RETIREMENT AND POSTRETIREMENT PLANS

6 Months Ended

Jun. 30, 2011

RETIREMENT AND POSTRETIREMENT PLANS [Abstract]

RETIREMENT AND POSTRETIREMENT PLANS

12.   RETIREMENT AND POSTRETIREMENT PLANS

The Holding Company or the Bank maintains the Retirement Plan of The Dime Savings Bank of Williamsburgh (the "Employee Retirement Plan"), the Retirement Plan for Board Members of Dime Community Bancshares, Inc. (the "Outside Director Retirement Plan"), the BMP, and the Postretirement Welfare Plan of The Dime Savings Bank of Williamsburgh ("Postretirement Plan").  Net expenses associated with these plans were comprised of the following components:

	Three Months Ended June 30, 2011					Three Months Ended June 30, 2010
	BMP, Employee and Outside Director Retirement Plans			Postretirement Plan		BMP, Employee and Outside Director Retirement Plans			Postretirement Plan
	(Dollars in thousands)
Service cost	$	-		$	33	$	-		$	29
Interest cost		339			86		358			79
Actuarial adjustment to prior period interest cost and amortization		-			-		353			-
Expected return on assets		(361	)		-		(347	)		-
Unrecognized past service liability		-			-		-			14
Amortization of unrealized loss		312			29		263			-
Net periodic cost	$	290		$	148	$	627		$	122

	Six Months Ended June 30, 2011					Six Months Ended June 30, 2010
	BMP, Employee and Outside Director Retirement Plans			Postretirement Plan		BMP, Employee and Outside Director Retirement Plans			Postretirement Plan
	(Dollars in thousands)
Service cost	$	-		$	67	$	-		$	58
Interest cost		679			173		715			158
Actuarial adjustment to prior period interest cost and amortization		-			-		353			-
Expected return on assets		(721	)		-		(694	)		-
Unrecognized past service liability		-			-		-			28
Amortization of unrealized loss		623			58		526			-
Net periodic cost	$	581		$	298	$	900		$	244

The Company disclosed in its consolidated financial statements for the year ended December 31, 2010 that it expected to make contributions or benefit payments totaling $48,000 to the Employee Retirement Plan, $389,000 to the BMP, $135,000 to the Outside Director Retirement Plan, and $173,000 to the Postretirement Plan during the year ending December 31, 2011.  The Company made contributions of $24,000 to the Employee Retirement Plan during the six months ended June 30, 2011, and expects to make an additional $24,000 of contributions or benefit payments during the remainder of 2011.  The Company made benefit payments of $64,000 to the Outside Director Retirement Plan during the six months ended June 30, 2011, and expects to make an additional $71,000 of contributions or benefit payments during the remainder of 2011.  The Company made net contributions totaling $124,000 to the Postretirement Plan during the six months ended June 30, 2011, and expects to make the remainder of the estimated $173,000 of net contributions or benefit payments during 2011.  The Company contributed $1.0 million to the BMP during the six months ended June 30, 2011, all of which related to reinstatement benefits that were separate in nature from the $389,000 actuarily determined contributions expected for 2011.  The Company does not expect to make the $389,000 of benefit payments to the BMP during 2011, since anticipated retirements that formed the basis for these expected benefit payments in 2011 are presently not expected to occur.