Pension and Other Post-retirement Benefit Plans

6 Months Ended

Mar. 31, 2022

Pension and Other Post-retirement Benefit Plans [Abstract]

Pension and Other Post-retirement Benefit Plans

Note 3 - Pension and Other Post-Retirement Benefit Plans

Components of Net Periodic Benefit Cost:

Pension Benefits
	Three Months Ended March 31,						Six Months Ended March 31,
	2022			2021			2022			2021
Service Cost	$	220,073		$	198,622		$	440,146		$	397,245
Interest Cost		241,252			240,958			482,503			481,917
Expected return on plan assets		(339,249	)		(361,415	)		(678,498	)		(722,829	)
Amortization of net actuarial gain		174,863			244,157			349,726			488,313
Net periodic benefit cost	$	296,939		$	322,322		$	593,877		$	644,646

Other Benefits


	Three Months Ended March 31,				Six Months Ended March 31,
	2022		2021		2022		2021
Service Cost	$	5,807	$	4,740	$	11,614	$	9,479
Interest Cost		8,012		6,973		16,024		13,946
Amortization of prior service cost		3,809		3,809		7,619		7,619
Amortization of net actuarial gain		994		420		1,987		841
Net periodic benefit cost	$	18,622	$	15,942	$	37,244	$	31,885

Table of Contents

For ratemaking and financial statement purposes, pension expense represents the amount approved by the NYPSC in the Gas Company’s most recently approved rate case. Pension expense for ratemaking and financial statement purposes was $124,517 for the three months ended March 31, 2022 and $218,683 for the three months ended March 31, 2021. Pension expense for ratemaking and financial statement purposes was $310,570 for the six months ended March 31, 2022 and $437,366 for the six months ended March 31, 2021. Total pension costs are recorded in accordance with accounting prescribed by the NYPSC in 1993. The cumulative net difference between the pension expense for ratemaking and financial statement purposes, since 1993, has been deferred as a regulatory asset and amounted to $579,191 and $1,432,750 at March 31, 2022 and September 30, 2021, respectively.

The NYPSC has allowed the Gas Company to recover incremental costs associated with other post-retirement benefits through rates on a current basis. Other post-retirement benefit expense (benefit) (OPEB) for ratemaking and financial statement purposes was $12,185 for the three months ended March 31, 2022 and $14,680 for the three months ended March 31, 2021. Other post-retirement benefit expense (benefit) for ratemaking and financial statement purposes was $25,360 for the six months ended March 31, 2022 and $29,360 for the six months ended March 31, 2021. The difference between the other post-retirement benefit expense (benefit) for ratemaking and financial statement purposes, and the amount computed above has been deferred as a regulatory asset.

Contributions

The Gas Company expects to contribute $610,968 to its Pension Plan during the fiscal year ending September 30, 2022. A total of $0 was paid to the Pension Plan during the six months ending March 31, 2022 and $0 during the three months ended March 31, 2022. A total of $511,266 was paid to the Pension Plan during the six months ending March 31, 2021 and $255,633 during the three months ended March 31, 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Corning Natural Gas Holding Corp 10-Q