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Employee Benefits
 12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Employee Benefits [Text Block]
(11) Employee Benefits

BOK Financial sponsors a defined benefit cash balance Pension Plan for all employees who satisfy certain age and service requirements. Pension Plan benefits were curtailed as of April 1, 2006. No participants may be added to the plan and no additional service benefits will be accrued. During 2012, interest accrued on employees’ account balances at 5.25%. During 2013, interest accrued on employees' account balances at a variable rate tied to the five-year trailing average of five-year Treasury Securities plus 1.5%. The rate has a floor of 2.5% and a ceiling of 5.0%. The 2013 quarterly variable rates ranged from 3.07% to 3.27%.

The following table presents information regarding this plan (in thousands):
 
 
December 31,
 
 
2013
 
2012
Change in projected benefit obligation:
 
 
 
 
Projected benefit obligation at beginning of year
 
$
48,028

 
$
50,213

Interest cost
 
1,532

 
1,925

Actuarial (gain) loss
 
(1,543
)
 
2,786

Benefits paid
 
(3,252
)
 
(2,194
)
Plan amendments
 
$
—

 
(4,702
)
Projected benefit obligation at end of year1,2
 
$
44,765

 
$
48,028

Change in plan assets:
 
 
 
 

Plan assets at fair value at beginning of year
 
$
45,920

 
$
43,859

Actual return on plan assets
 
6,144

 
4,255

Benefits paid
 
(3,252
)
 
(2,194
)
Plan assets at fair value at end of year
 
$
48,812

 
$
45,920

 
 
 
 
 
Funded status of the plan
 
$
4,047

 
$
(2,108
)
Components of net periodic benefit costs:
 
 
 
 

Interest cost
 
$
1,532

 
$
1,925

Expected return on plan assets
 
(2,185
)
 
(2,062
)
Recognized prior service cost
 
(1,175
)
 
—

Amortization of unrecognized net loss
 
3,830

 
3,461

Net periodic pension cost
 
$
2,002

 
$
3,324


1 
Projected benefit obligation equals accumulated benefit obligation.
2 
Projected benefit obligation is based on January 1 measurement date.

Weighted-average assumptions as of December 31:
 
2013
 
2012
Discount rate
 
4.05
%
 
3.36
%
Expected return on plan assets
 
6.00
%
 
5.25
%


As of December 31, 2013, expected future benefit payments related to the Pension Plan were as follows (in thousands):
2014
$
3,886

2015
3,713

2016
3,386

2017
3,351

2018
3,488

Thereafter
40,394

 
$
58,218



Assets of the Pension Plan consist primarily of shares in the Cavanal Hill Balanced Fund. The stated objective of this fund is to provide an attractive total return through a broadly diversified mix of equities and bonds. The typical portfolio mix is approximately 60% equities and 40% bonds. The net asset value of shares in the Cavanal Hill Funds is reported daily based on market quotations for the Fund’s securities. If market quotations are not readily available, the securities’ fair values are determined by the Fund’s pricing committee. The inception-to-date return on the fund, which is used as an indicator when setting the expected return on plan assets, was 7.34%. As of December 31, 2013, the expected return on plan assets for 2013 is 6.00%. The maximum allowed Pension Plan contribution for 2013 was $23 million. No minimum contribution was required for 2013, 2012 or 2011. We expect approximately $0.6 million of net pension costs currently in accumulated other comprehensive income to be recognized as net periodic pension cost in 2014.

Employee contributions to the Thrift Plan are eligible for Company matching equal to 6% of base compensation, as defined in the plan. The Company-provided matching contribution rates range from 50% for employees with less than four years of service to 200% for employees with 15 or more years of service. Additionally, a maximum Company-provided, non-elective annual contribution of up to $750 is made for employees whose annual base compensation is less than $40,000. Total non-elective contributions were $738 thousand for 2013, $802 thousand for 2012 and $933 thousand for 2011.

Participants may direct investments in their accounts to a variety of options, including a BOK Financial common stock fund. Employer contributions, which are invested in accordance with the participant’s investment options, vest over five years. Thrift Plan expenses were $18.1 million for 2013, $16.8 million for 2012 and $15.4 million for 2011.

BOK Financial offers numerous incentive compensation plans that are aligned with the Company’s growth strategy. Compensation awarded under these plans may be based on defined formulas, other performance criteria or discretionary. Incentive compensation is designed to motivate and reinforce sales and customer service behavior in all markets. Earnings were charged $151.1 million in 2013, $153.9 million in 2012, and $117.8 million in 2011 for incentive compensation plans.