Employee Benefit Plans

6 Months Ended

Jun. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

Note 10 – Employee Benefit Plans

The Company has a 401(k) defined contribution plan which covers substantially all of its employees. The plan provides for an annual contribution of 3% of all employees’ salaries, with an additional contribution of 10% of each participant’s elective deferral, which is invested in shares of the Company’s common stock under the 401(k) plan. The expense related to the 401(k) plan for the three months ended June 30, 2015 and 2014 was $112,000 and $171,000, respectively. The expense related to the 401k Plan for the six months ended June 30, 2015 and 2014 was $238,000 and $257,000, respectively.

The Company has sponsored a defined postretirement health plan (the "Retiree Health Plan") providing Medicare supplement benefits to eligible retirees. The Retiree Health Plan pays eligible retirees (post-65 years of age) up to $125 per month toward eligible Medicare supplement payments. The amount of this payment is fixed and will not increase with medical trends or inflation. The amounts available for retirement supplement payments are currently held in a VEBA trust account, and benefits for this plan are paid from assets held in the VEBA Trust account. The Company discontinued contributions in 2006 and is no longer required to fund the Retiree Health Plan. As of June 30, 2015 and December 31, 2014, the value of plan assets was $114,000 and $133,000, respectively. The assets remaining in the trust will be used to fund the plan until the assets are exhausted.