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Components of Net Periodic Benefit Cost
9 Months Ended
Sep. 30, 2019
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
(000's)
 
(000's)
 
 
Pension Benefits
 
Post-Retirement
Health Benefits
 
Pension Benefits
 
Post-Retirement
Health Benefits
 
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Service cost
 
$
304

 
$
347

 
$
9

 
$
10

 
$
913

 
$
1,041

 
$
26

 
$
31

Interest cost
 
866

 
798

 
36

 
33

 
2,599

 
2,395

 
109

 
98

Expected return on plan assets
 
(896
)
 
(991
)
 

 

 
(2,689
)
 
(2,972
)
 

 

Net amortization of prior service cost
 

 

 

 

 
1

 
1

 

 

Net amortization of net (gain) loss
 
389

 
362

 
(4
)
 

 
1,168

 
1,085

 
(12
)
 

Net Periodic Benefit Cost
 
$
663

 
$
516

 
$
41

 
$
43

 
$
1,992

 
$
1,550

 
$
123

 
$
129


 
Employer Contributions
 
First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2018 that it expected to contribute $1.8 million and $814 thousand respectively to its Pension Plan and ESOP and $233 thousand to the Post Retirement Health Benefits Plan in 2019. Contributions of $1,767 thousand have been made to the Pension Plan thus far in 2019. Contributions of $188 thousand have been made through the first nine months of 2019 for the Post Retirement Health Benefits plan. No contributions have been made in 2019 for the ESOP. The Pension plan was frozen for most employees at the end of 2012 and for those employees there will be discretionary contributions to the ESOP plan and a 401K plan in place of the former Pension benefit. In the first nine months of 2019 and 2018 there has been $1.1 million and $1.3 million of expense accrued for potential contributions to these alternative retirement benefit options.