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Benefit Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Benefit Plans 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 was frozen as of December 31, 2015 and no additional benefits were earned or have been accrued after that date. 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 following table summarizes information about our SERP.
(In thousands)20232022
Change in benefit obligation:
Benefit obligation at beginning of the year$6,806 $8,756 
Interest cost361 241 
Actuarial (gains) losses303 (1,832)
Benefits paid(380)(359)
Benefit obligation at end of year7,090 6,806 
Change in plan assets:
Employer contribution380 359 
Benefits paid(380)(359)
Fair value of plan assets at end of year— — 
Funded status of the plan – (underfunded)$(7,090)$(6,806)
Accumulated benefit obligations$7,090 $6,806 
Amounts recognized in the consolidated balance sheets consist of:
(In thousands)20232022
Current liabilities$(496)$(464)
Noncurrent liabilities(6,594)(6,342)
$(7,090)$(6,806)
The net actuarial loss recognized in accumulated other comprehensive income (loss) before the effect of income taxes was $451,000 in 2023 and $148,000 in 2022.
Net pension cost included the following components:
(In thousands)202320222021
Interest cost on projected benefit obligation$361 $241 $213 
Amortization of actuarial loss— 218 257 
Net pension costs$361 $459 $470 
There are no actuarial loss amounts expected to be amortized from accumulated other comprehensive loss into net periodic cost in 2024.
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:
202320222021
Discount rate5.43 %2.80 %2.41 %
Rate of compensation increasen/an/an/a
Assumptions used to determine benefit obligations at December 31 for the SERP are as follows:
20232022
Discount rate5.14 %5.43 %
Rate of compensation increasen/an/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, 2023.
(In thousands)202420252026202720282029-2033
Benefit Payments$496 $539 $592 $610 $592 $2,729 
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 per participant of $13,200 in 2023 and $12,200 in 2022 and $11,600 in 2021. We expensed employer contributions of approximately $6,050,000, $6,431,000 and $6,046,000 in 2023, 2022 and 2021, 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 $72,000, $69,000 and $74,000 in 2023, 2022, and 2021, 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 $9,772,000 and $8,152,000 at December 31, 2023 and 2022, respectively, and are included in other assets. The related liability under the plans of approximately $9,783,000 and $8,158,000 at December 31, 2023 and 2022, respectively, is included in other liabilities.
We offer no post-retirement benefits other than the plans discussed above and no significant post-employment benefits.