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Employee Retirement Benefits | 12 Months Ended
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Dec. 31, 2015
Employee Retirement Benefits [Abstract] |
Employee Retirement Benefits | NOTE 7 - EMPLOYEE RETIREMENT BENEFITS The Company has an Employee Savings Plan (401(k)) and matches a percentage of employee contributions up to six percent of compensation. Contributions to the plan in 2015, 2014 and 2013 were $591,000, $528,000, and $457,000, respectively. The Company’s U.K.-based subsidiary Austin Taylor maintains defined benefit pension plans that cover two active employees. The Company does not provide any other post-retirement benefits to its employees. The following table summarizes the balance sheet impact, including benefit obligations, assets and funded status of Austin Taylor’s pension plans at December 31, 2015 and 2014:
|  |  | 2015 |  |  | 2014
Change in benefit obligation: |  |  |  |  |  |
Benefit obligation at the beginning of the year |  | $ | 3,584,000 |  | $ | 3,340,000
Service cost |  |  | 50,000 |  |  | 8,000
Interest cost |  |  | 122,000 |  |  | 143,000
Actuarial (gains)/losses |  |  | (193,000) |  |  | 363,000
Benefits paid |  |  | (117,000) |  |  | (78,000)
Changes due to plan settlement |  |  | (534,000) |  |  | -
Foreign currency gains |  |  | (163,000) |  |  | (192,000)
Benefit obligation at the end of the year |  |  | 2,749,000 |  |  | 3,584,000
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 3,756,000 |  |  | 3,645,000
Actual return on plan assets |  |  | 172,000 |  |  | 340,000
Employer contributions |  |  | 703,000 |  |  | 59,000
Benefits paid |  |  | (117,000) |  |  | (78,000)
Changes due to plan settlement |  |  | (1,720,000) |  |  | -
Foreign currency losses |  |  | (171,000) |  |  | (210,000)
Fair value of plan assets at end of year |  |  | 2,623,000 |  |  | 3,756,000
Funded status at end of year – net (liability) asset |  | $ | (126,000) |  | $ | 172,000
Weighted average assumptions used to determine net periodic pension costs:
Discount rate |  |  | 3.9% |  |  | 3.6%
Expected return on assets |  |  | 3.9% |  |  | 3.6%
The plans are funded through annuities recorded in the financial statements at fair value. The related amounts for each of these investments were $2,623,000 and $3,756,000 as of December 31, 2015 and 2014 and were determined to be level 2 investments, respectively. Level 2 investments are valued based on observable inputs such as quoted prices for similar instruments and quoted prices in markets that are not active. The Company does not expect any plan assets to be returned to the Company during the twelve months subsequent to December 31, 2015. The Company is in the process of settling the pension plan and as of the end of 2015, the Company had contributed $650,000 (or 95%) toward the settlement of the pension into annuities, which resulted in the recognition of $1,222,000 of pension settlement costs in the income statement. The Company expects to make a final settlement contribution of $70,000 to the plan in 20 16 which will result in a termination of the plan. Components of the Company’s net periodic pension (benefit) cost are:
|  |  | 2015 |  |  | 2014 |  |  | 2013
Service cost |  | $ | 50,000 |  | $ | 8,000 |  | $ | 5,000
Interest cost |  |  | 122,000 |  |  | 143,000 |  |  | 186,000
Expected return on assets |  |  | (162,000) |  |  | (188,000) |  |  | (229,000)
Plan settlement costs |  |  | 1,720,000 |  |  | - |  |  | -
Amortization of prior service cost |  |  | - |  |  | - |  |  | 211,000
Net periodic pension cost (benefit) |  | $ | 1,730,000 |  | $ | (37,000) |  | $ | 173,000

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