RETIREMENT PLANS

3 Months Ended

Mar. 31, 2020

RETIREMENT PLANS

RETIREMENT PLANS

10. RETIREMENT PLANS

The Company has noncontributory defined benefit pension and noncontributory defined medical, dental, vision, and life benefit plans for eligible employees in its International Telecom segment who meet certain eligibility criteria.

The Company recorded the net periodic benefit cost identified below (in thousands):

	Three months ended
	March 31, 2020				March 31, 2019
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Operating expense
Service cost	$	423	$	32	$	447	$	37
Non-operating expense
Interest cost		879		45		841		40
Expected return on plan assets		(1,158)		—		(1,263)		—
Actuarial gain/ loss		(7)		(15)		7		(17)
Net periodic pension expense	$	137	$	62	$	32	$	60

In the first quarter of 2020, the Company began the process of winding up one of its pension plans. At December 31, 2019 this plan had assets of $15.1 million and a projected benefit obligation of $15.6 million.

The Company is not required to make contributions to its pension and postretirement benefit plans. However, the Company periodically evaluates whether to make discretionary contributions. The Company funds its postretirement benefit plans as claims are made and did not make contributions during either of the three months ended March 31, 2020 or 2019.