Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2011

Postretirement Benefit Plans [Abstract]

Postretirement Benefit Plans

9. Postretirement Benefit Plans

We maintain non-contributory retirement and post-retirement plans to cover employees hired prior to August 1, 2005, including retired employees, who have met the eligibility requirements of the plans. Benefits under the qualified and non-qualified defined benefit retirement plans are based primarily on years of service and compensation. Funding of the qualified retirement plan is actuarially determined on an annual basis. It is our policy to fund the qualified retirement plan sufficiently to meet the minimum requirements set forth in the Employee Retirement Income Security Act of 1974. The non-qualified retirement plan, which is maintained for certain employees, is unfunded.

In 2005, we limited participation in the non-contributory retirement plan and the post-retirement benefit plan to those employees hired on or before July 31, 2005. We also placed a cap on paid medical expenses at the 2007 rate, beginning in 2008, for those eligible employees who retire after December 31, 2005. As part of our acquisition of Sound Federal Bancorp, Inc. (“Sound Federal”) in 2006, participation in the Sound Federal retirement plans and the accrual of benefits for such plans were frozen as of the acquisition date.

The components of the net periodic expense for the plans were as follows:

	For the Three Months Ended June 30,
	Retirement Plans						Other Benefits
	2011			2010			2011			2010
				(In thousands)
Service cost	$	1,123		$	1,018		$	250		$	152
Interest cost		2,190			2,076			646			476
Expected return on assets		(3,080	)		(2,914	)		—			—
Amortization of:
Net loss		945			680			332			66
Unrecognized prior service cost		87			85			(391	)		(391	)
Net periodic benefit cost	$	1,265		$	945		$	837		$	303

	For the Six Months Ended June 30,
	Retirement Plans						Other Benefits
	2011			2010			2011			2010
				(In thousands)
Service cost	$	2,246		$	2,036		$	501		$	304
Interest cost		4,380			4,152			1,292			952
Expected return on assets		(6,160	)		(5,828	)		—			—
Amortization of:
Net loss		1,890			1,360			664			132
Unrecognized prior service cost		174			170			(783	)		(782	)
Net periodic benefit cost	$	2,530		$	1,890		$	1,675		$	606

We made no contributions to the pension plans during the first six months of 2011 or 2010.