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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2012
Employee Benefit Plans [Abstract] |
Employee Benefit Plans |
8) | Employee Benefit Plans
We have defined contribution 401(k) profit sharing plans covering substantially all U.S. employees. All employees are eligible for the plans on the first day of the month following their employment date. A participant may elect to contribute between 1% and 60% of their compensation to the plans, subject to Internal Revenue Service (“IRS”) dollar limitations. Participants age 50 and older may defer an additional amount up to the applicable IRS Catch Up Provision Limit. We provide a matching contribution which is determined on an individual, participating company basis. All participant contributions are immediately vested at 100%. Contributions for all U.S. employees were $335, $334 and $282 in 2012, 2011, and 2010, respectively. Prior to January 20, 2011, we had a defined benefit pension plan covering our Eltmann Plant. The benefits were based on the expected years of service. The plan was unfunded. Effective January 20, 2011, the defined benefit pension plan covering the employees at our Eltmann Plant is under control of the bankruptcy trustee and has been or will be taken over by the German government’s pension security fund. The plan is no longer a responsibility of NN, resulting in a reduction of accrued pension liabilities of $5,623 on January 20, 2011. We have no remaining pension obligations under this plan. (See Note 1 of the Notes to Consolidated Financial Statements). Post-Employment Benefit Liabilities We provide certain post-employment benefits to employees at our Pinerolo and Veenendaal plants that are either required by law or are local labor practice. There is a plan at our Pinerolo Plant and at our Veenendaal Plant which are described below. In accordance with Italian law, the Company has an unfunded severance plan under which all Italian employees are entitled to receive severance indemnities (Trattamento di Fine Rapporto or “TFR”) upon termination of their employment. Effective January 1, 2007, the amount payable based on salary paid is remitted to a pension fund managed by a third party. The severance indemnities paid to the pension fund accrue approximately at the rate of 1/13.5 of the gross salaries paid during the year. The amounts accrued become payable upon termination of the individual employee, for any reason, e.g., retirement, dismissal or reduction in work force. Employees are fully vested in TFR benefits after their first year of service. We have a plan that covers our Veenendaal Plant employees that provides an award for employees who achieve 25 or 40 years of service and an award for employees upon retirement. The plan is unfunded and the benefits are based on years of service and rate of compensation at the time the award is paid. The amounts shown in the table below represent the actual liabilities at December 31, 2012 and 2011 reported under accrued post-employment benefits in the Consolidated Balance Sheets for both plans combined.
|  | 2012 |  |  | 2011 |
Beginning balance |  | $ | 7,705 |  |  | $ | 7,864 |
Amounts accrued |  |  | 574 |  |  |  | 1,279 |
Payments to employees/government managed plan |  |  | (1,477 | ) |  |  | (1,233 | )
Foreign currency impacts |  |  | 128 |  |  |  | (205 | )
Ending balance |  | $ | 6,930 |  |  | $ | 7,705 |

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