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Benefit Plans
 12 Months Ended
Dec. 31, 2020
Benefit Plans [Abstract]  
Benefit Plans
Note 10, Benefit Plans:


We have a non-qualified, non-contributory supplemental executive retirement plan (the “SERP”) for employees whose retirement benefits are reduced due to their annual compensation levels. The SERP provides annual benefits amounting to 55% of final average earnings less benefits payable from Social Security benefits and our former pension plan which was settled in 2014. The SERP limits the total amount of annual retirement benefits that may be paid to a participant from all sources (former pension plan, Social Security and the SERP) to $125,000. The SERP is not funded so we pay benefits directly to participants. The SERP was frozen as of December 31, 2015 and no additional benefits have been accrued after that date.


The following table summarizes information about our SERP.

(In thousands)
  
2020
    
2019
  
Change in benefit obligation:
            
Benefit obligation at beginning of the year
  
$
8,299
    
$
7,394
  
Interest cost
    
266
      
315
  
Actuarial losses
    
791
      
906
  
Benefits paid
    
(355
)
    
(316
)
Benefit obligation at end of year
    
9,001
      
8,299
  
Change in plan assets:
                
Employer contribution
    
355
      
316
  
Benefits paid
    
(355
)
    
(316
)
Fair value of plan assets at end of year
    
—
      
—
  
Funded status of the plan – (underfunded)
  
$
(9,001
)
  
$
(8,299
)
Accumulated benefit obligations
  
$
9,001
    
$
8,299
  


Amounts recognized in the consolidated balance sheets consist of:

(In thousands)
  
2020
    
2019
  
Current liabilities
  
$
(438
)
  
$
(406
)
Noncurrent liabilities
    
(8,563
)
    
(7,893
)
   
$
(9,001
)
  
$
(8,299
)



The net actuarial loss recognized in accumulated other comprehensive income (loss) before the effect of income taxes was $2,554,000 in 2020 and $1,923,000 in 2019.


Net pension cost included the following components:

  
SERP
  
(In thousands)
  
2020
    
2019
    
2018
  
Interest cost on projected benefit obligation
  
$
266
    
$
315
    
$
290
  
Amortization of actuarial loss
    
159
      
46
      
136
  
Net pension costs
  
$
425
    
$
361
    
$
426
  



The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic cost in 2021 is approximately $260,000.

Assumptions

We use a measurement date of December 31 for our SERP plan. Assumptions used to determine net periodic benefit cost for years ended December 31 are as follows:

  
SERP
   
2020
  
2019
  
2018
Discount rate
    
3.29%
    
4.36%
    
3.68%
Rate of compensation increase
    
n/a
    
n/a
    
n/a


Assumptions used to determine benefit obligations at December 31 for the SERP are as follows:

  
2020
  
2019
Discount rate
    
2.41%
    
3.29%
Rate of compensation increase
    
n/a
    
n/a


Cash Flows

The following schedule outlines the expected benefit payments related to the SERP in future years.  These expected benefits were estimated based on the same actuarial assumptions used to determine benefit obligations at December 31, 2020.

(In thousands)
  
2021
    
2022
    
2023
    
2024
    
2025
    
_2026-2030
  
Benefit Payments
  
$
438
    
$
437
    
$
427
      
433
    
$
478
    
$
2,668
  


Other Plans

We have an employee savings/retirement (401(k)) plan to which substantially all our employees may contribute. We match employee contributions 100% up to 4% of a participant’s compensation, with a maximum match of $11,200 per participant. We suspended the matching contribution for six weeks during 2020 as part of our business continuity plan and in 2018 made an additional discretionary contribution. We expensed employer contributions of approximately $4,069,000, $5,173,000 and $4,770,000 in 2020, 2019 and 2018, respectively.


We offer participation in a self-directed, non-qualified deferred compensation plan to certain executives and employees. The plan allows a participant to defer a portion of their income. We may also make annual contributions based on the participant's annual deferral, and our contributions were approximately $43,000, $61,000, and $55,000 in 2020, 2019, and 2018, respectively. The investments for the plan (and its predecessor plan) are held in rabbi trusts and are used to meet the obligations of the plans and precludes us from using such assets for operating purposes. The plans' assets totaled approximately $7,949,000 and $7,530,000 at December 31, 2020 and 2019, respectively, and are included in other assets. The related liability under the plans of approximately $8,063,000 and $7,540,000 at December 31, 2020 and 2019, respectively, is included in other liabilities.


We offer no post-retirement benefits other than the plans discussed above and no significant post-employment benefits.