Benefit Plans

12 Months Ended

Sep. 30, 2024

We assumed a defined benefit pension plan (the “Pension Plan”) on April 29, 2022 as a result of the acquisition of S&N. The Pension Plan was frozen to new hires as of March 31, 2007 and employees hired on or after April 1, 2007 are not eligible to participate in the Pension Plan. On July 1, 2022, the Pension Plan was amended to freeze benefit plan accruals for participants. As a result of the freeze, a curtailment was triggered and a restatement of the benefit obligation and plan assets occurred, although no gain or loss resulted. The annual measurement date for the Pension Plan is September 30. Benefits are based on years of credited service at retirement. Annual contributions to the Pension Plan are not less than the minimum funding standards outlined in the Employee Retirement Income Security Act of 1974, as amended. We maintain the Pension Plan with the goal of ensuring that it is adequately funded to meet its future obligations. We did not make any contributions to the Pension Plan during the fiscal years ended September 30, 2024 and 2023.

The following table presents the benefit obligation, fair value of the plan assets, and funded status of the plan:


	September 30,
(in thousands)	2024		2023
Change in Benefit Obligation
Benefit obligation at beginning of period	$	6,714	$	7,332
Service cost	105		105
Interest cost	370		372
Actuarial losses (gains)	440		(461)
Benefits paid	(613)		(634)
Benefit obligation at end of year	$	7,016	$	6,714
Change in Plan Assets
Fair value at beginning of period	$	8,621	$	9,469
Actual return on plan assets	1,354		(214)
Benefits paid	(613)		(634)
Fair value at end of year	$	9,362	$	8,621
Funded Status
Funded status at end of year	$	2,346	$	1,907
Amounts Recognized in Balance Sheets
Non-current assets	$	2,346	$	1,907
Amounts Recognized in Accumulated Other Comprehensive Income
Net loss (gain)	$	(958)	$	(350)
Net periodic pension cost
Service cost	$	105	$	105
Interest cost	370		372
Expected return on plan assets	(305)		(337)
Net periodic pension cost	$	169	$	140
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss
Net (gain) loss	$	(608)	$	91
Total (gain) loss recognized in other comprehensive loss	$	(608)	$	91
Actuarial Loss (Gain) by Source
Updated census	$	(91)	$	(255)
Updated mortality	(54)		—
Updated discount rate	585		(206)
Total	$	440	$	(461)
Estimated Future Benefit Payments
2025	$	569	$	613
2026	550		575
2027	563		555


2028	555		567
2029	551		558
Thereafter	2,600		2,668
Total	$	5,388	$	5,536
Weighted Average Assumptions to Determine Benefit Obligations at Year End
Discount rate	4.9%		5.9%
Rate of compensation increase	N/A		N/A
Weighted Average Assumptions to Determine Net Periodic Pension Cost
Discount rate	5.9%		5.6%
Rate of compensation increase	N/A		N/A
Expected long-term return on plan assets	3.7%		3.7%

Net pension asset is included as a component of other non-current assets on the consolidated balance sheets as of September 30, 2024 and 2023. As of September 30, 2024 and 2023, the Pension Plan assets consisted primarily of cash and cash equivalents. We manage a liability driven investment strategy intended to maintain fully-funded status.

401(k) Plan

We have a savings plan that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under this savings plan, participating employees may defer a portion of their pretax earnings, up to the Internal Revenue Service annual contribution limit. Our matching contribution in cash for each of the fiscal years ended September 30, 2024 and 2023 was approximately $1.0 million and $1.3 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

EMCORE CORP 10-K