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RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2019
Postemployment Benefits [Abstract] |
Schedule of Benefit Plan Funded Status | A measurement date of December 31 has been used for the fiscal years ended December 31, 2019 and 2018.
In thousands | 2019 |  | 2018
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 30,338 |  |  | $ | 31,547 |
Service cost | 696 |  |  | 860 |
Interest cost | 1,213 |  |  | 1,096 |
Actuarial loss (gain) | 3,603 |  |  | (1,944 | )
Benefits paid | (1,316 | ) |  | (1,221 | )
Projected benefit obligation at end of year | 34,534 |  |  | 30,338 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | 39,680 |  |  | 42,439 |
Actual return on plan assets | 5,928 |  |  | (1,538 | )
Employer contribution | — |  |  | — |
Benefits paid | (1,316 | ) |  | (1,221 | )
Fair value of plan assets at end of year | 44,292 |  |  | 39,680 |
Funded Status, included in other assets | $ | 9,758 |  |  | $ | 9,342 |
Amounts recognized in accumulated other comprehensive loss: |  |  |
Total net actuarial loss | $ | 9,147 |  |  | $ | 9,773 |
Prior service cost | — |  |  | — |
Total included in accumulated other comprehensive loss (pretax) | $ | 9,147 |  |  | $ | 9,773 |
Estimated Costs To Be Amortized From AOCI Into Net Periodic Pension Cost During The Next Fiscal Year | The estimated costs that will be amortized from accumulated other comprehensive loss into net periodic pension cost during the next fiscal year are as follows:
In thousands |
Net loss | $ | 675 |
Prior service cost | — |
| $ | 675 |
Components Of Net Periodic Benefit Costs (Income) | The components of net periodic benefit cost (income) related to the non-contributory, defined benefit pension plan for the years ended December 31 are as follows:
In thousands | 2019 |  | 2018
Components of net periodic benefit cost (income): |  |  |
Service cost | $ | 696 |  |  | $ | 860 |
Interest cost | 1,213 |  |  | 1,096 |
Expected return on plan assets | (2,549 | ) |  | (2,770 | )
Recognized net actuarial loss | 850 |  |  | 515 |
Amortization of prior service cost | — |  |  | — |
Net Periodic Benefit Cost (Income) | 210 |  |  | (299 | )
Net loss | 224 |  |  | 2,365 |
Amortization of net loss | (850 | ) |  | (515 | )
Amortization of prior service cost | — |  |  | — |
Total recognized in other comprehensive (income) loss | $ | (626 | ) |  | $ | 1,850 |
Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss | $ | (416 | ) |  | $ | 1,551 |
Assumptions Used To Determine The Benefit Obligation and Net Periodic Benefit Cost (Income) | For the years ended December 31, 2019 and 2018, the assumptions used to determine the benefit obligation are as follows:
| 2019 |  | 2018
Discount rate | 3.20 | % |  | 4.10 | %
Rate of compensation increase | 3.50 | % |  | 3.50 | %
For the years ended December 31, 2019 and 2018, the assumptions used to determine the net periodic benefit cost (income) are as follows:
| 2019 |  | 2018
Discount rate | 4.10 | % |  | 3.55 | %
Expected long-term rate of return on plan assets | 6.75 | % |  | 6.75 | %
Rate of compensation increase | 3.50 | % |  | 3.50 | %
Pension Plan Weighted-Average Assets' Allocations | The Corporation’s pension plan weighted-average assets’ allocations at December 31, 2019 and 2018, are as follows:
| 2019 |  | 2018
Equity securities | 45 | % |  | 63 | %
Debt securities | 42 | % |  | 34 | %
Short-term fixed income | — | % |  | — | %
Real estate | 13 | % |  | 3 | %
| 100 | % |  | 100 | %
Fair Value Measurements | Fair value measurements at December 31, 2019, are as follows:
In thousands | Total |  | Level 1 |  | Level 2 |  | Level 3
Equity securities | $ | 20,098 |  |  | $ | 2,854 |  |  | $ | 17,244 |  |  | $ | — |
Debt securities | 18,516 |  |  | — |  |  | 18,516 |  |  | — |
Real estate | 5,678 |  |  | — |  |  | 5,678 |  |  | — |
Fair value measurements at December 31, 2018, are as follows:
In thousands | Total |  | Level 1 |  | Level 2 |  | Level 3
Equity securities | $ | 25,150 |  |  | $ | 2,882 |  |  | $ | 22,268 |  |  | $ | — |
Debt securities | 13,376 |  |  | — |  |  | 13,376 |  |  | — |
Real estate | 1,154 |  |  | — |  |  | 1,154 |  |  | — |
Future Benefit Payments | Based on current data and assumptions, the following benefit payments, which reflect expected future service, as appropriate, are:
Years Ending | In thousands
2020 | $ | 1,550 |
2021 | 1,670 |
2022 | 1,680 |
2023 | 1,800 |
2024 | 1,840 |
2025 - 2029 | 9,480 |

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