Employee Benefit Plans

12 Months Ended

Dec. 31, 2013

Employee Benefit Plans [Abstract]

Employee Benefit Plans

17.  Employee Benefit Plans

Defined Contribution 401(k) Plan:

The table below outlines the terms of the Security Plus 401(k) Plan and the associated employer costs (dollars in thousands):

		For the Years Ended December 31,
		2013	2012	2011
Employee salary contribution Limit (1)	$	17.5	17.0	16.5
Percentage of salary limitation	%	75	75	75
Total match contribution (2)	$	-	-	-
Vesting of employer match		-	-	-

(1) For the years ended December 31, 2013, 2012 and 2011 employees over 50 were entitled to contribute $23,000,  $22,500 and $22,000, respectively.

(2) The Company did not offer an employer match in any of the years during the three year period ended December 31, 2013. 

Defined Benefit Pension Plan:

At December 31, 1998, BankAtlantic froze its defined benefit pension plan (the “Plan").  All participants in the Plan ceased accruing service benefits beyond that date and became vested.  BB&T assumed the pension obligation upon the acquisition of BankAtlantic in the BB&T Transaction as of July 31, 2012.

Amounts recognized in accumulated other comprehensive loss consisted of (in thousands):

		As of December 31,
		2012	2011
Net comprehensive loss	$	-	22,428

The change in net comprehensive loss was as follows (in thousands):

		As of December 31,
		2012	2011
Change in comprehensive loss	$	22,428	6,576

Included in the gain on the sale of BankAtlantic in discontinued operations in the Company’s Statement of Operations during the year ended December 31, 2012 was $22.4 million of pension losses associated with the under-funded pension plan amount and the unrecognized net losses from pension investments. 

Components of net periodic pension expense included in discontinued operations as of December 31, 2011 were as follows (in thousands):

		2011
Interest cost on projected benefit obligation	$	1,828
Expected return on plan assets		(2,000)
Amortization  of unrecognized net gains and losses		1,283
Net periodic pension expense	$	1,111

The actuarial assumptions used in accounting for the Plan for the year ended December 31, 2011 were:

	2011
Weighted average discount rate used to
determine benefit obligation	4.25	%
Weighted average discount rate used to
to determine net periodic benefit cost	5.5	%
Rate of increase in future compensation levels	N/A
Expected long-term rate of return	8.5	%

Actuarial estimates and assumptions are based on various market factors and are evaluated on an annual basis. The discount rate assumption is based on rates of high quality corporate bonds.  The expected long-term rate of return was estimated using historical long-term returns based on the expected asset allocations.  Participant data was used for the actuarial assumptions for the year ended December 31, 2011.  BankAtlantic contributed $0.3 million and $8.9 million to the BankAtlantic Plan during the years ended December 31, 2012 and 2011.