Annual report pursuant to Section 13 and 15(d)

Other Benefit Plans

v2.4.1.9
Other Benefit Plans
12 Months Ended
Dec. 31, 2014
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]  
Other Benefit Plans
NOTE 8: OTHER BENEFIT PLANS
We have a Retirement Savings Plan (the “401(k) Plan”), which permits all eligible employees to defer a portion of their compensation in accordance with the Internal Revenue Code. Under the 401(k) Plan, we may make discretionary contributions on behalf of eligible employees. For the three years ended December 31, 2014, we made contributions to the 401(k) plan as follows (in thousands):
 
Year Ended December 31,
 
2014
 
2013
 
2012
401(k) plan contributions
$
423

 
$
428

 
$
467



We have adopted non-qualified deferred compensation plans for the officers and members of the Board of Trustees. The plans allow for a deferral of a percentage of annual cash compensation and trustee fees. The plans are unfunded and payments are to be made out of the general assets of Washington REIT. The deferred compensation liability at December 31, 2014 and 2013 was as follows (in thousands):
 
December 31,
 
2014
 
2013
Deferred compensation liability
$
1,556

 
$
1,437



In November 2005, the Board of Trustees approved the establishment of a Supplemental Executive Retirement Plan (“SERP”) for the benefit of officers, other than the former CEO. This is a defined contribution plan under which, upon a participant's termination of employment from Washington REIT for any reason other than death, discharge for cause or total and permanent disability, the participant will be entitled to receive a benefit equal to the participant's accrued benefit times the participant's vested interest. We account for this plan in accordance with ASC 710-10 and ASC 320-10, whereby the investments are reported at fair value, and unrealized holding gains and losses are included in earnings. At December 31, 2014 and 2013, the accrued benefit liability was $2.8 million and $3.3 million, respectively. For the three years ended December 31, 2014, we recognized current service cost as follows (in thousands):
 
Year Ended December 31,
 
2014
 
2013
 
2012
Officer SERP current service cost
$
306

 
$
325

 
$
342