Pension and Postretirement Benefits:

The Company maintained a frozen qualified defined benefit pension plan for certain of its employees through membership in the Pension Plan for Insurance Organizations (the “Pension Plan”), a multiple-employer trust. The Company has applied a cash balance formula to determine future benefits. Under the cash balance formula, each participant has an account, which is credited annually based on salary rates determined by years of service, as well as the interest earned on the previous year-end cash balance. The Company also has a frozen non-qualified supplemental cash balance plan (“SERP”) for certain employees. The SERP is funded from the general assets of the Company.

The Company also provides certain healthcare and life insurance benefits to certain qualifying active and retired employees. The Postretirement Health and Life Insurance Plan (the “Postretirement Plan”), which has been frozen, is contributory, requiring participants to pay a stated percentage of the premium for coverage.

The components of net periodic (benefit) cost for the three months ended March 31, are summarized below:



	Pension Plan and SERP						Postretirement Plan
	Three Months Ended March 31,
	2014			2013			2014			2013
Interest cost	$	4,813		$	4,427		$	163		$	150
Expected return on plan assets		(8,513	)		(7,597	)		(200	)		(212	)
Amortization of prior service credit		—			—			(36	)		(38	)
Amortization of net actuarial loss		152			1,289			176			150
Net periodic (benefit) cost	$	(3,548	)	$	(1,881	)	$	103		$	50
Employer contributions	$	195		$	100		$	—		$	—

The expected contributions to the Pension Plan, SERP and Postretirement Plan for the year ending December 31, 2014 are consistent with the amounts previously disclosed as of December 31, 2013.