Pension and postretirement benefits

3 Months Ended

Mar. 31, 2014

Notes to Financial Statements [Abstract]

Pension And Other Postretirement Benefits Disclosure Text Block

Note 30 – Pension and postretirement benefits

The Corporation has a non-contributory defined benefit pension plan and supplementary pension benefit restoration plans for regular employees of certain of its subsidiaries. The accrual of benefits under the plans is frozen to all participants.

The components of net periodic pension cost for the periods presented were as follows:

		Pension Plan				Benefit Restoration Plans
		Quarters ended March 31,				Quarters ended March 31,
(In thousands)		2014		2013		2014		2013
Interest Cost	$	7,461	$	6,966	$	415	$	373
Expected return on plan assets		(11,630)		(10,804)		(606)		(542)
Amortization of net loss		2,018		5,363		108		333
Total net periodic pension cost (benefit)	$	(2,151)	$	1,525	$	(83)	$	164

The Corporation did not make anycontributions to the pension and benefit restoration plansduring the quarter ended March 31,2014. The total contributions expected to be paid during the year 2014 for the pension and benefit restoration plans amount to approximately$51 thousand.

The Corporation also provides certain postretirement health care benefits for retired employees of certain subsidiaries. The table that follows presents the components of net periodic postretirement benefit cost.

		Quarters ended March 31,
(In thousands)		2014		2013
Service cost	$	364	$	564
Interest cost		1,712		1,712
Amortization of prior service cost		(950)		-
Amortization of net loss		-		473
Total postretirement cost	$	1,126	$	2,749

Contributions made to the postretirement benefit plan for the quarter ended March 31, 2014amounted to approximately $1.4 million. The total contributions expected to be paid during the year 2014 for the postretirement benefit plan amount to approximately $6.2million.