|
PENSION AND POSTRETIREMENT WELFARE PLANS (Tables)
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12 Months Ended |
|
Dec. 31, 2013
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|
Pension Plan
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| Pension and postretirement welfare plans |
|
| Schedule of reconciliation of the change in benefit obligation, the change in plan assets and the net amount recognized in the consolidated balance sheet |
The following tables provide a reconciliation of the change in benefit obligation, the change in plan assets and the net amount recognized in the consolidated balance sheets at December 31, 2013 and December 31, 2012 (in thousands):
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December 31,
2013 |
|
December 31,
2012 |
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|
Change in projected benefit obligation: |
|
|
|
|
|
|
|
|
Projected benefit obligation at beginning of period |
|
$ |
6,277 |
|
$ |
5,556 |
|
|
Service cost |
|
|
103 |
|
|
122 |
|
|
Employee contributions |
|
|
10 |
|
|
9 |
|
|
Interest cost |
|
|
241 |
|
|
259 |
|
|
Actuarial (gain) loss |
|
|
(638 |
) |
|
580 |
|
|
Benefits paid |
|
|
(255 |
) |
|
(249 |
) |
| |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Projected benefit obligation at end of period |
|
$ |
5,738 |
|
$ |
6,277 |
|
| |
|
|
|
|
|
| |
|
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|
|
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| |
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| |
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|
|
|
|
Change in plan assets: |
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|
|
|
|
|
|
|
Fair value of plan assets at beginning of period |
|
$ |
4,086 |
|
$ |
3,418 |
|
|
Actual return on plan assets |
|
|
691 |
|
|
469 |
|
|
Employee contributions |
|
|
10 |
|
|
9 |
|
|
Employer contributions |
|
|
315 |
|
|
439 |
|
|
Benefits and expenses paid |
|
|
(255 |
) |
|
(249 |
) |
| |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Fair value of plan assets at end of period |
|
$ |
4,847 |
|
$ |
4,086 |
|
| |
|
|
|
|
|
| |
|
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| |
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| Schedule of reconciliation of accumulated other comprehensive income from the prior measurement date to the current measurement date |
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December 31,
2013 |
|
December 31,
2012 |
|
|
Excess of projected benefit obligation over fair value of plan assets |
|
$ |
891 |
|
$ |
2,191 |
|
|
Unrecognized loss |
|
|
(875 |
) |
|
(2,088 |
) |
| |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Accrued pension cost prior to pension adjustments |
|
$ |
16 |
|
$ |
103 |
|
|
Accumulated Other Comprehensive Income at Current Measurement Date |
|
|
875 |
|
|
2,088 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Accrued pension cost at end of period |
|
$ |
891 |
|
$ |
2,191 |
|
| |
|
|
|
|
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| |
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| Schedule of benefits expected to be paid |
Benefits expected to be paid from the Plan during each of the next five fiscal years, and in aggregate for the five fiscal years thereafter are (in thousands):
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|
|
|
|
|
Year of payment |
|
Amount of
Benefit
Payment |
|
|
2014 |
|
$ |
289 |
|
|
2015 |
|
|
308 |
|
|
2016 |
|
|
311 |
|
|
2017 |
|
|
326 |
|
|
2018 |
|
|
326 |
|
|
2019 - 2023 |
|
|
1,863 |
|
|
| Schedule of components of net periodic expense |
Components of net periodic pension expense included in the consolidated statements of income and comprehensive income for years 2013 and 2012 are as follows (in thousands):
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|
|
|
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|
For the
year ended
December 31,
2013 |
|
For the
year ended
December 31,
2012 |
|
|
Service cost |
|
$ |
103 |
|
$ |
122 |
|
|
Interest cost |
|
|
241 |
|
|
259 |
|
|
Amortization of net loss |
|
|
172 |
|
|
150 |
|
|
Expected return on assets |
|
|
(288 |
) |
|
(245 |
) |
| |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Net periodic pension expense |
|
$ |
228 |
|
$ |
286 |
|
| |
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| |
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| Schedule of weighted average assumptions used to determine the projected defined benefit obligation |
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|
December 31,
2013 |
|
December 31,
2012 |
|
|
Discount rate |
|
|
4.75 |
% |
|
4.00 |
% |
|
Rate of compensation increases |
|
|
2.00 |
% |
|
5.00 |
% |
|
| Schedule of weighted average assumptions used to determine net periodic pension expense |
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December 31,
2013 |
|
December 31,
2012 |
|
|
Discount rate |
|
|
4.00 |
% |
|
4.75 |
% |
|
Expected long-term rate of return on plan assets |
|
|
7.00 |
% |
|
7.00 |
% |
|
Rate of compensation increases |
|
|
5.00 |
% |
|
5.00 |
% |
|
| Schedule of pension plan assets allocation |
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December 31,
2013 |
|
December 31,
2012 |
|
|
Cash equivalents |
|
|
5 |
% |
|
4 |
% |
|
Equity securities |
|
|
64 |
% |
|
65 |
% |
|
Fixed income securities |
|
|
31 |
% |
|
31 |
% |
| |
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| |
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Total |
|
|
100 |
% |
|
100 |
% |
| |
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| |
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| Schedule of ranges for asset allocation percentages based on the Plan's Investment Policy Guidelines |
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|
Equity securities |
|
55 - 75% |
|
Fixed income securities |
|
25 - 45% |
|
Cash |
|
0 - 20% |
| |
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| |
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Total |
|
100% |
| |
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| |
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| |
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|
Postretirement Welfare Plan
|
|
| Pension and postretirement welfare plans |
|
| Schedule of reconciliation of the change in benefit obligation, the change in plan assets and the net amount recognized in the consolidated balance sheet |
The following tables provide a reconciliation of the change in the accumulated postretirement benefit obligation and the net amount recognized in the consolidated balance sheets at December 31, 2013 and December 31, 2012 (in thousands):
|
|
|
|
|
|
|
|
|
|
December 31,
2013 |
|
December 31,
2012 |
|
|
Change in postretirement benefit obligation: |
|
|
|
|
|
|
|
|
Accumulated post retirement benefit obligation at beginning of period |
|
$ |
1,621 |
|
$ |
1,378 |
|
|
Service cost |
|
|
16 |
|
|
22 |
|
|
Interest cost |
|
|
60 |
|
|
67 |
|
|
Actuarial (gain) loss |
|
|
(243 |
) |
|
227 |
|
|
Benefits paid |
|
|
(47 |
) |
|
(73 |
) |
| |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Accumulated postretirement benefit obligation at end of period |
|
$ |
1,407 |
|
$ |
1,621 |
|
| |
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| |
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| |
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|
|
|
|
|
|
| |
|
|
|
|
|
|
| Schedule of benefits expected to be paid |
Benefits expected to be paid from the Plan during each of the next five fiscal years, and in aggregate for the five fiscal years thereafter are (in thousands):
|
|
|
|
|
|
Year of payment |
|
Amount of
Benefit Payment |
|
|
2014 |
|
$ |
58 |
|
|
2015 |
|
|
62 |
|
|
2016 |
|
|
60 |
|
|
2017 |
|
|
68 |
|
|
2018 |
|
|
64 |
|
|
2019 - 2023 |
|
|
404 |
|
|