Employee Benefit Plans
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12 Months Ended | ||||
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Dec. 31, 2014
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Compensation and Retirement Disclosure [Abstract] | |||||
Employee Benefit Plans |
401(k) Plan We have a defined contribution pension plan (“401(k) Plan”) that covers substantially all employees. Employees can elect to have a portion of their wages withheld and contributed to the plan. The 401(k) Plan also allows us to make a discretionary contribution. Total administrative expense under the 401(k) Plan was $7,000, $5,000 and $12,000 in 2014, 2013 and 2012, respectively. The Company’s discretionary contribution to the plan was approximately $260,000 $240,000 and $230,000 for the years ended December 31, 2014, 2013 and 2012, respectively. Deferred Compensation Plan In 1999 we established a Nonqualified Deferred Compensation Plan which allows officers and certain management employees to annually elect to defer a portion of their compensation, on a pre-tax basis, until their retirement. The retirement benefit to be provided is based on the amount of compensation deferred and any earnings thereon. Deferred compensation expense for the years ended December 31, 2014, 2013 and 2012 was $123,000, $193,000 and $126,000, respectively. We invest in company-owned life insurance policies to assist in funding these programs. The cash surrender values of these policies are in a rabbi trust and are recorded as our assets. Split Dollar Officer Life Insurance The Company provides split dollar insurance benefits to certain executive officers and records an asset equal to the cumulative premiums paid on the related policies, as the Company will fully recover these premiums under the terms of the plan. The Company retains a collateral assignment of the cash surrender values and policy death benefits payable to insure recovery of these premiums. |