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EMPLOYEE BENEFIT PLANS
 3 Months Ended
Mar. 31, 2017
EMPLOYEE BENEFIT PLANS  
EMPLOYEE BENEFIT PLANS

NOTE 5 – EMPLOYEE BENEFIT PLANS

 

Pension Plan – In December 2012, the Cooperative approved a change to freeze the Cooperative’s defined benefit plan. As a result, no additional benefits will accrue to participants in the plan and no new employees are eligible for the plan.

 

The following schedules provide the components of Net Periodic Benefit Cost for the three-months ended March 31, 2017 and March 31, 2016 (in thousands):  

 

 

 

 

 

 

 

 

 

 

 

 

    

March 31, 

    

March 31, 

 

 

 

2017

    

2016

 

 

 

 

 

 

 

 

 

Service Cost

 

$

—

 

$

—

 

Interest Cost

 

 

 8

 

 

37

 

Expected Return on Plan Assets

 

 

(12)

 

 

(47)

 

Amortization of Net (Gain) Loss

 

 

 1

 

 

 8

 

Net Periodic Pension Cost

 

$

(3)

 

$

(2)

 

 

Through the three-months ended March 31, 2017, the Cooperative has made $0 in contributions as compared to $6,000 through the three-months ended March 31, 2016.  The Cooperative anticipates $9,000 in contributions in 2017. Contributions in 2016 totaled $20,000.