Note 13.Pension Plan

We have a noncontributory nonqualified defined benefit pension plan (“Pension Plan”) covering certain eligible employees. Our Pension Plan provides retirement benefits under pension trust agreements. The benefits are based on years of service and the employee’s compensation during the highest three consecutive years during the last 10 years of employment.

Net periodic defined benefit pension expense for the three and nine months ended September 30, 2016 and 2015 included the following components:


	For the three months ended				For the nine months ended
	September 30,				September 30,
(In thousands)	2016		2015		2016		2015
Service cost	$	11	$	17	$	35	$	49
Interest cost		143		135		428		403
Amortization of prior service cost		—		22		—		68
Amortization of actuarial loss		43		46		129		140
Net periodic benefit cost	$	197	$	220	$	592	$	660

We plan to fund a substantial portion of the pension plan obligations through existing Company owned life insurance policies. The cash surrender value for these policies was approximately $4.4 million and $3.8 million as of September 30, 2016 and December 31, 2015, respectively. The accumulated benefit obligation was $15.1 million as of September 30, 2016 compared to $14.9 million at December 31, 2015.