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Employee Benefit Plans
 3 Months Ended
Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans
(8) Employee Benefit Plans

 

Employee Benefits

 

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

 

    Three Months Ended March 31,  
(in thousands)   2015     2014  
Payroll taxes   $ 329     $ 293  
Medical plans     508       518  
401k match and profit sharing     272       153  
Pension plan     348       236  
Other     19       11  
                 
Total employee benefits   $ 1,476     $ 1,211  

 

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 pension contribution for the 2015 plan year of $716,000 is equal to the minimum annual required contribution and was paid April 15, 2015, which was determined under the pension relief provision of Moving Ahead for Progress in the 21st Century Act (MAP 21) and Highway and Transportation Funding Act of 2014 (HATFA). Without the pension relief provisions, the minimum required contribution for the 2015 plan year would have been approximately $1,034,000.

 

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:

 

    Estimated     Actual  
(in thousands)   2015     2014  
Service cost - benefits earned during the year   $ 1,325     $ 981  
Interest costs on projected benefit obligations     838       732  
Expected return on plan assets     (957 )     (872 )
Expected administrative expenses     40       40  
Amortization of prior service cost     79       79  
Amortization of unrecognized net loss     66       0  
Net periodic pension expense   $ 1,391     $ 960  
                 
Pension expense - three months ended March 31, (actual)   $ 348     $ 236