EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2019



	EIN/ Pension Plan Number	Pension Protection Act Zone Status		FIP/RP Status Pending/ Implemented	Contributions and Accruals (in $000’s)						Company Contributions > 5%	Union Contract Expires
Pension Fund	EIN/ Pension Plan Number	2019	2018	FIP/RP Status Pending/ Implemented	2019		2018		2017		Company Contributions > 5%	Union Contract Expires
SEIU National Industry Pension Fund	52-6148540	Red	Red	Yes/Implemented	$	910	$	845	$	659	No	4/30/2022
New England Carpenters Pension Fund⁽¹⁾	51-6040899	Green	Green	No	121		138		106		No	6/2/2020
Plumbers and Pipefitters Pension Fund	52-6152779	Yellow	Yellow	Yes/Implemented	299		311		267		No	8/29/2021
Rhode Island Laborers Pension Fund	51-6095806	Green	Green	No	785		934		929		Yes	7/31/2020
New England Teamsters Pension Fund	04-6372430	Red	Red	Yes/Implemented	361		582		541		No	6/30/2020
The Legacy Plan of the UNITE HERE Retirement Fund⁽³⁾	82-0994119/001	Red	Red	Yes/Implemented	936		1,474		783		No	6/30/2021
The Adjustable Plan of the UNITE HERE Retirement Fund⁽³⁾	82-0994119/002	N/A⁽²⁾		No	936		1,474		783		No	6/30/2021
Total Contributions					$	3,412	$	4,284	$	3,285

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(1)	Effective January 1, 2018, the RI Carpenters Pension Fund merged into the New England Carpenters Pension Fund (EIN–51-6040899), which also has a green status for the pension protection act zone status.


(2)	The Plan is not subject to the Pension Protection Act of 2016 zone status certification rule.

(3)

Formerly listed as Hotel & Restaurant Employees International Pension Fund - Allocations of contributions between the two plans are determined by the plan administrator. Contributions for 2017 were made to the Legacy and Adjustable Plans of the National Retirement Fund (13-6130178). Effective January 1, 2018, certain assets of the National Retirement Fund were spun off into the UNITE HERE Retirement Fund.

Schedule of Benefit Obligation, Fair Value of Plan Assets, and Funded Status of Plan

For the defined benefit pension plan, the accumulated benefit obligation is equal to the projected benefit obligation. The following tables present the benefit obligation, fair value of plan assets and funded status of the plan:



(in thousands)	Year Ended December 31, 2019
Changes in Benefit Obligation
Benefit obligation at acquisition date of March 28, 2019	$	24,067
Service cost	—
Interest cost	666
Actuarial (gain) loss	3,588
Benefits paid	(472		)
Benefit obligation at end of year	$	27,849
Changes in Plan Assets
Fair value of plan assets at acquisition date of March 28, 2019	$	17,454
Actual return (loss) on plan assets	1,815
Employer contributions	365
Benefits paid	(472		)
Settlement payments	—
Fair value of plan assets at end of year	$	19,162

Unfunded status at end of year	$	(8,687	)

Schedule of Periodic Benefit (Income) Cost

Net periodic benefit (income) cost and other changes in plan assets and benefit obligations recognized consist of the following:



(in thousands)	Year Ended December 31, 2019
Net Periodic Benefit (Income) Cost
Interest cost	$	666
Expected return on plan assets	(967		)
Net periodic benefit (income) cost	$	(301	)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net actuarial loss	$	2,740
Total expense recognized in other comprehensive income	$	2,740

Total expense recognized in net periodic benefit cost (income) and other comprehensive income (loss)	$	2,439

Schedule of Assumptions Used

The principal assumptions used to determine net periodic pension benefit cost and benefit obligation under the Dover Downs Pension Plan as of December 31, 2019 consisted of the following:



	Year Ended December 31, 2019
Benefit obligation assumptions:
Discount rate	3.28	%
Salary scale	n/a
Net periodic benefit cost assumptions:
Discount rate	4.05	%
Expected return on plan assets	7.5	%
Salary scale	n/a

Schedule of Allocation of Plan Assets

The asset allocation targets and the actual allocation of pension assets in the Dover Downs Pension Plan as of December 31, 2019 were as follows:



Asset Category	Target		December 31, 2019
Equity Securities	60	%	60	%
Debt Securities	40	%	35	%
Other	—	%	5	%
Total	100	%	100	%

The fair values of pension assets in the Dover Downs Pension Plan as of December 31, 2019 by asset category were as follows:



(in thousands)
Asset Category	Total		Level 1		Level 2		Level 3
Mutual funds/ETFs:
Equity-large cap	$	6,702	$	6,702	$	—	$	—
Equity-mid cap	955		955		—		—
Equity-small cap	955		955		—		—
Equity-international	2,882		2,882		—		—
Fixed income	6,702		6,702		—		—
Money market	966		966		—		—
Total mutual funds/ETFs	$	19,162	$	19,162	$	—	$	—

Schedule of Estimated Future Benefit Payments

The estimated future benefit payments under the Dover Downs Pension Plan are as follows:



(in thousands)
Year Ending December 31,
2020	$	902
2021	929
2022	976
2023	1,063
2024	1,106
2025-2029	6,130