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KIMLEY‐HORN AND ASSOCIATES, INC.  <br />NOTES TO THE FINANCIAL STATEMENTS  <br />  <br />DECEMBER 31, 2016 AND 2015  <br />(SEE INDEPENDENT ACCOUNTANT’S REVIEW REPORT)  <br />  <br />  <br />16 <br />Note 10—Other liabilities  <br />  <br />The Company has a Health Insurance Continuation Plan, which allows certain principals to continue their group <br />health coverage under the Company’s existing group health plan. Participants pay the cost of health insurance <br />premiums for this coverage. <br /> <br />The Company has a Post-Retirement Healthcare Plan (the “Plan”). Participation in this Plan is determined by <br />the Board of Directors. The Company has currently designated certain retired individuals and their dependents <br />as participants in the Plan. The Plan provides each participant with company health insurance coverage from <br />the date of retirement until age 65 and then provides supplemental Medicare insurance under terms described <br />in the Plan. The Plan also provides long-term care insurance, vision insurance, and dental insurance. <br /> <br />The measurement date for the post-retirement benefit plans is December 31. <br /> <br />The components of net periodic post-retirement benefits cost recognized in the statements of operations for <br />2016 and 2015 consist of the following: <br /> <br />2016 2015 <br />Interest cost 48,417$ 52,506$ <br />Amortization of unrecognized losses 28,527 38,985 <br />Amortization of prior service costs (1,692) (1,692) <br />Net periodic post-retirement benefits cost 75,252$ 89,799$ <br /> <br />Benefits paid by the Company totaled $91,347 in each of the years ending December 31, 2016 and 2015. <br /> <br />Amounts recognized in the consolidated balance sheets as of December 31 consist of the following: <br /> <br />2016 2015 <br />Accumulated post-retirement benefit obligation (1,235,182)$ (1,308,586)$ <br />Fair value of plan assets - - <br />Funded status (1,235,182)$ (1,308,586)$ <br /> <br />Amounts recognized in accumulated other comprehensive income that have not yet been recognized as <br />components of net periodic post-retirement benefits cost as of December 31 consist of the following: <br /> <br />2016 2015 <br />Net actuarial losses (420,747)$ (479,748)$ <br />Prior service costs 20,436 22,128 <br />(400,311)$ (457,620)$ <br />