EMPLOYEE BENEFIT PLAN

9 Months Ended

Sep. 30, 2016

EMPLOYEE BENEFIT PLAN [Abstract]

EMPLOYEE BENEFIT PLAN

NOTE 14 – EMPLOYEE BENEFIT PLAN

The Company provides postretirement benefits in the form of an unfunded postretirement medical plan under a collective bargaining agreement covering eligible retired employees of the Verona facility. During 2016, the Company adopted an unfunded postretirement medical plan for Named Executive Officers.

The actuarial recorded liabilities for the unfunded postretirement benefits are as follows:

Change in benefit obligation:

	September 30, 2016		December 31, 2015
Benefit obligation at beginning of period	$	958	$	1,111
Initial adoption of new plan		444		-
Service cost with interest to end of period		48		54
Interest cost		33		36
Participant contributions		-		5
Benefits paid		-		(6	)
Actuarial gain		-		(242	)
Benefit obligation at end of period	$	1,483	$	958

Amounts recognized in consolidated balance sheet:

	September 30, 2016			December 31, 2015
Accumulated postretirement benefit obligation	$	(1,483	)	$	(958	)
Fair value of plan assets		-			-
Funded status		(1,483	)		(958	)
Unrecognized prior service cost		N/A			N/A
Unrecognized net (gain)/loss		N/A			N/A
Net amount recognized in consolidated balance sheet (after ASC 715) (included in other long-term obligations)	$	1,483		$	958
Accrued postretirement benefit cost (included in other long-term obligations)	$	N/A		$	N/A

Net periodic benefit costs for such retirement medical plans were as follows:

	Nine Months Ended September 30,
	2016			2015
Service cost	$	48		$	40
Interest cost		33			27
Amortization of prior service cost/(credit)		40			(14	)
Amortization of gain		(8	)		-
Net periodic benefit cost	$	113		$	53

Estimated future employer contributions and benefit payments are as follows:

Year
2016	$	46
2017		58
2018		92
2019		116
2020		118
Years 2021-2025		623