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 nine-month period ended September 30, 2014 and $12.6 million of contributions for the nine-month period ended September 30, 2013.

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



	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2014			2013			2014			2013
Service cost	$	1,083		$	1,204		$	3,249		$	3,612
Interest cost	1,144			1,056			3,432			3,168
Expected return on plan assets	(2,717		)	(2,384		)	(8,151		)	(7,152		)
Amortization of prior service cost	5			5			15			15
Recognized net actuarial loss	—			676			—			2,028
Benefit (income) expense	$	(485	)	$	557		$	(1,455	)	$	1,671