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Pension and Other Postretirement Benefits
 12 Months Ended
Dec. 31, 2020
Other Postretirement Benefits [Abstract]  
Pension and Other Postretirement Benefits PENSION AND OTHER POSTRETIREMENT BENEFITS
The Company has a 401(k) plan which all employees of U.S. subsidiaries are eligible to participate.

The Company contributes to a multiemployer defined benefit pension plan under the terms of a collective-bargaining agreement that covers union-represented employees.

The Company has an unfunded postretirement healthcare plan which provides health insurance to certain employees and their spouses upon retirement. This plan has been frozen and no additional participants will be added to the plan in the future.

Total expense for all retirement plans for the years ended December 31 was (in thousands):
202020192018
401(k) plan$2,403 $2,031 $1,876 
Multiemployer and other defined benefit and pension plans70 195 239 
Postretirement healthcare plan351 346 427 
Total retirement plan expense$2,824 $2,572 $2,542 

The Company's one multiemployer plan is underfunded and has a rehabilitation plan in place. The rehabilitation plan requires minimum contributions from the Company. Given the status of this plan, it is reasonably possible that future contributions to the plan will increase although the Company cannot reasonably estimate a possible range of increased contributions as of December 31, 2020.
The following table presents the changes in the accumulated postretirement benefit obligation related to the Company’s unfunded postretirement healthcare benefits at December 31 (in thousands):
20202019
Projected benefit obligation at January 1$6,024 $6,135 
Service cost10 17 
Interest cost172 234 
Actuarial gain580 (52)
Benefits paid, net of contributions(343)(310)
Projected benefit obligation at December 316,443 6,024 
Fair value of plan assets— — 
Under funded status(6,443)(6,024)
Unamortized prior service cost294 338 
Unrecognized actuarial loss1,843 1,328 
Net amount recognized$(4,306)$(4,358)
Amounts recognized in the consolidated financial statements consisted of (in thousands):
20202019
Accrued postretirement benefit liability
Current portion$335 $330 
Long term portion6,108 5,694 
Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs
(2,137)(1,666)
Net amount recognized$4,306 $4,358 
The measurement date used to determine postretirement benefit obligation measures was December 31.
Components of net periodic postretirement benefit cost charged to expense for the years ended December 31 were as follows (in thousands):
202020192018
Service cost$10 $17 $18 
Interest cost172 234 233 
Amortization of unrecognized prior service cost44 44 44 
Loss amortization (2)
64 51 132 
Net periodic benefit cost$290 $346 $427 
Assumptions used to calculate the benefit obligation:
Discount rate2.0 %2.9 %4.1 %
Annual rate of increase in the per capita cost of:
Medical costs before age 65 (1)
7.0 %6.8 %7.0 %
Medical costs after age 65 (1)
4.5 %4.5 %5.0 %
Prescription drug costs (1)
7.0 %7.0 %9.5 %

(1)    It was assumed that these rates would gradually decline to 3.8% by 2075.
(2)    Actuarial (gains)/losses are amortized utilizing the corridor approach. Differences between actual
experience and the actuarial assumptions are reflected in (gain)/loss. If the total net (gain) or loss exceeds 10 percent of the greater of the accumulated postretirement benefit obligation or plan assets, this excess must be amortized over the average remaining service period of the active plan participants. If most of the plan participants are inactive, the amortization period is the expected future lifetime of inactive plan participants.
Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands):
20212022202320242025Years 2026 - 2030
Expected benefit payments$335 $349 $358 $366 $376 $1,910