($ in thousands)

2018

2017

Change in benefit obligation:

Benefit obligation at beginning of year

$

3,830

$

3,540

Service cost

—

Interest cost

72

64

Actuarial (gain) loss

(34

)

(167

)

Effect of exchange rate changes

(174

)

473

Effect of curtailment

—

Benefits paid

(84

)

(80

)

Benefit obligation at end of year

3,610

3,830

Change in plan assets:

Fair value of plan assets at beginning of year

1,806

1,645

Actual return of plan assets

82

7

Company contributions

13

12

Benefits paid

(84

)

(80

)

Effect of exchange rate changes

(83

)

222

Fair value of plan assets at end of year

1,734

1,806

Funded status

(1,876

)

(2,024

)

Unrecognized actuarial loss (gain)

1,542

1,629

Unrecognized prior service (benefit) cost

—

Additional minimum liability

(1,542

)

(1,629

)

Unrecognized transition (asset) liability

—

Net amount recognized

$

(1,876

)

$

(2,024

)

Components of net periodic benefit cost are as follows:

Service cost

$

—

$

—

Interest cost on projected benefit obligations

72

64

Expected return on plan assets

(56

)

(70

)

Amortization of prior service costs

—

Amortization of actuarial loss

102

104

Net periodic benefit costs

$

118

$

98

The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, were

Discount rate

2.0

%

1.9

%

Expected return on plan assets

3.2

%

3.2

%

Rate of pension increases

2.0

%

2.0

%

Rate of compensation increase

N/A

The following discloses information about the Company’s defined benefit pension plan that had an accumulated benefit obligation in excess of plan assets as of December 31,

Projected benefit obligation

$

3,610

$

3,830

Accumulated benefit obligation

$

3,610

$

3,830

Fair value of plan assets

$

1,733

$

1,806