Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
EMPLOYEE BENEFIT PLANS |
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Funded Status of Benefit Plans |
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The funded status of the postretirement benefit plan is required to be recognized in the statement of financial position. The funded status for the pension plan is measured as the difference between the projected benefit obligation and the fair value of plan assets. The funded status for all other benefit plans is measured as the difference between the accumulated benefit obligation and the fair value of plan assets. A liability is recorded for an amount by which the benefit obligation exceeds the fair value of plan assets or an asset is recorded for any amount by which the fair value of plan assets exceeds the benefit obligation. The measurement date of the plans is December 31, our year-end balance sheet date. As of December 31, 2013, the unfunded status of our Defined Benefit Pension Plan was $3.8 million, the unfunded status of our Supplemental Non-qualified Defined Benefit Plans was $3.1 million and the unfunded status of our Non-pension Defined Benefit Postretirement Healthcare Plans was $5.9 million. |
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We apply accounting standards for regulated operations, and accordingly, the unrecognized net periodic benefit cost that would have been reclassified to Accumulated other comprehensive income (loss) was alternatively recorded as a regulatory asset or regulatory liability, net of tax. |
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Defined Benefit Pension Plan |
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We have a noncontributory defined benefit pension plan (“Pension Plan”) covering employees who meet certain eligibility requirements. The benefits are based on years of service and compensation levels during the highest five consecutive years of the last ten years of service. Our funding policy is in accordance with the federal government’s funding requirements. The Pension Plan’s assets are held in trust and consist primarily of equity and fixed income investments. |
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The Pension Plan has been frozen to new employees and certain employees who did not meet age and service based criteria at the time the Plan was frozen. Plan benefits are based on years of service and calculations of average earnings during a specific time period prior to retirement. |
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As of December 31, 2012, certain Plan investments were transferred to a Master Trust that was established for the investment of assets of the Plan and other Employer-sponsored retirement plans. Each participating retirement plan has an undivided interest in the Master Trust. |
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On October 29, 2012, the Board of Directors approved a new Investment Policy. The objective of the Investment Policy is to manage assets in such a way that will allow the eventual settlement of our obligations to the Plans’ beneficiaries. To meet this objective, our pension plan assets are managed by an outside adviser using a portfolio strategy that will provide liquidity to meet the Plans’ benefit payment obligations and an asset allocation that will comprise a mix of return-seeking and liability-hedging assets. Our Pension Plan funding policy is in accordance with the federal government’s funding requirements. The Pension Plan’s assets are held in trust and consist primarily of equity, fixed income and hedged investments. The expected long-term rate of return for investments was 7.25% and 7.25% for the 2013 and 2012 plan years, respectively. |
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Pension Plan Assets |
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The percentages of total plan asset fair value by investment category of our Pension Plan assets at December 31 were as follows: |
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| 2013 | 2012 | | | | | | | | | | | | | | | | | | | | | | | |
Equity securities | 26 | % | 51 | % | | | | | | | | | | | | | | | | | | | | | | | |
Real estate | 4 | % | — | % | | | | | | | | | | | | | | | | | | | | | | | |
Fixed income funds | 58 | % | 48 | % | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | 1 | % | 1 | % | | | | | | | | | | | | | | | | | | | | | | | |
Hedge funds | 11 | % | — | % | | | | | | | | | | | | | | | | | | | | | | | |
Total | 100 | % | 100 | % | | | | | | | | | | | | | | | | | | | | | | | |
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Supplemental Non-qualified Defined Benefit Retirement Plans |
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We have various supplemental retirement plans (“Supplemental Plans”) for key executives. The Supplemental Plans are non-qualified defined benefit plans. The Supplemental Plans are subject to various vesting schedules. |
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Supplemental Plan Assets |
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We do not fund our Supplemental Plans. We fund on a cash basis as benefits are paid. |
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Non-pension Defined Benefit Postretirement Healthcare Plan |
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Employees who are participants in our Non-Pension Postretirement Healthcare Plan (“Healthcare Plan”) and who retire on or after attaining minimum age and years of service requirements are entitled to postretirement healthcare benefits. These benefits are subject to premiums, deductibles, co-payment provisions and other limitations. We may amend or change the Healthcare Plan periodically. We are not pre-funding our retiree medical plan. We have determined that the Healthcare Plan’s post-65 retiree prescription drug plans are actuarially equivalent and qualify for the Medicare Part D subsidy. |
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Plan Assets |
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We do not fund our Healthcare Plans. We fund on a cash basis as benefits are paid. |
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Plan Contributions and Estimated Cash Flows |
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Contributions made to the Pension Plans are cash contributions made directly to the Pension Plan Trust accounts. Healthcare and Supplemental Plan contributions are made in the form of benefit payments. Contributions for the years ended December 31 were as follows (in thousands): |
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| 2013 | 2012 | | | | | | | | | | | | | | | | | | | | | |
Defined Benefit Plans | | | | | | | | | | | | | | | | | | | | | | | |
Defined Benefit Pension Plan | $ | 2,299 | | $ | 6,835 | | | | | | | | | | | | | | | | | | | | | | |
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Non-pension Defined Benefit Postretirement Healthcare Plan | $ | 578 | | $ | 835 | | | | | | | | | | | | | | | | | | | | | | |
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Supplemental Non-qualified Defined Benefit Plan | $ | 217 | | $ | 256 | | | | | | | | | | | | | | | | | | | | | | |
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Defined Contribution Plans | | | | | | | | | | | | | | | | | | | | | | | |
Company Retirement Contribution | $ | 421 | | $ | 404 | | | | | | | | | | | | | | | | | | | | | | |
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Matching Contributions | $ | 1,301 | | $ | 1,328 | | | | | | | | | | | | | | | | | | | | | | |
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We do not intend to make a contribution to our employee defined benefit pension plan in 2014. |
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Fair Value Measurements |
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As required by accounting standards for fair value measurements, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect their placement within the fair value hierarchy levels. The following tables set forth, by level within the fair value hierarchy, the assets that were accounted for at fair value on a recurring basis as of December 31 (in thousands): |
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Defined Benefit Pension Plan | 2013 | | | | | | | | | | | | | | | |
| Level 1 | Level 2 | Level 3 | Total Fair Value | | | | | | | | | | | | | | | |
AXA Equitable General Fixed Income | $ | — | | $ | 213 | | $ | — | | $ | 213 | | | | | | | | | | | | | | | | |
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Common Collective Trust - Cash and Cash Equivalents | — | | 252 | | — | | 252 | | | | | | | | | | | | | | | | |
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Common collective trust - equity | — | | 14,833 | | — | | 14,833 | | | | | | | | | | | | | | | | |
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Common collective trust - fixed income | — | | 32,742 | | — | | 32,742 | | | | | | | | | | | | | | | | |
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Common collective trust - real estate | — | | 682 | | 1,718 | | 2,400 | | | | | | | | | | | | | | | | |
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Hedge funds | — | | — | | 5,965 | | 5,965 | | | | | | | | | | | | | | | | |
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Total investments measured at fair value | $ | — | | $ | 48,722 | | $ | 7,683 | | $ | 56,405 | | | | | | | | | | | | | | | | |
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Defined Benefit Pension Plan | 2012 | | | | | | | | | | | | | | | |
| Level 1 | Level 2 | Level 3 | Total Fair Value | | | | | | | | | | | | | | | |
Cash and cash equivalents | $ | 535 | | $ | — | | $ | — | | $ | 535 | | | | | | | | | | | | | | | | |
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Common collective trust - equity | — | | 27,267 | | — | | 27,267 | | | | | | | | | | | | | | | | |
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Common collective trust - fixed income | — | | 21,127 | | — | | 21,127 | | | | | | | | | | | | | | | | |
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Structured products | — | | 4,536 | | — | | 4,536 | | | | | | | | | | | | | | | | |
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Total investments measured at fair value | $ | 535 | | $ | 52,930 | | $ | — | | $ | 53,465 | | | | | | | | | | | | | | | | |
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Cash and Cash Equivalents: This category is comprised of the AXA Equitable General Fixed Income Fund wand Common Collective Trusts - cash and cash equivalents. The AXA Equitable General Fixed Income Fund is a fund of diversified portfolios, primarily composed of fixed income instruments. Assets are invested in long-term holdings, such as commercial, agricultural and residential mortgages, publicly traded and privately place bonds and real estate as well as short-term bonds. Fair values of mortgage loans are measured by discounting future contractual cash flows to be received on the mortgage loans using interest rates at which loans with similar characteristics. The discount rate is derived from taking the appropriate U.S. Treasury rate with a like term. The fair value of public fixed maturity securities are generally based on prices obtained from independent valuation service provides with reasonableness prices compared with directly observable market trades. The fair value of privately placed securities are determined using a discounted cash flow model. These models use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries and industry sector of the issuer. |
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Common Collective Trust: The Pension Plan owns units of the Common Collective Trust funds that they are utilizing in their portfolio. The value of each unit of any fund as of any valuation date shall be determined by calculating the total value of such fund’s assets as of the close of business on such valuation date, deducting its total liabilities as of such time and date, and then dividing the so-determined net asset value of such fund by the total number of units of such fund outstanding on the date of valuation. |
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Common Collective Trust-Real Estate Fund: This fund is valued based on various factors of the underlying real estate properties, including market rent, market rent growth, occupancy levels, etc. As part of the trustee’s valuation process, properties are externally appraised generally on an annual basis. The appraisals are conducted by reputable independent appraisal firms and signed by appraisers that are members of the Appraisal Institute, with professional designation of Member, Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. We receive monthly statements from the trustee, along with the annual schedule of investments, and rely on these reports for pricing the units of the fund. Certain of the funds’ assets contain participant withdrawal policy and, therefore, are categorized as Level 3. The funds without participant withdrawal limitations are categorized as Level 2. |
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Hedge Funds: Hedge funds represent investments in other investment funds that seek a return utilizing a number of diverse investment strategies. The strategies, when combined aim to reduce volatility and risk while attempting to deliver positive returns under all market conditions. Amounts are reported on a one-month lag. The fair value of hedge funds is determined using net asset value per share based on the fair value of the hedge fund’s underlying investments. Generally, shares may be redeemed at the end of each quarter, after a lockup period of one-year, with a 65 day notice and is limited to a percentage of total net asset value of the fund. The net asset values are based on the fair value of each fund’s underlying investments. There are no unfunded commitments related to these hedge funds. |
Structured Products: Investments are created through the process of financial engineering (that is, by combining underlying securities like equity, bonds, or indices with derivatives). The value of derivative securities, such as options, forwards and swaps is determined by (respectively, derives from) the prices of the underlying securities. |
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The following table sets forth a summary of changes in the fair value of the Defined Benefit Pension Plans’ Level 3 assets for the period ended December 31 (in thousands): |
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| 2013 | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, beginning of period | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | |
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Transfers | 1,550 | | | | | | | | | | | | | | | | | | | | | | | | | |
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Purchase | 5,834 | | | | | | | | | | | | | | | | | | | | | | | | | |
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Unrealized gain (loss) | 317 | | | | | | | | | | | | | | | | | | | | | | | | | |
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Realized gain (loss) | (3 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Settlements | (15 | ) | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, end of period | $ | 7,683 | | | | | | | | | | | | | | | | | | | | | | | | | |
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The following table presents the quantitative information about Level 3 fair value measurements (dollars in thousands): |
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| Fair Value at | Valuation | Level 3 | Range (Weighted) | | | | | | | | | | | | | | | | | | | | | |
| 31-Dec-13 | Technique | Input | Average | | | | | | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Collective Trust - Real Estate (a) | $ | 1,718 | | Market Approach | Redemption Restriction | N/A | | | | | | | | | | | | | | | | | | | | | |
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Hedge Funds (b) | $ | 5,965 | | Market Approach | Redemption Restriction | N/A | | | | | | | | | | | | | | | | | | | | | |
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_____________ |
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(a) | The underlying net asset value in the Common Collective Trust - Real Estate fund is determined by appraisal of the properties held in the Trust. As part of the Trustee's valuation process, properties are externally appraised generally on an annual basis. The appraisals are conducted by reputable independent appraisal firms and signed by appraisers that are members of the Appraisal Institute, with the professional designation of Member, Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. We receive monthly statements from the Trustee along with the annual schedule of investments and rely on these reports for pricing the units of the fund. The fund does contain a participant withdrawal policy. | | | | | | | | | | | | | | | | | | | | | | | | | | |
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(b) | The fair value of Level 3 is determined based on pricing provided or reviewed by third-party administrator to our investment managers. While the input amounts used by the pricing vendor in determining fair value are not provided, and therefore, unavailable for our review, the asset results are reviewed and monitored to ensure the fair values are reasonable and in line with market experience in similar asset classes. Additionally, the audited financial statements of the funds will be reviewed at the time they are issued. | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Plan Reconciliations |
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The following tables provide a reconciliation of the Employee Benefit Plan’s obligations and fair value of assets, components of the net periodic expense and elements of regulatory assets and liabilities and AOCI (in thousands): |
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Benefit Obligations |
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| Defined Benefit Pension Plan | Supplemental Non-qualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Healthcare Plan | | | | | | | | | |
| 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | | | | | | | | | |
Change in benefit obligation: | | | | | | | | | | | | | | | |
Projected benefit obligation at beginning of year | $ | 69,820 | | $ | 65,557 | | $ | 3,427 | | $ | 2,292 | | $ | 6,766 | | $ | 8,207 | | | | | | | | | | |
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Service cost | 852 | | 765 | | — | | — | | 216 | | 214 | | | | | | | | | | |
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Interest cost | 2,969 | | 2,969 | | 133 | | 104 | | 239 | | 343 | | | | | | | | | | |
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Actuarial loss (gain) | (7,818 | ) | 4,510 | | (212 | ) | 1,287 | | (459 | ) | (1,748 | ) | | | | | | | | | |
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Amendments (a) | — | | — | | — | | — | | (342 | ) | — | | | | | | | | | | |
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Benefits paid | (4,850 | ) | (2,850 | ) | (217 | ) | (256 | ) | (1,045 | ) | (835 | ) | | | | | | | | | |
Asset transfer (to) from affiliate | (750 | ) | (1,131 | ) | — | | — | | (75 | ) | 26 | | | | | | | | | | |
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Plan curtailment reduction | — | | — | | — | | — | | — | | — | | | | | | | | | | |
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Medicare Part D adjustment | — | | — | | — | | — | | 82 | | 71 | | | | | | | | | | |
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Plan participants’ contributions | — | | — | | — | | — | | 468 | | 488 | | | | | | | | | | |
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Projected benefit obligation at end of year | $ | 60,223 | | $ | 69,820 | | $ | 3,131 | | $ | 3,427 | | $ | 5,850 | | $ | 6,766 | | | | | | | | | | |
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_______________ |
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(a) | Reflects Board of Directors approval of increase to Company’s contribution to RMSA account. | | | | | | | | | | | | | | | | | | | | | | | | | | |
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A reconciliation of the fair value of Plan assets (as of the December 31 measurement date) is as follows (in thousands): |
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| Defined Benefit Pension Plan | Supplemental Non-qualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Healthcare Plan | | | | | | | | | |
| 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | | | | | | | | | |
Beginning market value of plan assets | $ | 53,465 | | $ | 45,017 | | $ | — | | $ | — | | $ | — | | $ | — | | | | | | | | | | |
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Investment income | 6,070 | | 5,240 | | — | | — | | — | | — | | | | | | | | | | |
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Benefits paid | (4,850 | ) | (2,850 | ) | — | | — | | — | | — | | | | | | | | | | |
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Employer contributions | 2,299 | | 6,835 | | — | | — | | — | | — | | | | | | | | | | |
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Asset transfer to affiliate | (579 | ) | (777 | ) | — | | — | | — | | — | | | | | | | | | | |
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Ending market value of plan assets | $ | 56,405 | | $ | 53,465 | | $ | — | | $ | — | | $ | — | | $ | — | | | | | | | | | | |
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Amounts recognized in the Balance Sheets at December 31 consist of (in thousands): |
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| Defined Benefit Pension Plan | Supplemental Non-qualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Plan | | | | | | | | | |
| 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | | | | | | | | | |
Regulatory asset (liability) | $ | 13,735 | | $ | 26,683 | | $ | — | | $ | — | | $ | 2,781 | | $ | (2,174 | ) | | | | | | | | | |
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Current (liability) | $ | — | | $ | — | | $ | (216 | ) | $ | (216 | ) | $ | (491 | ) | $ | (438 | ) | | | | | | | | | |
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Non-current (liability) | $ | (3,818 | ) | $ | (16,356 | ) | $ | (2,915 | ) | $ | (3,211 | ) | $ | (5,372 | ) | $ | (6,321 | ) | | | | | | | | | |
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Accumulated Benefit Obligation (dollars in thousands) |
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| Defined Benefit Pension Plan | Supplemental Non-qualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Healthcare Plan | | | | | | | | | |
| 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | | | | | | | | | |
Accumulated benefit obligation | $ | 55,283 | | $ | 63,417 | | $ | 3,131 | | $ | 3,427 | | $ | 5,850 | | $ | 6,766 | | | | | | | | | | |
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Components of Net Periodic Expense (dollars in thousands) |
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| Defined Benefit Pension Plan | Supplemental Non-qualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Healthcare Plan |
| 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 |
Service cost | $ | 852 | | $ | 765 | | $ | 798 | | $ | — | | $ | — | | $ | — | | $ | 216 | | $ | 214 | | $ | 210 | |
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Interest cost | 2,969 | | 2,969 | | 3,092 | | 133 | | 104 | | 114 | | 239 | | 343 | | 365 | |
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Expected return on assets | (3,764 | ) | (3,139 | ) | (3,619 | ) | — | | — | | — | | — | | — | | — | |
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Amortization of prior service cost (credits) | 43 | | 57 | | 62 | | — | | — | | — | | (278 | ) | (278 | ) | (314 | ) |
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Amortization of transition obligation | 2,609 | | — | | — | | — | | — | | — | | — | | — | | — | |
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Recognized net actuarial loss (gain) | — | | 2,599 | | 1,486 | | 66 | | 55 | | 48 | | 9 | | 139 | | 163 | |
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Curtailment expense | — | | — | | — | | — | | — | | — | | — | | — | | — | |
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Net periodic expense | $ | 2,709 | | $ | 3,251 | | $ | 1,819 | | $ | 199 | | $ | 159 | | $ | 162 | | $ | 186 | | $ | 418 | | $ | 424 | |
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Accumulated Other Comprehensive Income (Loss) |
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Amounts included in AOCI, after-tax, that have not yet been recognized as components of net periodic benefit cost at December 31 were as follows (in thousands): |
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| Defined Benefit Pension Plan | Supplemental Non-qualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Healthcare Plan | | | | | | | | | |
| 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | | | | | | | | | |
Net loss | $ | — | | $ | — | | $ | (479 | ) | $ | (660 | ) | $ | — | | $ | — | | | | | | | | | | |
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Prior service cost | — | | — | | — | | — | | — | | — | | | | | | | | | | |
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Total accumulated other comprehensive income (loss) | $ | — | | $ | — | | $ | (479 | ) | $ | (660 | ) | $ | — | | $ | — | | | | | | | | | | |
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The amounts in AOCI, regulatory assets or regulatory liabilities, after-tax, expected to be recognized as a component of net periodic benefit cost during calendar year 2014 were as follows (in thousands): |
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| Defined Benefits Pension Plan | Supplemental Non-qualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Healthcare Plan | | | | | | | | | | | | | | | | | | |
Net loss | $ | 611 | | $ | 29 | | $ | — | | | | | | | | | | | | | | | | | | | |
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Prior service cost | 28 | | — | | (206 | ) | | | | | | | | | | | | | | | | | | |
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Total net periodic benefit cost expected to be recognized during calendar year 2014 | $ | 639 | | $ | 29 | | $ | (206 | ) | | | | | | | | | | | | | | | | | | |
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Assumptions |
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| Defined Benefit Pension Plan | Supplemental Non-qualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Healthcare Plan | | | | | | | | | |
| 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | | | | | | | | | |
Weighted-average assumptions used to determine benefit obligations: | | | | | | | | | | | | | | | | | | |
Discount rate | 5.1 | % | 4.35 | % | 4.65 | % | 4.68 | % | 4.25 | % | 4.7 | % | 4.45 | % | 3.65 | % | 4.35 | % | | | | | | | | | |
Rate of increase in compensation levels | 3.86 | % | 3.91 | % | 3.67 | % | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | | | | | | | | | | |
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Weighted-average assumptions used to determine net periodic benefit cost for plan year: | | | | | | | | | | | | | | | | | | |
Discount rate | 4.35 | % | 4.65 | % | 5.5 | % | 3.88 | % | 4.7 | % | 5 | % | 3.65 | % | 4.35 | % | 5 | % | | | | | | | | | |
Expected long-term rate of return on assets* | 7.25 | % | 7.25 | % | 7.75 | % | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | | | | | | | | | | |
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Rate of increase in compensation levels | 3.91 | % | 3.67 | % | 3.7 | % | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | | | | | | | | | | |
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* | The expected rate of return on plan assets is 6.75% for the calculation of the 2014 net periodic pension cost. | | | | | | | | | | | | | | | | | | | | | | | | | | |
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The healthcare benefit obligation was determined at December 31 as follows: |
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| 2013 | 2012 | | | | | | | | | | | | | | | | | | | | | | | |
Healthcare trend rate pre-65 | | | | | | | | | | | | | | | | | | | | | | | | | |
Trend for next year | 7.5 | % | 7.75 | % | | | | | | | | | | | | | | | | | | | | | | | |
Ultimate trend rate | 4.5 | % | 4.5 | % | | | | | | | | | | | | | | | | | | | | | | | |
Year Ultimate Trend Reached | 2027 | | 2027 | | | | | | | | | | | | | | | | | | | | | | | | |
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Healthcare trend rate post-65 | | | | | | | | | | | | | | | | | | | | | | | | | |
Trend for next year | 6.25 | % | 6.5 | % | | | | | | | | | | | | | | | | | | | | | | | |
Ultimate trend rate | 4.5 | % | 4.5 | % | | | | | | | | | | | | | | | | | | | | | | | |
Year Ultimate Trend Reached | 2026 | | 2026 | | | | | | | | | | | | | | | | | | | | | | | | |
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We do not pre-fund our post-retirement benefit plan. The table below shows the estimated impacts of an increase or decrease to our healthcare trend rate for our Retiree Health Care Plan (dollars in thousands): |
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Change in Assumed Trend Rate | Service and Interest Costs | Accumulated Periodic Postretirement Benefit Obligation | | | | | | | | | | | | | | | | | | | | | |
1% increase | $ | 9 | | $ | 179 | | | | | | | | | | | | | | | | | | | | | | |
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1% decrease | $ | (9 | ) | $ | (165 | ) | | | | | | | | | | | | | | | | | | | | | |
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The following benefit payments, which reflect future service, are expected to be paid (in thousands): |
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| Defined Benefit Pension Plan | Supplemental Non-qualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Healthcare Plan | | | | | | | | | | | | | | | | | | |
2014 | $ | 3,177 | | $ | 217 | | $ | 491 | | | | | | | | | | | | | | | | | | | |
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2015 | $ | 3,227 | | $ | 214 | | $ | 432 | | | | | | | | | | | | | | | | | | | |
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2016 | $ | 3,270 | | $ | 184 | | $ | 410 | | | | | | | | | | | | | | | | | | | |
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2017 | $ | 3,367 | | $ | 213 | | $ | 418 | | | | | | | | | | | | | | | | | | | |
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2018 | $ | 3,483 | | $ | 210 | | $ | 473 | | | | | | | | | | | | | | | | | | | |
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2019-2023 | $ | 20,002 | | $ | 1,271 | | $ | 2,483 | | | | | | | | | | | | | | | | | | | |
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Defined Contribution Plan |
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The Parent sponsors a 401(k) retirement savings plan in which our employees may participate. Participants may elect to invest up to 50% of their eligible compensation on a pre-tax or after-tax basis, up to a maximum amount established by the Internal Revenue Service. The plan provides for company matching contributions and company retirement contributions. Employer contributions vest at 20% per year and are fully vested when the participant has 5 years of service. |