EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2017 and September 30, 2016 (in thousands):  

	September 30,		September 30,
	2017		2016
Service Cost	$	—	$	—
Interest Cost		26		28
Expected Return on Plan Assets		(36)		(33)
Amortization of Net (Gain) Loss		1		8
Net Periodic Pension Cost	$	(9)	$	3

Through the nine months ended September 30, 2017, the Cooperative has made $3,000 in contributions as compared to $12,000 through the nine months ended September 30, 2016.  The Cooperative anticipates making a total of $6,000 in contributions in 2017. Contributions in 2016 totaled $12,000.