OTHER POSTRETIREMENT BENEFIT PLANS

9 Months Ended

Sep. 30, 2014

Compensation And Retirement Disclosure [Abstract]

OTHER POSTRETIREMENT BENEFIT PLANS

9. OTHER POSTRETIREMENT BENEFIT PLANS

Home Savings sponsors a defined benefit health care plan that was curtailed in 2000, but continues to provide post-retirement medical benefits for employees who had worked 20 years and attained a minimum age of 60 by September 1, 2000, while in service with Home Savings. The plan is contributory and contains minor cost-sharing features such as deductibles and coinsurance. In addition, post-retirement life insurance coverage is provided for employees who were participants prior to December 10, 1976. The life insurance plan is non-contributory. Home Savings’ policy is to pay premiums monthly, with no pre-funding.

Components of net periodic benefit cost are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(Dollars in thousands)
Service cost	$	—		$	—		$	—		$	—
Interest cost		14			13			42			39
Expected return on plan assets		—			—			—			—
Net amortization of prior service cost		(19	)		(19	)		(57	)		(57	)
Recognized net actuarial gain		(36	)		(28	)		(108	)		(84	)
Net periodic benefit cost/(gain)	$	(41	)	$	(34	)	$	(123	)	$	(102	)

Assumptions used in the valuations were as follows:
Weighted average discount rate	3.95	%	3.00	%	3.95	%	3.00	%