XML 34 R18.htm IDEA: XBRL DOCUMENT v3.3.1.900
Benefit Plans
12 Months Ended
Dec. 31, 2015
Benefit Plans [Abstract]  
Benefit Plans

Note K—Benefit Plans

 

401 (k) Plan

 

The Company maintains a 401(k) savings plan covering substantially all employees of the Company.  Under the plan, the Company matches 50% of the employee contributions for all participants, not to exceed 6% of their salary.  Contributions made by the Company were approximately $1.2 million, $921,000 and $813,000 for the years ended December 31, 2015, 2014 and 2013, respectively.

 

Supplemental Executive Retirement Plan

In 2005, the Company began contributing to a supplemental executive retirement plan for its former Chief Executive Officer that provides annual retirement benefits of $25,000 per month until death.  There were $300,000 of disbursements under the plan in 2015 and there were no disbursements for 2014 or 2013.  In 2014 the Company expensed $1.3 million based upon actuarial tables for which the appropriate actuarial data for 2014 was utilized.  The actuarial assumptions reflected a discount rate of 3.37%, a maximum potential life expectancy of 120 years and a monthly benefit of $25,000.  The Company credited expense for $115,000 in 2015 based upon other changes to actuarial tables.  In 2013 the Company expensed $112,000 for this plan.  As of December 31, 2015 the Company had accrued $3.8 million for potential future payouts.