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RETIREMENT PLANS | 3 Months Ended
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Mar. 31, 2014
RETIREMENT PLANS [Abstract] |
RETIREMENT PLANS |
(10) | RETIREMENT PLANS
The Company sponsors a defined benefit plan for its inland vessel personnel and shore based tankermen. The plan benefits are based on an employee’s years of service and compensation. The plan assets consist primarily of equity and fixed income securities. The Company’s pension plan funding strategy has historically been to contribute an amount equal to the greater of the minimum required contribution under ERISA or the amount necessary to fully fund the plan on an accumulated benefit obligation (“ABO”) basis at the end of the fiscal year. The ABO is based on a variety of demographic and economic assumptions, and the pension plan assets’ returns are subject to various risks, including market and interest rate risk, making an accurate prediction of the pension plan contribution difficult. Based on current pension plan assets and market conditions, the Company does not expect to make a contribution to its pension plan prior to December 31, 2014 to fund its 2014 pension plan obligations. As of March 31, 2014, no 2014 year contributions have been made. The Company sponsors an unfunded defined benefit health care plan that provides limited postretirement medical benefits to employees who meet minimum age and service requirements, and to eligible dependents. The plan limits cost increases in the Company’s contribution to 4% per year. The plan is contributory, with retiree contributions adjusted annually. The plan eliminated coverage for future retirees as of December 31, 2011. The Company also has an unfunded defined benefit supplemental executive retirement plan (“SERP”) that was assumed in an acquisition in 1999. That plan ceased to accrue additional benefits effective January 1, 2000. The components of net periodic benefit cost for the Company’s defined benefit plans for the three months ended March 31, 2014 and 2013 were as follows (in thousands):
| Pension Benefits |
| Pension Plan |  | SERP |
| Three months ended March 31, |  | Three months ended March 31, |
| 2014 |  | 2013 |  | 2014 |  | 2013 |
Components of net periodic benefit cost: |  |  |  |  |  |  |  |
Service cost |  | $ | 2,767 |  |  | $ | 3,171 |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 3,223 |  |  |  | 2,835 |  |  |  | 18 |  |  |  | 17 |
Expected return on plan assets |  |  | (4,713 | ) |  |  | (4,027 | ) |  |  | — |  |  |  | — |
Amortization of actuarial loss |  |  | 196 |  |  |  | 2,056 |  |  |  | 4 |  |  |  | 5 |
Net periodic benefit cost |  | $ | 1,473 |  |  | $ | 4,035 |  |  | $ | 22 |  |  | $ | 22 |
The components of net periodic benefit cost for the Company’s postretirement benefit plan for the three months ended March 31, 2014 and 2013 were as follows (in thousands):
| Other Postretirement Benefits |
| Postretirement Welfare Plan |
| Three months ended March 31, |
| 2014 |  | 2013 |
Components of net periodic benefit cost: |  |  |  |
Service cost |  | $ | — |  |  | $ | — |
Interest cost |  |  | 28 |  |  |  | 28 |
Amortization of actuarial gain |  |  | (163 | ) |  |  | (155 | )
Net periodic benefit cost |  | $ | (135 | ) |  | $ | (127 | )

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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