Postretirement Benefit Plan

3 Months Ended

Mar. 31, 2024

Postretirement Benefit Plan

Postretirement Benefit Plan

6. Postretirement Benefit Plan

The Company provides certain postretirement health and life insurance benefits for two former executives (“retirees”) of the Company (“Plan”). Upon ceasing employment, the Company pays the annual cost of health insurance coverage and provides continuing life insurance at the same level of coverage at the time of terminating employment with the Company. The Plan also provides a benefit to reimburse the retirees for certain out-of-pocket medical and/or health-related costs. The retirees’ benefits cease upon their death. The Plan is unfunded and the actuarially-determined projected postretirement benefit obligation was approximately $4,286,000 and $4,262,000 as of March 31, 2024 and December 31, 2023, respectively. Benefit costs for the three-month periods ended March 31, 2024 and 2023 were $73,000 and $65,000, respectively.