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RETIREMENT FUND AND PROFIT SHARING PLAN | 9 Months Ended
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Sep. 30, 2013
RETIREMENT FUND AND PROFIT SHARING PLAN [Abstract] |
RETIREMENT FUND AND PROFIT SHARING PLAN | 11. RETIREMENT FUND AND PROFIT SHARING PLAN The Company maintains the Bel Fuse Inc. Employees’ Savings Plan, a defined contribution plan that is intended to meet the applicable requirements for tax-qualification under sections 401(a) and (k) of the IRC. The Employees’ Savings Plan allows eligible employees to voluntarily contribute a percentage of their eligible compensation, subject to Code limitations, which contributions are matched by the Company. The Company’s matching contributions are equal to 100% of the first 1% of compensation contributed by participants, and 50% of the next 5% of compensation contributed by participants. The expense for the three months ended September 30, 2013 and 2012 amounted to approximately $0.1 million in each period. The expense for the nine months ended September 30, 2013 and 2012 amounted to approximately $0.4 million in each period. Prior to January 1, 2012, the plan’s structure provided for a Company match and discretionary profit sharing contributions that were made in the form of the Company’s common stock. As of September 30, 2013, the plan owned 14,911 and 203,069 shares of Bel Fuse Inc. Class A and Class B common stock, respectively. The Company also has a retirement fund in Asia which covers substantially all of its Hong Kong-based full-time employees. Eligible employees contribute up to 5% of salary to the fund. In addition, the Company must contribute a minimum of 5% of eligible salary, as determined by Hong Kong government regulations. The Company currently contributes 7% of eligible salary in cash or Company stock. The expense for the three months ended September 30, 2013 and 2012 amounted to approximately $0.1 million in each period. The expense for the nine months ended September 30, 2013 and 2012 amounted to approximately $0.2 million in each period. As of September 30, 2013, the plan owned 3,323 and 17,342 shares of Bel Fuse Inc. Class A and Class B common stock, respectively. The SERP is designed to provide a limited group of key management and highly compensated employees of the Company with supplemental retirement and death benefits. The components of SERP expense are as follows (dollars in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Service cost |  | $ | 139 |  |  | $ | 109 |  |  | $ | 417 |  |  | $ | 327 |
Interest cost |  |  | 112 |  |  |  | 104 |  |  |  | 337 |  |  |  | 312 |
Amortization of adjustments |  |  | 77 |  |  |  | 58 |  |  |  | 231 |  |  |  | 174 |
Total SERP expense |  | $ | 328 |  |  | $ | 271 |  |  | $ | 985 |  |  | $ | 813 |
|  | September 30, |  |  | December 31, |
|  | 2013 |  |  | 2012 |
Balance sheet amounts: |  |  |  |  |  |
Minimum pension obligation |  |  |  |  |  |
and unfunded pension liability |  | $ | 11,964 |  |  | $ | 11,045 |
Amounts recognized in accumulated |  |  |  |  |  |  |  |
other comprehensive loss, pretax: |  |  |  |  |  |  |  |
Prior service cost |  | $ | 931 |  |  | $ | 877 |
Net gains |  |  | 2,764 |  |  |  | 2,884 |
|  | $ | 3,695 |  |  | $ | 3,761 |

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