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 September 30, 2017 and 2016 amounted to $0.3 million in both periods. The expense for the nine months ended September 30, 2017 and 2016 amounted to $0.9 million and $0.8 million, respectively. As of September 30, 2017, the plan owned 46,504 and 144,362 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 September 30, 2017 and 2016 amounted to $0.1 million in both periods. The expense for the nine months ended September 30, 2017 and 2016 amounted to $0.3 million and $0.2 million, respectively. As of September 30, 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 SERP expense for the periods and amounts presented below is allocated between cost of sales and selling, general and administrative expense in the condensed consolidated statements of operations based upon the classification of plan participants.

The components of SERP expense are as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Service cost	$	175	$	148	$	525	$	445
Interest cost		168		165		505		494
Net amortization		94		98		281		293
Net periodic benefit cost	$	437	$	411	$	1,311	$	1,232

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

	September 30,		December 31,
	2017		2016
Prior service cost	$	996	$	1,172
Net loss		2,865		2,970
	$	3,861	$	4,142