Note 10, Benefit Plans:

During the fourth quarter of 2014, we settled the obligations associated with our defined benefit pension plan (the "Pension Plan"). The Pension Plan covered substantially all employees hired on or before December 31, 2005 and was closed to any employees hired after that date. The benefits are based on years of service and the employee's final average compensation. No new benefits were earned under the Pension Plan for additional years of service after December 31, 2006.

Pension Plan participants not yet retired received vested benefits from the plan assets by electing either a lump sum distribution, roll-over contribution to a 401(k) or individual retirement plans, or an annuity contract with a third-party insurance company. Retired participants automatically received annuities. Pension settlement charges of $21,623,000, before tax, were recorded during the fourth quarter of 2014 as payments were made from the Plan in accordance with the participants' elections.

The remaining $813,000 in plan assets at December 31, 2014 will fund additional plan termination professional fees, administration expenses and any required adjustments identified to amounts settled, with the remainder distributed equally to current plan participants after final IRS approval is obtained and other governmental review is completed. Accordingly, at December 31, 2015 and 2014, we had no future obligations related to the terminated Pension Plan.

We also have a non-qualified, non-contributory supplemental executive retirement plan (the "SERP") for employees whose retirement benefits are reduced due to their annual compensation levels. The SERP provides annual benefits amounting to 55% of final average earnings less benefits payable from our pension plan and Social Security benefits. The SERP limits the total amount of annual retirement benefits that may be paid to a participant 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. The SERP was frozen as of December 31, 2015 and no additional benefits will be accrued after that date.

The following table summarizes information about our Pension Plan and SERP.

	Pension Plan						SERP
(In thousands)	2015			2014			2015			2014
Change in benefit obligation:
Benefit obligation at beginning of the year		N/	A	$	73,456		$	7,270		$	5,974
Service cost					—			129			117
Interest cost					3,232			314			289
Plan settlements					(83,453	)		—			—
Plan curtailments					—			(87	)		—
Special termination benefits					813			—			—
Actuarial losses (gains)					10,700			317			1,095
Benefits paid					(3,935	)		(224	)		(205	)
Benefit obligation at end of year					813			7,719			7,270
Change in plan assets:
Fair value of plan assets at beginning of year					82,904			—			—
Employer contribution					—			224			205
Actual return on plan assets					5,297			—			—
Plan settlements					(83,453	)		—			—
Benefits paid					(3,935	)		(224	)		(205	)
Fair value of plan assets at end of year					813			—			—
Funded status of the plan – (underfunded)				$	—		$	(7,719	)	$	(7,270	)

Accumulated benefit obligations				$	—		$	7,719		$	7,270

Amounts recognized in the consolidated balance sheets consist of:

	SERP
(In thousands)	2015			2014
Noncurrent assets	$	—		$	—
Current liabilities		(287	)		(228	)
Noncurrent liabilities		(7,432	)		(7,042	)
	$	(7,719	)	$	(7,270	)

Amounts recognized in accumulated other comprehensive income (loss) before the effect of income taxes consist of:

	SERP
(In thousands)	2015				2014
Prior service cost		$	—			$	(432	)
Net actuarial loss			(1,724	)			(1,663	)
		$	(1,724	)		$	(2,095	)

Net pension cost included the following components:

	Pension Plan									SERP
(In thousands)	2015			2014			2013			2015		2014		2013
Service cost-benefits earned during the period		N/	A	$	—		$	—		$	129	$	117	$	134
Interest cost on projected benefit obligation					3,232			3,278			314		289		259
Expected return on plan assets					(4,475	)		(4,948	)		—		—		—
Amortization of prior service cost					—			—			210		210		210
Amortization of actuarial loss					244			1,627			169		—		68
Settlement loss recognized					20,810			—			—		—		—
Curtailment loss recognized					—			—			222		—		—
Special termination benefit recognized					813			—			—		—		—
Net pension costs				$	20,624		$	(43	)	$	1,044	$	616	$	671

The net periodic benefit cost for the SERP for the year ending December 31, 2015, includes the impact of freezing the plan as of December 31, 2015, which resulted in fully recognizing the outstanding prior service cost basis at that date. The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic cost in 2016 is approximately $120,000 for the SERP.

Assumptions

We use a measurement date of December 31 for our pension and SERP plan. Assumptions used to determine net periodic benefit cost for years ended December 31 are as follows:

	Pension Plan						SERP
	2014			2013			2015			2014			2013
Discount rate		4.93	%		4.13	%		4.09	%		4.96	%		4.08	%
Expected long-term return on plan assets		6.00	%		6.65	%		n/	a		n/	a		n/	a
Rate of compensation increase		n/	a		n/	a		3.50	%		3.50	%		3.50	%

For purposes of determining the periodic expense of our defined benefit plan, we use fair market value of plan assets as the market related value.

Assumptions used to determine benefit obligations at December 31 are as follows:

	SERP
	2015			2014
Discount rate		4.58	%		4.09	%
Rate of compensation increase		3.50	%		3.50	%

Cash Flows

The following schedule outlines the expected benefit payments related to the SERP in future years. These expected benefits were estimated based on the same actuarial assumptions used to determine benefit obligations at December 31, 2015.

(In thousands)	SERP
2016	$	287
2017		367
2018		371
2019		384
2020		412
2021-2025		2,262

Other Plans

We have an employee savings/retirement (401(k)) plan to which substantially all our employees may contribute. We match employee contributions 100% of the first 1% of eligible pay and 50% of the next 5% contributed by participants. We expensed matching employer contributions of approximately $3,661,000, $3,449,000 and $3,104,000 in 2015, 2014 and 2013, respectively.

We offer no post-retirement benefits other than the plans discussed above and no significant post-employment benefits.