Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2012

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 March 31,
	Retirement Plans						Other Benefits
	2012			2011			2012			2011
	(In thousands)
Service cost	$	1,298		$	1,123		$	307		$	250
Interest cost		2,149			2,190			573			646
Expected return on assets		(3,007	)		(3,080	)		—			—
Amortization of:
Net loss		1,382			945			306			332
Unrecognized prior service cost		90			87			(391	)		(391	)
Net periodic benefit cost	$	1,912		$	1,265		$	795		$	837

We made no contributions to the pension plans during the first three months of 2012 or 2011.