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Note 16 - Benefit Plans
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Pension and Other Postretirement Benefits Disclosure [Text Block]

16. Benefit Plans

 

In June 2019, the Compensation Committee of the Company’s Board of Directors approved a resolution to terminate the Company’s defined benefit pension plan (the Pension Plan). After this approval, during the second quarter of 2019, the Company commenced the plan termination process.  In the third quarter of 2019, the Company intends to amend the Pension Plan to provide eligible participants choice of a lump sum or annuity payment.  The Company expects to complete the lump sum payments and the transfer of the remaining Pension Plan assets to a third-party administrator within the next twelve months.  Termination of the Pension Plan will not result in a reduction of benefits to plan participants.  The decision to terminate the Pension Plan follows the Company’s decision in 2008 to freeze benefits being accrued under the previous noncontributory salaried and hourly pension plans, which were merged into one plan effective December 31, 2018.  Upon settlement of the pension liability, the Company will reclassify the related pension losses currently recorded to AOCL, to the consolidated statements of comprehensive income.