Postretirement Benefit Plan

6 Months Ended

Jun. 30, 2023

Postretirement Benefit Plan

Postretirement Benefit Plan

6.            Postretirement Benefit Plan

The Company provides certain postretirement benefits for two former executives of the Company (the Plan). Under the Plan, the Company pays the annual cost of health insurance coverage and provides life insurance at the same level of coverage provided to the former employees at the time of termination of employment. The Plan also provides a benefit to reimburse the participants for certain out-of-pocket medical or health related expenses. The participants’ benefits under the Plan cease upon the death of the former executives. The Plan is unfunded and the actuarially determined future accumulated postretirement benefit obligation at June 30, 2023 and December 31, 2022 was approximately $4,103,000 and $4,062,000, respectively and has been accrued and reflected in Post Retirement Obligation in the accompanying consolidated balance sheets.

Benefit costs for the three-months ended June 30, 2023 and 2022 totaled $65,000 and $69,000, respectively. Benefit costs for the six months ended June 30, 2023 and 2022 totaled $130,000 and $138,000, respectively.