Employee Benefit Plans

9 Months Ended

Jun. 30, 2020

The Company has both a pension plan and a postretirement plan. The pension plan covers substantially all of the Company’s employees hired before January 1, 2017 and provides retirement income based on years of service and employee compensation. The postretirement plan provides certain health care and supplemental life insurance benefits to retired employees who meet specific age and service requirements. Net pension plan and postretirement plan expense is detailed as follows:


	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2020		2019		2020		2019
Components of net periodic pension cost:
Service cost	$	172,902	$	134,317	$	518,706	$	402,951
Interest cost	265,557		291,682		796,671		875,046
Expected return on plan assets	(459,156)		(387,359)		(1,377,468)		(1,162,077)
Recognized loss	113,936		39,650		341,808		118,950
Net periodic pension cost	$	93,239	$	78,290	$	279,717	$	234,870


	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2020		2019		2020		2019
Components of postretirement benefit cost:
Service cost	$	41,970	$	33,221	$	125,910	$	99,663
Interest cost	132,869		162,236		398,607		486,708
Expected return on plan assets	(137,599)		(136,805)		(412,797)		(410,415)

Recognized loss	59,343		30,951		178,029		92,853
Net postretirement benefit cost	$	96,583	$	89,603	$	289,749	$	268,809

The components of net periodic benefit cost, other than the service cost component, are included in other income (expense), net in the condensed consolidated statements of income. Service cost is included in operations and maintenance expense in the condensed consolidated statements of income.

The table below reflects the Company's actual contributions made fiscal year-to-date and the expected contributions to be made during the balance of the current fiscal year.


	Fiscal Year-to-Date Contributions		Remaining Fiscal Year Contributions
Defined benefit pension plan	$	800,000	$	—
Postretirement medical plan	400,000		—
Total	$	1,200,000	$	—