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Pension Plans and Other Postretirement Benefits
 3 Months Ended
Mar. 31, 2013
Pension Plans and Other Postretirement Benefits [Abstract]  
Pension Plans and Other Postretirement Benefits

Note 5 - Pension Plans and Other Postretirement Benefits

The Company has the following retirement plans: a defined contribution plan; a 401(k) plan; a defined benefit plan for employees hired on or before December 31, 1998; and certain employees participate in a supplemental defined contribution plan or a supplemental defined benefit plan or both.

Defined Benefit Plan and Supplemental Defined Benefit Plans

The following tables summarize the components of net periodic pension cost recognized for the defined benefit plan and the supplemental defined benefit plans for the three months ended March 31, 2013 and 2012.

 

                                 
    Defined Benefit Plan     Supplemental
Defined Benefit Plans		  
    Three Months Ended
March 31,		     Three Months Ended
March 31,		  
    2013     2012     2013     2012  

Components of net periodic pension (income) expense:

                                

Service cost:

                                

Benefit accrual

   $ -     $ -     $ -     $ -  

Other expenses

     90       90       -       -  

Interest cost

     342       357       154       168  

Expected return on plan assets

     (560 )      (606 )      -       -  

Settlement loss

     258       459       -       -  

Amortization of:

                                

Prior service cost

     -       -       31       31  

Actuarial loss

     401       513       51       245  
   

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic pension expense

   $ 531     $ 813     $ 236     $ 444  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

Postretirement Benefits Other Than Pensions

In addition to providing pension benefits, the Company also provides certain health care and life insurance benefits to a closed group of eligible employees. Effective January 1, 2007, the Company eliminated the previous group health insurance benefits for retirees 65 years of age and over, including elimination of pharmacy benefits for Medicare eligible retirees, and established a Health Reimbursement Account (“HRA”) for each eligible participant in that closed group. Funding of HRA accounts was $35 and $40 for the three months ended March 31, 2013 and 2012, respectively.

The following table summarizes the components of the net periodic benefit for postretirement benefits other than pensions for the three months ended March 31, 2013 and 2012.

 

                 
    Three Months Ended
March 31,		  
    2013     2012  

Components of net periodic benefit:

                

Service cost

   $ -     $ -  

Interest cost

     23       23  

Amortization of prior service cost

     -       -  

Amortization of prior gain

     (59 )      (131 ) 
   

 

 

    

 

 

  

Net periodic income

   $ (36 )    $ (108 ) 
   

 

 

    

 

 

  

2013 Contributions

In 2013, there is no minimum funding requirement for the Company’s defined benefit plan. The following table discloses the minimum funding requirements, contributions made and expected full year contributions for the Company’s plans.

 

                         
    Defined Benefit Pension Plans        
    Defined
Benefit
Plan		     Supplemental
Defined Benefit
Plans		     Other
Postretirement
Benefits		  

Minimum funding requirement for 2013

   $ -       N/A       N/A  

Contributions made in the three months ended March 31, 2013

     -     $ 328     $ 33  

Expected contributions (approximations) for the year ended December 31, 2013 as of the time of :

                        

This Form 10-Q (1)

     3,000       1,320       480  

2012 Form 10-K (2)

     2,500       1,320       480  

 

 

N/A - Not applicable.

(1)

HMEC’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013.

(2)

HMEC’s Annual Report on Form 10-K for the year ended December 31, 2012, specifically “Notes to Consolidated Financial Statements — Note 9 — Pension Plans and Other Postretirement Benefits”.