13.	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 (the "Postretirement Plan"). Net expenses associated with these plans were comprised of the following components:

	Three Months Ended September 30, 2016						Three Months Ended September 30, 2015
	BMP, Employee and Outside Director Retirement Plans			Postretirement Plan			BMP, Employee and Outside Director Retirement Plans			Postretirement Plan

Service cost	$	-		$	-		$	-		$	-
Interest cost		343			16			344			18
Expected return on assets		(383	)		-			(414	)		-
Unrecognized past service liability		-			(2	)		-			-
Amortization of unrealized loss		428			(1	)		480			(2	)
Net periodic cost	$	388		$	13		$	410		$	16

	Nine Months Ended September 30, 2016						Nine Months Ended September 30, 2015
	BMP, Employee and Outside Director Retirement Plans			Postretirement Plan			BMP, Employee and Outside Director Retirement Plans			Postretirement Plan

Service cost	$	-		$	-		$	-		$	9
Interest cost		1,028			47			749			556
Expected return on assets		(1,149	)		-			(1,242	)		-
Curtailment gain⁽¹⁾		-			-			-			(3,394	)
Unrecognized past service liability		-			(6	)		-			-
Amortization of unrealized loss		1,284			(3	)		1,257			(27	)
Net periodic cost (gain)	$	1,163		$	38		$	764		$	(2,856	)

⁽¹⁾

The Postretirement Plan was amended effective March 31, 2015, whereby future retirees will not be eligible to participate in the plan. This plan amendment resulted in a curtailment gain.

The Company disclosed in its consolidated financial statements for the year ended December 31, 2015 that it expected to make contributions to, or benefit payments on behalf of, benefit plans during 2016 as follows: BMP - $686, Outside Director Retirement Plan - $208, and Postretirement Plan - $116. The Company made contributions of $4 to the Employee Retirement Plan during the three months ended September 30, 2016, and $15 during the nine months ended September 30, 2016. The Company made benefit payments of $41 on behalf of the Outside Director Retirement Plan during the three months ended September 30, 2016, and $123 during the nine months ended September 30, 2016, and expects to make the remainder of the estimated benefit payments during 2016. The Company made benefit payments totaling $43 on behalf of the Postretirement Plan during the three months ended September 30, 2016, and $94 during the nine months ended September 30, 2016, and expects to make the remainder of the anticipated contributions or benefit payments during 2016. The Company made benefit payments totaling $46 on behalf of the BMP during the three month and nine month periods ended September 30, 2016, and expects to make benefit payments of $35 on behalf of the BMP during the remainder of 2016.

The BMP exists in order to compensate executive officers for any curtailments in benefits due to statutory limitations on qualifying benefit plans. On July 1, 2016, in addition to benefit payments from the defined benefit plan component of the BMP discussed above, a retired participant elected a gross lump-sum distribution of $7,736. The distribution was satisfied by 239,822 shares of Common Stock (market value of $4,088) held by the ESOP component of the BMP and cash of $3,648 held by the defined contribution plan components of the BMP. As a result of the distribution, a non-cash tax benefit of $717 was recognized for the difference between the market value and cost basis of the Common Stock held by the BMP, which reduces tax payable and increases Additional Paid-in Capital.