(6) Employee Retirement Plans

During the second quarter 2015, after receipt of a favorable determination letter from the Internal Revenue Service, the Company terminated a noncontributory defined benefit plan that, prior to the termination, covered substantially all of the union employees previously employed by its wholly owned subsidiary, Corson Lime Company (the “Plan”). In 1997, the Company sold substantially all of the assets of Corson Lime Company, and all benefits for participants in the Plan were frozen. During 1997 and 1998, the Company made contributions to the Plan that were intended to fully fund the benefits earned by the participants. The unfunded projected benefit obligation was $0 and $275 at December 31, 2015 and 2014, respectively. The Company recorded comprehensive income of $602, net of $344 tax expense, and comprehensive expense of $81, net of $46 tax benefit, and comprehensive income of $197, net of $112 tax expense, for the years ended December 31, 2015, 2014 and 2013, respectively. The Company made contributions of $233, $0 and $0 to the Plan in 2015, 2014 and 2013, respectively. As a result of the termination, the Company will not be required to make any further contributions to the Plan.

In the first quarter 2014, the Company, based on the underfunded status of the Plan being only $10 at December 31, 2013, started the process of terminating the Plan, including requesting a determination letter from the Internal Revenue Service as to the qualified status of the Plan upon termination of the Plan. To that end, the administrative committee, consisting of management employees appointed by the Company’s Board of Directors, consulted with the investment advisor for the Plan and reallocated the Plan’s assets into stable assets consisting of cash and cash equivalents and short-term fixed income investments.

The following table sets forth the asset allocation at December 31 for the Plan:


	2015		2014
Pooled fixed income funds	—	%	42.1	%
Cash and cash equivalents	—		57.9
	—	%	100.0	%

The fair values of the Plan assets at December 31 by asset category are as follows:


	2015		2014
Pooled fixed income funds	$	—	$	785
Cash and cash equivalents		—		1,077
	$	—	$	1,862

All fair values of the Plan assets were determined by quoted prices on active markets for identical assets (Level 1).

The following table sets forth the funded status at December 31 of the Plan accrued pension benefit obligation:


	2015		2014
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	2,137	$	1,991
Interest cost		44		87
Actuarial (gain) loss on plan assets		(93)		171
Benefits paid		(2,088)		(112)
Projected benefit obligation at end of year	$	—	$	2,137
Change in plan assets:
Fair value of plan assets at beginning of year	$	1,862	$	1,981
Employer contribution		233		—
Actual loss on plan assets		(7)		(7)
Benefits paid		(2,088)		(112)
Fair value of plan assets at end of year	$	—	$	1,862
Underfunded status	$	—	$	(275)
Accumulated benefit obligation	$	—	$	2,137

The following table sets forth the Pre-Settlement, Settlement and Post-Settlement funded status of the Plan as of June 30, 2015 (the termination date):


	June 30, 2015
	Pre‑Settlement		Settlement		Post‑Settlement
Projected benefit obligation	$	2,039	$	(2,039)	$	—
Fair value of plan assets		2,039		(2,039)		—
Underfunded status	$	—	$	—	$	—

The liability recognized for the Plan, which is included in other liabilities on the Company’s Consolidated Balance Sheets at December 31, consists of the following:


	December 31,		December 31,
	2015		2014
Accrued benefit cost	$	—	$	275

The weighted‑average assumptions used in the measurement of the Plan benefit obligation at December 31 are as follows:


	2015		2014
Discount rate	—	%	3.75	%
Expected long-term return on plan assets	—	%	2.00	%

The following table provides the components of the Plan net periodic benefit cost:


	Years Ended December 31,
	2015		2014		2013
Interest cost	$	44	$	87	$	77
Expected return on plan assets		(18)		(38)		(128)
Amortization of net actuarial loss		65		65		80
Net periodic benefit cost	$	91	$	114	$	29
Settlement charge		814		—		—
Total net periodic benefit cost	$	905	$	114	$	29

The Company has a contributory retirement (401(k)) savings plans for non‑union employees and for union employees of Arkansas Lime Company and Texas Lime Company. Company contributions to these plans were $174, $184 and $156 in 2015, 2014 and 2013, respectively.