Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 90

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 90
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2023 and 2022, respectively,
are as follows:

    Pension Plan  
    Other Benefits Plan 

    2024  
    2023  
    2022  
    2024  
    2023  
    2022 
  
    Weighted Average Assumptions: 

    Expected Return on Plan Assets 
     7.00%  
     7.00%  
     7.00%  
     7.00%  
     7.00%  
     7.00% 
  
    Discount Rate for: 

    Benefit Obligation 
     5.47%  
     4.79%  
     4.98%  
     5.49%  
     4.79%  
     4.98% 
  
    Benefit Cost 
     4.79%  
     4.98%  
     2.72%  
     4.79%  
     4.98%  
     2.72% 
  
    Compensation Increase for: 

    Benefit Obligation 
     3.00%  
     3.00%  
     3.00%  
     3.00%  
     3.00%  
     3.00% 
  
    Benefit Cost 
     3.00%  
     3.00%  
     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 204