Pension and postretirement benefits

6 Months Ended

Jun. 30, 2017

Note 29 – 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 June 30,				Quarters ended June 30,
(In thousands)		2017		2016		2017		2016
Interest cost	$	6,120	$	6,291	$	352	$	348
Expected return on plan assets		(10,186)		(9,623)		(502)		(538)
Amortization of net loss		5,053		4,880		411		332
Total net periodic pension cost (benefit)	$	987	$	1,548	$	261	$	142

		Pension Plans				Benefit Restoration Plans
		Six months ended June 30,				Six months ended June 30,
(In thousands)		2017		2016		2017		2016
Interest Cost	$	12,240	$	12,583	$	705	$	696
Expected return on plan assets		(20,372)		(19,246)		(1,005)		(1,076)
Amortization of net loss		10,107		9,760		822		663
Total net periodic pension cost (benefit)	$	1,975	$	3,097	$	522	$	283

During the quarter ended June 30, 2017 the Corporation made a contribution to the pension and benefit restoration plans of $59 thousand. The total contributions expected to be paid during the year 2017 for the pension and benefit restoration plans amount to approximately $236 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 June 30,				Six months ended June 30,
(In thousands)		2017		2016		2017		2016
Service cost	$	256	$	289	$	513	$	578
Interest cost		1,426		1,505		2,851		3,010
Amortization of prior service cost		(950)		(950)		(1,900)		(1,900)
Amortization of net loss		142		275		284		550
Total net periodic postretirement benefit cost	$	874	$	1,119	$	1,748	$	2,238

Contributions made to the postretirement benefit plan for the quarter ended June 30, 2017 amounted to approximately $1.5 million. The total contributions expected to be paid during the year 2017 for the postretirement benefit plan amount to approximately $6.4 million.