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Employee Benefit Plans
 6 Months Ended
Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans
(9) Employee Benefit Plans

 

Employee Benefits

 

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

 

    Three Months Ended June 30,     Six Months Ended June 30,  
(in thousands)   2016     2015     2016     2015  
Payroll taxes   $ 336     $ 270     $ 632     $ 599  
Medical plans     487       463       999       971  
401k match and profit sharing     203       223       384       495  
Pension plan     306       348       613       696  
Other     46       24       62       43  
Total employee benefits   $ 1,378     $ 1,328     $ 2,690     $ 2,804  

 

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. A pension contribution in the amount of $772,000 was made on April 15, 2016.

 

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)   2016     2015  
Service cost - benefits earned during the year   $ 1,179     $ 1,325  
Interest costs on projected benefit obligations     956       838  
Expected return on plan assets     (1,057 )     (957 )
Expected administrative expenses     70       40  
Amortization of prior service cost     79       79  
Amortization of unrecognized net loss     0       66  
Net periodic pension expense   $ 1,227     $ 1,391  
                 
Pension expense - three months ended June 30, (actual)   $ 306     $ 348  
Pension expense - six months ended June 30, (actual)   $ 613     $ 696