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Pension and Other Post-retirement Benefits
3 Months Ended
Mar. 31, 2014
Pension and Other Post-retirement Benefits  
Pension and Other Post-retirement Benefits

(8)           Pension and Other Post-retirement Benefits

 

The defined benefit pension plan was amended to lock-in all benefits earned through March 31, 2013 based on the plan formula using years of service and average monthly compensation as of March 31, 2013.  The amendments also provide that, for service commencing January 1, 2013, additional benefits will be earned equal to 1% of career average pay for each year that a participant completes at least 1,000 hours of service.  Also, effective April 1, 2013, participants who are eligible to receive required minimum distributions due to attaining age 70 ½ will be required to begin payment of benefits even though they may remain employed by us.

 

The following table sets forth the net periodic costs for the defined benefit pension plans and post retirement healthcare plans for the periods indicated (in thousands):

 

Components of net periodic benefit cost

 

 

 

Quarter ended March 31,

 

 

 

Pension benefits

 

Other post-retirement benefits

 

 

 

2014

 

2013

 

2014

 

2013

 

Service cost

 

$

1,035

 

1,138

 

 

 

Interest cost

 

1,457

 

1,301

 

16

 

16

 

Expected return on plan assets

 

(2,416

)

(2,138

)

 

 

Amortization of prior service cost

 

(581

)

(580

)

 

 

Amortization of the net loss

 

356

 

919

 

12

 

13

 

Net periodic (benefit)/ cost

 

$

(149

)

640

 

28

 

29

 

 

We made no contribution to our pension or other post-retirement benefit plans during the quarter ended March 31, 2014 and do not anticipate the need to make a contribution to our defined benefit pension plan during the year ending December 31, 2014.