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Post Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Post Retirement Benefits  
Participation in the multi-employer defined benefit pension plan
Expiration
 
FIP/RP
Date of
 
Pension Protection
Status
Contributions of the
 
Collective
EIN/Pension
 
Act Zone Status
Pending/
 
Company
Surcharge
 
Bargaining
 
Pension Fund
Plan Number
2020
2019
Implemented
2020
2019
Imposed
Agreement
IAM National Pension Fund /
National Pension Plan
(A)
51-6031295
 
-
002
 
as of 12/31/19
 
as of 12/31/18
Implemented
$
676,000
$
971,000
Yes
8/7/2022
Total Contributions:
$
676,000
$
971,000
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, 2019.
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. The Company is paying a surcharge of $2.40.
The funded status of the Company's post retirement health and life insurance benefits plan and reconciliation with the amounts recognized in the consolidated balance sheets
Post Retirement Benefits
2020
2019
Change in benefit obligation:
Benefit obligation at January 1
$
9,160,000
$
8,076,000
Interest cost
237,000
285,000
Unrecognized loss (gain)
(102,000)
1,099,000
Benefits paid, net
(186,000)
(300,000)
Benefit obligation at December 31
$
9,109,000
$
9,160,000
Plan Assets
—
—
Amounts recorded in accumulated other comprehensive
 
income:
Prior service credit
$
(5,114,000)
$
(5,610,000)
Net loss
3,351,000
3,634,000
Total
$
(1,763,000)
$
(1,976,000)
Weighted-average
 
assumptions as of December 31:
Discount rate used to determine benefit obligation and net periodic
 
benefit cost
2.0
%
2.9
%
Components of expense for all of the Company's post retirement benefit plans
2020
2019
2018
Pension expense:
Multi-employer plan
$
676,000
$
971,000
$
760,000
Defined contribution plans
1,173,000
1,258,000
1,059,000
Total pension expense
1,849,000
2,229,000
1,819,000
Health and life insurance:
Interest cost
235,000
285,000
277,000
Amortization of prior service costs
(496,000)
(496,000)
(496,000)
Amortization of net loss
181,000
117,000
171,000
Net periodic benefit cost
(80,000)
(94,000)
(48,000)
Total
 
post retirement benefits expense
$
1,769,000
$
2,135,000
$
1,771,000
Effect of changing health care cost trend rate by one-percentage point for each future year
1- Percentage
Point Increase
1-Percentage
Point Decrease
Effect on total of service and interest cost components
$
34,000
$
(29,000)
Effect on post retirement benefit obligation
$
1,081,000
$
(924,000)
Estimated future benefit payments of the health care plan for the next ten years
Postretirement
 
Health Care
 
Benefits Plan
2021
$
1,286,000
2022
459,000
2023
500,000
2024
473,000
2025
471,000
2026 - 2030
2,265,000