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Pension Benefits and Other Postretirement Benefit Plans
 3 Months Ended
Mar. 31, 2018
Defined Benefit Plan [Abstract]  
Pension Benefit and Other Postretirement Benefit Plans
Pension Benefits and Other Postretirement Benefit Plans
We have two qualified noncontributory defined benefit pension plans: 1) the Rogers Corporation Employee’s Pension Plan for unionized hourly employees (the Union Plan); and 2) the Rogers Corporation Defined Benefit Pension Plan for (i) all other U.S. employees hired before December 31, 2007 who are salaried employees or non-union hourly employees and (ii) employees of the acquired Arlon business (the Rogers Plan).
The Company also maintains the Rogers Corporation Amended and Restated Pension Restoration Plan effective as of January 1, 2004 and the Rogers Corporation Amended and Restated Pension Restoration Plan effective as of January 1, 2005 (collectively, the Nonqualified Plans). The Nonqualified Plans serve to restore certain retirement benefits that might otherwise be lost due to limitations imposed by federal law on qualified pension plans, as well as to provide supplemental retirement benefits, for certain senior executives of the Company.
In addition, we sponsor multiple fully insured or self-funded medical plans and life insurance plans for certain retirees. The measurement date for all plans is December 31 for each respective plan year.
Components of Net Periodic (Benefit) Cost
The components of net periodic (benefit) cost for the periods indicated were:
(Dollars in thousands)
Pension Benefits
 
Retirement Health and
Life Insurance Benefits
Three Months Ended March 31,
 
Three Months Ended March 31,
Change in benefit obligation:
2018
 
2017
 
2018
 
2017
Service cost
$
—

 
$
—

 
$
20

 
$
39

Interest cost
1,680

 
1,841

 
15

 
18

Expected return on plan assets
(2,169
)
 
(2,309
)
 
—

 
—

Amortization of prior service cost (credit)
—

 
—

 
(400
)
 
(373
)
Amortization of net loss (gain)
456

 
433

 
—

 
(14
)
Net periodic (benefit) cost
$
(33
)
 
$
(35
)
 
$
(365
)
 
$
(330
)

Employer Contributions
There were no required contributions to our qualified defined benefit pension plans in the first quarter of 2018 and we are not required to make additional contributions to these plans in 2018. We paid $0.1 million of required contributions in the first quarter of 2017.
In the first quarter of 2018 and 2017, we did not make any voluntary contributions to our defined benefit pension plans.
As there is no funding requirement for the non-qualified unfunded noncontributory defined benefit pension plan or the retiree health and life insurance benefit plans, benefit payments made during the year are funded directly by the Company.
Pension Plan Proposed Termination
The Company currently intends to terminate the Rogers Plan and has requested a determination letter from the Internal Revenue Service (IRS). The termination of the Rogers Plan remains subject to final approval by both management and the IRS. The Company plans to provide for lump sum distributions or annuity payments in connection with the termination of the Rogers Plan and we expect the settlement process to be completed in late 2018 or early 2019. The Company lacks sufficient information as of March 31, 2018 to determine the financial impact of the proposed plan termination. At this time, there are no plans to terminate the Union Plan.