Other Postretirement Benefits (Tables)


		2013			2012			2011
Projected benefit obligation at January 1	$	2,478		$	2,653		$	2,730
Service cost		–			–			41
Interest cost		80			110			141
Actuarial (gains) losses		(58	)		50			93
Benefits paid		(321	)		(335	)		(352	)
Projected benefit obligation at December 31		2,179			2,478			2,653
Fair value of plan assets		–			–			–
Under funded status		(2,179	)		(2,478	)		(2,653	)
Unamortized prior service cost		39			53			67
Unrecognized actuarial gain		(188	)		(130	)		(180	)
Net amount recognized	$	(2,328	)	$	(2,555	)	$	(2,766	)


		2013			2012			2011
Service cost	$	–		$	–		$	41
Interest cost		80			110			141
Amortization of unrecognized prior service cost		14			14			15
Gain amortization		–			–			(218	)
Net periodic pension cost (income)	$	94		$	124		$	(21	)

Assumptions used to calculate the benefit obligation:
Discount rate		4.45	%		3.50	%		4.50	%

Other Postretirement Benefits [Member]


		2013			2012			2011
Projected benefit obligation at January 1	$	5,954		$	5,120		$	5,201
Service cost		16			15			13
Interest cost		203			224			278
Plan amendments and curtailments		603			–			–
Actuarial (gain) loss		(553	)		899			(80	)
Benefits paid		(323	)		(304	)		(292	)
Projected benefit obligation at December 31		5,900			5,954			5,120
Fair value of plan assets		–			–			–
Under funded status		(5,900	)		(5,954	)		(5,120	)
Unamortized prior service cost		603			–			(1	)
Unrecognized actuarial loss		1,653			2,329			1,541
Net amount recognized	$	(3,644	)	$	(3,625	)	$	(3,580	)


		2013			2012			2011
Accrued postretirement benefit liability
Current portion	$	(356	)	$	(322	)	$	(303	)
Long term portion		(5,544	)		(5,632	)		(4,817	)
Pre-tax accumulated other comprehensive loss –
unamortized post-retirement healthcare costs		2,256			2,329			1,540
Net amount recognized	$	(3,644	)	$	(3,625	)	$	(3,580	)

Components of net periodic postretirement benefit cost charged to expense for the years ended December 31 were as follows (in thousands):


		2013			2012			2011
Service cost	$	16		$	15		$	13
Interest cost		203			224			278
Amortization of unrecognized prior service cost		–			(1	)		(1	)
Loss amortization		123			111			125
Net periodic benefit cost	$	342		$	349		$	415

Assumptions used to calculate the benefit obligation:
Discount rate		4.5	%		3.5	%		4.5	%
Annual rate of increase in the per capita cost of:
Medical costs before age 65 ¹		8.5	%		9.0	%		10.0	%
Medical costs after age 65 ¹		7.3	%		7.5	%		8.0	%
Prescription drug costs ¹		7.8	%		8.0	%		9.0	%

¹It was assumed that these rates would gradually decline to 5% by 2021.


		2013			2012
Effect on accumulated
postretirement benefit obligation
1% increase	$	697		$	706
1% decrease	$	(597	)	$	(643	)

Effect on annual service and interest
costs
1% increase	$	27		$	30
1% decrease	$	(23	)	$	(27	)