NOTE 15 – EMPLOYEE BENEFIT PLANS

The Company provides postretirement benefits in the form of two unfunded postretirement medical plans; one that under a collective bargaining agreement covers eligible retired employees of the Verona facility and a plan for those names as executive officers in the Company’s proxy statement.

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

	Nine Months Ended September 30,
	2018			2017
Service cost	$	58		$	50
Interest cost		33			35
Amortization of prior service cost		52			55
Amortization of gain		(2	)		(11	)
Net periodic benefit cost	$	141		$	129

The amount recorded for these obligations on the Company’s balance sheet as of September 30, 2018 and December 31, 2017 is $1,664 and $1,573, respectively, and is included in other long-term obligations. These plans are unfunded and approved claims are paid from Company funds. Historical cash payments made under such plan have typically been less than $100 per year.

On June 1, 2018, the Company established an unfunded, nonqualified deferred compensation plan maintained for the benefit of a select group of management or highly compensated employees. Assets of the plan are held in a rabbi trust, which are subject to additional risk of loss in the event of bankruptcy or insolvency of the Company. The deferred compensation liability as of September 30, 2018 was $124 and is included in Other long-term obligations on the Company’s balance sheet.