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EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 30, 2020
EMPLOYEE BENEFIT PLANS  
EMPLOYEE BENEFIT PLANS

10.  EMPLOYEE BENEFIT PLANS

The Company participates in a multiple employer pension plan. The following represents the net periodic cost (benefit) and related components for the plan for the three and nine months ended September 30, 2020 and 2019.

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Three months ended

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Nine months ended

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September 30, 

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September 30, 

(in thousands)

    

2020

    

2019

    

2020

    

2019

Interest cost

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$

58

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$

64

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$

174

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$

192

Expected return on plan assets

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(73)

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(117)

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(219)

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(352)

Amortization of net losses

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24

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22

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72

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66

Net periodic cost (benefit)

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$

9

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$

(31)

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$

27

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$

(94)

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The Company made a contribution of $550,000 to this plan during the nine months ended September 30, 2020; and no contributions were made during the nine months ended September 30, 2019.

In October 2020, the Company amended its retirement income plan to add a limited lump-sum payment window for vested terminated participants who had terminated employment before July 1, 2020 and for active employees who will have reached age 59 ½ by December 1, 2020, with a vested balance. The participants could elect to receive their vested balance immediately as a lump-sum or a monthly annuity payment. The lump-sum payment window offering is scheduled to end during the fourth quarter of 2020. Plan assets will be utilized to fund the participants’ election and is expected to trigger settlement accounting, which will be recognized when the distributions are made in December 2020. The settlement charges represent the accelerated recognition of actuarial losses held in accumulated other comprehensive income.

The Company permits selected highly compensated employees to defer a portion of their compensation into a non-qualified Supplemental Executive Retirement Plan (“SERP”). The Company maintains certain securities in the SERP that have been classified as trading and are stated at fair value totaling approximately $6,979,000 as of September 30, 2020 and $6,716,000 as of December 31, 2019. The SERP assets are reported in other non-current assets on the consolidated balance sheets and changes to the fair value of the assets are reported in selling, general and administrative expenses in the consolidated statements of operations.

Trading losses related to the SERP assets totaled approximately $263,000 during the nine months ended September 30, 2020, compared to trading gains of approximately $738,000 during the nine months ended September 30, 2019. The SERP liability includes participant deferrals net of distributions and is recorded on the consolidated balance sheets in long-term pension liabilities with any change in the fair value of the liabilities recorded as compensation cost within selling, general and administrative expenses in the consolidated statements of operations.