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Pension And Employee Benefit Plans
9 Months Ended
Sep. 30, 2011
Pension And Employee Benefit Plans [Abstract] 
Pension And Employee Benefit Plans

9. Pension and Employee Benefit Plans

We sponsor a non-contributory defined benefit pension plan for certain union employees. The plan is funded in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974.

We also sponsor a post retirement health care plan for office employees retiring before January 1, 1990. The plan allows retirees who have attained the age of 65 to elect the type of coverage desired.

Retirement and health care plan expense is based on valuations performed by plan actuaries as of the beginning of each fiscal year. The components of the expense consisted of the following:

 

 

     Three Months Ended September 30,     Nine Months Ended September 30,  
$ in thousands            2011                     2010                     2011                     2010          

Retirement plan:

         

Service cost

    $ 10      $ 54      $ 30      $ 162   

Interest cost

      92        94        276        282   

Expected return on plan assets

      (97 )     (94 )     (291 )      (282 )

Amortization of prior service cost

      0        2        0        6   

Amortization of net actuarial loss

      63        54        189        162   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic benefit cost

    $ 68      $ 110      $ 204      $ 330   
  

 

 

    

 

 

    

 

 

    

 

 

  

Health care plan:

         

Interest cost

    $ 0      $ 4      $ 0      $ 12   

Amortization of gain

      (1 )      (1 )      (3 )     (3 )
  

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic benefit cost

    $ (1 )    $ 3      $ (3 )   $ 9   
  

 

 

    

 

 

    

 

 

    

 

 

  

 

During the nine months ended September 30, 2011, we made contributions to our defined benefit plans totaling $322,000. We anticipate contributing $85,000 to fund the pension plan during the remainder of fiscal 2011.

The funded status for our post retirement health care plan is calculated based on the projected postretirement benefit obligation.