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 June 30, 2016 and 2015 is as follows:


	For the three months ended		For the three months ended
(in thousands)	June 30, 2016		June 30, 2015
Service cost	$	—	$	—
Interest cost		92		78
Expected Return on Plan Assets		(83)		(79)
Amortization of Net Actuarial Loss		59		64
Amortization of Prior Service Cost		—		—
Net Periodic Benefit Cost	$	68	$	63

Contributions Paid	$	40	$	36


	For the six months ended		For the six months ended
(in thousands)	June 30, 2016		June 30, 2015
Service cost	$	—	$	—
Interest cost		184		157
Expected Return on Plan Assets		(165)		(158)
Amortization of Net Actuarial Loss		118		128
Amortization of Prior Service Cost		—		—
Net Periodic Benefit Cost	$	137	$	127

Contributions Paid	$	80	$	72