v3.25.1
Pension and postretirement benefits
 3 Months Ended
Mar. 31, 2025
Employee benefits  
Pension and postretirement benefits
Note 28 – Pension and postretirement benefits
The
 
Corporation
 
has
 
a
 
non-contributory
 
defined
 
benefit
 
pension
 
plan
 
and
 
supplementary
 
pension
 
benefit
 
restoration
 
plans
 
for
regular employees
 
of certain
 
of its
 
subsidiaries (the
 
“Pension Plans”).
 
The accrual
 
of benefits
 
under the
 
Pension Plans
 
is frozen
 
to
all
 
participants.
 
The
 
Corporation
 
also
 
provides
 
certain
 
postretirement
 
health
 
care
 
benefits
 
for
 
retired
 
employees
 
of
 
certain
subsidiaries (the “OPEB Plan”).
 
The components of net periodic cost for the Pension Plans and the OPEB Plan for the periods presented were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
Quarter ended March 31,
Quarter ended March 31,
(In thousands)
2025
2024
2025
2024
Personnel Cost:
 
Service cost
$
-
$
-
$
15
$
32
Other operating expenses:
 
Interest cost
7,411
7,558
1,291
1,421
 
Expected return on plan assets
(8,069)
(8,594)
-
-
 
Amortization of prior service cost/(credit)
-
-
-
-
 
Amortization of net loss (gain)
3,450
4,166
(1,177)
(548)
Total net periodic pension cost
 
$
2,792
$
3,130
$
129
$
905
The Corporation
 
paid the
 
following contributions
 
to the
 
plans for
 
the three
 
months ended
 
March 31,
 
2025 and
 
expects to
 
pay the
following contributions for the year ending December 31, 2025.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months
ended
For the year ending
(In thousands)
March 31, 2025
December 31, 2025
Pension Plans
$
57
$
227
OPEB Plan
$
1,425
$
5,428