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Components of Net Periodic Benefit Cost
 3 Months Ended
Mar. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Components of Net Periodic Benefit Cost

7. Components of Net Periodic Benefit Cost

 

    Three Months ended March 31,  
    (000's)  
          Post-Retirement  
    Pension Benefits     Health Benefits  
    2013     2012     2013     2012  
Service cost   $ 559     $ 1,218     $ 17     $ 15  
Interest cost     846       917       43       43  
Expected return on plan assets     (827 )     (815 )     -       -  
Amortization of transition obligation     -       -       15       15  
Net amortization of prior service cost     (4 )     41       -       -  
Net amortization of net (gain) loss     523       567       -       -  
Net Periodic Benefit Cost   $ 1,097     $ 1,928     $ 75     $ 73  

 

Employer Contributions

 

First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2012 that it expected to contribute $2.1 and $550 thousand respectively to its Pension Plan and ESOP and $234,000 to the Post Retirement Health Benefits Plan in 2013. Contributions of $52 thousand have been made through the first three months of 2013 for the Post Retirement Health Benefits plan. No contributions have been made in 2013 for the Pension plan or the ESOP. The Pension plan was frozen for most employees at the end of 2012 and for those employees there will be discretionary contributions to the ESOP plan and a 401K plan in place of the former Pension benefit. In the first three months of 2013 there has been $350 thousand of expense accrued for potential contributions to these alternative retirement benefit options.