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Components of Net Periodic Benefit Cost
9 Months Ended
Sep. 30, 2018
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
(000's)
 
(000's)
 
 
Pension Benefits
 
Post-Retirement
Health Benefits
 
Pension Benefits
 
Post-Retirement
Health Benefits
 
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Service cost
 
$
347

 
$
358

 
$
10

 
$
13

 
$
1,041

 
$
1,074

 
$
31

 
$
40

Interest cost
 
798

 
905

 
33

 
43

 
2,395

 
2,716

 
98

 
129

Expected return on plan assets
 
(991
)
 
(985
)
 

 

 
(2,972
)
 
(2,955
)
 

 

Net amortization of prior service cost
 

 

 

 

 
1

 
1

 

 

Net amortization of net (gain) loss
 
362

 
301

 

 

 
1,085

 
903

 

 

Net Periodic Benefit Cost
 
$
516

 
$
579

 
$
43

 
$
56

 
$
1,550

 
$
1,739

 
$
129

 
$
169


 
Employer Contributions
 
First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2017 that it expected to contribute $2.3 million and $813 thousand respectively to its Pension Plan and ESOP and $264 thousand to the Post Retirement Health Benefits Plan in 2018. Contributions of $1.7 million have been made to the Pension Plan thus far in 2018. Contributions of $183 thousand have been made through the first nine months of 2018 for the Post Retirement Health Benefits plan. No contributions have been made in 2018 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 nine months of 2018 and 2017 there has been $1.3 million and $1.3 million of expense accrued for potential contributions to these alternative retirement benefit options.