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Pension and Supplemental Executive Retirement Plans
 9 Months Ended
Sep. 30, 2021
Retirement Benefits [Abstract]  
Pension and Supplemental Executive Retirement Plans
Note 8 – Pension and Supplemental Executive Retirement Plans

Supplemental executive retirement plan

In June 2017, we, along with MVB Mortgage, approved a Supplemental Executive Retirement Plan (“SERP”), pursuant to which the Chief Executive Officer of MVB Mortgage is entitled to receive certain supplemental nonqualified retirement benefits. The SERP took effect on December 31, 2017. As the executive completed three years of continuous employment with MVB Mortgage prior to retirement date (which shall be no earlier than the date he attains age 55) he will, upon retirement, be entitled to receive $1.8 million payable in 180 equal consecutive monthly installments of $10 thousand. The liability is calculated by discounting the anticipated future cash flows at 4.0%. The liability accrued for this obligation was $1.3 million as of September 30, 2021 and $1.2 million as of December 31, 2020. Service costs were not material for any periods covered by this report.

Pension plan

We participate in a trusteed pension plan known as the Allegheny Group Retirement Plan covering virtually all full-time employees. Benefits are based on years of service and the employee’s compensation. Accruals under the plan were frozen as of May 31, 2014. Freezing the plan resulted in a remeasurement of the pension obligations and plan assets as of the freeze date. The pension obligation was remeasured using the discount rate based on the Citigroup Above Median Pension Discount Curve in effect on May 31, 2014 of 4.5%.
The following table presents information pertaining to the activity in our defined benefit plan, using the latest available actuarial valuations with a measurement date of September 30, 2021 and 2020 for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands)2021202020212020
Service cost$— $— $— $— 
Interest cost78 91 234 273 
Expected return on plan assets(118)(109)(354)(327)
Amortization of net actuarial loss127 105 381 315 
Amortization of prior service cost— — — — 
     Net periodic benefit cost$87 $87 $261 $261 
Contributions paid$— $119 $3,835 $587