NYCB 2017 Annual Report

125 The following table sets forth certain information regarding the Health &Welfare Plan as of the dates indicated: December 31, (in thousands) 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 16,294 $ 17,280 Service cost -- 5 Interest cost 577 639 Actuarial loss (gain) 517 (673) Premiums and claims paid (1,039) (957) Benefit obligation at end of year $ 16,349 $ 16,294 Change in plan assets: Fair value of assets at beginning of year $ -- $ -- Employer contribution 1,039 957 Premiums and claims paid (1,039) (957) Fair value of assets at end of year $ -- $ -- Funded status (included in “Other liabilities”) $(16,349) $(16,294) Changes recognized in other comprehensive (loss) income for the year ended December 31: Amortization of prior service cost $ 249 $ 249 Amortization of actuarial gain (274) (326) Net actuarial loss (gain) arising during the year 517 (673 ) Total recognized in other comprehensive loss for the year (pre-tax) $ 492 $ (750 ) Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: Prior service cost $ (1,034) $ (1,283) Actuarial loss, net 5,380 5,137 Total accumulated other comprehensive loss (pre-tax) $ 4,346 $ 3,854 The discount rates used in the preceding table were 3.3% and 3.7%, respectively, at December 31, 2017 and 2016. The estimated net actuarial loss and the prior service liability that will be amortized fromAOCL into net periodic benefit cost in 2018 are $309,000 and $249,000, respectively. The following table presents the components of net periodic benefit cost for the years indicated: Years Ended December 31, (in thousands) 2017 2016 2015 Components of Net Periodic Benefit Cost: Service cost $ -- $ 5 $ 4 Interest cost 577 639 700 Amortization of past-service liability (249) (249) (249) Amortization of net actuarial loss 274 326 383 Net periodic benefit cost $ 602 $ 721 $ 838 The following table presents the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: Years Ended December 31, 2017 2016 2015 Discount rate 3.7% 3.8% 4.0% Current medical trend rate 6.5 6.5 6.5 Ultimate trend rate 5.0 5.0 5.0 Year when ultimate trend rate will be reached 2023 2022 2018