Retirement Plans and Deferred Compensation

3 Months Ended

Mar. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Retirement Plans and Deferred Compensation

15. Retirement Plans and Deferred Compensation

During the three months ended March 31, 2015 and March 31, 2014, the Company maintained a defined contribution pension plan covering all full-time, U.S. employees of SLPE, the High Power Group, including TEAL and MTE, SL-MTI, and the corporate office. The Company’s contributions to this plan are based on a percentage of employee contributions and/or plan year gross wages, as defined. Costs incurred under these plans amounted to $139,000 during the three months ended March 31, 2015 compared to $193,000 during the three months ended March 31, 2014. The decrease in 2015 was primarily due to the utilization of forfeitures within the fund to offset the Company’s cost.

The Company has agreements with certain retired directors, officers and key employees providing for supplemental retirement benefits. The liability for supplemental retirement benefits is based on the most recent mortality tables available and discount rates ranging from 8% to 12%. The amount charged to expense in connection with these agreements amounted to $113,000 for the three months ended March 31, 2015 compared to $64,000 for the three months ended March 31, 2014. The increase in expense in 2015 was due to a reversal of an