Retirement Benefits

9 Months Ended

Sep. 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 nine month periods ended September 30 were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
In thousands	2011			2010			2011			2010
Service cost	$	143		$	115		$	429		$	345
Interest cost	240			268			720			804
Expected return on plan assets	(457		)	(304		)	(1,371		)	(912		)
Recognized net actuarial loss	35			109			105			327
Other, net	13			13			39			39
Net Periodic Benefit Cost (Income)	$	(26	)	$	201		$	(78	)	$	603

The Corporation previously disclosed in its consolidated financial statements for the year ended December 31, 2010, that it had not yet been determined the amount the Bank plans on contributing to the Plan in 2011. As of September 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.