Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 910

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 5
Chunk 910
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, and expects to recover
those costs in rates charged to customers.

The Company uses a December 31 measurement date for all of its employee
benefit plans. The tables below set forth information relating to the Company’s Pension Plan and Other Benefits Plan for 2024 and
2023.

    (In Thousands)

    Pension Plan 
    Other Benefits Plan

    Years Ended December 31,

    2024 
    2023 
    2024 
    2023
  
    Change in Projected Benefit Obligation: 

    Beginning Balance 
    $91,853  
    $87,788  
    $28,000  
    $32,909 
  
    Service Cost 
     1,270  
     1,551  
     320  
     391 
  
    Interest Cost 
     4,280  
     4,270  
     1,313  
     1,608 
  
    Actuarial (Gain) Loss 
     (5,478) 
     1,966  
     (486) 
     (5,968)
  
    Benefits Paid 
     (4,424) 
     (3,722) 
     (946) 
     (940)
  
    Ending Balance 
    $87,501  
    $91,853  
    $28,201  
    $28,000 

59 

    (In Thousands)

    Pension Plan 
    Other Benefits Plan

    Years Ended December 31,

    2024 
    2023 
    2024 
    2023
  
    Change in Fair Value of Plan Assets: 

    Beginning Balance 
    $92,346  
    $84,828  
    $48,352  
    $44,029 
  
    Actual Return on Plan Assets 
     7,976  
     10,840  
     4,675  
     4,323 
  
    Employer Contributions 
     2,750  
     400  
     946  
     940 
  
    Benefits Paid 
     (4,424) 
     (3,722) 
     (946) 
     (940)
  
    Ending Balance 
    $98,648  
    $92,346  
    $53,027  
    $