Pension and Other Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Pension and Other Postretirement Benefit Plans

9.     Pension and Other Postretirement Benefit Plans

The following table sets forth information regarding the components of net expense for the pension and other postretirement benefit plans.

	Three months ended
	March 31,
(In thousands)	2023		2022
Employee Pension Plan:
Interest cost	$	203	$	138
Amortization of unrecognized loss		—		1
Expected return on plan assets		(277)		(257)
Net employee pension benefit	$	(74)	$	(118)
Outside Director Pension Plan:
Service cost	$	2	$	3
Interest cost		15		11
Amortization of unrecognized gain		(40)		(7)
Net outside director pension expense	$	(23)	$	7
Other Postretirement Benefit Plans:
Service cost	$	40	$	67
Interest cost		95		70
Amortization of unrecognized gain		(60)		—
Amortization of past service credit		—		(7)
Net other postretirement expense	$	75	$	130

The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2022 that it expects to contribute $0.2 million to the Outside Director Pension Plan (the “Outside Director Pension Plan”) and $0.3 million to the other postretirement benefit plans (the “Other Postretirement Benefit Plans”), during the year ending December 31, 2023. The Company does not expect to make a contribution to the Employee Pension Plan. As of March 31, 2023, the Company had contributed $32,000 to the Outside Director Pension Plan and $15,000 to the Other Postretirement Benefit Plans. As of March 31, 2023, the Company has not revised its expected contributions for the year ending December 31, 2023.