RETIREMENT FUND AND PROFIT SHARING PLAN

6 Months Ended

Jun. 30, 2016

RETIREMENT FUND AND PROFIT SHARING PLAN [Abstract]

10. RETIREMENT FUND AND PROFIT SHARING PLAN

The Company maintains the Bel Fuse Inc. Employees' Savings Plan, a defined contribution plan that is intended to meet the applicable requirements for tax-qualification under sections 401(a) and (k) of the Internal Revenue Code of 1986, as amended (the "Code"). The expense for the three months ended June 30, 2016 and 2015 amounted to $0.3 million in both periods. The expense for the six months ended June 30, 2016 and 2015 amounted to $0.6 million in both periods. As of June 30, 2016, the plan owned 13,928 and 168,248 shares of Bel Fuse Inc. Class A and Class B common stock, respectively.

The Company's subsidiaries in Asia have a retirement fund covering substantially all of their Hong Kong based full-time employees. The expense for the three months ended June 30, 2016 and 2015 amounted to $0.1 million in both periods and the expense for the six months ended June 30, 2016 and 2015 amounted to $0.1 million and 0.2 million, respectively. As of June 30, 2016, the plan owned 3,323 and 17,342 shares of Bel Fuse Inc. Class A and Class B common stock, respectively.

The Company maintains a SERP, which is designed to provide a limited group of key management and other key employees of the Company with supplemental retirement and death benefits. As discussed in Note 3 above, the Company has investments in a rabbi trust which are intended to fund the obligations of the SERP.

The components of SERP expense are as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2016			2015			2016			2015
Service cost		$	148		$	138		$	296		$	276
Interest cost			165			142			330			283
Net amortization			98			92			196			183
Net periodic benefit cost		$	411		$	372		$	822		$	742

The following amounts are recognized net of tax in accumulated other comprehensive loss:

	June 30,			December 31,
	2016			2015
Prior service cost		$	775		$	866
Net loss			2,952			3,465
		$	3,727		$	4,331