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Employee Benefit Plans | 6 Months Ended
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Jun. 30, 2017
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) |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Payroll taxes |  | $ | 288 |  |  | $ | 336 |  |  | $ | 644 |  |  | $ | 632 |
Medical plans |  |  | 468 |  |  |  | 487 |  |  |  | 894 |  |  |  | 999 |
401k match and profit sharing |  |  | 226 |  |  |  | 203 |  |  |  | 476 |  |  |  | 384 |
Pension plan |  |  | 351 |  |  |  | 306 |  |  |  | 703 |  |  |  | 613 |
Other |  |  | 9 |  |  |  | 46 |  |  |  | 25 |  |  |  | 62 |
Total employee benefits |  | $ | 1,342 |  |  | $ | 1,378 |  |  | $ | 2,742 |  |  | $ | 2,690 |
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 expects to make a pension contribution in the amount of $1.2 million on September 15, 2017. The minimum required contribution for 2017 is $842,000. Effective July 1, 2017, the Company amended the pension plan to effectuate a “soft freeze” such that no individual hired (or rehired in the case of a former employee) by the Company after June 30, 2017, whether or not such individual is or was a vested member in the plan, will be eligible to be an active member and be entitled to accrue any benefits under the plan. Certain individuals hired by the Company before July 1, 2017 are also not eligible to participate in the plan. Beginning in 2019, the Company anticipates that there may be a small reduction in the overall liability and service cost resulting from the closure of the plan to new entrants. 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) |  | 2017 |  |  | 2016 |
Service cost - benefits earned during the year |  | $ | 1,343 |  |  | $ | 1,179 |
Interest costs on projected benefit obligations |  |  | 1,008 |  |  |  | 956 |
Expected return on plan assets |  |  | (1,123 | ) |  |  | (1,057 | )
Expected administrative expenses |  |  | 88 |  |  |  | 70 |
Amortization of prior service cost |  |  | 79 |  |  |  | 79 |
Amortization of unrecognized net loss |  |  | 11 |  |  |  | 0 |
Net periodic pension expense |  | $ | 1,406 |  |  | $ | 1,227 |
Pension expense - three months ended June 30, (actual) |  | $ | 351 |  |  | $ | 306 |
Pension expense - six months ended June 30, (actual) |  | $ | 703 |  |  | $ | 613 |

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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