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RETIREMENT FUND AND PROFIT SHARING PLAN | 6 Months Ended
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Jun. 30, 2015
RETIREMENT FUND AND PROFIT SHARING PLAN [Abstract] |
RETIREMENT FUND AND PROFIT SHARING PLAN | 10. 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 Internal Revenue Code of 1986, as amended (the "Code"). 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. For plan years beginning on and after January 1, 2012, the Company's matching contributions are made in cash and are equal to 100% of the first 1% of compensation contributed by participants, and 50% of the next 5% of compensation contributed by participants. Prior to January 1, 2012, the Company's matching and profit sharing contributions were made in the form of shares of Bel Fuse Inc. Class A and Class B common stock. The expense for the three months ended June 30, 2015 and 2014 amounted to $0.3 million and $0.1 million, respectively. The expense for the six months ended June 30, 2015 and 2014 amounted to $0.6 million and $0.3 million, respectively. As of June 30, 2015, the plan owned 13,928 and 172,269 shares of Bel Fuse Inc. Class A and Class B common stock, respectively. The Company's subsidiaries in Asia have a retirement fund covering substantially all of their 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 June 30, 2015 and 2014 amounted to $0.1 million in each period. The expense for the six months ended June 30, 2015 and 2014 amounted to $0.2 million and $0.1 million, respectively. As of June 30, 2015, the plan owned 3,323 and 17,342 shares of Bel Fuse Inc. Class A and Class B common stock, respectively. The Company maintains a SERP, which is designed to provide a limited group of key management and highly compensated employees of the Company with supplemental retirement and death benefits. As discussed in Note 4, Fair Value Measurements, the Company has investments in a rabbi trust which are intended to fund the obligations of the SERP. The components of SERP expense are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Service cost |  | $ | 138 |  |  | $ | 138 |  |  | $ | 276 |  |  | $ | 276 |
Interest cost |  |  | 142 |  |  |  | 135 |  |  |  | 283 |  |  |  | 270 |
Net amortization |  |  | 92 |  |  |  | 46 |  |  |  | 183 |  |  |  | 92 |
Net periodic benefit cost |  | $ | 372 |  |  | $ | 319 |  |  | $ | 742 |  |  | $ | 638 |
|  | June 30, |  |  | December 31, |
|  | 2015 |  |  | 2014 |
Balance sheet amounts: |  |  |  |  |  |
Minimum pension obligation |  |  |  |  |  |
and unfunded pension liability |  | $ | 14,733 |  |  | $ | 14,205 |
Amounts recognized in accumulated |  |  |  |  |  |  |  |
other comprehensive loss, pretax: |  |  |  |  |  |  |  |
Prior service cost |  | $ | 957 |  |  | $ | 1,048 |
Net loss |  |  | 3,210 |  |  |  | 3,302 |
|  | $ | 4,167 |  |  | $ | 4,350 |

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