Retirement and Postretirement Plans

6 Months Ended

Jun. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Retirement and Postretirement Plans

Retirement and Postretirement Plans

The Company has a funded, qualified non-contributory defined benefit retirement plan which covers substantially all Legacy Media General employees hired before 2007 and IBEW Local 45 employees of KRON-TV with benefits which vested prior to 2006, as well as a non-contributory unfunded supplemental executive retirement and ERISA excess plans which supplement the coverage available to certain executives. These retirement plans are frozen.

In conjunction with the LIN Merger, the Company assumed liability for an additional defined benefit retirement plan as well as a supplemental retirement plan. Both plans are frozen. The Company is required to make contributions to the supplemental retirement plan for the then eligible employees and certain other employees based on 5% of each participant’s eligible compensation.

The Company also has a retiree medical savings account plan which reimburses eligible employees who retire for certain medical expenses. In addition, the Company has an unfunded plan that provides certain health and life insurance benefits to retired employees who were hired prior to 1992.

The following tables provide the components of net periodic benefit cost (income) for the Company’s benefit plans for the second quarters and first six months of 2015 and 2014:

	Three Months Ended
	Pension Benefits						Other Benefits
(In thousands)	June 30, 2015			June 30, 2014			June 30, 2015		June 30, 2014
Service cost	$	—		$	43		$	40	$	18
Interest cost	4,056			5,554			390		277
Expected return on plan assets	(5,472		)	(6,762		)	—		—
Amortization of net loss	142			—			—		—
Net periodic benefit (income) cost	$	(1,274	)	$	(1,165	)	$	430	$	295

	Six Months Ended
	Pension Benefits						Other Benefits
(In thousands)	June 30, 2015			June 30, 2014			June 30, 2015		June 30, 2014
Service cost	$	—		$	85		$	50	$	40
Interest cost	11,456			11,060			500		538
Expected return on plan assets	(15,453		)	(13,433		)	—		—
Amortization of net loss	400			—			—		—
Net periodic benefit (income) cost	$	(3,597	)	$	(2,288	)	$	550	$	578