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Retirement Plans
 6 Months Ended
Jun. 30, 2016
Retirement Plans [Abstract]  
Retirement Plans

11.  Retirement Plans

The Company has a qualified defined benefit pension plan covering all eligible employees. Eligibility is based on minimum age-related and service-related requirements as well as job classification. Accrued benefits under a nonqualified plan covering certain legacy Whitney employees were frozen as of December 31, 2012 and no future benefits will be accrued under this plan.

The Company also sponsors defined benefit postretirement plans for both legacy Hancock and legacy Whitney employees that provide health care and life insurance benefits.  Benefits under the Hancock plan are not available to employees hired on or after January 1, 2000. Benefits under the Whitney plan are restricted to retirees who were already receiving benefits at the time of plan amendments in 2007 or active participants who were eligible to receive benefits as of December 31, 2007.

The following tables show the components of net periodic benefits cost included in expense for the plans for the periods indicated.







 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Other Post-

(in thousands)

 

Pension Benefits

 

retirement Benefits



 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2016

 

2016

 

2015

 

2016

 

2015

Service cost

 

$

 3,611 

 

$

 3,382 

 

$

 45 

 

$

 22 

Interest cost

 

 

 4,023 

 

 

 4,672 

 

 

 203 

 

 

 174 

Expected return on plan assets

 

 

 (8,554)

 

 

 (8,206)

 

 

 —

 

 

 —

Amortization of net loss

 

 

 1,426 

 

 

 842 

 

 

 53 

 

 

 (40)

Net periodic benefit cost

 

$

 506 

 

$

 690 

 

$

 301 

 

$

 156 



 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

 6,876 

 

$

 6,745 

 

$

 74 

 

$

 72 

Interest cost

 

 

 9,011 

 

 

 9,291 

 

 

 409 

 

 

 543 

Expected return on plan assets

 

 

 (17,445)

 

 

 (16,419)

 

 

 —

 

 

 —

Amortization of net loss

 

 

 2,894 

 

 

 1,486 

 

 

 22 

 

 

 85 

Net periodic benefit cost

 

$

 1,336 

 

$

 1,103 

 

$

 505 

 

$

 700 





No contribution is required in 2016 to meet minimum funding requirements, and the Company has no plans to make a contribution in the current year.

The Company also provides a defined contribution 401(k) retirement benefit plan. Under the plan, the Company matches 100% of the first 1% of compensation saved by a participant, and 50% of the next 5% of compensation saved.