Graham Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plans

Employee Benefit Plans

6 Months Ended

Sep. 30, 2013

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

NOTE 10 – EMPLOYEE BENEFIT PLANS:

The components of pension cost are as follows:


	Three Months Ended September 30,							Six Months Ended September 30,
		2013			2012				2013			2012

Service cost		$	144		$	136			$	288		$	272
Interest cost			339			356				679			713
Expected returns on assets			(682	)		(685	)			(1,364	)		(1,369	)
Amortization of:
Unrecognized prior service cost			1			1				2			2
Actuarial loss			251			254				501			506

Net pension cost		$	53		$	62			$	106		$	124

The Company made no contributions to its defined benefit pension plan during the six months ended September 30, 2013 and does not expect to make any contributions to the plan for the balance of fiscal 2014.

The components of the postretirement benefit income are as follows:


	Three Months Ended September 30,							Six Months Ended September 30,
		2013			2012				2013			2012
Service cost			$ -			$ -				$ -			$ -
Interest cost			8			10				16			19
Amortization of prior service benefit			(42	)		(42	)			(83	)		(83	)
Amortization of actuarial loss			11			9				22			19

Net postretirement benefit income			$(23	)		$(23	)			$(45	)		$(45	)

The Company paid benefits of $2 related to its postretirement benefit plan during the six months ended September 30, 2013. The Company expects to pay benefits of approximately $105 during the balance of fiscal 2014.