Pension Plan and Post-Retirement Benefits

3 Months Ended

Mar. 31, 2016

Pension Plan and Post-Retirement Benefits

Pension Plan and Post-Retirement Benefits

8.Pension Plan and Post-Retirement Benefits

Defined Benefit Plan

Net pension cost (benefit) recognized for the three months ended March 31, 2016 and 2015 for the Company’s defined benefit plan (the “Pension Plan”) is as follows:

	Three Months Ended March 31,
	2016			2015
Service cost for benefits earned during the quarter	$	1,125		$	1,215
Interest cost on projected benefit obligations	7,079			6,900
Expected return on plan assets	(9,340		)	(10,236		)
Amortization of net loss	1,157			534
Amortization of prior service cost	24			69
Net pension cost (benefit) - Company plan	45			(1,518		)
Net pension cost - multi -employer plan	88			87
Total net pension cost (benefit)	$	133		$	(1,431	)

The Company currently does not anticipate making any Pension Plan contributions in 2016. This estimate is based on current tax laws, plan asset performance, and liability assumptions, which are subject to change.

The Company provides postretirement health care insurance benefits through an indemnity plan and a health maintenance organization plan for certain salary and non-salary Longview employees and their dependents.  The Company anticipates making contributions to its postretirement plans in 2016 as claims are submitted.

Defined Contribution Plan

We offer 401(k) Defined Contribution Plans (“Contribution Plans”) to eligible employees.  The Company’s monthly contributions are based on the matching of certain employee contributions or based on a union negotiated formula. For the three months ended March 31, 2016 and 2015, the Company recognized expense of $3.6 million and $5.0 million, respectively, for the Company contributions to the Contribution Plans. In March 2016, the Company suspended contributions for certain employees.  As a result, contributions were $2.2 million lower in the quarter ended March 31, 2016.  This was partially offset by an increase of $0.8 million for Victory.