Quarterly report pursuant to Section 13 or 15(d)

PENSION AND POST RETIREMENT BENEFIT PLANS

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PENSION AND POST RETIREMENT BENEFIT PLANS
 6 Months Ended
Jun. 30, 2018
Retirement Benefits [Abstract]  
Pension and Post Retirement Benefit Plans
PENSION AND POST RETIREMENT BENEFIT PLANS

The following table represents the net periodic pension benefit costs and related components in accordance with FASB ASC 715 “Compensation Retirement Benefits”:
 
Components of Net Pension Benefit Gain
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in thousands)
2018
 
2017
 
2018
 
2017
Interest and service cost
$
1,995

 
$
2,138

 
$
3,990

 
$
4,276

Expected return on plan assets
(3,443
)
 
(3,342
)
 
(6,886
)
 
(6,684
)
Amortization of net loss
826

 
830

 
1,652

 
1,660

Net periodic benefit
$
(622
)
 
$
(374
)
 
$
(1,244
)
 
$
(748
)


During the six months ended June 30, 2018 and the same period in 2017 the Company made no contributions to its defined benefit retirement plans (the “Plans”). The Company made no contributions for the year ended December 31, 2017. The Company is adequately funded on its Plans and is not expecting to make further contributions in 2018.

The Company has initiated the process to transition its Pension Plan to an Insurance provider.  The timeline will take approximately 16-18 months.  The Company’s Pension Plan is currently more than 100% funded.