Components of Net Periodic Benefit Cost

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

Components of Net Periodic Benefit Cost

	Three Months Ended June 30,								Six Months Ended June 30,
	(000's)								(000's)
	Pension Benefits				Post-Retirement Health Benefits				Pension Benefits				Post-Retirement Health Benefits
	2020		2019		2020		2019		2020		2019		2020		2019
Service cost	$	325	$	304	$	9	$	9	$	650	$	609	$	19	$	17
Interest cost	779		866		31		36		1,558		1,733		62		73
Expected return on plan assets	(1,049)		(896)		—		—		(2,099)		(1,793)		—		—
Net amortization of prior service cost	—		—		—		—		—		—		—		—
Net amortization of net (gain) loss	492		390		—		(4)		984		779		—		(8)
Net Periodic Benefit Cost	$	547	$	664	$	40	$	41	$	1,093	$	1,328	$	81	$	82

Employer Contributions

First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2019 that it expected to contribute $3.7 million and $736 thousand respectively to its Pension Plan and ESOP and $251 thousand to the Post Retirement Health Benefits Plan in 2020. Contributions of $1.2 million have been made to the Pension Plan thus far in 2020. Contributions of $119 thousand have been made through the first six months of 2020 for the Post Retirement Health Benefits plan. No contributions have been made in 2020 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 six months of 2020 and 2019 there has been $870 thousand and $726 thousand of expense accrued for potential contributions to these alternative retirement benefit options.