Radian Group Inc. Notes to Consolidated Financial Statements - (Continued) 18. Benefit Plans 257 Participants’ accounts are distributed at the dates specified in their deferral election forms or , in certain cases, upon an  earlier termination of employment or service. We have a voluntary deferred compensation plan for senior of ficers and a voluntary deferred compensation plan for our  directors. The voluntary deferred compensation plans allow: (1) senior of ficers to defer receipt of all or a portion of their annual  cash incentive award; and (2) directors to defer receipt of all or a portion of their cash compensation and/or the payment date of  their equity compensation. Under the plans, a participant must make a binding written election before the year in which  compensation is to be earned to defer compensation payouts for at least two full calendar years beyond the year in which such  compensation would have been paid. We provided certain healthcare and life insurance benefits to our retired employees who were hired before January 1,  1990, under a postretirement welfare plan (the “Postretirement  Welfare Plan”). Until its curtailment on  August 31, 2002, one of  our subsidiaries, Enhance Financial Services Group Inc. (“EFSG”), had a plan that provided certain healthcare benefits for  retired employees. The expense for postretirement benefit plans for the years ended  December 31, 2012, 2011 and 2010 was  immaterial to our financial statements.  We accrue the estimated cost of retiree medical and life benefits over the period during  which employees render the service that qualifies them for benefits. Some of the benefits of this plan are as follows: The Savings Plan covers substantially all our full-time and all our part-time employees. Participants can contribute up to  100% of their base earnings as pretax and/or after -tax (Roth IRA) contributions up to a maximum amount of  $17,000 for 2012.  The Plan also includes a catch-up contribution provision whereby participants who are or will be age 50 and above during the  Plan year, may contribute an additional contribution.  The maximum catch-up contribution for Plan  Year 2012 was $5,500. We  will match up to 100% of the first 6% of base earnings contributed in any given year . Our expense for matching funds for the  years ended December 31, 2012, 2011 and 2010 was $2.9 million, $3.5 million and $3.5 million, respectively.  The assumed discount rate for our BRP  is based on assumptions intended to estimate the actual termination liability of  the plan. The discount rate is a composite rate used to approximate the actual termination liability comprised of lump sum  payments and an annuity purchase. We surrendered certain of the split-dollar life insurance policies issued under our prior supplemental retirement plan to  fund the BRP. Each participant in the prior plan received an initial balance in the BRP  equal to the present value of the  participant’s benefit under the split-dollar life insurance policy as of January 1, 2007.  As of December 31, 2012, we had $9.1  million of split-dollar life insurance policies outstanding.  The expense for our BRP for the years ended December 31, 2012,  2011 and 2010 was immaterial to our financial statements. We have a non-qualified restoration plan (the “Benefit Restoration Plan” or “BRP”).  The BRP is intended to provide  additional retirement benefits to each of our employees who is eligible to participate in the Radian Group Inc. Savings  Incentive Plan (“Savings Plan”) and whose benefits under the Savings Plan are limited by applicable IRS limits on eligible  compensation. The plan: (1) mandates a lump sum form of payment (rather than of fering an annuity election) for participants  who separate from service after 2007; (2) delinks discretionary contributions under the BRP  from discretionary contributions  under the Savings Plan; (3) provides us with flexibility to waive the eligibility requirements for discretionary contributions  under the BRP to allow otherwise ineligible employees, such as those involuntarily terminated during the year , to participate in  such contributions; and (4) conforms the BRP  to the final regulations under Section 409A  of the IRC. •  allow for the immediate eligibility of new hire participation and provide for the automatic enrollment of eligible  employees; •  provide for the immediate vesting of matching contributions (including existing unvested matching contributions  attributable to prior periods) and the elimination of all restrictions on a participant’ s ability to diversify his/her  position in matching contributions; •  permit the company to make discretionary , pro rata (based on eligible pay) cash allocations to each eligible  participant’s account, with vesting upon completion of three years of service with us; and •  provided certain participants who were active in our pension plan with yearly cash “transition credits” (initially  for up to five years, if employed by us during this time) under the Savings Plan equal to a fixed percentage of  their eligible pay, calculated based on a formula that takes into account their age and years of completed vesting  service as of January 1, 2007. The last transition payment was made in January 2012.