Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 1137

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 1137
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%  
     3.00%  
     3.00%  
     3.00%  
     3.00% 

The compensation increase assumption for the Other
Benefits Plan is attributable to life insurance provided to qualifying employees upon their retirement. The insurance coverage will be
determined based on the employee’s base compensation as of their retirement date.

The Company utilizes the Society of Actuaries’
mortality table (Pri-2012) (Mortality Improvement Scale MP2021).

For the 2024 valuation, costs and obligations
for our Other Benefits Plan assumed a 8.0% annual rate of increase in the per capita cost of covered healthcare benefits in 2024 with
the annual rate of increase declining 0.15% per year for 2025-2044, resulting in an annual rate of increase in the per capita cost of
covered healthcare benefits of 5.0% by year 2045.

A one-percentage point change in assumed healthcare cost trend rates
would have the following effects on the Other Benefits Plan:

    (In Thousands)

    1 Percentage Point

    Increase 
    Decrease
  
    Effect on Current Year Service and Interest Costs 
    $228  
    $(184)
  
    Effect on Projected Benefit Obligation 
    $3,434  
    $(2,824)

The following benefit payments, which reflect expected future service,
are expected to be paid:

    (In Thousands)
  
    Year 
    Pension Plan 
    Other Benefits Plan
  
    2025 
    $5,412  
    $1,303 
  
    2026 
     5,399  
     1,368 
  
    2027 
     5,479  
     1,410 
  
    2028 
     5,595  
     1,444 
  
    2029 
     5,581  
     1,541 
  
    2030-2034 
     29,746  
     8,682 
  
    Totals 
    $57,212  
    $15,748 

61 

Benefit Plans Assets

The allocation of plan assets at December 31, 2024 and 2023 by asset
category is as follows:

    Pension Plan  
    Other Benefits Plan 
  
    Asset Category 
    2024  
    2023