(11)	RETIREMENT PLANS

The Company sponsors a defined benefit plan for its inland vessel personnel and shore based tankermen. The plan benefits are based on an employee’s years of service and compensation. The plan assets consist primarily of equity and fixed income securities.

The Company’s pension plan funding strategy has historically been to contribute an amount equal to the greater of the minimum required contribution under ERISA or the amount necessary to fully fund the plan on an accumulated benefit obligation (“ABO”) basis at the end of the fiscal year. The ABO is based on a variety of demographic and economic assumptions, and the pension plan assets’ returns are subject to various risks, including market and interest rate risk, making an accurate prediction of the pension plan contribution difficult. Based on current pension plan assets and market conditions, the Company expects to make a contribution of up to $25,000,000 to its pension plan prior to December 31, 2016 to fund its 2016 pension plan obligations. As of September 30, 2016, no 2016 year contributions have been made.

The Company sponsors an unfunded defined benefit health care plan that provides limited postretirement medical benefits to employees who meet minimum age and service requirements, and to eligible dependents. The plan limits cost increases in the Company’s contribution to 4% per year. The plan is contributory, with retiree contributions adjusted annually. The plan eliminated coverage for future retirees as of December 31, 2011. The Company also has an unfunded defined benefit supplemental executive retirement plan (“SERP”) that was assumed in an acquisition in 1999. That plan ceased to accrue additional benefits effective January 1, 2000.

The components of net periodic benefit cost for the Company’s defined benefit plans for the three months and nine months ended September 30, 2016 and 2015 were as follows (in thousands):

	Pension Benefits
	Pension Plan								SERP
	Three months ended September 30,								Three months ended September 30,
	2016				2015				2016			2015
Components of net periodic benefit cost:
Service cost		$	3,351			$	3,673			$	—		$	—
Interest cost			3,531				3,327				16			16
Expected return on plan assets			(4,202	)			(4,481	)			—			—
Amortization of actuarial loss			1,372				1,932				7			7
Net periodic benefit cost		$	4,052			$	4,451			$	23		$	23

	Pension Benefits
	Pension Plan								SERP
	Nine months ended September 30,								Nine months ended September 30,
	2016				2015				2016			2015
Components of net periodic benefit cost:
Service cost		$	10,053			$	11,020			$	—		$	—
Interest cost			10,594				9,983				49			48
Expected return on plan assets			(12,606	)			(13,449	)			—			—
Amortization of actuarial loss			4,115				5,799				20			21
Net periodic benefit cost		$	12,156			$	13,353			$	69		$	69

The components of net periodic benefit cost for the Company’s postretirement benefit plan for the three months and nine months ended September 30, 2016 and 2015 were as follows (in thousands):

	Other Postretirement Benefits								Other Postretirement Benefits
	Postretirement Welfare Plan								Postretirement Welfare Plan
	Three months ended September 30,								Nine months ended September 30,
	2016				2015				2016				2015
Components of net periodic benefit cost:
Service cost		$	—			$	—			$	—			$	—
Interest cost			7				9				22				27
Amortization of actuarial gain			(186	)			(199	)			(560	)			(594	)
Net periodic benefit cost		$	(179	)		$	(190	)		$	(538	)		$	(567	)