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Defined Benefit Plan
 9 Months Ended
Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]  
Defined Benefit Plan
Defined Benefit Plan
On December 1, 2005, the Company adopted a defined benefit plan ("Cash Balance Plan") to provide retirement income to all eligible employees of the Company and its subsidiaries in accordance with the terms and conditions in the Cash Balance Plan. The Company made the decision to terminate the Cash Balance Plan effective December 31, 2013. On May 12, 2014 Cowen received a favorable determination letter from the IRS approving the termination of the Cash Balance Plan.  Subsequently, steps were taken to process the distributions based on participant distribution elections by December 15, 2014 and the Company will file a final Form 5500 for the Plan Year 2014.
The amounts contained in the following table relate to the Company's defined benefit plan(s) for the three and nine months ended September 30, 2014:
 
 
Three Months Ended September 30, 2014
 
Nine Months Ended September 30, 2014
 
 
(dollars in thousands)
Components of net periodic benefit cost included in employee compensation and benefits
 
 
 
 
Service cost
 
$
—

 
$
—

Interest cost
 
18

 
85

Expected return on plan assets
 
(168
)
 
(300
)
Amortization of loss / (gain)
 
(7
)
 
(7
)
Amortization of prior service cost
 
—

 
—

Effect of settlement
 
—

 
—

Net periodic benefit cost
 
$
(157
)
 
$
(222
)