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.