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

3 Months Ended

Jun. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

NOTE 10 – EMPLOYEE BENEFIT PLANS:

The components of pension benefit income are as follows:


	Three Months Ended June 30,
	2015			2014
Service cost	$	131		$	136
Interest cost		359			359
Expected return on assets		(795	)		(758	)
Amortization of:
Unrecognized prior service cost		-			1
Actuarial loss		293			145

Net pension benefit income	$	(12	)	$	(117	)

The Company made no contributions to its defined benefit pension plan during the three months ended June 30, 2015 and does not expect to make any contributions to the plan for the balance of fiscal 2016.

The components of the postretirement benefit cost (income) are as follows:


	Three Months Ended June 30,
	2015		2014
Service cost	$	-	$	-
Interest cost		7		8
Amortization of prior service benefit		-		(26	)
Amortization of actuarial loss		10		10

Net postretirement benefit cost (income)	$	17	$	(8	)

The Company paid no benefits related to its postretirement benefit plan during the three months ended June 30, 2015. The Company expects to pay benefits of approximately $92 for the balance of fiscal 2016.

The Company self-funds the medical insurance coverage provided to its U.S. based employees. The Company has obtained a stop loss insurance policy in an effort to limit its exposure to claims. The liability of $408 and $446 on June 30, 2015 and March 31, 2015, respectively, related to the self-insured medical plan is primarily based upon claim history and is included in the caption “Accrual Compensation” in the Condensed Consolidated Balance Sheets.