Pension and Other Postretirement Benefits

The following tables summarize the components of net periodic benefit cost:



	Three months ended June 30,
	Webster Pension						Webster SERP				Other Benefits
(In thousands)	2013			2012			2013		2012		2013		2012
Net Periodic Benefit Cost Recognized in Net Income:
Service cost (benefits earned during the period)	$	10		$	(29	)	$	—	$	—	$	—	$	—
Interest cost on benefit obligations	1,871			1,838			71		78		30		44
Expected return on plan assets	(2,782		)	(2,513		)	—		—		—		—
Amortization of prior service cost	—			—			—		—		18		18
Recognized net loss	1,637			1,464			31		15		7		25
Net periodic benefit cost recognized in net income	$	736		$	760		$	102	$	93	$	55	$	87



	Six months ended June 30,
	Webster Pension						Webster SERP				Other Benefits
(In thousands)	2013			2012			2013		2012		2013		2012
Net Periodic Benefit Cost Recognized in Net Income:
Service cost (benefits earned during the period)	$	20		$	15		$	—	$	—	$	—	$	—
Interest cost on benefit obligations	3,683			3,653			145		158		60		88
Expected return on plan assets	(5,557		)	(5,034		)	—		—		—		—
Amortization of prior service cost	—			—			—		—		36		36
Recognized net loss	3,177			3,051			62		35		14		51
Net periodic benefit cost recognized in net income	$	1,323		$	1,685		$	207	$	193	$	110	$	175

The Webster Bank Pension Plan and the supplemental pension plans were frozen effective December 31, 2007. No additional benefits have been accrued since that time. Additional contributions to the Webster Bank Pension Plan will be made as deemed appropriate by management in conjunction with information provided by the Plan’s actuaries.

The Bank is also a sponsor of a multiple-employer plan, EIN/Pension Plan Number 13-5645888/333 (the "Fund”), administered by Pentegra for the benefit of former employees of a bank acquired by Webster. The Fund does not segregate the assets or liabilities of its participating employers in the ongoing administration of this plan. All benefit accruals were frozen as of September 1, 2004.

According to the Fund’s administrators, as of July 1, 2012, the date of the latest actuarial valuation, Webster’s portion of the plan was underfunded by $1.0 million. Webster made $0.3 million and $0.5 million and $0.4 million and $0.8 million in contributions for the three and six months ended June 30, 2013 and 2012, respectively.

Webster's portion of the fund was underfunded by $5.9 million as of July 1, 2011. The decrease in the underfunded liability is due to the adoption of the Moving Ahead for Progress in the 21^st Century Act ("MAP-21") which was enacted on July 6, 2012. MAP-21 provides for higher interest rates for 2012 and the following two or three years for calculating the Fund's liability.