MAM » Topics » U. S. Defined Benefit Pension Plan

This excerpt taken from the MAM 10-Q filed May 8, 2007.

U. S. Defined Benefit Pension Plan

The Company has a non-contributory defined benefit pension plan covering Maine Public Service and certain former MAM employees.  No employees of other unregulated businesses are eligible for this benefit plan. Benefits under the plan are based on employees’ years of service and compensation prior to retirement.  On December 31, 2006, future salary and service accruals for current participants in the plan ceased, and any new employees hired on or after January 1, 2006, are not eligible for the pension plan.  In conjunction with this pension freeze, MPS recorded a one-time curtailment expense of approximately $98,000 in the fourth quarter of 2006.  The Company agreed to additional employer contributions to the Retirement Savings Plan to compensate employees in part or in full, depending on their number of years of service, for this lost benefit.  This additional contribution ranges from 5% to 25% of each eligible employee’s gross base pay, and is immediately fully vested.

The Company’s policy has been to fund pension costs accrued. In accordance with that policy, the Company plans to contribute approximately $843,000 to the pension plan for 2006 in 2007, prior to the filing of its 2006 corporate income tax return.   The Company also expects to contribute approximately $250,000 per quarter during 2007 for 2007 estimated payments.

The following table sets forth the plans’ net periodic benefit cost:

 

Pension Benefits

 

 

 

Quarters Ended March
31,

 

(In thousands of dollars)

 

2007

 

2006

 

Service cost

 

$

 

$

122

 

Interest cost

 

301

 

283

 

Expected return on plan assets

 

(271

)

(270

)

Amortization of prior service cost

 

 

23

 

Recognized net actuarial (gain)

 

 

26

 

Net periodic benefit cost

 

$

30

 

$

184

 

 

These excerpts taken from the MAM 10-Q filed Nov 13, 2006.
Defined Benefit Pension Plan:  Upon your separation of employment you will have met the Years of Vesting Service under the Company’s pension plan for a non-forfeitable benefit. A statement of benefits will be provided by Bank of America as soon as feasible following your separation of employment.

U. S. Defined Benefit Pension Plan

The Company has a non-contributory defined benefit pension plan covering Maine Public Service and certain MAM employees. Most employees of the Company’s unregulated operations are not eligible for this benefit plan. Benefits under the plan are based on employees’ years of service and compensation prior to retirement. The Company’s policy has been to fund pension costs accrued. In accordance with that policy, the Company contributed approximately $335,000 to the pension plan for 2005 in 2006. In addition, the Company is currently making quarterly payments for the 2006 plan year, in accordance with IRS requirements. Each quarterly payment for 2006 is approximately $214,000 and affects the plan funding level, but not the amount of expense to be recognized. The quarterly payments for 2006 made through September 30, 2006, were $428,000.

Expenses by quarter are summarized in the table below.

Effective December 31, 2006, additional salary increases and service accruals under the MPS defined benefit pension plan will cease for both union and non-union employees.  A discretionary employer 401(k) contribution, beginning January 1, 2007, will be used to compensate employees for some or all of the anticipated impact of this loss of benefits, dependent on the number of years of service the employee has with the Company.  This action is being taken to control pension benefit costs.  A curtailment expense of

21




approximately $300,000 will be incurred in the fourth quarter of 2006 in conjunction with the cessation of future benefit accruals, in accordance with SFAS 88, “Employers’ Accounting for Settlements and Curtailments of Defined Benefit Pension Plans and for Termination Benefits.”

This excerpt taken from the MAM 10-K filed Sep 13, 2006.
U. S. Defined Benefit Pension Plan

        The Company has an insured non-contributory defined benefit pension plan covering Maine Public Service and certain MAM employees. Maine Public Service employees hired on or after January 1, 2006, are not eligible for this benefit plan. Non-regulated employees are not eligible for this benefit plan. Benefits under the plan are based on employees’ years of service and compensation prior to retirement. The Company’s policy has been to fund pension costs accrued. In accordance with that policy, the Company made tax-deductible contributions of $520,000 for the 2005 plan year throughout 2005, $441,000 for the 2004 plan year in 2005, prior to the filing of the 2004 corporate income tax return, and $409,000 for the 2003 plan year in December 2003. The Company also contributed $173,000 to the pension plan for 2005 in January 2006, and plans to contribute an additional $162,000 to the pension plan for 2005 in 2006 prior to the filing of its 2005 corporate income tax return.

This excerpt taken from the MAM 10-Q filed Aug 11, 2006.

U. S. Defined Benefit Pension Plan

The Company has a non-contributory defined benefit pension plan covering Maine Public Service and certain MAM employees. Most employees of the Company’s unregulated operations are not eligible for this benefit plan. Benefits under the plan are based on employees’ years of service and compensation prior to retirement. The Company’s policy has been to fund pension costs accrued. In accordance with that policy, the Company contributed approximately $162,000 to the pension plan for 2005 in 2006. In addition, the Company is currently making quarterly payments for the 2006 plan year, in accordance with IRS requirements due to the plan’s market value dropping below the fully funded level. Each quarterly payment for 2006 is approximately $214,000 and affects the plan funding level, but not the amount of expense to be recognized. Expenses by quarter are summarized in the table below.

This excerpt taken from the MAM 10-Q filed May 11, 2006.

U. S. Defined Benefit Pension Plan

The Company has a non-contributory defined benefit pension plan covering Maine Public Service and certain MAM employees. Employees of non-regulated companies, with the noted exception of certain MAM employees, are not eligible for this benefit plan. Benefits under the plan are based on employees’ years of service and compensation prior to retirement. New employees hired on or after January 1, 2006, are not eligible for the Company’s pension plan.

The Company’s policy has been to fund pension costs accrued. In accordance with that policy, the Company plans to contribute approximately $165,000 to the pension plan for 2005 in 2006, prior to the filing of its 2005 corporate income tax return.  The Company also expects to contribute approximately $214,000 per quarter during 2006 for 2006 estimated payments, and an additional $650,000 in 2007 for 2006 prior to the filing of the 2006 corporate income tax return.

This excerpt taken from the MAM 10-K filed Mar 24, 2006.

U. S. Defined Benefit Pension Plan

        The Company has an insured non-contributory defined benefit pension plan covering Maine Public Service and certain MAM employees. Maine Public Service employees hired on or after January 1, 2006, are not eligible for this benefit plan. Non-regulated employees are not eligible for this benefit plan. Benefits under the plan are based on employees' years of service and compensation prior to retirement. The Company's policy has been to fund pension costs accrued. In accordance with that policy, the Company made tax-deductible contributions of $520,000 for the 2005 plan year throughout 2005, $441,000 for the 2004 plan year in 2005, prior to the filing of the 2004 corporate income tax return, and $409,000 for the 2003 plan year in December 2003. The Company also contributed $173,000 to the pension plan for 2005 in January 2006, and plans to contribute an additional $162,000 to the pension plan for 2005 in 2006 prior to the filing of its 2005 corporate income tax return.

This excerpt taken from the MAM 10-K filed Mar 24, 2005.

U. S. Defined Benefit Pension Plan

 

The Company has an insured non-contributory defined benefit pension plan covering Maine Public Service and certain MAM employees. Non-regulated employees are not eligible for this benefit plan. Benefits under the plan are based on employees’ years of service and compensation prior to retirement. The Company’s policy has been to fund pension costs accrued. In accordance with that policy, the Company plans to contribute approximately $625,000 to the pension plan for 2004 in 2005 prior to the filing of its 2004 corporate income tax return.

 

The Company made tax-deductible contributions of $409,000 for the 2003 plan year in December 2003 and $276,570 for the 2002 plan year in January 2003.

 

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