Annual report pursuant to Section 13 and 15(d)

Retirement Plans and Related Post Retirement Benefits (Tables)

v3.3.1.900
Retirement Plans and Related Post Retirement Benefits (Tables)
12 Months Ended
Dec. 31, 2015
SERP  
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)
2015
 
2014
Funded Status
 
 
 
Projected Benefit Obligation
 
 
 
Beginning of the Year — January 1
$
20,990

 
$
14,314

Service Cost
194

 
247

Interest Cost
843

 
721

Actuarial (Gain) Loss
(1,261
)
 
6,056

Benefits Paid
(348
)
 
(348
)
End of the Year — December 31
$
20,418

 
$
20,990

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:
 
2015
 
2014
Discount Rate
4.45%
 
4.05%
Future Average Compensation Increases
3.00% – 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)
2015
 
2014
 
2013
Net Periodic Cost
 
 
 
 
 
Service Cost — Benefits Earned During Period
$
194

 
$
247

 
$
295

Interest Cost
843

 
721

 
624

Amortization of Prior Service Cost
495

 
495

 
495

Amortization of Losses
449

 
108

 
128

Net Periodic Cost
$
1,981

 
$
1,571

 
$
1,542

Assumptions Used to Determine the Net Periodic Cost
The assumptions used to determine the net periodic cost are as follows:
 
2015
 
2014
 
2013
Discount Rate
4.05%
 
5.10%
 
4.20%
Future Average Compensation Increases
5.00%
 
5.00%
 
5.00%
SERP Medical  
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)
2015
 
2014
Funded Status
 
 
 
Accumulated Postretirement Benefit Obligation
 
 
 
Beginning of the Year — January 1
$
990

 
$
630

Service Cost
6

 
3

Interest Cost
39

 
31

Actuarial (Gain) Loss
(54
)
 
373

Benefits Paid
(56
)
 
(47
)
End of the Year — December 31
$
925

 
$
990

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:
 
2015
 
2014
Discount Rate
4.45%
 
4.05%
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)
2015
 
2014
 
2013
Net Periodic Cost
 
 
 
 
 
Service Cost — Benefits Earned During Period
$
6

 
$
3

 
$
3

Interest Cost
39

 
31

 
24

Amortization of Prior Service Cost
26

 
25

 
25

Amortization of Losses
26

 

 

Net Periodic Cost
$
97

 
$
59

 
$
52

Assumptions Used to Determine the Net Periodic Cost
The assumptions used to determine the net periodic cost are as follows:
 
2015
 
2014
 
2013
Discount Rate
4.05%
 
5.10%
 
4.20%
Future Average Healthcare Benefit Increases
5.32%
 
5.48%
 
5.76%