Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 1141

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 1141
---
 17,486  
     —  
     17,486 
  
    Total Investments 
    $30,866  
    $17,486  
    $—  
    $48,352 

63 

Benefit Plans Contributions

For the Pension Plan, Middlesex made total cash
contributions of $2.8 million in 2024 and expects to make approximately $0.9 million of cash contributions in 2025.

For the Other Benefits Plan, Middlesex made total
cash contributions of $0.9 million in 2024 and expects to make approximately $1.0 million of cash contributions in 2025.

401(k) Plan

The Company maintains a 401(k) defined contribution
plan, which covers substantially all employees (temporary employee needs to complete at least 1,000 hours of service to be eligible).
Under the terms of the plan, the Company matches 100% of a participant’s contributions, which do not exceed 1% of a participant’s
compensation, plus 50% of a participant’s contributions exceeding 1%, but not more than 6%. The Company’s matching contribution
was $0.8 million, $0.8 million and $0.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Employees hired after March 31, 2007 are not eligible
to participate in the Pension Plan and are generally eligible to participate in a discretionary profit sharing plan administered through
the 401(k) plan. In December each year, the Board of Directors may approve that a stated percentage of eligible compensation be contributed
to the account of the employee participant in the first quarter of the following year. For those employees still actively employed on
December 31, 2024 or retired during the current year, the Company will fund a discretionary contribution of $1.1 million before April
1, 2025, which represents 5.0% of eligible 2024 compensation. For the years ended December 31, 2023 and 2022, the Company made qualifying
discretionary contributions of $0.9 million for each year.

Stock-Based Compensation

The Company maintains a long-term incentive compensation
plan for certain management employees where awards are made in the form of restricted common stock. Shares of restricted stock issued
under the plan are subject to forfeiture by the employee in the event of termination of employment for any reason within three or five