Retirement Benefits

6 Months Ended

Jun. 30, 2011

Retirement Benefits

Retirement Benefits

3.Retirement Benefits

The components of net periodic benefit costs (income) related to the non-contributory, defined benefit pension plan for the three month and six month periods ended June 30 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2011			2010			2011			2010
Service cost	$	143		$	115		$	286		$	230
Interest cost	240			268			480			536
Expected return on plan assets	(457		)	(304		)	(914		)	(608		)
Recognized net actuarial loss	35			109			70			218
Other, net	13			13			26			26
Net Periodic Benefit Cost (Income)	$	(26	)	$	201		$	(52	)	$	402

The Corporation previously disclosed in its consolidated financial statements for the year ended December 31, 2010, that it has not yet been determined the amount the Bank plans on contributing to the Plan in 2011. As of June 30, 2011, this contribution has still not been determined.  The Corporation reduced the benefit formula for the defined benefit pension plan effective January 1, 2010, in order to manage total benefit costs.  The new formula is the earned benefit as of December 31, 2009, plus 0.75% of a participant's average monthly pay multiplied by years of benefit service earned on and after January 1, 2010, but not more than 25 years.  The benefit percentage factor and maximum years of service eligible were both reduced.