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Employee Benefit Plans
 3 Months Ended
Mar. 31, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans

Note 11 – Employee Benefit Plans

 

The Company has a qualified, defined benefit pension plan that was established to provide benefits to certain employees. The plan is frozen and participants are no longer accruing benefits. Generally, contributions to the plan are not less than the minimum amounts required under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and not more than the maximum amount that can be deducted for federal income tax purposes. The plan assets are held by an independent trustee and consist primarily of equity and fixed income securities.

 

The components of net periodic benefit cost (benefit) for the three months ended March 31, 2022 and 2021, are as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

Pension Benefits

 

2022

 

 

2021

 

Interest cost

 

$

276

 

 

$

236

 

Expected return on plan assets

 

 

(617

)

 

 

(584

)

Amortization of unrecognized net loss

 

 

84

 

 

 

156

 

 

 

$

(257

)

 

$

(192

)

 

The Company made no contributions to the Company’s defined benefit pension plan for the three months ended March 31, 2022 and 2021. The Company expects to make no contributions to its pension plan in 2022.

 

The Company also maintains qualified defined contribution plans, which provide benefits to employees based on employee contributions and employee earnings with discretionary contributions allowed.