Benefit Plans

Executive Retirement Plan

Effective May 5, 2015, the Company terminated its Executive Retirement Plan and recorded a charge of approximately $5.3 million, inclusive of the acceleration of $2.5 million recorded in accumulated other comprehensive loss on the Company's Consolidated Balance Sheet that was being amortized resulting in a total benefit obligation of $19.6 million in connection with the termination of the Executive Retirement Plan. The charge includes amounts resulting from assumed additional years of service for two plan participants who had not reached age 65 and payments associated with FICA and other tax obligations.

On May 6, 2016, the Company paid the total benefit obligation of $19.6 million which reduced Other liabilities on the Company's Consolidated Balance Sheets. As a result of the termination of the plan, and included in the payment of the total benefit obligation, Mr. Emery received a lump sum amount equal to his accrued benefit under the plan of approximately $14.4 million in May 2016.

Net periodic benefit cost for the Executive Retirement Plan for the three years in the period ended December 31, 2017 is comprised of the following:



	Year Ended December 31,
(Dollars in thousands)	2017		2016		2015
Service cost	$	—	$	—	$	29
Interest cost	—		—		225
Amortization of prior service cost (benefit)	—		—		(198		)
Amortization of net gain	—		—		343
	—		—		399
Net loss recognized in Accumulated other comprehensive income (loss)	—		—		—
Total recognized in net periodic benefit gain and Accumulated other comprehensive income ⁽¹⁾	$	—	$	—	$	399

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(1)	2015 is a partial year due to the termination of the Executive Retirement Plan during the year.

The Company had no benefit obligations as of December 31, 2017 and 2016.