Annual report pursuant to Section 13 and 15(d)

Retirement Plans and Related Post Retirement Benefits (Tables)

v2.4.1.9
Retirement Plans and Related Post Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2014
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)    2014      2013  

Funded Status

      

Projected Benefit Obligation

      

Beginning of the Year — January 1

    $ 14,314       $ 15,042   

Service Cost

      247         295   

Interest Cost

      721         624   

Actuarial (Gain) Loss

      6,056         (1,299 ) 

Benefits Paid

      (348 )       (348 ) 
  

 

 

     

 

 

  

End of the Year — December 31

 $ 20,990    $ 14,314   
  

 

 

     

 

 

  
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:

 

     2014     2013  

Discount Rate

      4.05 %      5.10 % 

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)    2014      2013      2012  

Net Periodic Cost

         

Service Cost — Benefits Earned During Period

    $ 247       $ 295       $ 303   

Interest Cost

      721         624         548   

Amortization of Prior Service Cost

      495         495         426   

Amortization of Losses

      108         128         91   
  

 

 

     

 

 

     

 

 

  

Net Periodic Cost

 $ 1,571    $ 1,542    $ 1,368   
  

 

 

     

 

 

     

 

 

  
Assumptions Used to Determine the Net Periodic Cost

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

 

     2014     2013     2012  

Discount Rate

      5.10 %      4.20 %      4.50 % 

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)    2014      2013  

Funded Status

      

Accumulated Postretirement Benefit Obligation

      

Beginning of the Year — January 1

    $ 630       $ 593   

Service Cost

      3         3   

Interest Cost

      31         24   

Actuarial Loss

      373         55   

Benefits Paid

      (47 )       (45 ) 
  

 

 

     

 

 

  

End of the Year — December 31

 $ 990    $ 630   
  

 

 

     

 

 

  
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:

 

     2014     2013  

Discount Rate

      4.05 %      5.10 % 
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)    2014      2013      2012  

Net Periodic Cost

         

Service Cost — Benefits Earned During Period

    $ 3       $ 3       $ 2   

Interest Cost

      31         24         24   

Amortization of Prior Service Cost

      25         25         26   

Amortization of (Gains) Losses

      —           —           —     
  

 

 

     

 

 

     

 

 

  

Net Periodic Cost

 $ 59    $ 52    $ 52   
  

 

 

     

 

 

     

 

 

  
Assumptions Used to Determine the Net Periodic Cost

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

 

     2014     2013     2012  

Discount Rate

      5.10 %      4.20 %      4.50 % 

Future Average Healthcare Benefit Increases

      5.48 %      5.76 %      6.00 %