Pension and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

The following table summarizes the components of net periodic benefit cost:

	Three months ended September 30,
	Webster Pension						Webster SERP				Other Benefits
(In thousands)	2014			2013			2014		2013		2014		2013
Service cost	$	10		$	10		$	—	$	—	$	—	$	—
Interest cost on projected benefit obligations	2,046			1,841			89		72		36		30
Expected return on plan assets	(2,871		)	(2,779		)	—		—		—		—
Amortization of prior service cost	—			—			—		—		18		18
Recognized net loss	711			1,590			55		32		4		7
Net periodic benefit cost (income)	$	(104	)	$	662		$	144	$	104	$	58	$	55

	Nine months ended September 30,
	Webster Pension						Webster SERP				Other Benefits
(In thousands)	2014			2013			2014		2013		2014		2013
Service cost	$	30		$	30		$	—	$	—	$	—	$	—
Interest cost on benefit obligations	6,051			5,524			273		217		104		90
Expected return on plan assets	(8,621		)	(8,336		)	—		—		—		—
Amortization of prior service cost	—			—			—		—		55		54
Recognized net loss	2,086			4,767			101		94		4		21
Net periodic benefit cost (income)	$	(454	)	$	1,985		$	374	$	311	$	163	$	165

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.

Multiple-employer plan

Webster Bank is a sponsor of a multiple-employer plan administered by Pentegra (the “Fund”) 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. According to the Fund’s administrators, as of July 1, 2014, the date of the latest actuarial valuation, Webster’s portion of the plan was overfunded by $0.3 million.

The following table sets forth contributions and funding status of the Fund:

(In thousands)	Contributions by Webster  Bank Three Months Ended September 30,				Contributions by Webster  Bank Nine Months Ended September 30,				Funded Status of Plan
EIN/Pension Plan Number	2014		2013		2014		2013		As of July 1, 2013
13-5645888/333	$	—	$	60	$	674	$	534	At least 80 percent

Multi-employer accounting is applied to the Fund. As a multiple-employer plan, there are no collective bargained contracts affecting the Fund's contribution or benefit provisions. All shortfall amortization bases are being amortized over seven years, as required by the Pension Protection Act. All benefit accruals were frozen as of September 1, 2004.