RETIREMENT FUND AND PROFIT SHARING PLAN

3 Months Ended

Mar. 31, 2017

RETIREMENT FUND AND PROFIT SHARING PLAN [Abstract]

9. 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 March 31, 2017 and 2016 amounted to $0.3 million in both periods. As of March 31, 2017, the plan owned 27,962 and 147,121 shares of Bel Fuse Inc. Class A and Class B common stock, respectively. Effective January 1, 2017, the Company's matching contribution will be made in the form of Bel Fuse Inc. Class A common stock. During 2016, the employer match was made in cash.

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 March 31, 2017 and 2016 amounted to approximately $0.1 million in both periods. As of March 31, 2017, 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
	March 31,
	2017		2016
Service cost	$	175	$	148
Interest cost		168		165
Net amortization		94		98
Net periodic benefit cost	$	437	$	411

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

	March 31,		December 31,
	2017		2016
Prior service cost	$	1,113	$	1,172
Net loss		2,935		2,970
	$	4,048	$	4,142