Note 8—Benefit Plans

Defined Contribution Plan

The Company currently maintains a retirement plan intended to provide benefits under section 401(K) of the Internal Revenue Code, under which employees are allowed to contribute portions of their compensation to a tax-qualified retirement account. Under the 401(K) plan, the Company provides matching contributions equal to 100% of the first 6% of employees’ eligible compensation contributed to the plan. The Company recognized expense of $0.2 million and $0.7 million for the three and nine months ended September 30, 2015, respectively. The Company recognized expense of $0.1 million and $0.2 million for the three and nine months ended September 30, 2014, respectively.

Defined Benefit Plan

The Company maintains a defined benefit plan covering certain employees of a previously acquired company. Benefits are based on the employees’ years of service and compensation. The following table details the components of pension benefit cost (in thousands):


	For the three months ended September 30,						For the nine months ended September 30,
	2015			2014			2015			2014
Service cost	$	—		$	—		$	—		$	70
Interest cost		56			71			182			263
Expected return on plan assets		(82	)		(112	)		(246	)		(336	)
Amortization of transition obligation		—			—			—			70
Amortization of net (gain) loss		—			(1	)		43			2
Settlement costs		—			—			97			—

Net periodic benefit cost (benefit)	$	(26	)	$	(42	)	$	76		$	69

As of March 31, 2014, benefit accruals in the plan were frozen resulting in a gain on reduction of pension obligations of $2.2 million for the nine months ended September 30, 2014. During the three and nine months ended September 30, 2015, the Company contributed $0.8 million to the plan. The plan was terminated during October 2015 and lump sum payments were made to the remaining participants.