Employee Benefit Plans

3 Months Ended

Mar. 31, 2016

Note 8 – Employee Benefit Plans

Pension Benefits

The Company's Pension Plan covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides an annual contribution at the discretion of the Company, based upon a percentage of the participants' compensation. In order to be eligible for contribution, the eligible employee must be employed by the Company on December 31st of the year to which the contribution relates. For the three months ended March 31, 2016, the Company made Pension Plan cash contributions of $0.5 million. For the three months ended March 31, 2015, the Company did not make any Pension Plan cash contributions. The Company expects to make Pension Plan cash contributions of approximately $2.8 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.3 million in annual benefits to the retired participants.

Other Postretirement Benefits

The Company's retirement plan other than pensions (Other Benefits Plan) covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For the three months ended March 31, 2016, the Company made Other Benefits Plan cash contributions of $0.2 million. For the three months ended March 31, 2015, the Company did not make any Other Benefits Plan cash contributions. The Company expects to make Other Benefits Plan cash contributions of approximately $1.3 million over the remainder of the current year.

The following tables set forth information relating to the Company's periodic costs for its employee retirement benefit plans:

	(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended March 31,
	2016			2015			2016			2015

Service Cost	$	577		$	639		$	275		$	343
Interest Cost		761			724			488			480
Expected Return on Assets		(1,004	)		(980	)		(558	)		(527	)
Amortization of Unrecognized Losses		357			411			443			565
Amortization of Unrecognized Prior Service Cost (Credit)		—			—			(432	)		(432	)
Net Periodic Benefit Cost	$	691		$	794		$	216		$	429