Pension and postretirement benefits

9 Months Ended

Sep. 30, 2017

Note 30 – 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 September 30,				Quarters ended September 30,
(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		5,053		4,881		411		332
Total net periodic pension cost (benefit)	$	987	$	1,549	$	261	$	142

		Pension Plans				Benefit Restoration Plans
		Nine months ended September 30,				Nine months ended September 30,
(In thousands)		2017		2016		2017		2016
Interest Cost	$	18,359	$	18,873	$	1,057	$	1,044
Expected return on plan assets		(30,557)		(28,869)		(1,508)		(1,614)
Amortization of net loss		15,160		14,640		1,233		996
Total net periodic pension cost (benefit)	$	2,962	$	4,644	$	782	$	426

During the quarter ended September 30, 2017 the Corporation made a contribution to the pension and benefit restoration plans of $16.1 million. The total contributions expected to be paid during the year 2017 for the pension and benefit restoration plans amount to approximately $16.2 million.

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.


		Postretirement Benefit Plan
		Quarters ended September 30,				Nine months ended September 30,
(In thousands)		2017		2016		2017		2016
Service cost	$	256	$	289	$	769	$	867
Interest cost		1,426		1,505		4,277		4,515
Amortization of prior service cost		(950)		(950)		(2,850)		(2,850)
Amortization of net loss		142		275		426		825
Total net periodic postretirement benefit cost	$	874	$	1,119	$	2,622	$	3,357

Contributions made to the postretirement benefit plan for the quarter ended September 30, 2017 amounted to approximately $1.4 million. The total contributions expected to be paid during the year 2017 for the postretirement benefit plan amount to approximately $6.4 million.