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Postretirement Benefits
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Note 12. Postretirement Benefits
The Company has a supplemental nonqualified retirement plan, which generally vests over five-year periods beginning in 2003, pursuant to which it will pay supplemental pension benefits to key employees upon retirement. In connection with this plan, the Company has purchased cost-recovery life insurance on the lives of certain employees. Insurance contracts associated with the plan are held by trusts established as part of the plan to implement and carry out its provisions and finance its related benefits. The trusts are owners and beneficiaries of such contracts. The amount of coverage is designed to provide sufficient revenue to cover all costs of the plan if assumptions made as to employment term, mortality experience, policy earnings and other factors are realized. At March 31, 2012, the cash surrender value of these contracts was $12.1 million, compared to $11.1 million at December 31, 2011, and was included in “Other” assets within the Consolidated Balance Sheets. The net periodic benefit income of this plan for the three months ended March 31, 2012, totaled $706,000, which included service costs of $30,000 and interest costs of $200,000, offset by an investment gain of $936,000. The net periodic benefit cost for the three months ended March 31, 2011, totaled $143,000, which included service costs of $262,000 and interest costs of $183,000, offset by an investment gain of $302,000. The $11.6 million and $11.3 million projected benefit obligations at March 31, 2012 and December 31, 2011, respectively, were equal to the net liabilities recognized in the Consolidated Balance Sheets at those dates. The discount rate used for the plan was 7.0 percent for the quarters ended March 31, 2012 and 2011.
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- Definition
The entire disclosure for pension and other postretirement benefits.
+ References
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