Employee Benefit Plans

9 Months Ended

Mar. 31, 2017

(10)	Employee Benefit Plans

Defined Benefit Plan

The components of net periodic pension cost related to the defined benefit pension plan for the three and nine months ended March 31, 2017 and 2016 were as follows:

	Three months ended March 31,						Nine months ended March 31,
(In thousands)	2017			2016			2017			2016
Interest cost	$	54		$	58		$	161		$	174
Expected return on plan assets		(58	)		(77	)		(173	)		(231	)
Amortization of net loss		49			34			147			102
Net periodic pension cost	$	45		$	15		$	135		$	45

The Company made a contribution of $576,000 to the defined benefit pension plan during the nine months ended March 31, 2017. The Company does not anticipate that it will make any additional contributions to the defined benefit pension plan during the remainder of fiscal 2017.

SERP

The Board of Directors of The Bank of Greene County adopted The Bank of Greene County Supplemental Executive Retirement Plan (the “SERP Plan”), effective as of July 1, 2010. The SERP Plan benefits certain key senior executives of the Bank who have been selected by the Board to participate. The SERP Plan is intended to provide a benefit from the Bank upon retirement, death or disability or voluntary or involuntary termination of service (other than “for cause”). The SERP Plan is more fully described in Note 9 of the consolidated financial statements and notes thereto for the year ended June 30, 2016.

The net periodic pension costs related to the SERP Plan for the three and nine months ended March 31, 2017 were $82,000 and $239,000, respectively, and for the three and nine months ended March 31, 2016 were $63,000 and $183,000, respectively, consisting primarily of service costs and interest costs. The total liability for the SERP Plan was $2.6 million and $2.0 million as of March 31, 2017 and June 30, 2016, respectively. The total liability for the SERP Plan includes both accumulated net periodic pension costs and participant contributions.