Note 10
Employee Benefit Plans

Defined Benefit Plan
The Company has a noncontributory defined-benefit pension plan (the “Plan”), which covers most of its employees. The Company accrues and makes contributions designed to fund normal service costs on a current basis using the projected unit credit with service proration method to amortize prior service costs arising from improvements in pension benefits and qualifying service prior to the establishment of the Plan over a period of approximately 30 years.

A summary of the activity in the Plan's projected benefit obligation, assets, funded status and amounts recognized in the Company's consolidated balance sheets is as follows:

(In thousands)	2015			2014
Projected benefit obligation:
Balance, January 1	$	81,342		$	63,439
Service cost		3,795			3,003
Interest cost		3,178			3,037
Actuarial (gain) loss		(8,358			13,349
Benefits paid		(1,588	)		(1,486	)
Balance, December 31	$	78,369		$	81,342
Plan assets:
Fair value, January 1	$	72,972		$	70,627
Actual return		(210	)		3,831
Employer contribution		—			—
Benefits paid		(1,588	)		(1,486	)
Fair value, December 31	$	71,174		$	72,972
Funded status:
Accrued pension liability	$	(7,195	)	$	(8,370	)

The following represent the major assumptions used to determine the projected benefit obligation of the Plan. For 2015, 2014 and 2013, the Plan's expected benefit cash flows were discounted using the Citibank Above Median Curve. For 2015, the RP-2014 Mortality Table and the MP-2015 Mortality Improvement Table were used. For 2014 and 2013, the RP-2014 Mortality Table and MP-2014 Mortality Improvement Table were used.

	2015		2014		2013
Weighted average discount rate	4.50	%	4.00	%	5.00	%
Rate of increase in compensation levels	(a)		(a)		3.75	%

(a)	6.0% graded down to 3.25% over the first seven years of service

The accumulated benefit obligation was $68,321,000 and $69,420,000 as of December 31, 2015 and 2014, respectively. The Company does not expect to make a contribution to the Plan in 2016. The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the Plan:

	Amount
2016	$	2,064,000
2017		2,302,000
2018		2,630,000
2019		2,799,000
2020		3,023,000
2021-2025		20,160,000

The Plan's pension cost included the following components:

	For the Year Ended
	December 31,
(In thousands)	2015			2014			2013
Service cost benefits earned during the year	$	3,796		$	3,003		$	3,452
Interest cost on projected benefit obligations		3,178			3,037			2,819
Expected return on plan assets		(4,864	)		(4,711	)		(4,469	)
Net amortization and deferral		1,542			244			1,729
Net periodic pension cost	$	3,652		$	1,573		$	3,531

The following represent the major assumptions used to determine the net pension cost of the Plan:

	2015		2014		2015
Weighted average discount rate	4.00	%	5.00	%	4.25	%
Rate of increase in compensation levels	(a)		3.75	%	3.75	%
Expected long-term rate of return on assets	6.75	%	6.75	%	7.25	%

(a)	6.0% graded down to 3.25% over the first seven years of service

For 2015, the RP-2014 Mortality Table and the MP-2015 Mortality Improvement Table were used. For 2014, the RP-2014 Mortality Tables were used. For 2013, the RP-2000 Employees Mortality Table, RP-2000 Healthy Annuitant Mortality Table, and RP-2000 Disabled Mortality Table were used.

The investment objective for the Plan is to maximize total return with a tolerance for average risk. Asset allocation is a balance between fixed income and equity investments, with a target allocation of approximately 50% fixed income, 34% U.S. equity and 16% non-U.S. equity. Due to volatility in the market, this target allocation is not always desirable and asset allocations can fluctuate between acceptable ranges. The fixed income component is invested in pooled investment grade securities. The equity components are invested in pooled large cap, small/mid cap and non-U.S. stocks. The expected one-year nominal returns and annual standard deviations are shown by asset class below:

			One-Year Nominal		Annual Standard
Asset Class	% of Total Portfolio		Return		Deviation
Core Fixed Income	50	%	4.84	%	4.64	%
Large Cap U.S. Equities	10	%	7.42	%	16.14	%
Large Cap U.S. Growth Equities	8.5	%	8.14	%	18.35	%
Large Cap U.S. Value Equities	8.5	%	7.29	%	16.27	%
Small Cap U.S. Equities	7	%	8.42	%	20.02	%
International (Developed)	15	%	8.80	%	19.35	%
International (Emerging)	1	%	10.49	%	27.66	%

Applying appropriate correlation factors between each of the asset classes the long-term rate of return on assets is estimated to be 6.75%.

A summary of the fair value measurements by type of asset is as follows:

	Fair Value Measurements as of December 31,
	2015						2014
			Quoted Prices				Quoted Prices
			in Active						in Active
			Markets for		Significant				Markets for		Significant
			Identical		Observable				Identical		Observable
			Assets		Inputs				Assets		Inputs
(In thousands)	Total		(Level 1)		(Level 2)		Total		(Level 1)		(Level 2)
Cash	$	283	$	283	$	—	$	268	$	268	$	—
Equity securities
U.S. Large Cap Growth		6,507		—		6,507		7,165		—		7,165
U.S. Large Cap Value		6,401		—		6,401		7,066		—		7,066
U.S. Small/Mid Cap Growth		2,769		—		2,769		2,950		—		2,950
U.S. Small/Mid Cap Value		2,649		—		2,649		2,721		—		2,721
Non-U. S. Core		10,474		—		10,474		10,317		—		10,317
U.S. Large Cap Passive		7,153		—		7,153		7,192		—		7,192
Emerging Markets		599		—		599		703		—		703
Fixed Income
U.S. Core		23,881		—		23,881		24,019		—		24,019
U.S. Passive		9,328		—		9,328		9,275		—		9,275
Opportunistic		1,130				1,130		1,296		—		1,296
Total	$	71,174	$	283	$	70,891	$	72,972	$	268	$	72,704

Supplemental Executive Retirement Plan
The Company also has an unfunded supplemental executive retirement plan (“SERP”) which covers key executives of the Company. The SERP is a noncontributory plan in which the Company's subsidiaries make accruals designed to fund normal service costs on a current basis using the same method and criteria as the Plan.

A summary of the activity in the SERP's projected benefit obligation, funded status and amounts recognized in the Company's consolidated balance sheets is as follows:

	December 31,
(In thousands)	2015			2014
Benefit obligation:
Balance, January 1	$	9,403		$	8,048
Service cost		140			136
Interest cost		348			377
Benefits paid		(243	)		(236	)
Actuarial (gain) loss		(900	)		1,078
Balance, December 31	$	8,748		$	9,403

The following represent the major assumptions used to determine the projected benefit obligation of the SERP. For 2015, 2014 and 2013, the SERP's expected benefit cash flows were discounted using the Citigroup Above Median Curve.

	2015		2014		2013
Weighted average discount rate	4.25	%	3.75	%	4.75	%
Rate of increase in compensation levels	(a)		(a)		3.75	%

(a)	6.00% graded down to 3.25% over the first seven years of service.

The accumulated benefit obligation was $7,482,000 and $7,622,000 as of December 31, 2015 and 2014, respectively. Since this is an unfunded plan there are no plan assets. Benefits paid were $243,000 in 2015, $236,000 in 2014 and $236,000 in 2013. Expected future benefits payable by the Company over the next ten years are as follows:

	Amount
2016	$	247,000
2017		246,000
2018		311,000
2019		310,000
2020		308,000
2021-2025		3,236,000

The SERP's pension cost included the following components:

	For the Year Ended December 31,
(In thousands)	2015		2014		2013
Service cost – benefits earned during the year	$	140	$	136	$	144
Interest cost on projected benefit obligations		348		377		335
Net amortization and deferral		654		431		551
Net periodic pension cost	$	1,142	$	944	$	1,030

The pretax amounts in accumulated other comprehensive loss as of December 31 were as follows:

	The Plan				SERP
(In thousands)	2015		2014		2015		2014
Prior service cost	$	—	$	—	$	—	$	—
Net actuarial loss		20,637		25,464		2,169		3,723
Total	$	20,637	$	25,464	$	2,169	$	3,723

The estimated pretax prior service cost and net actuarial loss in accumulated other comprehensive loss at December 31, 2015 expected to be recognized as components of net periodic benefit cost in 2016 for the Plan are $0 and $1,200,000, respectively. The estimated pretax prior service cost and net actuarial loss in accumulated other comprehensive loss at December 31, 2015 expected to be recognized as components of net periodic benefit cost in 2016 for the SERP are $0 and $295,000 respectively.

The Company also maintains a noncontributory profit sharing program, which covers most of its employees. Employer contributions are calculated based upon formulas which relate to current operating results and other factors. Profit sharing expense recognized in the consolidated statements of income in 2015, 2014 and 2013 was $5,211,000, $5,298,000, and $5,065,000, respectively.

The Company also sponsors a defined contribution 401(k) plan to provide additional retirement benefits to substantially all employees. Contributions under the 401(k) plan for 2015, 2014 and 2013 were $623,000, $584,000, and $591,000, respectively.