Employee Benefit Plans

We currently offer a variety of employee benefit plans, including a 401(k) savings plan and non-qualified plans, including our frozen unfunded supplemental management and executive benefit plans (collectively, the “SERPs”), a frozen pension restoration plan (“Restoration”) and a deferred compensation plan.

The non-qualified plans are exempt from most provisions of the Employee Retirement Income Security Act because they are only available to a select group of management and highly compensated employees and are therefore not qualified employee benefit plans. To preserve the tax-deferred savings advantages of a non-qualified plan, federal law requires that it be an unfunded or informally funded future promise to pay.

As part of our acquisition of CDS in December 2012, we recorded a liability related to the pension obligation and an asset related to the fair value of plan assets. The CDS plan was terminated, effective December 31, 2012. Refer below for details of the amounts recorded. In addition refer to Note 17 - Acquisitions, for further details of the CDS acquisition.

The following table summarizes the balance sheet impact, including benefit obligations, assets and funded status associated with the SERPs, Restoration plan and CDS plan as of December 31, 2013 and 2012:



(in thousands)	2013			2012
Change in projected benefit obligation:
Benefit obligation at beginning of period	$	34,102		$	30,659
Addition of CDS Mapping	—			1,044
Service costs	637			932
Interest costs	1,293			1,386
Actuarial (gains)/losses	(5,826		)	1,647
Benefits paid	(3,147		)	(1,566		)
Projected benefit obligation at end of period	$	27,059		$	34,102

Change in plan assets:
Plan assets at fair value at beginning of period	$	1,432		$	—
Addition of CDS Mapping	—			654
Actual return on plan assets	(53		)	59
Company contributions	1,770			2,285
Benefits paid	(3,149		)	(1,566		)
Plan assets at fair value at end of the period	—			1,432
Reconciliation of funded status:
Unfunded status of the plans	$	(27,059	)	$	(32,670	)

Amounts recognized in the consolidated balance sheet consist of:
Accrued benefit liability	$	(27,059	)	$	(32,678	)
Pension plan asset	$	—		$	8
	$	(27,059	)	$	(32,670	)
Amounts recognized in accumulated other comprehensive income/(loss):
Unrecognized net actuarial loss	$	8,840		$	15,998
Unrecognized prior service credit	(7,920		)	(9,064		)
	$	920		$	6,934

The net periodic pension cost for the years ended December 31, 2013, 2012 and 2011, for the FAC defined benefit pension plan, SERPs, Restoration plan and CDS Mapping cash balance plan includes the following components:



(in thousands)	2013			2012			2011
Expenses:
Service costs	$	637		$	932		$	565
Interest costs	1,293			1,386			1,435
Expected return on plan assets	(57		)	(41		)	—
Amortization of net loss	179			80			(76		)
Net periodic benefit cost	$	2,052		$	2,357		$	1,924

Weighted-average discount rate used to determine costs for the plans were as follows:



	2013		2012		2011
SERP Plans	3.89	%	4.52	%	5.50	%
Restoration Plan	4.02	%	4.57	%	5.33	%
CDS Mapping	N/A		4.00	%	N/A

Weighted-average actuarial assumptions used to determine benefit obligations for the plans were as follows:



	2013		2012
SERP Plans
Discount rate	4.72	%	3.89	%
Salary increase rate	N/A		N/A
Restoration Plan
Discount rate	4.82	%	4.02	%
CDS Mapping
Discount rate	N/A		4.00	%
Salary increase rate	N/A		N/A

The discount-rate assumption used for pension plan accounting reflects the yield available on high-quality, fixed-income debt securities that match the expected timing of the benefit obligation payments.

The following table provides the funded status in the defined SERPs as of December 31, 2013, 2012 and 2011:



(in thousands)	2013		2012		2011
Projected benefit obligation	$	27,059	$	34,102	$	30,660
Accumulated benefit obligation	$	27,059	$	34,102	$	30,660
Plan assets at fair value at end of year	$	—	$	—	$	—

The following benefit payments for all plans, which reflect expected future turnover, as appropriate, are expected to be paid as follows:



(in thousands)
2014	$	1,954
2015	1,937
2016	1,393
2017	1,374
2018	1,355
2019-2023	7,474
	$	15,487

The Corelogic, Inc. 401(k) Savings Plan (the "Savings Plan") allows for employee-elective contributions up to the maximum deductible amount as determined by the Internal Revenue Code. We make discretionary matching contributions to the Savings Plan based on participant contributions as well as discretionary contributions based on profitability. The expense for the years ended December 31, 2013 and 2012 related to the Savings Plan were $7.4 million and $5.6 million, respectively. There was no contribution or expense for the year ended December 31, 2011. The Savings Plan allows the participants to purchase shares of our common stock as one of the investment options, subject to certain limitations. The Savings Plan held 951,704 and 1,069,517 shares of our common stock, representing 1.0% and 1.1% of the total shares outstanding at December 31, 2013 and 2012, respectively.

We have a deferred compensation plan that allows participants to defer up to 80% of their salary, commissions and bonus. Participants allocate their deferrals among a variety of investment crediting options (known as “deemed investments”). Deemed investments mean that the participant has no ownership interest in the funds they select; the funds are only used to measure the gains or losses that will be attributed to their deferral account over time. Participants can elect to have their deferral balance paid out in a future year while they are still employed or after their employment ends. The participants’ deferrals and any earnings on those deferrals are general unsecured obligations of the Company. The Company is informally funding the deferred compensation plan through a tax-advantaged investment known as variable universal life insurance. Deferred compensation plan assets are held as a Company asset within a special trust, called a “rabbi trust.”

The value of the assets underlying our deferred compensation plan was $30.5 million and $29.6 million as of December 31, 2013 and 2012, respectively, and is included in other assets in the consolidated balance sheets. The unfunded liability for our deferred compensation plan was $34.3 million and $32.2 million as of December 31, 2013 and 2012, respectively, and is included in other liabilities in the consolidated balance sheets.