Note 17 - Pension Plan (Tables)

12 Months Ended

Dec. 31, 2021

($ in thousands)	2021			2020
Change in benefit obligation:
Benefit obligation at beginning of year	$	4,412		$	3,969
Service cost		—			—
Interest cost		42			52
Actuarial (gain) loss		(391	)		113
Effect of exchange rate changes		(309	)		370
Effect of curtailment		—			—
Benefits paid		(89	)		(92	)
Benefit obligation at end of year	$	3,665		$	4,412

Change in plan assets:
Fair value of plan assets at beginning of year	$	1,881		$	1,713
Actual return of plan assets		24			92
Company contributions		10			10
Benefits paid		(89	)		(92	)
Effect of exchange rate changes		(137	)		158
Fair value of plan assets at end of year	$	1,689		$	1,881
Funded status	$	(1,976	)	$	(2,531	)
Unrecognized actuarial loss (gain)		1,361			1,702
Unrecognized prior service (benefit) cost		—			—
Additional minimum liability		(1,361	)		(1,702	)
Unrecognized transition (asset) liability		—			—
Net amount recognized	$	(1,976	)	$	(2,531	)

Components of net periodic benefit cost are as follows:
Service cost	$	—		$	—
Interest cost on projected benefit obligations		42			52
Expected return on plan assets		(57	)		(55	)
Amortization of prior service costs		—			—
Amortization of actuarial loss		118			117
Net periodic benefit costs	$	103		$	114

The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, were
Discount rate	1.3	%	1.0	%
Expected return on plan assets	3.2	%	3.2	%
Rate of pension increases	2.0	%	2.0	%
Rate of compensation increase	N/A		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	$	3,665	$	4,412
Accumulated benefit obligation	$	3,665	$	4,412
Fair value of plan assets	$	1,689	$	1,881

IMAGEWARE SYSTEMS INC 10-K