XML 98 R25.htm IDEA: XBRL DOCUMENT v3.20.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2018
EMPLOYEE BENEFIT PLANS  
EMPLOYEE BENEFIT PLANS

NOTE 16 – EMPLOYEE BENEFIT PLANS

During the years ended December 31, 2019, 2018, and 2017, the Company’s profit-sharing plan contribution expense amounted to $1,223,000,  $1,109,000, and $920,000, respectively. Matching contributions vest to employees ratably over a six-year period.

The Company is partially self-insured for medical claims filed by its employees. As of December 31, 2019 and 2018, the Company’s maximum aggregate liability under the plan was $6,194,000 and $6,017,000, respectively. The individual stop loss coverage was $130,000 per covered person each year. As of December 31, 2019 and 2018, there were 566 and 570, respectively, participants in the plan. During the years ended December 31, 2019, 2018, and 2017, the Company paid out claims and administrative service fees of approximately $5,638,000,  $6,139,000, and $6,178,000, respectively.

The Company maintained a supplemental executive retirement plan (the SERP) for certain key executive officers. The SERP benefit payments were scheduled to be paid in equal monthly installments over 30 years. In June 2019, the Company approved termination of the SERP agreements, and each participant will receive a lump sum payment equal to the present value of any remaining installment payments, payable in June 2020. As of December 31, 2019 and 2018, the deferred compensation liability for the SERP was $12,789,000 and $9,179,000, respectively. During the years ended December 31, 2019, 2018, and 2017, the Company recognized deferred compensation expense for the SERP of $4,291,000,  $505,000, and $514,000, respectively.