EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2014

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

12. 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						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
	(Dollars In Thousands)
Service cost — benefits earned during the period	$	2,453		$	2,708		$	4,906		$	5,416
Interest cost on projected benefit obligation	2,993			2,553			5,986			5,106
Expected return on plan assets	(3,065		)	(2,759		)	(6,130		)	(5,518		)
Amortization of prior service cost/(credit)	(95		)	(95		)	(190		)	(190		)
Amortization of actuarial losses	1,897			2,729			3,794			5,458
Total benefit cost	$	4,183		$	5,136		$	8,366		$	10,272

During the six months ended June 30, 2014, PLC contributed $2.3 million to its defined benefit pension plan for the 2013 plan year and $3.1 million for the 2014 plan year. During July of 2014, PLC contributed $3.1 million to the defined benefit pension plan for the 2014 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% and to avoid certain Pension Benefit Guaranty Corporation (“PBGC”) reporting triggers.

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 six months ended June 30, 2014, was immaterial to PLC’s financial statements.