Pension and Postretirement Benefits

3 Months Ended

Mar. 31, 2024

Employee benefits

Pension and postretirement benefits

Note 28 – 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)

2024

2023

2024

2023

Personnel Cost:

 Service cost

$

-

$

-

$

32

$

48

Other operating expenses:

 Interest cost

7,558

7,887

1,421

1,520

 Expected return on plan assets

(8,594)

(8,591)

-

-

 Amortization of prior service cost/(credit)

-

-

-

-

 Amortization of net loss

4,166

5,366

(548)

(553)

Total net periodic pension cost 

$

3,130

$

4,662

$

905

$

1,015

The Corporation paid the following contributions to the plans for the quarter ended March 31, 2024 and expects to pay the following

contributions for the year ending December 31, 2024.

For the quarter ended

For the year ending

(In thousands)

March 31, 2024

December 31, 2024

Pension Plans

$

57

$

228

OPEB Plan

$

1,597

$

5,744