Note 10 – Pension Plan

The Company participates in a trusteed pension plan known as the Allegheny Group Retirement Plan covering virtually all full-time employees. Benefits are based on years of service and the employee's compensation. Accruals under the Plan were frozen as of May 31, 2014. Freezing the plan resulted in a re-measurement of the pension obligations and plan assets as of the freeze date. The pension obligation was re-measured using the discount rate based on the Citigroup Above Median Pension Discount Curve in effect on May 31, 2014 of 4.46%.

Information pertaining to the activity in the Company's defined benefit plan, using the latest available actuarial valuations for the three months ended March 31, 2015 and 2014 is as follows:


	For the three months ended		For the three months ended
(in thousands)	March 31, 2015		March 31, 2014
Service cost	$	—	$	208
Interest cost		79		78
Expected Return on Plan Assets		(79)		(79)
Amortization of Net Actuarial Loss		64		35
Amortization of Prior Service Cost		—		—
Net Periodic Benefit Cost	$	64	$	242

Contributions Paid	$	36	$	94