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Note 13 - Employee Benefit Plans
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Retirement Benefits [Text Block]

Note 13 – Employee Benefit Plans

 

401(k) Plan:

The 401(k) plan allows employees to contribute to their individual accounts under the plan amounts up to the IRS maximum. Matching company contributions to the plan are discretionary. Expense for matching company contributions under the plan was $627,000, $465,000, and $233,000 in 2021, 2020, and 2019, respectively.

 

Post-retirement Benefits Plan:

ChoiceOne maintains an unfunded post-retirement health care plan, which permits employees (and their dependents) the ability to participate upon retirement from ChoiceOne. ChoiceOne does not pay any portion of the health care premiums charged to its retired participants. A liability would be accrued for the obligation under this plan. Effective in December 2020, ChoiceOne curtailed the plan to the extent that it would be no longer offered to future retirees.  Current retirees receiving the benefit were not affected.  As a result of the curtailment, ChoiceOne realized a recovery of post-retirement benefit expense of $10,000 in 2021, compared to recoveries of $222,000 and $14,000 in 2020 and 2019, respectively. The post-retirement obligation liability was $0 as of December 31, 2021 and $10,000 as of December 31, 2020.