18.BENEFIT PLANS

401 (k) Plan

Republic maintains a 401(k) plan for eligible employees. All eligible employees are automatically enrolled at 6% of their eligible compensation within 30-days of their date of hire, unless the eligible employee elects to enroll sooner. Participants in the plan have the option to contribute from 1% to 75% of their annual eligible compensation, up to the maximum allowed by the Internal Revenue Service (“IRS”). The Company matches 100% of participant contributions up to 1% and an additional 75% for participant contributions between 2% and 5% of each participant’s annual eligible compensation. Participants are fully vested after two years of employment.

Republic may also contribute discretionary matching contributions in addition to the aforementioned matching contributions if the Company achieves certain operating goals. Normal and discretionary contributions for each of the periods ended were as follows:


Years Ended December 31, (in thousands)	2017		2016		2015

Employer matching contributions	$	2,190	$	1,789	$	1,517
Discretionary employer bonus matching contributions		335		583		—

Supplemental Executive Retirement Plan

In association with its May 17, 2016 Cornerstone acquisition, the Company inherited a Supplemental Executive Retirement Plan (“SERP”). The SERP requires the Company to pay monthly benefits following retirement of the SERP’s four participants. The Company accrues the present value of such benefits on a monthly basis. The SERP liability was approximately $2 million and $2 million at December 31, 2017 and 2016. Expense under the SERP was $93,000 and $81,000 for the years ended December 31, 2017 and 2016.