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Components of Net Periodic Benefit Cost
6 Months Ended
Jun. 30, 2013
Compensation and Retirement Disclosure [Abstract]  
Components of Net Periodic Benefit Cost
7. Components of Net Periodic Benefit Cost
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
 
(000's)
 
(000's)
 
 
 
 
 
 
 
 
 
Post-Retirement
 
 
 
 
 
 
 
Post-Retirement
 
 
 
 
Pension Benefits
 
Health Benefits
 
Pension Benefits
 
Health Benefits
 
 
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
Service cost
 
$
559
 
$
1,218
 
$
17
 
$
15
 
$
1,119
 
$
2,436
 
$
34
 
$
30
 
Interest cost
 
 
846
 
 
917
 
 
43
 
 
43
 
 
1,692
 
 
1,833
 
 
87
 
 
86
 
Expected return on plan assets
 
 
(827)
 
 
(815)
 
 
-
 
 
-
 
 
(1,655)
 
 
(1,629)
 
 
-
 
 
-
 
Amortization of transition obligation
 
 
-
 
 
-
 
 
15
 
 
15
 
 
-
 
 
-
 
 
30
 
 
30
 
Net amortization of prior service cost
 
 
(4)
 
 
41
 
 
-
 
 
-
 
 
(8)
 
 
83
 
 
-
 
 
-
 
Net amortization of net (gain) loss
 
 
523
 
 
567
 
 
-
 
 
-
 
 
1,046
 
 
1,135
 
 
-
 
 
-
 
Net Periodic Benefit Cost
 
$
1,097
 
$
1,928
 
$
75
 
$
73
 
$
2,194
 
$
3,858
 
$
151
 
$
146
 
 
Employer Contributions
 
First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2012 that it expected to contribute $2.1 million and $550 thousand respectively to its Pension Plan and ESOP and $234 thousand to the Post Retirement Health Benefits Plan in 2013. Contributions of $620 thousand have been made to the Pension Plan. Contributions of $103 thousand have been made through the first six months of 2013 for the Post Retirement Health Benefits plan. No contributions have been made in 2013 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 2013 there has been $700 thousand of expense accrued for potential contributions to these alternative retirement benefit options.