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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Company provides a contributory trusteed 401(k) deferred compensation and profit sharing plan, which covers substantially all employees. The Company agrees to match certain employee contributions under the 401(k) portion of the plan, while profit sharing contributions are discretionary and are subject to determination by the Board of Directors. Company contributions were $1,956, $1,755, and $1,438 for 2020, 2019, and 2018, respectively.
 
The Company self-insures employee health benefits. Stop loss insurance covers annual losses exceeding $175 per covered family. Management’s policy is to establish a reserve for claims not submitted by a charge to earnings based on prior experience. Charges to earnings were $5,234, $5,495, and $3,724 for 2020, 2019, and 2018, respectively.
 
The Company maintains deferred compensation plans for the benefit of certain directors and officers. Under the plans, the Company agrees in return for the directors and officers deferring the receipt of a portion of their current compensation, to pay a retirement benefit computed as the amount of the compensation deferred plus accrued interest at a variable rate. Accrued benefits payable totaled $2,089 and $2,043 at December 31, 2020 and 2019. Deferred compensation expense was $304, $243, and $324 for 2020, 2019, and 2018, respectively. In conjunction with the plans, the Company purchased life insurance on certain directors and officers.

Postretirement Medical and Life Benefit Plan
 
The Company has an unfunded postretirement benefit plan covering substantially all of its employees. The medical plan is contributory with the participants’ contributions adjusted annually; the life insurance plans are noncontributory.
Changes in Accumulated Postretirement Benefit Obligations:20202019
Obligation at the Beginning of Year$1,498 $1,154 
Unrecognized Loss (Gain)114 296 
Components of Net Periodic Postretirement Benefit Cost  
Service Cost110 83 
Interest Cost41 43 
Net Expected Benefit Payments(96)(92)
Amendments(33)14 
Obligation at End of Year$1,634 $1,498 

Components of Postretirement Benefit Expense:202020192018
Service Cost$110 $83 $69 
Interest Cost41 43 34 
Amortization of Prior Service Costs2 — — 
Amortization of Unrecognized Net (Gain) Loss64 37 32 
Net Postretirement Benefit Expense217 163 135 
Net Gain (Loss) During Period Recognized in Other Comprehensive Income (Loss)15 273 41 
Total Recognized in Net Postretirement Benefit Expense and Other Comprehensive Income$232 $436 $176 
 
Assumptions Used to Determine Net Periodic Cost and Benefit Obligations:202020192018
Discount Rate1.81 %2.81 %3.91 %
 
Assumed Health Care Cost Trend Rates at Year-end:20202019
Health Care Cost Trend Rate Assumed for Next Year8.00 %8.00 %
Rate that the Cost Trend Rate Gradually Declines to4.50 %4.50 %
Year that the Rate Reaches the Rate it is Assumed to Remain at20272026
 
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. A one-percentage-point change in assumed health care cost trend rates would have the following effects as of December 31, 2020:

One-Percentage-Point
Increase		One-Percentage-Point
Decrease
Effect on Total of Service and Interest Cost$15 $(13)
Effect on Postretirement Benefit Obligation$122 $(108)
 
Contributions
The Company expects to contribute $96 to its postretirement medical and life insurance plan in 2021.
 
Estimated Future Benefits
The following postretirement benefit payments, which reflect expected future service, are expected to be paid:
2021$121 
2022117 
2023130 
2024115 
2025124 
2026-2030761 

Multi-Employer Pension Plan

Through the acquisition of River Valley Bancorp, the Company acquired a participation in a multi-employer defined benefit pension plan. Effective December 31, 2015, the plan was frozen. Pension expense was approximately $42 and $84 during 2020 and 2019, respectively. Specific plan asset and accumulated benefit information for the Company's portion of the fund is not available. Under the Employee Retirement Income and Security Act of 1974 ("ERISA"), a contributor to a multi-employer pension plan may be liable in the event of complete or partial withdrawal for the benefit payments guaranteed under ERISA, but there is no intention to withdraw.

The Company participates in the Pentegra Defined Benefit Plan for Financial Institutions (the "Pentegra DB Plan"), a tax-qualified defined-benefit pension plan. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under ERISA and the Internal Revenue Code. There are no collective bargaining agreements in place that require contributions to the Pentegra DB Plan.

The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan, contributions made by a participating employer may be used to provide benefits to participants of other participating employers.
Total contributions made to the Pentegra DB Plan, as reported on Form 5500, equal $138,322 and $164,570 for the plan years ended June 30, 2019 and 2018, respectively. The Company's contributions to the Pentegra DB Plan for the fiscal year ending December 31, 2020 were not more than 5% of total contributions to the Pentegra DB Plan for the year ending June 30, 2019.