Pension and Postretirement Benefits

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements [Abstract]

Pensions and Postretirement Benefits

(5)  Pension and Postretirement Benefits

The Company has a noncontributory defined benefit pension plan covering substantially all employees. The plan provides defined benefits based on years of service and final average salary. In addition, the Company provides certain health and life insurance benefits for eligible retired employees.  The healthcare plan is contributory with participants' contributions adjusted annually; the life insurance plan is noncontributory.  Employees with less than 14 years of service as of January 1, 1995, are not eligible for the health and life insurance retirement benefits.

The composition of net periodic pension plan and postretirement plan costs for the three months ended March 31 is as follows:

	Pension Benefits						Postretirement Benefits
(In thousands)	2012			2011			2012		2011
Service cost	$	111		$	82		$	-	$	-
Interest cost		111			103			4		5
Expected return on plan assets		(198	)		(156	)		-		-
Amortization of transition obligation		-			-			-		5
Amortization of net losses		130			62			4		-
Net periodic benefit plan cost	$	154		$	91		$	8	$	10

The Company has made a contribution in the amount of $2.6 million to the defined benefit pension plan during the first three months of 2012.  The Company will evaluate any need for further contributions to the defined benefit pension plan during the fourth quarter of 2012.