Post Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Components of multiemployer plans

Pension Fund

EIN/Pension Plan Number

Pension Protection Act Zone Status

FIP/RP Status Pending/ Implemented

Contributions of the Company

Surcharge Imposed

Expiration Date of Collective Bargaining Agreement

2019

2018

2019

2018

IAM National Pension Fund / National Pension Plan ^(A)

51-6031295 - 002

Red as of 12/31/18

Green as of 12/31/17

Implemented

$971,000

$760,000

Yes

8/7/2022

Total Contributions:

$971,000

$760,000

^(A) The plan re-certified its zone status after using the amortization provisions of the Code. The Company's contributions to the plan did not represent more than 5% of total contributions to the plan as indicated in the plan's most recently available annual report for the plan year ended December 31, 2018. Under the terms of the collective-bargaining agreement, the Company is required to make contributions to the plan for each hour worked up to a maximum of 40 hours per person, per week at $1.55 per hour from August 10, 2019 through August 6, 2022.

Reconciliation of changes in benefit obligation, amounts included in AOCI and assumptions used

The funded status of the Company's post retirement health and life insurance benefits plan as of December 31, 2019 and 2018 and reconciliation with the amounts recognized in the consolidated balance sheets are provided below:



	Post Retirement Benefits
	2019			2018
Change in benefit obligation:
Benefit obligation at January 1	$	8,076,000		$	9,050,000
Interest cost	285,000			277,000
Unrecognized loss (gain)	1,099,000			(910,000		)
Benefits paid, net	(300,000		)	(341,000		)
Benefit obligation at December 31	$	9,160,000		$	8,076,000

Plan Assets	—			—

Amounts recorded in accumulated other comprehensive income:
Prior service credit	$	(5,610,000	)	$	(6,106,000	)
Net loss	3,634,000			2,652,000
Total	$	(1,976,000	)	$	(3,454,000	)

Weighted-average assumptions as of December 31:
Discount rate used to determine benefit obligation and net periodic benefit cost	2.9		%	4.0		%

Components of postretirement expense

The components of expense for all of the Company's post retirement benefit plans for the years ended December 31:



	2019			2018			2017
Pension expense:
Multi-employer plan	$	971,000		$	760,000		$	647,000
Defined contribution plans	1,258,000			1,059,000			752,000
Total pension expense	2,229,000			1,819,000			1,399,000

Health and life insurance:
Interest cost	285,000			277,000			298,000
Amortization of prior service costs	(496,000		)	(496,000		)	(496,000		)
Amortization of net loss	117,000			171,000			149,000
Net periodic benefit cost	(94,000		)	(48,000		)	(49,000		)
Total post retirement benefits expense	$	2,135,000		$	1,771,000		$	1,350,000

Effect of changing health care cost trend rate

The effect of changing the health care cost trend rate by one-percentage point for each future year is as follows:



	1- Percentage Point Increase		1-Percentage Point Decrease
Effect on total of service and interest cost components	$	39,000	$	(33,000	)
Effect on post retirement benefit obligation	$	1,169,000	$	(997,000	)

Estimated future benefit payments

The estimated future benefit payments of the health care plan for the next ten years are as follows:



Year	Postretirement Health Care Benefits Plan
2020	$	1,233,000
2021	470,000
2022	497,000
2023	519,000
2024	496,000
2025 - 2029	2,438,000