Annual report pursuant to Section 13 and 15(d)

RETIREMENT PLANS AND RELATED POST RETIREMENT BENEFITS (Tables)

v2.4.0.8
RETIREMENT PLANS AND RELATED POST RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2013
Details of Multi Employer Plans
Pension Fund   EIN/Pension
Plan
Number		   Zone
Status		   Rehabilitation
Plan Status		   2013 Company
Contributions
(In thousands)		     Surcharge
Imposed		   Expiration Date of
Collective
Bargaining
Agreement		   Plan
Year
End
WCTPP   91-6145047   Green   None   $ 830 *    None   10/31/16   12/31

* - Total contributions for fiscal year 2013, post-acquisition contributions totaled 0.3 million.
SERP [Member]
  
Reconciliation of Beginning and Ending Balances of Projected Benefit Obligation

The reconciliation of the beginning and ending balances of the projected benefit obligation of the plans for the years ended December 31 is as follows:

 

(In thousands)    2013     2012  

Funded Status

     

Projected Benefit Obligation

     

Beginning of the Year — January 1

    $ 15,042      $ 7,588   

Adoption of SERP II

      —          5,790   

Service Cost

      295        303   

Interest Cost

      624        548   

Actuarial (Gain) Loss

      (1,299 )      1,161   

Benefits Paid

      (348 )      (348 ) 
  

 

 

    

 

 

  

End of the Year — December 31

    $ 14,314      $ 15,042   
  

 

 

    

 

 
Assumptions Used to Calculate the Post Retirement Benefit Obligation

The assumptions used to calculate the projected benefit obligation as of December 31 are as follows:

 

     2013     2012  

Discount Rate

      5.10 %      4.20 % 

Future Average Compensation Increases

      5.00 %      5.00 % 

Summarizes the Components of Net Periodic Cost

The following table summarizes the components of the net periodic cost for the years ended December 31:

 

(In thousands)    2013      2012      2011  

Net Periodic Cost

         

Service Cost — Benefits Earned During Period

    $ 295       $ 303       $ 46   

Interest Cost

      624         548         328   

Amortization of Prior Service Cost

      495         426         109   

Amortization of Losses

      128         91         11   
  

 

 

     

 

 

     

 

 

  

Net Periodic Cost

    $ 1,542       $ 1,368       $ 494   
  

 

 

     

 

 

     

 

 
Assumptions Used to Determine the Net Periodic Cost

The assumptions used to determine the net periodic cost are as follows:

 

     2013     2012     2011  

Discount Rate

      4.20 %      4.50 %      5.50 % 

Future Average Compensation Increases

      5.00 %      5.00 %      5.00 % 

SERP Medical [Member]
  
Reconciliation of Beginning and Ending Balances of Projected Benefit Obligation

The reconciliation of the beginning and ending balances of the accumulated postretirement benefit obligation for the years ended December 31, is as follows:

 


(In thousands)    2013     2012  

Funded Status

     

Accumulated Postretirement Benefit Obligation

     

Beginning of the Year — January 1

    $ 593      $ 568   

Service Cost

      3        2   

Interest Cost

      24        24   

Actuarial Loss

      55        42   

Benefits Paid

      (45 )      (43 ) 
  

 

 

    

 

 

  

End of the Year — December 31

    $ 630      $ 593   
  

 

 

    

 

 
Assumptions Used to Calculate the Post Retirement Benefit Obligation

The assumptions used to calculate the accumulated postretirement benefit obligation as of December 31 are as follows:

 

     2013     2012  

Discount Rate

      5.10 %      4.20 % 

Summarizes the Components of Net Periodic Cost

The following table summarizes the components of the net periodic cost for the years ended December 31:

 

(In thousands)    2013      2012      2011  

Net Periodic Cost

         

Service Cost — Benefits Earned During Period

    $ 3       $ 2       $ 2   

Interest Cost

      24         24         27   

Amortization of Prior Service Cost

      25         26         25   

Amortization of (Gains) Losses

      —           —           (4 ) 
  

 

 

     

 

 

     

 

 

  

Net Periodic Cost

    $ 52       $ 52       $ 50   
  

 

 

     

 

 

     

 

 

  

Assumptions Used to Determine the Net Periodic Cost

The assumptions used to determine the net periodic cost are as follows:

 

     2013     2012     2011  

Discount Rate

      4.20 %      4.50 %      5.50 % 

Future Average Healthcare Benefit Increases

      5.76 %      6.00 %      9.00 %