(8) Employee Benefit Plans

Employee Benefits

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

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(in thousands)	2013		2012			2013		2012
Payroll taxes	$	266	$	278		$	832	$	857
Medical plans	483		448			1,443		1,346
401k match and profit-sharing	97		(30		)	287		276
Pension plan	286		330			858		990
Other	73		69			153		242
Total employee benefits	$	1,205	$	1,095		$	3,573	$	3,711

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 for the current plan year through November 14, 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 (Loss) Income

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

	Estimated			Actual
(in thousands)	2013			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 September 30, (actual)	$	286		$	330
Pension expense - nine months ended September 30, (actual)	$	858		$	990