RETIREMENT BENEFIT PLANS

Profit Sharing Plans

The Company maintains a defined contribution profit sharing and 401(k) plan covering substantially all of the employees of the Company and its subsidiaries as of March 31, 2014. Annual contributions under the plan are determined by the Board of Directors of the Company. Consolidated expense related to the plans for the years ended March 31, 2014, 2013 and 2012 was $689,000, $703,000 and $412,000, respectively.

Postretirement Medical Plan

The Company’s Berwick Offray subsidiary administers a postretirement medical plan covering certain persons who were employees or former employees of a former subsidiary. The plan is unfunded and frozen to new participants.

The following table provides a reconciliation of the benefit obligation for the postretirement medical plan (in thousands):



	For the Years Ended March 31,
	2014			2013
Benefit obligation at beginning of year	$	871		$	877
Interest cost	36			38
Actuarial (gain) loss	(30		)	24
Benefits paid	(73		)	(68		)
Benefit obligation at end of year	$	804		$	871

The benefit obligation of $804,000 and $871,000 as of March 31, 2014 and 2013, respectively, was recorded in long-term obligations in the consolidated balance sheet.

The net loss recognized in accumulated other comprehensive loss at March 31, 2014 was $26,000, net of tax, and there is no actuarial gain or loss expected to be amortized from accumulated other comprehensive loss into net periodic benefit cost during fiscal 2015.

The assumptions used to develop the net periodic benefit cost and benefit obligation for the postretirement medical plan as of and for the years ended March 31, 2014, 2013 and 2012 were a discount rate of 4.50% (4.25% for 2013 and 4.50% for 2012) and assumed health care cost trend rates of 9% (10% for 2013 and 11% for 2012) trending down to an ultimate rate of 5% in 2022. The discount rate is determined based on the average of the Citigroup Pension Liability Index, Moody's Long Term Corporate Bond Yield, and Corporate Bond Rate calculated by the Internal Revenue Service.

Net periodic pension and postretirement medical costs were $36,000, $38,000 and $48,000 for the years ended March 31, 2014, 2013 and 2012, respectively.