Pension and postretirement benefits

3 Months Ended

Mar. 31, 2017

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Pension and postretirement benefits

Note 29 – Pension and postretirement benefits

The Corporation has a non-contributory defined benefit pension plan and supplementary pension benefit restoration plans for regular employees of certain of its subsidiaries. The accrual of benefits under the plans is frozen to all participants.

The components of net periodic pension cost for the periods presented were as follows:

		Pension Plan				Benefit Restoration Plans
		Quarters ended March 31,				Quarters ended March 31,
(In thousands)		2017		2016		2017		2016
Interest cost	$	6,120	$	6,291	$	352	$	348
Expected return on plan assets		(10,186)		(9,623)		(502)		(538)
Amortization of net loss		5,054		4,880		411		331
Total net periodic pension cost (benefit)	$	988	$	1,548	$	261	$	141

During the quarter ended March 31,2017 the Corporation made a contribution to the pension and benefit restoration plans of $59 thousand. The total contributions expected to be paid during the year 2017 for the pension and benefit restoration plans amount to approximately $236thousand.

The Corporation also provides certain postretirement health care benefits for retired employees of certain subsidiaries. The table that follows presents the components of net periodic postretirement benefit cost.

		Quarters ended March 31,
(In thousands)		2017		2016
Service cost	$	256	$	289
Interest cost		1,426		1,505
Amortization of prior service cost		(950)		(950)
Amortization of net loss		142		275
Total postretirement cost	$	874	$	1,119

Contributions made to the postretirement benefit plan for the quarter ended March 31,2017 amounted to approximately $1.5 million. The total contributions expected to be paid during the year 2017 for the postretirement benefit plan amount to approximately $6.4 million.