Company: MSEX
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001174947-25-000677
Chunk: 20

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 20
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 and penalties relative to regulatory compliance. At this time, Management does not
believe the final resolution of any such matters, whether asserted or unasserted, will have a material adverse effect on the Company’s
financial position, results of operations or cash flows. In addition, the Company maintains business insurance coverage that may
mitigate the effect of any current or future loss contingencies.

Change in Control Agreements – The Company
has Change in Control Agreements with its executive officers that provide compensation and benefits in the event of termination of employment
under certain conditions in connection with a change in control of the Company.

Note 8 – Employee Benefit Plans

Pension Benefits – The Company’s
Pension Plan covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate
in this plan, but can participate in a defined contribution profit sharing plan that provides an annual contribution at the discretion
of the Company, based upon a percentage of the participants’ annual paid compensation. For each of the three-month periods ended
March 31, 2025 and 2024, the Company did not make cash contributions to the Pension Plan. The Company expects to make cash contributions
of approximately $0.9 million over the remainder of the current year.

14 

Other Benefits – The Company’s
Other Benefits Plan covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to
participate in this plan. Coverage includes healthcare and life insurance. For each of the three-month periods ended March 31, 2025 and
2024, the Company did not make cash contributions to its Other Benefits Plan. The Company expects to make additional Other Benefits Plan
cash contributions of $1.0 million over the remainder of the current year.

The following tables set forth information relating to the Company’s
periodic costs (benefit) for its employee retirement benefit plans:

    (In Thousands) 

    Pension Benefits  
    Other Benefits 

    Three Months Ended March 31, 

    2025  
    2024  
    2025  
    2024 

    Service Cost 
    $242  
    $318  
    $85  
    $80 
  
    Interest Cost 
     1,159  
     1,070  
     430  
     328 
  
    Expected Return