Note 12.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 six months ended June 30, 2017 and 2016 included the following components:


	For the three months ended				For the six months ended
	June 30,				June 30,
(In thousands)	2017		2016		2017		2016
Service cost	$	13	$	12	$	26	$	24
Interest cost		138		143		276		285
Amortization of actuarial loss		50		43		100		86
Net periodic benefit cost	$	201	$	198	$	402	$	395

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 $4.6 million and $4.7 million as of June 30, 2017 and December 31, 2016, respectively. The accumulated benefit obligation was $15.1 million and $15.2 million at June 30, 2017 and December 31, 2016, respectively.