

$

(136)

$

1,015

$

1,104

The Corporation paid the following contributions to the plans for the three months ended March 31, 2023 and expects to pay the

following contributions for the year ending December 31, 2023.

For the three months

ended

For the year ending

(In thousands)

March 31, 2023

December 31, 2023

Pension Plans

$

57

$

228

OPEB Plan

$

1,566

$

5,924