RETIREMENT PLANS

3 Months Ended

Mar. 31, 2025

RETIREMENT PLANS

RETIREMENT PLANS

9. RETIREMENT PLANS

Multi-employer Defined Benefit Plan

Pension benefits for substantially all of the Company’s Alaska-based employees are provided through the Alaska Electrical Pension Fund (“AEPF”). The Company pays a contractual hourly amount based on employee classification or base compensation to the AEPF. As a multi-employer defined benefit plan, the accumulated benefits and plan assets are not determined for, or allocated separately to, the individual employer. This plan was not in endangered or critical status during the plan year.

Defined Benefit Plan

The Company has noncontributory defined benefit pension and noncontributory defined medical, dental, vision, and life benefit plans for eligible employees who meet certain eligibility criteria. The majority of benefits under the plans are frozen and the plans no longer allow new participants to join.

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

	Three months ended
	March 31, 2025				March 31, 2024
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Operating expense
Service cost	$	20	$	19	$	22	$	16
Non-operating expense
Interest cost		795		49		824		45
Expected return on plan assets		(749)		—		(729)		—
Amortization of unrecognized actuarial gain		(44)		(14)		(11)		(28)
Settlements		—		—		—		—
Net periodic pension expense (benefit)	$	22	$	54	$	106	$	33

The Company was not required to make contributions to its pension plans during the three months ended March 31, 2025 and 2024. 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 to its pension plans during the three months ended March 31, 2025 and 2024.