Pensions and Other Post Retirement Benefits
 9 Months Ended
May 31, 2016
Pensions and Other Post Retirement Benefits  
Pensions and Other Post Retirement Benefits

Note 11 — Pensions and Other Post-Retirement Benefits

 

The components of net periodic benefit cost for the three and nine months ended May 31, 2016 and 2015 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended May 31, 

 

 

Nine Months Ended May 31, 

 

 

 

    

2016

    

2015

 

 

2016

    

2015

    

 

Components of net periodic benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$
74

 

$
91

 

 

$
222

 

$
272

 

 

Interest cost

 

 
182

 

 
170

 

 

 
546

 

 
509

 

 

Expected return on plan assets

 

 
(129)

 

 
(153)

 

 

 
(387)

 

 
(459)

 

 

Amortization of prior service cost

 

 
1

 

 
1

 

 

 
3

 

 
3

 

 

Amortization of accumulated loss

 

 
143

 

 
167

 

 

 
429

 

 
502

 

 

Settlement loss

 

 

 —

 

 
177

 

 

 

 —

 

 
177

 

 

Net periodic benefit cost

 

$
271

 

$
453

 

 

$
813

 

$
1,004

 

 

 

When funding is required, the Company’s policy is to contribute amounts that are deductible for federal income tax purposes.  As of May 31, 2016, the Company has made contributions of $233 in the current fiscal year to fund its obligations under its pension plans, and plans to make the necessary contributions over the remainder of fiscal 2016 to ensure the qualified plan continues to be adequately funded given the current market conditions. The Company made contributions of $214 in the first nine months of the prior year.