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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2020
Postemployment Benefits [Abstract]  
Employee Benefit Plans
(12)
Employee Benefit Plans
Defined Contribution Plan
The Company has a defined contribution plan that conforms to Section 401(k) of the Internal Revenue Code. Under this plan, employees may contribute a minimum of 1% of their compensation (no maximum) to the Plan. However, the Internal Revenue Code limited contributions to $19,000 and $19,500 (or $25,000 and $26,000 if aged 50 years or older) in 2019 and 2020, respectively. No employer matching contributions were made to the defined contribution plan in 2019 and 2020.
 
Supplemental Employee Retirement Plan
The benefit obligations related to the frozen SERP of $9.7 million and $10.8 million are reported in other long-term liabilities in the consolidated balance sheets as of December 31, 2019 and 2020, respectively. The Company contributed $0.4 million and $0.5 million to the SERP in 2019 and 2020, respectively.
The SERP is summarized as follows:
 
 
  
Year ended December 31,
 
 
  
2019
 
 
2020
 
Change in Projected Benefit Obligation
  
   
 
   
Benefit obligation at beginning of year
  
$
9,038,825
 
 
$
9,723,866
 
Interest cost
  
 
340,302
 
 
 
279,778
 
Actuarial loss
  
 
712,728
 
 
 
1,345,943
 
Benefits paid
  
 
(367,989
) 
 
 
(544,261
) 
 
  
 
 
 
 
 
 
 
Benefit obligation at end of year
  
$
9,723,866
 
 
$
10,805,326
 
 
  
 
 
 
 
 
 
 
Change in Plan Assets
  
   
 
   
Fair value of plan assets at beginning of year
  
$
—  
 
 
$
—  
 
Employer contribution
  
 
367,989
 
 
 
544,261
 
Benefits paid
  
 
(367,989
) 
 
 
(544,261
) 
 
  
 
 
 
 
 
 
 
Fair value of plan assets at end of year
  
$
—  
 
 
$
—  
 
 
  
 
 
 
 
 
 
 
Funded status
  
$
(9,723,866
) 
 
$
(10,805,326
) 
Unrecognized net actuarial loss
  
 
593,326
 
 
 
1,939,269
 
 
  
 
 
 
 
 
 
 
Cumulative employer contributions in excess of the net periodic pension cost
  
$
(9,130,540
) 
 
$
(8,866,057
) 
 
  
 
 
 
 
 
 
 
Amounts Recognized in the Statement of Financial Position
  
   
 
   
Current liabilities
  
$
(493,735
) 
 
$
(542,110
) 
Noncurrent liabilities
  
 
(9,230,131
) 
 
 
(10,263,216
) 
 
  
 
 
 
 
 
 
 
Net amount recognized
  
$
(9,723,866
) 
 
$
(10,805,326
) 
 
  
 
 
 
 
 
 
 
Amounts Recognized in Accumulated Other Comprehensive Income
  
   
 
   
Net actuarial loss
  
$
593,326
 
 
$
1,939,269
 
 
  
 
 
 
 
 
 
 
Total (before tax effects)
  
$
593,326
 
 
$
1,939,269
 
 
  
 
 
 
 
 
 
 
Information for Pension Plans about Benefit Obligation and Plan Assets
  
   
 
   
Projected benefit obligation
  
$
9,723,866
 
 
$
10,805,326
 
Accumulated benefit obligation
  
$
9,723,866
 
 
$
10,805,326
 
Weighted-average assumptions for Disclosure
  
   
 
   
Discount rate
  
 
2.95
% 
 
 
2.10
% 
Mortality table
  
 
Pri-2012
 
 
 
Pri-2012 WC
 
Mortality improvement scale
  
 
MP-2019
 
 
 
MP-2020
 
Net periodic benefit cost
  
   
 
   
Interest cost
  
$
340,302
 
 
$
279,778
 
 
  
 
 
 
 
 
 
 
Net periodic benefit cost
  
$
340,302
 
 
$
279,778
 
 
  
 
 
 
 
 
 
 
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
  
   
 
   
Net actuarial loss
  
$
712,728
 
 
$
1,345,943
 
 
  
 
 
 
 
 
 
 
Total recognized in other comprehensive income (before tax effects)
  
$
712,728
 
 
$
1,345,943
 
 
  
 
 
 
 
 
 
 
Total recognized in net cost and other comprehensive income (before tax effects)
  
$
1,053,030
 
 
$
1,625,721
 
 
  
 
 
 
 
 
 
 
Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year
  
   
 
   
(Gain) loss recognition
  
$
—  
 
 
$
143,362
 
Prior service cost recognition
  
$
—  
 
 
$
—  
 
Net initial obligation (asset) recognition
  
$
—  
 
 
$
—  
 
Weighted-average assumptions used to determine Net Periodic Benefit Cost
  
   
 
   
Discount rate
  
 
4.00
% 
 
 
2.95
% 
Corridor
  
 
10.00
% 
 
 
10.00
% 
Average future working lifetime
  
 
6.46
 
 
 
6.48
 
Mortality table
  
 
RP-2014
 
 
 
Pri-2012
 
Mortality improvement scale
  
 
MP-2018
 
 
 
MP-2019
 
Estimated Future Benefit Payments
  
   
 
   
2021
  
   
 
$
542,110
 
2022
  
   
 
$
545,375
 
2023
  
   
 
$
552,156
 
2024
  
   
 
$
576,377
 
2025
  
   
 
$
603,510
 
2026-2030
  
   
 
$
2,963,215
 
Contributions
  
   
 
   
Estimated contributions for 2021
  
   
 
$
542,110