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Employee Benefit Plans
 3 Months Ended
Mar. 31, 2013
Employee Benefit Plans [Abstract]  
Employee Benefit Plans
(8) Employee Benefit Plans

Employee Benefits

Employee benefits charged to operating expenses are summarized in the table below.

 

                 
    Three Months Ended March 31,  

(in thousands)

           2013                     2012          

Payroll taxes

   $ 304     $ 295  

Medical plans

     491       458  

401k match and profit-sharing

     75       168  

Pension plan

     286       330  

Other

     47       49  
   

 

 

    

 

 

  

Total employee benefits

   $ 1,203     $ 1,300  
   

 

 

    

 

 

  

The Company’s profit-sharing plan includes a matching 401k portion, in which the Company matches the first 3% of eligible employee contributions. The Company made annual contributions in an amount up to 6% of income before income taxes and before contributions to the profit-sharing and pension plans for all participants, limited to the maximum amount deductible for federal income tax purposes, for each of the periods shown. In addition, employees were able to make additional tax-deferred contributions.

Pension

The Company provides a noncontributory defined benefit pension plan for all full-time employees. An employer is required to recognize the funded status of a defined benefit postretirement plan as an asset or liability in its balance sheet and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. Under the Company’s funding policy for the defined benefit pension plan, contributions are made to a trust as necessary to provide for current service and for any unfunded accrued actuarial liabilities over a reasonable period. To the extent that these requirements are fully covered by assets in the trust, a contribution might not be made in a particular year. The Company has not made any contributions to the defined benefit plan through May 15, 2013. The minimum required contribution for the 2013 plan year is estimated to be $665,000. The Company has not determined whether it will make any contributions other than the minimum required funding contribution for 2013.

Components of Net Pension Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income

The following items are components of net pension cost for the periods indicated:

 

                 

(in thousands)

   Estimated
    2013    		     Actual
    2012    		  

Service cost – benefits earned during the year

   $ 1,211     $ 1,168  

Interest costs on projected benefit obligations

     645       668  

Expected return on plan assets

     (820 )      (776 ) 

Expected administrative expenses

     0       40  

Amortization of prior service cost

     78       78  

Amortization of unrecognized net loss

     30       46  
   

 

 

    

 

 

  

Net periodic pension expense

   $ 1,144     $ 1,224  
   

 

 

    

 

 

  

Pension expense – three months ended March 31, (actual)

   $ 286     $ 330