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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract] |
EMPLOYEE BENEFIT PLANS | NOTE 16 — EMPLOYEE BENEFIT PLANS The Company sponsors a defined contribution plan, the East West Bank Employees 401(k) Savings Plan (the “Plan”), designed to provide retirement benefits financed by participants’ tax deferred contributions for the benefits of its employees. A Roth 401(k) investing option is also available to the participants, which is designed to be made on an after-tax basis. Under the terms of the Plan, eligible employees may elect to defer up to 80% of their compensation before taxes, up to the dollar limit imposed by the Internal Revenue Service for tax purposes. Participants can also designate a part or all of their contributions as Roth 401(k) contributions. Effective as of April 1, 2014, the Company matches 75% of the first 6% of the Plan participant’s deferred compensation. The Company’s contributions to the Plan are determined annually by the Board of Directors (the “Board”) in accordance with the Plan requirements. Plan participants become vested in the matching contributions received from the Plan sponsor at the rate of 20% per year for each full year of service after the first year such that the Plan participants become 100% vested after five years of credited service. For the Plan years ended December 31, 2015, 2014 and 2013, the Company expensed $7.5 million, $5.9 million and $4.3 million, respectively. During 2001, the Company adopted a Supplemental Executive Retirement Plan (“SERP”). The SERP meets the definition of a pension plan per ASC 715-30, Compensation — Retirement Benefits — Defined Benefit Plans — Pension, pursuant to which the Company will pay supplemental pension benefits to certain executive officers designated by the Board upon retirement based upon the officers’ years of service and compensation. The SERP is an unfunded, non-qualified plan under which the participants have no rights beyond those of a general creditor of the Company, and there are no specific assets set aside by the Company in connection with the plan. As of December 31, 2015 and 2014 there was only one executive accruing benefits under the SERP. For the years ended December 31, 2015, 2014, and 2013, $619 thousand, $583 thousand and $644 thousand, respectively, of benefits were expensed and accrued for. The benefit obligation was $6.1 million and $5.8 million as of December 31, 2015 and 2014. The following table presents a summary of expected SERP payments to be paid for the next five years and thereafter as of December 31, 2015:
Year ended December 31, |  | Amount
|  | ($ in thousands)
2016 |  | $ | 2,617 |
2017 |  | 310 |
2018 |  | 319 |
2019 |  | 329 |
2020 |  | 339 |
Thereafter |  | 8,563 |
Total |  | $ | 12,477 |

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References No definition available. + Details
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- References No definition available. + Details
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