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 nine months ended September 30, 2015 and 2014 is as follows:


	For the three months ended		For the three months ended
(in thousands)	September 30, 2015		September 30, 2014
Service cost	$	-	$	—
Interest cost		78		76
Expected Return on Plan Assets		(79)		(81)
Amortization of Net Actuarial Loss		64		33
Amortization of Prior Service Cost		—		—
Net Periodic Benefit Cost	$	63	$	28

Contributions Paid	$	230	$	157


	For the nine months ended		For the nine months ended
(in thousands)	September 30, 2015		September 30, 2014
Service cost	$	—	$	346
Interest cost		235		231
Expected Return on Plan Assets		(237)		(239)
Amortization of Net Actuarial Loss		192		103
Amortization of Prior Service Cost		—		—
Net Periodic Benefit Cost	$	190	$	441

Contributions Paid	$	302	$	345