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Employee Benefit Plans

6 Months Ended

Jun. 30, 2017

Compensation and Retirement Disclosure [Abstract]

(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