Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 337

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 337
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     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%  
     68%  
     33.0%  
     36.1%  
     50% 
  
    Cash 
     0.3%  
     0.7%  
     2%  
     1.8%  
     3.0%  
     2% 
  
    Real Estate/Commodities 
     0.0%  
     1.6%  
     0%  
     0.0%  
     0.0%  
     5% 
  
    Total 
     100.0%  
     100.0%  
        
     100.0%  
     100.0%  

Two outside investment firms each manage a portion
of the Pension Plan asset portfolio. One of those investment firms also manages the Other Benefits Plan asset portfolio. Quarterly meetings
are held between the Company’s Pension Committee of the Board of Directors and the investment managers to review their performance
and asset allocation. If the actual asset allocation is outside the targeted range, the Pension Committee reviews current market conditions
and advice provided by the investment managers to determine the appropriateness of rebalancing the portfolio.

The objective of the Company is to maximize the