Employee Retirement Plans

9 Months Ended

Sep. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

6.	Employee Retirement Plans

The components of the Company’s net pension expense were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(Dollars in thousands)
Benefits earned during the period	$	409	$	411	$	1,228	$	1,232
Interest cost on projected benefit obligation		612		674		1,837		2,021
Expected return on plan assets		(607)		(593)		(1,822)		(1,777)
Net amortization and deferral		419		445		1,257		1,335
Net pension expense	$	833	$	937	$	2,500	$	2,811

On September 15, 2016, the Weyco Group, Inc. Pension Plan was amended to offer an immediate pension payout either as a one-time lump sum or annuity payment to certain former employees who have not yet commenced benefits under the plan. Benefits would be calculated as of December 1, 2016, with lump sum payments being paid in December 2016 and annuity payments beginning January 1, 2017. This amendment will not have a material impact on the consolidated financial statements.