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Retirement Plans | 12 Months Ended
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Dec. 31, 2012
Retirement Plans | NOTE L — RETIREMENT PLANS 401(k) plan The Company maintains a defined contribution retirement plan for eligible employees under Section 401(k) of the Internal Revenue Code. Participants can make voluntary contributions up to the Internal Revenue Service limit of $17,000 ($22,500 for employees 50 years or over) for 2012. Effective January 1, 2009, the Company suspended its matching contribution as an expense savings measure. The Company’s U.K.-based subsidiary, Creative Tops, also maintains a defined contribution pension plan. Retirement benefit obligations The Company assumed retirement benefit obligations, which are paid to certain former executives of an acquired business. The obligations under these agreements are unfunded and amounted to $5.9 million at December 31, 2012 and $3.4 million at December 31, 2011. The discount rate used to calculate the retirement benefit obligations was 3.60% at December 31, 2012 and 4.50% at December 31, 2011. The retirement benefit obligations are included in accrued expenses and deferred rent & other long-term liabilities. The Company expects to recognize $90,000 of the actuarial losses included in accumulated other comprehensive loss in net periodic benefit cost in 2013. Future retirement benefit payments are as follows (in thousands):
Year ending December 31, |
2013 |  | $ | 143 |
2014 |  |  | 134 |
2015 |  |  | 124 |
2016 |  |  | 247 |
2017 |  |  | 366 |
2018-2022 |  |  | 1,734 |
Total |  | $ | 2,748 |

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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-Name Statement of Financial Accounting Standard (FAS) -Number 158 -Paragraph 7, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS106-2 -Paragraph 20, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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