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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits, Description [Abstract] |
Employee Benefit Plans | Employee Benefit Plans 401(k) Plan The Bank has a defined contribution plan available to substantially all employees who have completed three months of service. Employees may contribute up to Internal Revenue Service determined limits and the Bank may provide a match to employee contributions not to exceed 3.0% of compensation depending on contribution level. Subject to a vote of the Board of Directors, the Bank may also make a profit-sharing contribution to the Plan. Such contribution equaled 3.0% of each eligible employee's compensation in 2020 and 2.0% in 2019, and 2018. The Company adopted the safe harbor form of 401(k) plan for 2020 and will follow safe harbor guidelines when determining the level of discretionary contribution.The expense related to the 401(k) plan was $981,000, $575,000, and $578,000 in 2020, 2019, and 2018, respectively. Deferred Compensation and Supplemental Retirement Plan The Bank also provides unfunded supplemental retirement benefits for certain officers, payable in installments over 20 years commencing upon retirement or death. The agreements consist of individual contracts with differing characteristics that, when taken together, do not constitute a post-retirement plan. The costs for these benefits are recognized over the service periods of the participating officers in accordance with FASB ASC Topic 712, "Compensation – Nonretirement Postemployment Benefits". The expense of these supplemental plans was $450,000 in 2020, $165,000 in 2019, and $176,000 in 2018. As of December 31, 2020 and 2019, the accrued liability of these plans was $2,991,000 and $2,828,000, respectively, and is recorded in other liabilities. Post-Retirement Benefit Plans The Bank sponsors two post-retirement benefit plans. One plan currently provides a subsidy for health insurance premiums to certain retired employees and a future subsidy for six active employees who were age 50 and over in 1996. These subsidies are based on years of service and range between $40 and $1,200 per month per person. The Bank also provides health insurance for retired directors. The other plan provides life insurance coverage to certain retired employees. None of these plans are pre-funded. The Company utilizes FASB ASC Topic 712 to recognize the overfunded or underfunded status of a defined benefit post-retirement plan as an asset or liability in its balance sheet and to recognize changes in the funded status in the year in which the changes occur through comprehensive income (loss). The following table sets forth the accumulated post-retirement benefit obligation and funded status:
At December 31, | 2020 |  | 2019 |  | 2018
Change in benefit obligations |  |  |  |  |
Benefit obligation at beginning of year: | $ | 1,581,000 |  |  | $ | 1,599,000 |  |  | $ | 1,874,000 |
Interest cost | 46,000 |  |  | 66,000 |  |  | 77,000 |
Benefits paid | (97,000) |  |  | (97,000) |  |  | (117,000) |
Actuarial (gain) loss | (7,000) |  |  | 13,000 |  |  | (235,000) |
Benefit obligation at end of year: | $ | 1,523,000 |  |  | $ | 1,581,000 |  |  | $ | 1,599,000 |
Funded status |  |  |  |  |
Benefit obligation at end of year | $ | (1,523,000) |  |  | $ | (1,581,000) |  |  | $ | (1,599,000) |
Unamortized gain | (35,000) |  |  | (31,000) |  |  | (47,000) |
Accrued benefit cost | $ | (1,558,000) |  |  | $ | (1,612,000) |  |  | $ | (1,646,000) |
Weighted average discount rate as of December 31 | 2.00 | % |  | 3.00 | % |  | 4.25 | %
The following table sets forth the net periodic benefit cost:
For the years ended December 31, | 2020 |  | 2019 |  | 2018
Components of net periodic benefit cost |  |  |  |  |
Interest cost | $ | 46,000 |  |  | $ | 66,000 |  |  | $ | 77,000 |
Amortization of loss | — |  |  | — |  |  | — |
Other settlement income | (2,000) |  |  | (2,000) |  |  | (3,000) |
Net periodic benefit cost | $ | 44,000 |  |  | $ | 64,000 |  |  | $ | 74,000 |
Weighted average discount rate for net periodic cost | 3.00 | % |  | 4.25 | % |  | 4.25 | %
The measurement date for benefit obligations was as of year-end for all years presented. The estimated amount of benefits to be paid in 2021 is $97,000. For years ending 2022 through 2025, the estimated amount of benefits to be paid is $94,000, $90,000, $98,000 and $95,000, respectively, and the total estimated amount of benefits to be paid for years ended 2025 through 2028 is $351,000. Plan expense for 2021 is estimated to be $29,000. In accordance with FASB ASC Topic 715, "Compensation – Retirement Benefits", amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) are as follows:
At December 31, | 2020 |  | 2019 |  | Portion to Be Recognized in Income in 2021
Unamortized net actuarial gain | $ | 35,000 |  |  | $ | 31,000 |  |  | $ | — |
Deferred tax expense at 21% | (7,000) |  |  | (7,000) |  |  | — |
Net unrecognized post-retirement benefits included in accumulated other comprehensive income | $ | 28,000 |  |  | $ | 24,000 |  |  | $ | — |

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