Employee Benefit Plans

6 Months Ended

Jun. 30, 2014

Increase in base rates revenue per year, percent

Employee Benefit Plans

Note 8 – Employee Benefit Plans

Pension Benefits

The Company’s Pension Plan covers substantially all employees hired prior to March 31, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides an annual contribution into a self-directed retirement account at the discretion of the Company, based upon a percentage of the participants’ compensation. In order to be eligible for contribution, the participating employee must be employed by the Company on December 31st of the year to which the award relates. For the three months ended June 30, 2014, the Company made Pension Plan cash contributions of $0.8 million. The Company did not make any Pension Plan contributions in the three months ended June 30, 2013. For the six months ended June 30, 2014 and 2013, the Company made Pension Plan cash contributions of $1.3 million and $0.6 million, respectively. The Company expects to make additional Pension Plan cash contributions of approximately $2.0 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.3 million in annual benefits to the retired participants.

Other Postretirement Benefits

The Company’s postretirement plan other than pensions (Other Benefits Plan) covers substantially all of its retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For the three months ended June 30, 2014, the Company made Other Benefits Plan cash contributions of $0.2 million. The Company did not make any Other Benefits Plan contributions in the three months ended June 30, 2013. For the six months ended June 30, 2014 and 2013, the Company made Other Benefits Plan cash contributions of $0.4 million and $0.7 million, respectively. The Company expects to make additional Other Benefits Plan cash contributions of approximately $1.0 million over the remainder of the current year.

The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans:

	(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended June 30,
	2014			2013			2014			2013
Service Cost	$	474		$	575		$	258		$	335
Interest Cost		671			617			448			398
Expected Return on Assets		(884	)		(723	)		(484	)		(405	)
Amortization of Unrecognized Losses		104			408			353			517
Amortization of Unrecognized Prior Service Cost (Credit)		—			3			(432	)		(432	)
Net Periodic Benefit Cost	$	365		$	880		$	143		$	413

	(In Thousands)
	Pension Benefits						Other Benefits
	Six Months Ended June 30,
	2014			2013			2014			2013
Service Cost	$	947		$	1,150		$	516		$	669
Interest Cost		1,341			1,234			896			797
Expected Return on Assets		(1,767	)		(1,447	)		(969	)		(811	)
Amortization of Unrecognized Losses		208			816			707			1,033
Amortization of Unrecognized Prior Service Cost (Credit)		1			5			(864	)		(864	)
Net Periodic Benefit Cost	$	730		$	1,758		$	286		$	824