Pension and postretirement benefits

9 Months Ended

Sep. 30, 2014

Notes to Financial Statements [Abstract]

Pension And Other Postretirement Benefits Disclosure Text Block

Note 32 – 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 September 30,				Quarters ended September 30,
(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		2,019		5,363		108		332
Total net periodic pension cost (benefit)	$	(2,150)	$	1,525	$	(83)	$	163

		Pension Plans				Benefit Restoration Plans
		Nine months ended September 30,				Nine months ended September 30,
(In thousands)		2014		2013		2014		2013
Interest Cost	$	22,383	$	20,897	$	1,244	$	1,120
Expected return on plan assets		(34,891)		(32,412)		(1,816)		(1,625)
Amortization of net loss		6,056		16,089		323		998
Total net periodic pension cost (benefit)	$	(6,452)	$	4,574	$	(249)	$	493

During the quarter ended September 30,2014 the Corporation made a contribution to the benefit restoration plansof $13 thousand. 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.

		Postretirement Benefit Plan
		Quarters ended September 30,				Nine months ended September 30,
(In thousands)		2014		2013		2014		2013
Service cost	$	364	$	564	$	1,093	$	1,693
Interest cost		1,712		1,712		5,135		5,136
Amortization of prior service cost		(950)		-		(2,850)		-
Amortization of net loss		-		473		-		1,419
Total net periodic postretirement benefit cost	$	1,126	$	2,749	$	3,378	$	8,248

Contributions made to the postretirement benefit plan for the quarter ended September 30, 2014amounted to approximately $1.5 million. The total contributions expected to be paid during the year 2014 for the postretirement benefit plan amount to approximately $6.2million.