Note 9 - Accrued Retirement Benefits

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Retirement Benefits [Text Block]

9.         ACCRUED RETIREMENT BENEFITS

Accrued retirement benefits at March 31, 2022 and December 31, 2021 consisted of the following:

	March 31, 2022 (unaudited)		December 31, 2021 (audited)
	(in thousands)
Defined benefit pension plan	$	5,875	$	5,932
Non-qualified retirement plans		2,129		2,147
Total		8,004		8,079
Less current portion		142		142
Non-current portion of accrued retirement benefits	$	7,862	$	7,937

The Company has a defined benefit pension plan which covers substantially all of its former bargaining and non-bargaining full-time, part-time and intermittent employees. In 2011, pension benefits under the plan were frozen. The Company also has an unfunded non-qualified retirement plan covering nine of its former executives. The non-qualified retirement plan was frozen in 2009 and future vesting of additional benefits was discontinued.

The net periodic benefit costs for pension and postretirement benefits for the three months ended March 31, 2022 and 2021 were as follows:

	Three Months Ended March 31, (unaudited)
	2022			2021
	(in thousands)
Interest cost	$	264		$	309
Expected return on plan assets		(306	)		(414	)
Amortization of net actuarial loss		156			221
Pension and other postretirement expenses	$	114		$	116