8)	Employee Benefit Plans

We have defined contribution 401(k) profit sharing plans covering substantially all U.S. employees. All employees are eligible for the plans on the first day of the month following their employment date. A participant may elect to contribute between 1% and 60% of their compensation to the plans, subject to Internal Revenue Service (“IRS”) dollar limitations. Participants age 50 and older may defer an additional amount up to the applicable IRS Catch Up Provision Limit. We provide a matching contribution which is determined on an individual, participating company basis. All participant contributions are immediately vested at 100%. Contributions for all U.S. employees were $764, $349 and $335 in 2014, 2013, and 2012, respectively.

Post-Employment Benefit Liabilities

We provide certain post-employment benefits to employees at our Pinerolo and Veenendaal plants that are either required by law or are local labor practice. There is a plan at our Pinerolo Plant and at our Veenendaal Plant which are described below.

In accordance with Italian law, the Company has an unfunded severance plan under which all Italian employees are entitled to receive severance indemnities (Trattamento di Fine Rapporto or “TFR”) upon termination of their employment.

Effective January 1, 2007, the amount payable based on salary paid is remitted to a pension fund managed by a third party. The severance indemnities paid to the pension fund accrue approximately at the rate of 1/13.5 of the gross salaries paid during the year. The amounts accrued become payable upon termination of the individual employee, for any reason, e.g., retirement, dismissal or reduction in work force. Employees are fully vested in TFR benefits after their first year of service.

We have a plan that covers our Veenendaal Plant employees that provides an award for employees who achieve 25 or 40 years of service and an award for employees upon retirement. The plan is unfunded and the benefits are based on years of service and rate of compensation at the time the award is paid.

The amounts shown in the table below represent the actual liabilities at December 31, 2014 and 2013 reported under accrued post-employment benefits in the Consolidated Balance Sheets for both plans combined.


	2014			2013
Beginning balance	$	6,920		$	6,930
Amounts accrued		1,111			1,019
Payments to employees/government managed plan		(1,186	)		(1,331	)
Foreign currency impacts		(821	)		302

Ending balance	$	6,024		$	6,920

Defined Benefit Plan

Effective with the Autocam acquisition on August 29, 2014, we sponsor a defined benefit pension plan for substantially all employees of the Bouverat, France Plant (the “Pension Plan”). These benefits are calculated based on each employee’s years of credited service and most recent monthly compensation and service category. Employees become vested in accordance with governmental regulations in place at the time of retirement.

For the purpose of calculating the actuarial present value of the benefit obligation under the Pension Plan, the discount rates assumed were 1.9% for 2014. The compensation growth rate was assumed was 2.9% for 2014. The measurement date was December 31 of 2014.

Set forth below is projected benefit obligation information for the Pension Plan and the plan activity since we acquired Autocam on August 29, 2014:


	2014

Accumulated benefit obligation at measurement date	$	1,011
Effect of salary increases		526

Projected benefit obligation at measurement date	$	1,537


Projected benefit obligation at date of acquisition	$	1,549
Service and interest costs		35
Actuarial gains (losses)		94
Benefits paid
Effect of foreign currency translation gains and other		(141	)

Projected benefit obligation at measurement date	$	1,537

Set forth below is net periodic benefit cost information for the Pension Plan for the four month period since the acquisition of Autocam:


	2014

Service and interest costs	$	35
Expected return on plan assets		(4	)
Amortization of prior service costs		6

Net periodic benefit cost	$	37

We expect benefit payments under the Pension Plan to be $0 for 2015 and 2016, $16 for 2017, $8 in 2018 and $379 from 2020-2024.

Set forth below is plan asset information for the Pension Plan:


	2014

Plan assets at fair value at measurement date	$	589
Projected benefit obligations at measurement date		(1,537	)

Funded status	($	948	)


Plan assets at fair value at date of acquisition	$	655
Actual return on plan assets		3
Benefits paid		(12	)
Effect of foreign currency translation gains		(57	)

Plan assets at fair value at measurement date	$	589

The assumed rate of return on assets of the Pension Plan was 2.0% for all periods presented. We have a targeted goal of allocating plan assets one-third to equity and two-thirds to fixed income securities. Actual allocations of Pension Plan assets between equity and fixed income securities were 19% and 81%, respectively, as of December 31, 2014. Our expected funding obligations under the Pension Plan in 2015 is $132.