XML 14 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
 9 Months Ended
Sep. 30, 2013
Compensation and Retirement Disclosure [Abstract]  
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

On March 18, 2010, the Compensation Committee and the Board approved and adopted the Universal Display Corporation Supplemental Executive Retirement Plan (SERP), effective as of April 1, 2010.  The purpose of the SERP, which is unfunded, is to provide certain executive officers of the Company with supplemental pension benefits following a cessation of their employment. As of September 30, 2013, there were five participants in the SERP.  The SERP benefit is based on a percentage of the participant’s annual base salary and the number of years of service.

The Company records amounts relating to the SERP based on calculations that incorporate various actuarial and other assumptions, including discount rates, rate of compensation increases, retirement dates and life expectancies. The net periodic costs are recognized as employees render the services necessary to earn the SERP benefits.
 








The components of net periodic pension cost were as follows for the three months ended September 30, (in thousands):
 
2013
 
2012
Service cost
$
162

 
$
144

Interest cost
85

 
96

Amortization of prior service cost
146

 
146

Amortization of actuarial loss
23

 
2

Total net periodic benefit cost
$
416

 
$
388


The components of net periodic pension cost were as follows for the nine months ended September 30, (in thousands):
 
2013
 
2012
Service cost
$
485

 
$
432

Interest cost
257

 
288

Amortization of prior service cost
438

 
438

Amortization of actuarial loss
70

 
7

Total net periodic benefit cost
$
1,250

 
$
1,165