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BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2017
BENEFIT PLANS [Abstract] |
BENEFIT PLANS | Note 10, Benefit Plans: We 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 Social Security benefits and our former pension plan which was settled in 2014. The SERP limits the total amount of annual retirement benefits that may be paid to a participant from all sources (former pension 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 were accrued after that date. The following table summarizes information about our SERP.
(In thousands) |  | 2017 |  |  | 2016 |
Change in benefit obligation: |  |  |  |  |  |
Benefit obligation at beginning of the year |  | $ | 7,674 |  |  | $ | 7,719 |
Interest cost |  |  | 321 |  |  |  | 341 |
Actuarial losses (gains) |  |  | 509 |  |  |  | (72 | )
Benefits paid |  |  | (305 | ) |  |  | (314 | )
Benefit obligation at end of year |  |  | 8,199 |  |  |  | 7,674 |
Change in plan assets: |  |  |  |  |  |  |  |
Employer contribution |  |  | 305 |  |  |  | 314 |
Benefits paid |  |  | (305 | ) |  |  | (314 | )
Fair value of plan assets at end of year |  |  | — |  |  |  | — |
Funded status of the plan – (underfunded) |  | $ | (8,199 | ) |  | $ | (7,674 | )
Accumulated benefit obligations |  | $ | 8,199 |  |  | $ | 7,674 |
Amounts recognized in the consolidated balance sheets consist of:
(In thousands) | 2017 |  | 2016 |
Current liabilities |  | $ | (365 | ) |  | $ | (369 | )
Noncurrent liabilities |  |  | (7,834 | ) |  |  | (7,305 | )
|  | $ | (8,199 | ) |  | $ | (7,674 | )
The net actuarial loss recognized in accumulated other comprehensive income (loss) before the effect of income taxes was $1,968,000 in 2017 and $1,550,000 in 2016. Net pension cost included the following components:
|  | SERP |
(In thousands) |  | 2017 |  |  | 2016 |  |  | 2015 |
Service cost-benefits earned during the period |  | $ | — |  |  | $ | — |  |  | $ | 129 |
Interest cost on projected benefit obligation |  |  | 321 |  |  |  | 341 |  |  |  | 314 |
Amortization of prior service cost |  |  | — |  |  |  | — |  |  |  | 210 |
Amortization of actuarial loss |  |  | 90 |  |  |  | 102 |  |  |  | 169 |
Curtailment loss recognized |  |  | — |  |  |  | — |  |  |  | 222 |
Net pension costs |  | $ | 411 |  |  | $ | 443 |  |  | $ | 1,044 |
The net periodic benefit cost for the SERP for the year ended 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 2018 is approximately $143,000 for the SERP. Assumptions We use a measurement date of December 31 for our SERP plan. Assumptions used to determine net periodic benefit cost for years ended December 31 are as follows:
| SERP |
| 2017 |  | 2016 |  | 2015 |
Discount rate |  |  | 4.30 | % |  |  | 4.58 | % |  |  | 4.09 | %
Rate of compensation increase |  |  | n/a |  |  |  | n/a |  |  |  | 3.50 | %
Assumptions used to determine benefit obligations at December 31 for the SERP are as follows:
| 2017 |  | 2016 |
Discount rate |  |  | 3.68 | % |  |  | 4.30 | %
Rate of compensation increase |  |  | n/a |  |  |  | n/a |
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, 2017.
(In thousands) |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  |  | 2023-2027 |
Benefit Payments |  | $ | 365 |  |  | $ | 376 |  |  | $ | 404 |  |  | $ | 431 |  |  | $ | 431 |  |  | $ | 2,437 |
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 $3,932,000, $3,884,000 and $3,661,000 in 2017, 2016 and 2015, respectively. We offer no post-retirement benefits other than the plans discussed above and no significant post-employment benefits.

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