15. Executive Benefit Agreements and Employee Savings Plans

We are party to various individual benefit agreements (“1992 Agreements”) and death benefit agreements (“1981 Agreements”) with certain key executives and a death benefit agreement (“2005 Agreement”) with our Executive Chairman. The 1992 Agreements provide for annual benefit payments for life (in addition to salary) payable in monthly installments when the employee reaches age 65. In addition, should the executive die prior to attaining the age of 65, we will pay the beneficiary named in the agreement a monthly amount as specified in the agreement over a ten-year period. These benefits are forfeited if the respective executive’s employment is terminated prior to age 65 for any reason other than death. The 1992 Agreements may be terminated by the Company at any time and for any reason prior to the death of the employee.

The 1981 Agreements provide for death benefits should the executive die while employed. Upon such of an event, we will pay the beneficiary named in the agreement a monthly amount as specified in the agreement over a ten-year period. These benefits are forfeited if the respective executive’s employment is terminated for any reason prior to death. The 1981 Agreements may be terminated by the Company at any time and for any reason prior to the death of the employee.

The 2005 Agreement provides that, upon our Executive Chairman’s death, we will pay to our Executive Chairman’s designated beneficiary, a lump-sum payment of $2,500,000 to be funded from the net proceeds received by us under certain life insurance policies on our Executive Chairman’s life that are owned by us. We are obligated to keep in existence life insurance policies with a total face amount of no less than $2,500,000 of the stated death benefit. The benefit under the 2005 Agreement is not contingent upon continued employment and may be amended at any time by written agreement executed by the Executive Chairman and the Company.

The following table includes information about these agreements:


	December 31,
	2014		2013
	(In Thousands)
Total undiscounted death benefits	$	6,417	$	6,417

Total accrued death benefits	$	4,054	$	4,121

Total undiscounted executive benefits	$	1,900	$	1,904

Total accrued executive benefits	$	1,363	$	1,280


			December 31,
	2014		2013			2012
			(In Thousands)
Costs associated with executive benefits included in SG&A, net	$	166	$	(2	)	$	186

Accrued death and executive benefits under the above agreements are included in current and noncurrent accrued and other liabilities. We accrue for such liabilities when they become probable and discount the liabilities to their present value.

To assist us in funding the benefit agreements discussed above and for other business reasons, we purchased life insurance policies on various individuals in which we are the beneficiary. The net cash surrender values of these policies are included in other assets. The following table summarizes certain information about these life insurance policies.


	December 31,
	2014		2013
	(In Thousands)
Total face value of life insurance policies	$	26,242	$	26,242

Total cash surrender values of life insurance policies	$	6,936	$	6,184


	2014			2013			2012
	(In Thousands)
Cost of life insurance premiums	$	1,224		$	1,159		$	851
Increases in cash surrender values		(752	)		(745	)		(479	)

Net cost of life insurance premiums included in SG&A	$	472		$	414		$	372

Employee Savings Plans - We sponsor a savings plan under Section 401(k) of the Internal Revenue Code under which participation is available to substantially all full-time employees. We do not presently contribute to this plan except for certain employees within the Chemical Business, which amounts were not material for each of the three years ended December 31, 2014.