NOTE G – Pension Plans

On May 13, 2014, our defined benefit plan was terminated effective July 20, 2014. The plan was previously amended to cease (or "freeze") benefit accruals for eligible employees under the Plan effective December 31, 2006 when we transitioned to a stronger emphasis on the employees savings/retirement (401(k)) plan. Additional information regarding the defined benefit plan can be found in our Annual Report on Form 10-K for the year ended December 31, 2013.

Participants will have a choice of receiving a lump sum, roll-over or annuity and retirees already receiving payments will continue under their current elections. In connection with the termination and settlement of the Plan's obligations, we expect to record a non-cash charge by an amount not yet determined. The actual amount will depend upon the number of participants electing the lump sum or roll-over payment options, various actuarial assumptions, including the discount rate, and the value of the Plan's assets at the settlement date. We will fund any amounts required for settlement in excess of the Plan's assets. Finalizing the termination process is expected to take several months with the settlement of most of the Plan's obligations by the end of 2014.

We also have a non-qualified, non-contributory supplemental executive retirement plan (SERP) for employees whose retirement benefits are reduced due to their annual compensation levels. The SERP limits the total amount of annual retirement benefits that may be paid to a participant in the SERP from all sources (Retirement Plan, Social Security and the SERP) to $125,000. The SERP is not funded so we pay benefits directly to participants.

Net pension costs included the following components (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013

Service cost-benefits earned during period	$	31		$	46		$	93		$	100
Interest cost on projected benefit obligations		954			899			2,862			2,653
Expected return on plan assets		(1,214	)		(1,225	)		(3,642	)		(3,711	)
Amortization of prior service costs		53			53			157			157
Amortization of actuarial loss		79			417			237			1,273
Net pension costs	$	(97	)	$	190		$	(293	)	$	472