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Employee Benefits
3 Months Ended
Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Employee Benefits
We maintain a defined benefit pension plan, or Plan, covering substantially all employees hired prior to January 1, 2008. The benefits are based on years of service and the employee’s compensation for the highest five consecutive years in the last ten years. Contributions are intended to provide for benefits attributed to employee service to date and for those benefits expected to be earned in the future. At this time, we are not required to make a cash contribution to the Plan in 2015. The expected long-term rate of return on plan assets is 8.00 percent. Effective January 1, 2015, the Plan was amended to provide unmarried participants with the ability to name a beneficiary to receive a lump sum death benefit equal to 80% of the participant’s accrued benefit payable at normal retirement age, in the event the participant dies while employed by S&T.
The following table summarizes the components of net periodic pension cost for the periods presented:
 
Three Months Ended March 31,
(dollars in thousands)
2015
 
2014
Components of Net Periodic Pension Cost

 

Service cost—benefits earned during the period
$
672

 
$
631

Interest cost on projected benefit obligation
1,100

 
1,106

Expected return on plan assets
(1,807
)
 
(1,735
)
Amortization of prior service cost (credit)
(35
)
 
(35
)
Recognized net actuarial loss
468

 
209

Net Periodic Pension Expense
$
398

 
$
176