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Employee Benefit Plans
 6 Months Ended
Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans
Employee Benefit Plans
The Corporation maintains a defined benefit pension plan ("Pension Plan") for certain employees, which was curtailed in 2008. Contributions to the Pension Plan are actuarially determined and funded annually, if required. Pension Plan assets are invested in: money markets; fixed income securities, including corporate bonds, U.S. Treasury securities and common trust funds; and equity securities, including common stocks and common stock mutual funds.
The net periodic benefit cost for the Corporation’s Pension Plan consisted of the following components:
 
Three months ended June 30
 
Six months ended June 30
 
2016
 
2015
 
2016
 
2015
 
(in thousands)
Service cost (1)
$
194

 
$
145

 
$
344

 
$
290

Interest cost
879

 
851

 
1,760

 
1,702

Expected return on plan assets
(433
)
 
(752
)
 
(1,159
)
 
(1,504
)
Net amortization and deferral
428

 
782

 
1,210

 
1,564

Net periodic benefit cost
$
1,068

 
$
1,026

 
$
2,155

 
$
2,052


(1)
Service cost was related to administrative costs associated with the plan and was not due to the accrual of additional participant benefits.
The Corporation provides benefits under a postretirement benefits plan ("Postretirement Plan") to certain retirees who were employees of the Corporation prior to January 1, 1998 and retired from employment with the Corporation prior to February 1, 2014.
The net periodic cost (benefit) of the Corporation’s Postretirement Plan consisted of the following components:
 
Three months ended June 30
 
Six months ended June 30
 
2016
 
2015
 
2016
 
2015
 
(in thousands)
Interest cost
5

 
52

 
43

 
104

Expected return on plan assets
(1
)
 
—

 
(1
)
 
—

Net accretion and deferral
(210
)
 
(65
)
 
(275
)
 
(130
)
Net periodic benefit
$
(206
)
 
$
(13
)
 
$
(233
)
 
$
(26
)

The Corporation recognizes the funded status of its Pension Plan and Postretirement Plan on the consolidated balance sheets and recognizes the change in that funded status through other comprehensive income.