EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2011

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

11. EMPLOYEE BENEFIT PLANS

Components of the net periodic benefit cost of PLC’s defined benefit pension plan and unfunded excess benefit plan are as follows:

	For The						For The
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
	(Dollars In Thousands)
Service cost — benefits earned during the period	$	2,194		$	2,068		$	6,582		$	6,204
Interest cost on projected benefit obligation	2,508			2,357			7,524			7,071
Expected return on plan assets	(2,512		)	(2,312		)	(7,536		)	(6,936		)
Amortization of prior service cost	(98		)	(98		)	(294		)	(294		)
Amortization of actuarial losses	1,388			1,026			4,164			3,078
Total benefit cost	$	3,480		$	3,041		$	10,440		$	9,123

During the nine months ended September 30, 2011, PLC contributed $5.7 million to its defined benefit pension plan for the 2010 plan year and $4.5 million for the 2011 plan year. In addition, during October of 2011, PLC contributed $2.2 million to the defined benefit pension plan for the 2011 plan year. PLC will continue to make contributions in future periods as necessary to at least satisfy minimum funding requirements. PLC may also make additional contributions in future periods to maintain an adjusted funding target attainment percentage (“AFTAP”) of at least 80%.

In addition to pension benefits, PLC provides life insurance benefits to eligible retirees and limited healthcare benefits to eligible retirees who are not yet eligible for Medicare. For a closed group of retirees over age 65, PLC provides a prescription drug benefit. The cost of these plans for the nine months ended September 30, 2011, was immaterial to PLC’s financial statements.