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Benefit Plans
 12 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Benefit Plans Benefit PlansWe assumed the Pension Plan on April 29, 2022 as a result of the acquisition of S&N. The Pension Plan was frozen to new hires as of March 31, 2007 and employees hired on or after April 1, 2007 are not eligible to participate in the Pension Plan. On July 1, 2022, the Pension Plan was amended to freeze benefit plan accruals for participants. As a result of the freeze, a
curtailment was triggered and a restatement of the benefit obligation and plan assets occurred, although no gain or loss resulted. The annual measurement date for the Pension Plan is September 30. Benefits are based on years of credited service at retirement. Annual contributions to the Pension Plan are not less than the minimum funding standards outlined in the Employee Retirement Income Security Act of 1974, as amended. We maintain the Pension Plan with the goal of ensuring that it is adequately funded to meet its future obligations. We did not make any contributions to the Pension Plan during the period from April 29, 2022 to September 30, 2022. We do not anticipate making any contributions for the fiscal year ending September 30, 2023.

The following table presents the benefit obligation, fair value of the plan assets, and funded status of the plan:

(in thousands)
September 30, 2022
Change in Benefit Obligation
Benefit obligation at April 29, 2022$8,203 
Service cost49 
Interest cost130 
Participant contributions— 
Amendments— 
Actuarial losses (gains)(901)
Benefits paid(149)
Business combinations and (divestitures)— 
Curtailments, settlements and/or special/contractual termination benefits— 
Benefit obligation at September 30, 2022$7,332 
Change in Plan Assets
Fair value at April 29, 2022$9,930 
Actual return on plan assets(312)
Company contributions— 
Participant contributions— 
Benefits paid(149)
Expenses paid— 
Business combinations and (divestitures)— 
Curtailments, settlements and/or special/contractual termination benefits— 
Fair value at September 30, 2022$9,469 
Funded Status
Funded status at September 30, 2022$2,137 
Amounts Recognized in Balance Sheets
Non-current assets$2,137 
Current liabilities$— 
Non-current liabilities$— 
Amounts Recognized in Accumulated Other Comprehensive Income
Transition obligation (asset)$— 
Prior service cost (credit)$— 
Net loss (gain)$(441)
Net periodic pension cost
Service cost$49 
Interest cost130 
Expected return on plan assets(148)
Amortization of transition obligation (asset)— 
Amortization of prior service cost (credit)— 
Amortization of net loss (gain)— 
Recognition due to settlement, curtailment, and special/contractual termination benefits— 
Net periodic pension cost$31 
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income
Net loss (gain)$(441)
Prior service cost (credit)— 
Amortization of net (loss) gain(1,831)
Amortization of prior service cost (credit)— 
Amortization of initial asset— 
Total recognized in other comprehensive (loss) income$(441)
Actuarial (Gain) Loss by Source
Updated census$(55)
Updated discount rate(846)
Total$(901)
Estimated Future Benefit Payments
2023$600 
2024579 
2025562 
2026575 
2027573 
Thereafter2,748 
Total$5,637 
Weighted Average Assumptions to Determine Benefit Obligations at Year End
Discount rate5.6%
Rate of compensation increaseN/A
Weighted Average Assumptions to Determine Net Periodic Pension Cost
Discount rate4.4%
Rate of compensation increaseN/A

Net pension asset is included as a component of other non-current assets on the consolidated balance sheets as of September 30, 2022. As of September 30, 2022 the Pension Plan assets consist primarily of cash and cash equivalents, we manage a liability driven investment strategy intended to maintain fully-funded status.

401(k) Plan

We have a savings plan that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under this savings plan, participating employees may defer a portion of their pretax earnings, up to the Internal Revenue Service annual contribution limit. Our matching contribution in cash for each of the fiscal years ended September 30, 2022 and 2021 was approximately $1.2 million and $1.1 million, respectively.