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RETIREMENT PLANS | 12 Months Ended
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Dec. 31, 2019
Postemployment Benefits [Abstract] |
RETIREMENT PLANS | RETIREMENT PLANS 401(k) plan The Company maintains a defined contribution retirement plan for eligible employees under Section 401(k) of the Internal Revenue Code. Participants can make voluntary contributions up to the Internal Revenue Service limit of $19,000 ($25,000 for employees 50 years or over) for 2019. The Company suspended its matching contribution in 2009 as an expense savings measure. The Company’s United Kingdom-based subsidiaries maintain defined contribution pension plans. Retirement benefit obligations The Company assumed retirement benefit obligations, which are paid to certain former executives of a business acquired in 2006. The obligations under the agreements with these former executives are unfunded and amounted to $7.3 million at December 31, 2019 and $6.6 million at December 31, 2018. The discount rate used to calculate the retirement benefit obligations was 2.88% at December 31, 2019 and 3.98% at December 31, 2018. The retirement benefit obligations are included in accrued expenses and deferred rent and other long-term liabilities. The Company expects to recognize $0.1 million of actuarial losses included in accumulated other comprehensive loss in net periodic benefit cost in 2020. Expected benefit payments for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in thousands):
Year ending December 31, |
2020 | $ | 419 |
2021 | 412 |
2022 | 454 |
2023 | 434 |
2024 | 414 |
2025 through 2029 | 1,795 |

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- Definition The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 + Details
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