Pension and Other Postretirement Benefit Plans

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Pension and Other Postretirement Benefit Plans

10.     Pension and Other Postretirement Benefit Plans

The following table sets forth information regarding the components of net expense for the pension and other postretirement benefit plans.

	Three months ended				Nine months ended
	September 30,				September 30,
(In thousands)	2020		2019		2020		2019
Employee Pension Plan:
Interest cost	$	163	$	199	$	489	$	597
Amortization of actuarial loss		111		68		333		201
Expected return on plan assets		(257)		(272)		(771)		(816)
Net employee pension expense (benefit)	$	17	$	(5)	$	51	$	(18)
Outside Director Pension Plan:
Service cost	$	4	$	10	$	11	$	30
Interest cost		16		21		48		63
Amortization of actuarial gain		(14)		(35)		(41)		(105)
Amortization of past service liability		—		—		—		—
Net outside director pension expense (benefit)	$	6	$	(4)	$	18	$	(12)
Other Postretirement Benefit Plans:
Service cost	$	69	$	70	$	206	$	210
Interest cost		64		85		194		255
Amortization of past service credit		(21)		(22)		(64)		(64)
Net other postretirement expense	$	112	$	133	$	336	$	401

The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2019 that it expects to contribute $0.3 million to each of the Outside Director Pension Plan (the “Outside Director Pension Plan”) and the other postretirement benefit plans (the “Other Postretirement Benefit Plans”), during the year ending December 31, 2020. The Company does not expect to make a contribution to the Employee Pension Plan (the “Employee Pension Plan”). As of September 30, 2020, the Company had contributed $108,000 to the Outside Director Pension Plan and $59,000 in contributions were made to the Other Postretirement Benefit Plans. As of September 30, 2020, the Company has not revised its expected contributions for the year ending December 31, 2020.