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PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS
 3 Months Ended
Mar. 31, 2015
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS  
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS

 

14.   PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS

 

Central Pacific Bank has a defined benefit retirement plan (the “Pension Plan”) which covers certain eligible employees. The plan was curtailed effective December 31, 2002, and accordingly, plan benefits were fixed as of that date. The following table sets forth the components of net periodic benefit cost for the Pension Plan:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2015

 

2014

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

Interest cost

 

$
348

 

$
366

 

Expected return on assets

 
(472

)
(524

)

Amortization of net actuarial losses

 
393

 
304

 

Net periodic cost

 

$
269

 

$
146

 

 

Our bank also established Supplemental Executive Retirement Plans (“SERPs”), which provide certain (current and former) officers of our bank with supplemental retirement benefits. The following table sets forth the components of net periodic benefit cost for the SERPs:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2015

 

2014

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

Interest cost

 

$
110 

 

$
113 

 

Amortization of net transition obligation

 
4 

 
4 

 

Amortization of prior service cost

 
5 

 
5 

 

Amortization of net actuarial losses

 
27 

 
1 

 

Net periodic cost

 

$
146 

 

$
123