The Company has 401(k) plans in the United States under which eligible employees may contribute up to the maximum amount as provided by law. Employees become eligible to participate in these plans on the first day of the month after their employment date. The Company may make discretionary contributions under the plans. Employees in most of the Company's foreign subsidiaries are covered by government mandated defined contribution plans. During fiscal years 2019, 2018 and 2017, the Company contributed $47,441, $38,531 and $33,876, respectively, to defined contribution plans.

The Company has a deferred compensation plan for certain directors and officers. Distributions under the plan are subject to Section 409A of the United States Tax Code. The Company may invest balances in the plan in trading securities reported on recognized exchanges. As of November 30, 2019 and 2018, the deferred compensation liability balance was $5,389 and $6,146, respectively.

The Company has defined benefit pension or retirement plans for eligible employees in certain foreign subsidiaries. Benefits under these plans are primarily based on years of service and compensation during the years immediately preceding retirement or termination of participation in the plans. In addition, as part of the Convergys acquisition, the Company acquired a frozen defined benefit pension plan, which includes both a qualified and non-qualified portion, for all eligible employees in the U.S. (“the cash balance plan”) and unfunded defined benefit plans for certain eligible employees in the Philippines, Malaysia and France. The pension benefit formula for the cash balance plan is determined by a combination of compensation, age-based credits and annual guaranteed interest credits. The qualified portion of the cash balance plan has been funded through contributions made to a trust fund. The plan assumptions are evaluated annually and are updated as deemed necessary. Net benefit costs were $10,308, $3,960 and $2,999, during fiscal years 2019, 2018 and 2017, respectively.

The Company's measurement date for all defined benefit plans and other postretirement benefits is November 30 and the plan assumptions are evaluated annually and are updated as deemed necessary. The status of employee defined benefit plans is summarized below:

	Year Ended November 30,
	2019			2018
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	247,697		$	19,413
Service cost		6,439			2,724
Interest cost		10,291			746
Actuarial (gain) loss		32,584			1,166
Benefits paid		(16,274	)		(2,838	)
Settlements		(13,140	)		(208	)
Acquisition		—			227,073
Foreign currency adjustments		940			(381	)
Projected obligation at end of year	$	268,537		$	247,697

Change in Plan Assets:
Fair value of plan assets at beginning of year	$	164,693		$	10,719
Actual return on assets		5,438			157
Settlement		(13,140	)		—
Acquisition		—			157,505
Employer contributions		1,872			1,405
Employee contributions		723			—
Benefit paid		(7,728	)		(1,079	)
Foreign currency adjustments		4			(4,015	)
Fair value of plan assets at end of year	$	151,862		$	164,693

Funded Status of Plans:
Unfunded status	$	116,675		$	83,004

Amounts recognized in the Consolidated Balance Sheet as of November 30, 2019 and 2018 consist of:

The following weighted-average rates were used in determining the benefit obligations at November 30, 2019 and 2018.

The following weighted-average rates were used in determining the pension costs at November 30, 2019 and 2018. Amounts were not material in fiscal year 2017.

The range of discount rates utilized in determining the pension cost and projected benefit obligation of the Company's defined benefit plans reflects a lower prevalent rate applicable to the frozen cash balance plan for eligible employees in U.S. and a higher applicable rate for the unfunded defined benefit plan for certain eligible employees in the Philippines, France, India, Japan and Malaysia. The plans outside the U.S. represented approximately 24% and 22%, respectively, of the Company's total projected benefit obligation for all plans as of November 30, 2019 and 2018.

As of November 30, 2019 and 2018, plan assets for the cash balance plan consisted of common/collective trusts (of which approximately 60% are invested in equity backed funds and approximately 40% are invested in funds in fixed income instruments) and a private equity fund. The Company's targeted allocation was 60% equity and 40% fixed income. The investment objectives for the plan assets are to generate returns that will enable the plan to meet its future obligations. The Company’s expected long-term rate of return was determined based on the asset mix of the plan, projected returns, past performance and other factors. The Company has satisfied its ERISA funding requirements through 2020. The following table sets forth the fair value of those plan assets as of November 30, 2019 and 2018;

	As of November 30,
	2019		2018
Asset Category:
Cash and cash equivalents	$	3,474	$	3,422
Fixed income		61,005		64,938
Equity securities:
U.S. large cap		48,293		52,853
U.S. small cap		9,025		9,754
International equity		29,271		30,688
Investment funds		374		2,010
Limited partnership		420		1,028
Total investments	$	151,862	$	164,693

The cash balance plan holds level 2 investments in common/collective trust funds that are public investment vehicles valued using a net asset value provided by the manager of each fund based on the underlying net assets owned by the fund, divided by the number of shares outstanding. The Company’s cash balance plan holds Level 3 investments within equity funds that primarily invest in domestic early stage capital funds.

The following table details expected benefit payments for the assumed cash balance plan:

No plan assets are expected to be returned to the Company during fiscal year 2020. The Company expects to make approximately $7,800 in contributions during fiscal year 2020.

The Company also expects approximately $1,900 of actuarial loss included in AOCI will be recognized during fiscal year 2020.