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RETIREMENT PLANS
 6 Months Ended
Mar. 31, 2021
Retirement Benefits [Abstract]  
RETIREMENT PLANS RETIREMENT PLANS
 
Barnwell sponsors a noncontributory defined benefit pension plan (“Pension Plan”) covering substantially all of its U.S. employees. Additionally, Barnwell sponsors a Supplemental Executive Retirement Plan (“SERP”), a noncontributory supplemental retirement benefit plan which covers certain
current and former employees of Barnwell for amounts exceeding the limits allowed under the Pension Plan, and a postretirement medical insurance benefits plan (“Postretirement Medical”) covering eligible U.S. employees.

In December 2019, the Company’s Board of Directors approved a resolution to freeze all future benefit accruals for all participants under the Company’s Pension Plan and SERP effective December 31, 2019. Consequently, current participants in the Pension Plan and SERP no longer accrue new benefits under the plans and new employees of the Company are no longer eligible to enter the Pension Plan and SERP as participants after December 31, 2019. The freezing of the Pension Plan and SERP triggered a curtailment which required a remeasurement of the projected benefit obligations of the Pension Plan and SERP and resulted in an $880,000 actuarial gain in accumulated other comprehensive loss and a $1,699,000 reduction in unrecognized pension benefit costs that were previously included in accumulated other comprehensive loss, with a corresponding benefit in other comprehensive income which were recorded in the quarter ended December 31, 2019.

In April 2021, the Company's Board of Directors initiated the termination of the Postretirement Medical plan and the Company provided all participants of the plan with a sixty-day notice of termination. The Postretirement Medical plan is an unfunded plan and the Company currently estimates that it will recognize a non-cash gain of approximately $2,000,000 upon the termination of the Postretirement Medical plan in the quarter ending June 30, 2021.

The following tables detail the components of net periodic benefit (income) cost for Barnwell’s retirement plans:
 Pension PlanSERPPostretirement Medical
 Three months ended March 31,
 202120202021202020212020
Interest cost$64,000 $72,000 $13,000 $15,000 $18,000 $20,000 
Expected return on plan assets(137,000)(172,000)— — — — 
Amortization of net actuarial loss10,000 — — — 23,000 20,000 
Net periodic benefit (income) cost$(63,000)$(100,000)$13,000 $15,000 $41,000 $40,000 
 Pension PlanSERPPostretirement Medical
 Six months ended March 31,
 202120202021202020212020
Service cost$— $50,000 $— $3,000 $— $— 
Interest cost129,000 155,000 26,000 33,000 36,000 40,000 
Expected return on plan assets(274,000)(335,000)— — — — 
Amortization of prior service cost (credit)— 1,000 — (1,000)— — 
Amortization of net actuarial loss 20,000 35,000 — 5,000 46,000 40,000 
Curtailment cost (income)— 53,000 — (53,000)— — 
Net periodic benefit (income) cost$(125,000)$(41,000)$26,000 $(13,000)$82,000 $80,000 

The net periodic benefit (income) cost, including service cost, is included in “General and administrative” expenses in the Company's Condensed Consolidated Statements of Operations.
Currently, no contributions are expected to be made to the Pension Plan during fiscal 2021. The SERP and Postretirement Medical plans are unfunded, and Barnwell funds benefits when payments are made. Expected payments under the Postretirement Medical plan and the SERP for fiscal 2021 are not material. Fluctuations in actual equity market returns as well as changes in general interest rates will result in changes in the market value of plan assets and may result in increased or decreased retirement benefits costs and contributions in future periods.