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 and six months ended June 30, 2015 and 2014 is as follows:


	For the three months ended		For the three months ended
(in thousands)	June 30, 2015		June 30, 2014
Service cost	$	-	$	138
Interest cost		78		77
Expected Return on Plan Assets		(79)		(79)
Amortization of Net Actuarial Loss		64		35
Amortization of Prior Service Cost		—		—
Net Periodic Benefit Cost	$	63	$	171

Contributions Paid	$	36	$	94


	For the six months ended		For the six months ended
(in thousands)	June 30, 2015		June 30, 2014
Service cost	$	—	$	346
Interest cost		157		155
Expected Return on Plan Assets		(158)		(158)
Amortization of Net Actuarial Loss		128		70
Amortization of Prior Service Cost		—		—
Net Periodic Benefit Cost	$	127	$	413

Contributions Paid	$	72	$	188