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## 9. EMPLOYEE BENEFITS 

The Company maintains a qualified, non-contributory defined benefit pension plan (“Plan”) covering substantially all employees who have reached age twenty-one and who have completed one year of service. Employer contributions to the Plan are in accordance with the minimum funding requirements of the Employee Retirement Income Security Act of 1974. 

The amortization period for unrecognized pension costs and cr edits, including prior service costs, if any, and actuarial gains and losses, is based on the remaining service period for those employees expected to receive pension benefits. Actuarial gains and losses result when actual experience differs from that assumed or when actuarial assumptions are changed. 

The following tables set forth the Plan’ funded status, which uses a measurement date of October 1, and amounts recognized in the Company’ consolidated financial statements as of December 31, 2004 and 2003. 

The following table summarizes the status of the Plan (in thousands): 

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