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
 9 Months Ended
Sep. 30, 2018
Retirement Benefits [Abstract]  
Pension and Post Retirement Benefit Plans

NOTE 9.          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
September 30,		     Nine Months Ended
September 30,		  
(in thousands)   2018     2017     2018     2017  
Interest and service cost   $ 1,995     $ 2,138     $ 5,985     $ 6,414  
Expected return on plan assets     (3,443 )     (3,342 )     (10,329 )     (10,026 )
Amortization of net loss     826       830       2,478       2,490  
Net periodic benefit   $ (622 )   $ (374 )   $ (1,866 )   $ (1,122 )

 

During the nine months ended September 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 transition will take approximately 12-15 months.  The Company’s Pension Plan is currently more than 100% funded.