Pension Plan

Park has a noncontributory defined benefit pension plan covering substantially all of its employees. The plan provides benefits based on an employee’s years of service and compensation.

Park’s funding policy is to contribute annually an amount that can be deducted for federal income tax purposes using a different actuarial cost method and different assumptions from those used for financial reporting purposes. There were no pension plan contributions for the six-month period ended June 30, 2014 and $12.6 million of contributions for the six-month period ended June 30, 2013.

The following table shows the components of net periodic benefit (income) expense:



	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2014			2013			2014			2013
Service cost	$	1,083		$	1,204		$	2,166		$	2,408
Interest cost	1,144			1,056			2,288			2,112
Expected return on plan assets	(2,717		)	(2,384		)	(5,434		)	(4,768		)
Amortization of prior service cost	5			5			10			10
Recognized net actuarial loss	—			676			—			1,352
Benefit (income) expense	$	(485	)	$	557		$	(970	)	$	1,114