Employee Benefit Plans

Net periodic benefit costs for our pension and post-retirement benefits plans for the three months ended March 31, 2015 and 2014 are set forth in the following tables:



	Chesapeake Pension Plan						FPU Pension Plan						Chesapeake SERP				Chesapeake Postretirement Plan						FPU Medical Plan
For the Three Months Ended March 31,	2015			2014			2015			2014			2015		2014		2015			2014			2015		2014
(in thousands)
Interest cost	$	102		$	107		$	626		$	647		$	23	$	23	$	11		$	13		$	15	$	17
Expected return on plan assets	(135		)	(133		)	(777		)	(773		)	—		—		—			—			—		—
Amortization of prior service cost	—			—			—			—			2		5		(19		)	(19		)	—		—
Amortization of net loss	90			37			114			—			25		12		17			17			2		—
Net periodic cost (benefit)	57			11			(37		)	(126		)	50		40		9			11			17		17
Amortization of pre-merger regulatory asset	—			—			190			190			—		—		—			—			2		2
Total periodic cost	$	57		$	11		$	153		$	64		$	50	$	40	$	9		$	11		$	19	$	19

We expect to record pension and postretirement benefit costs of approximately $1.2 million for 2015. Included in these costs is $769,000 related to continued amortization of the FPU pension regulatory asset, which represents the portion attributable to FPU’s regulated energy operations for the changes in funded status that occurred but were not recognized as part of net periodic benefit costs prior to the merger. This was deferred as a regulatory asset by FPU prior to the merger to be recovered through rates pursuant to a previous order by the Florida PSC. The unamortized balance of this regulatory asset was $3.4 million and $3.6 million at March 31, 2015 and December 31, 2014, respectively. The amortization included in pension expense is also being added to a net periodic loss of $381,000, which will increase our total expected benefit costs to $1.2 million.

Pursuant to a Florida PSC order, FPU continues to record as a regulatory asset a portion of the unrecognized pension and postretirement benefit costs related to its regulated operations after the merger. The portion of the unrecognized pension and postretirement benefit costs related to FPU’s unregulated operations and Chesapeake’s operations is recorded to accumulated other comprehensive income (loss). The following table presents the amounts included in the regulatory asset and accumulated other comprehensive income (loss) that were recognized as components of net periodic benefit cost during the three months ended March 31, 2015 and 2014:



For the Three Months Ended March 31, 2015	Chesapeake Pension Plan		FPU Pension Plan		Chesapeake SERP		Chesapeake Postretirement Plan			FPU Medical Plan		Total
(in thousands)
Prior service cost (credit)	$	—	$	—	$	2	$	(19	)	$	—	$	(17	)
Net loss	90		114		25		17			2		248
Total recognized in net periodic benefit cost	$	90	$	114	$	27	$	(2	)	$	2	$	231
Recognized from accumulated other comprehensive loss ⁽¹⁾	$	90	$	22	$	27	$	(2	)	$	—	$	137
Recognized from regulatory asset	—		92		—		—			2		94
Total	$	90	$	114	$	27	$	(2	)	$	2	$	231



For the Three Months Ended March 31, 2014	Chesapeake Pension Plan		FPU Pension Plan		Chesapeake SERP		Chesapeake Postretirement Plan			FPU Medical Plan		Total
(in thousands)
Prior service cost (credit)	$	—	$	—	$	5	$	(19	)	$	—	$	(14	)
Net loss	37		—		12		17			—		66
Total recognized in net periodic benefit cost	$	37	$	—	$	17	$	(2	)	$	—	$	52
Recognized from accumulated other comprehensive loss ⁽¹⁾	$	37	$	—	$	17	$	(2	)	$	—	$	52
Recognized from regulatory asset	—		—		—		—			—		—
Total	$	37	$	—	$	17	$	(2	)	$	—	$	52


⁽¹⁾	See Note 8, Accumulated Other Comprehensive Income (Loss).

During the three months ended March 31, 2015, we contributed $104,000 to the Chesapeake Pension Plan and $343,000 to the FPU Pension Plan. We expect to contribute a total of $475,000 and $1.6 million to the Chesapeake Pension Plan and FPU Pension Plan, respectively, during 2015, which represent the minimum contribution payments required during the year.

The Chesapeake SERP, the Chesapeake Postretirement Plan and the FPU Medical Plan are unfunded and are expected to be paid out of our general funds. Cash benefits paid under the Chesapeake SERP for the three months ended March 31, 2015, were $33,000. We expect to pay total cash benefits of approximately $151,000 under the Chesapeake Pension SERP in 2015. Cash benefits paid for the Chesapeake Postretirement Plan, primarily for medical claims for the three months ended March 31, 2015, were $15,000. We have estimated that approximately $79,000 will be paid for such benefits under the Chesapeake Postretirement Plan in 2015. Cash benefits paid for the FPU Medical Plan, primarily for medical claims for the three months ended March 31, 2015, were $92,000. We estimate that approximately $207,000 will be paid for such benefits under the FPU Medical Plan in 2015.