Components of Net Periodic Benefit Cost

3 Months Ended

Mar. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost

Components of Net Periodic Benefit Cost

	Three Months Ended March 31,
	(000's)
	Pension Benefits						Post-Retirement Health Benefits
	2015			2014			2015		2014
Service cost	$	538		$	510		$	16	$	13
Interest cost	879			939			43		44
Expected return on plan assets	(863		)	(948		)	—		—
Amortization of transition obligation	—			—			—		—
Net amortization of prior service cost	—			(2		)	—		—
Net amortization of net (gain) loss	1,185			190			—		—
Net Periodic Benefit Cost	$	1,739		$	689		$	59	$	57

Employer Contributions

First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2014 that it expected to contribute $1.8 million and $1.1 million respectively to its Pension Plan and ESOP and $247 thousand to the Post Retirement Health Benefits Plan in 2015. No contributions have been made to the Pension Plan thus far in 2015. Contributions of $57 thousand have been made through the first three months of 2015 for the Post Retirement Health Benefits plan. No contributions have been made in 2015 for the ESOP. The Pension plan was frozen for most employees at the end of 2012 and for those employees there will be discretionary contributions to the ESOP plan and a 401K plan in place of the former Pension benefit. In the first three months of 2015 and 2014 there has been $359 thousand and $350 thousand of expense accrued for potential contributions to these alternative retirement benefit options.