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Defined Benefit Post-retirement Plans | 6 Months Ended
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Jun. 30, 2017
Defined Benefit Post-retirement Plans [Abstract] |
Defined Benefit Post-retirement Plans |
5. | Defined Benefit Post-retirement Plans
The Company has a qualified, noncontributory, defined benefit pension plan (“the Plan”) covering substantially all of its employees at June 30, 2017. Benefits paid from the plan are based on age, years of service, compensation, social security benefits and are determined in accordance with defined formulas. The Company’s policy is to fund the pension plan in accordance with Employee Retirement Income Security Act of 1974 standards. Assets of the Plan are invested in publicly traded stocks and mutual funds. The Company is not required to make contributions to the Plan in 2017 and did not do so during the three and six months ended June 30, 2017. The Company was not required to nor made contributions during the three and six months ended June 30, 2016. In addition to the Plan, the Company also provides supplemental employee retirement plans to certain current and former executives. The Company also assumed supplemental retirement plans for certain current and former executives in the Alliance Financial Corporation (“Alliance”) acquisition. These supplemental employee retirement plans and the Plan are collectively referred to herein as “Pension Benefits.” In addition, the Company provides certain health care benefits for retired employees. Benefits are accrued over the employees’ active service period. Only employees that were employed by the Company on or before January 1, 2000 are eligible to receive post-retirement health care benefits. In addition, the Company assumed post-retirement medical life insurance benefits for certain Alliance employees, retirees and their spouses, if applicable, in the Alliance acquisition. These post-retirement benefits are referred to herein as “Other Benefits.” The components of expense for Pension Benefits and Other Benefits are set forth below:
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | Three months ended June 30, |  |  | Three months ended June 30, |
Components of net periodic (benefit) cost: |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Service cost |  | $ | 402 |  |  | $ | 560 |  |  | $ | 3 |  |  | $ | 4 |
Interest cost |  |  | 1,042 |  |  |  | 1,051 |  |  |  | 86 |  |  |  | 94 |
Expected return on plan assets |  |  | (1,985 | ) |  |  | (1,835 | ) |  |  | - |  |  |  | - |
Net amortization |  |  | 415 |  |  |  | 483 |  |  |  | 20 |  |  |  | 29 |
Total (benefit) cost |  | $ | (126 | ) |  | $ | 259 |  |  | $ | 109 |  |  | $ | 127 |
|  | Pension Benefits |  |  | Other Benefits |
|  | Six months ended June 30, |  |  | Six months ended June 30, |
Components of net periodic (benefit) cost: |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Service cost |  | $ | 804 |  |  | $ | 1,120 |  |  | $ | 6 |  |  | $ | 8 |
Interest cost |  |  | 2,084 |  |  |  | 2,102 |  |  |  | 172 |  |  |  | 188 |
Expected return on plan assets |  |  | (3,970 | ) |  |  | (3,670 | ) |  |  | - |  |  |  | - |
Net amortization |  |  | 831 |  |  |  | 966 |  |  |  | 40 |  |  |  | 58 |
Total (benefit) cost |  | $ | (251 | ) |  | $ | 518 |  |  | $ | 218 |  |  | $ | 254 |

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