Retirement Benefit Plans

6 Months Ended

Jun. 30, 2018

Retirement Benefits [Abstract]

Retirement Benefit Plans

Retirement Benefit Plans

 Defined Benefit Plan

The Company amortizes annual pension income or expense evenly over four quarters. Pension income was $86,000 and $2,000 for the three months ended June 30, 2018 and June 30, 2017, respectively. Pension income for the six months ended June 30, 2018 was $176,000 and pension income for the six months ended June 30, 2017 was $3,000.  The Company is not required to contribute to the pension plans for the 2018 plan year but may do so.

Supplemental Retirement Plan

In May of 2015, the Board amended the SERP to allow the Board to modify the retirement benefit percentage either higher or lower than 20%. In May of 2016, the Board added additional key management to the plan. As of June 30, 2018, the current retirement benefit (as defined in the plan) for the participants ranges from 10% to 20%.

The net period expense for the three months ended June 30, 2018 and 2017 was $287,000 and, $202,000 respectively, and $499,000 and $404,000 for the six months ended June 30, 2018 and 2017, respectively.