Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 913

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 5
Chunk 913
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ortality 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  
    Target  
    2024  
    2023  
    Target 
  
    Equity Securities 
     31.8%  
     58.1%  
     30%  
     65.2%  
     60.9%  
     43% 
  
    Debt Securities 
     67.9%  
     39.6%