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Benefit Plans
12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Benefit Plans

Note 9 – Benefit Plans

 

Defined Contribution Plan

 

The Company has a defined contribution plan covering all full time employees qualified under Section 401(k) of the Internal Revenue Code, in which the Company matches a portion of an employee's salary deferral. The Company's contributions to this plan were $170 and $155, for the years ended December 31, 2019 and 2018, respectively.

 

Defined Benefit Pension Plan

 

At December 31, 2019, approximately 25% of the Company's employees were covered by a collective bargaining agreement, that is scheduled to expire in February 2022.

 

Substantially all union employees who met certain requirements of age, length of service and hours worked per year were covered by a Company sponsored non-contributory defined benefit pension plan. Benefits paid to retirees are based upon age at retirement and years of credited service.

 

On August 1, 2006, the plan was frozen. The defined benefit pension plan is closed to new entrants and existing participants do not accrue any additional benefits. The Company complies with minimum funding requirements. The total expense for this plan was $146 in 2019 and $48 in 2018, respectively.

 

The Company recognizes the funded status of its defined benefit pension plan measured as the difference between the fair value of the plan assets and the projected benefit obligation, in the Consolidated Balance Sheets. As of December 31, 2019 and 2018, the funded status related to the defined benefit pension plan was overfunded by $89 and $288, respectively, and is recorded in current assets.