Employee Benefit Plans (Tables)

15 Months Ended

Dec. 31, 2013

Compensation And Retirement Disclosure [Abstract]

The following table summarizes the changes in the projected benefit obligation (“PBO”), the funded status of the PBO and the weighted average assumptions used to determine the benefit obligation for the SERP and Director Retirement Plan at December 31, 2013 and 2012. These plans had no assets at December 31, 2013 and 2012. Amounts recognized at December 31, 2013 and 2012 are reflected in accrued expenses and other liabilities on the consolidated balance sheets.


	At or For the Years Ended December 31,
	2013				2012
	SERP		Director Retirement Plan		SERP		Director Retirement Plan
Change in projected benefit obligation:
Beginning of period	$	5,072	$	1,149	$	3,870	$	1,205
Service cost		441		61		401		55
Interest cost		220		60		189		44
Actuarial (gain)/loss		(66)		297		3		25
Plan amendments		-		-		609		41
Benefits paid		(55)		(26)		-		(221)

End of period	$	5,612	$	1,541	$	5,072	$	1,149

Accrued benefit cost	$	5,612	$	1,541	$	5,072	$	1,149

Amounts Recognized in Accumulated Other Comprehensive Income


	At or For the Years Ended December 31,
	2013				2012
	SERP		Director Retirement Plan		SERP		Director Retirement Plan
Amounts recognized in accumulated other comprehensive income consist of:
Prior service cost	$	(975)	$	(137)	$	(1,174)	$	(180)
Net gain/(losses)		182		(428)		116		(194)

Total	$	(793)	$	(565)	$	(1,058)	$	(374)

Weighted-Average Assumptions Used to Determine Benefit Obligations

Weighted-average assumptions used to determine benefit obligations:
Discount rate	5.00%	5.00%	4.00%	4.00%
Rate of compensation increase	5.00%	2.00%	5.00%	2.00%

Components of Net Periodic Benefit Cost

Components of the net periodic benefit cost are as follows:


	For the Years Ended December 31,
	2013				2012
	SERP		Director Retirement Plan		SERP		Director Retirement Plan
Periodic benefit cost:
Service cost	$	441	$	61	$	401	$	55
Interest cost		220		60		189		44

Total pension cost		661		121		590		99
Prior service cost amortization		200		43		200		43
Net loss amortization		-		62		-		48

Net periodic benefit cost	$	861	$	226	$	790	$	190

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate	4.00%	4.00%	4.25%	4.25%
Rate of compensation increase	5.00%	2.00%	5.00%	2.00%

Benefit Payments Expected Future Costs

At December 31, 2013, the benefit payments expected to be paid in each of the next five years and the aggregate for the five fiscal years thereafter are as follows:


	SERP		Director Retirement Plan
Years ending December 31,
2014	$	3,359	$	512
2015		56		26
2016		1,219		366
2017		55		26
2018		56		391
2019 through 2023		278		439

Total for the next ten years	$	5,023	$	1,760

Shares Held by ESOP

Shares held by the ESOP Plans include the following:


	December 31,
	2013		2012		2011
Allocated		733,366		376,483		308,915
Committed to be released		-		357,053		71,709
Unallocated		-		-		1,021,504

		733,366		733,536		1,402,128

United Financial Bancorp, Inc. 10-K