Employee Benefit Plans

9 Months Ended

Sep. 30, 2014

Employee Benefit Plans [Abstract]

Employee Benefit Plans

Note 8 – Employee Benefit Plans

Pension Benefits

The Company maintains a defined benefit pension plan (Pension Plan) which covers all active 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 a discretionary annual contribution into a self-directed retirement account based upon a percentage of the participants' base 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 September 30, 2014 and 2013, the Company made cash contributions to the Pension Plan of $1.3 million and $1.9 million, respectively. For the nine months ended September 30, 2014 and 2013, the Company made cash contributions to the Pension Plan of $2.5 million and $2.6 million, respectively. The Company expects to make additional cash contributions to the Pension Plan of approximately $0.8 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 maintains a postretirement plan other than pensions (Other Benefits Plan) which 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 September 30, 2014 and 2013, the Company made cash contributions to the Other Benefits Plan of $0.5 million and $1.0 million, respectively. For the nine months ended September 30, 2014 and 2013, the Company made cash contributions to the Other Benefits Plan of $0.9 million and $1.7 million, respectively. The Company expects to make additional cash contributions to the Other Benefits Plan of approximately $0.3 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 September 30,
	2014			2013				2014			2013
Service Cost	$	473		$	575			$	258		$	334
Interest Cost		670			617				448			399
Expected Return on Assets		(883	)		(724	)			(484	)		(406	)
Amortization of Unrecognized Losses		104			408				353			516
Amortization of Unrecognized Prior Service Cost (Credit)		1			2				(432	)		(432	)
Net Periodic Benefit Cost	$	365		$	878			$	143		$	411

	(In Thousands)
	Pension Benefits						Other Benefits
	Nine Months Ended September 30,
	2014			2013				2014			2013
Service Cost	$	1,420		$	1,725			$	774		$	1,003
Interest Cost		2,011			1,851				1,344			1,196
Expected Return on Assets		(2,650	)		(2,171	)			(1,453	)		(1,217	)
Amortization of Unrecognized Losses		312			1,224				1,060			1,549
Amortization of Unrecognized Prior Service Cost (Credit)		2			7				(1,296	)		(1,296	)
Net Periodic Benefit Cost	$	1,095		$	2,636			$	429		$	1,235