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PENSION AND OTHER BENEFITS
 6 Months Ended
Jun. 30, 2013
PENSION AND OTHER BENEFITS [Abstract]  
PENSION AND OTHER BENEFITS
(G)PENSION AND OTHER BENEFITS

During the six-months ended June 30, 2013, UIL Holdings made pension contributions of $38.3 million.  In July 2013, an additional contribution of approximately $8.3 million was made.  Additional contributions during the remainder of 2013 are expected to be approximately $9 million in the aggregate.

The following tables represent the components of net periodic benefit cost for pension and other postretirement benefits as well as the actuarial weighted-average assumptions used in calculating net periodic benefit cost for the three and six‑month periods ended June 30, 2013 and 2012:

 
 
Three Months Ended June 30,
 
 
 
Pension Benefits
  
Other Postretirement Benefits
 
 
 
2013
  
2012
  
2013
  
2012
 
 
 
(In Thousands)
 
Components of net periodic benefit cost:
 
  
  
  
 
Service cost
 
$
3,696
  
$
3,008
  
$
481
  
$
401
 
Interest cost
  
9,988
   
10,368
   
1,384
   
1,562
 
Expected return on plan assets
  
(12,863
)
  
(11,219
)
  
(648
)
  
(626
)
Amortization of:
                
Prior service costs
  
151
   
162
   
(13
)
  
(17
)
Transition obligation
  
-
   
-
   
-
   
98
 
Actuarial loss
  
5,208
   
3,294
   
444
   
241
 
Net periodic benefit cost
 
$
6,180
  
$
5,613
  
$
1,648
  
$
1,659
 

 
 
Six Months Ended June 30,
 
 
 
Pension Benefits
  
Other Postretirement Benefits
 
 
 
2013
  
2012
  
2013
  
2012
 
 
 
(In Thousands)
 
Components of net periodic benefit cost:
 
  
  
  
 
Service cost
 
$
7,392
  
$
6,016
  
$
962
  
$
802
 
Interest cost
  
19,976
   
20,736
   
2,768
   
3,124
 
Expected return on plan assets
  
(25,726
)
  
(22,438
)
  
(1,296
)
  
(1,252
)
Amortization of:
                
Prior service costs
  
302
   
324
   
(26
)
  
(34
)
Transition obligation
  
-
   
-
   
-
   
196
 
Actuarial loss
  
10,416
   
6,588
   
888
   
482
 
Net periodic benefit cost
 
$
12,360
  
$
11,226
  
$
3,296
  
$
3,318
 

 
 
Three and Six Months Ended June 30,
 
 
 
Pension Benefits
  
Other Postretirement Benefits
 
 
 
2013
  
2012
  
2013
  
2012
 
 
 
  
  
  
 
Discount rate
  
4.00% - 4.25
%
  
5.05% - 5.30
%
  
4.00% - 4.25
%
  
5.05% - 5.30
%
Average wage increase
  
3.50% - 3.80
%
  
3.50% - 3.80
%
  
N/
A
  
N/
A
Return on plan assets
  
7.75% - 8.00
%
  
7.75% - 8.00
%
  
5.56% - 8.00
%
  
5.56% - 8.00
%
Composite health care trend rate (current year)
  
N/
A
  
N/
A
  
7.50
%
  
8.00
%
Composite health care trend rate (2018 forward)
  
N/
A
  
N/
A
  
5.00
%
  
5.00
%
 
                
N/A – not applicable