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RETIREMENT PLANS
 9 Months Ended
Sep. 30, 2021
Retirement Benefits [Abstract]  
RETIREMENT PLANS RETIREMENT PLANS
The Company has been a participant in the Pentegra Defined Benefit Plan for Financial Institutions (the “Pentegra DB Plan”), a tax-qualified defined benefit pension plan. There is no separate valuation of multi-employer plan benefits nor segregation of plan assets specifically for the Company because the Pentegra DB Plan is a multi-employer plan. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. There are no collective bargaining agreements in place that require contributions to the Pentegra DB Plan. Benefits are based on years of service and compensation prior to retirement. Annually, Pentegra determines the contributions required to be made by each participating Company, and these contributions are expensed during the year they relate to. The benefits are based on years of service and employee’s compensation. Effective January 1, 2020 this plan was frozen to all current plan participants, eliminating all future benefit accruals. Employees affected by the Pentegra DB Plan amendments noted above will be automatically enrolled into the profit-sharing plan.

The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan contributions made by a participating employer may be used to provide benefits to participants of other participating employers. The Company elected to withdraw from the Pentegra DB Plan in August 2021, and has recorded an associated $9.2 million accrued withdrawal liability. The withdrawal is expected to be finalized in the fourth quarter of 2021. The final exit price may vary from the amount originally estimated, as it is based on market pricing.

The Company has a savings plan under Section 401(k) of the Internal Revenue Code, which covers substantially all employees upon employment who have attained the age of 18. Under the plan, employee contributions are partially matched by the Company at its sole discretion.
The Company provides certain health insurance benefits for retired employees and directors meeting plan eligibility requirements. Effective January 1, 2019 the employee postretirement health benefit plan was curtailed, leaving only 10 retired participants and beneficiaries remaining in the plan. Active participants who met certain requirements received payments in lieu of future benefits. The plans are unfunded as of September 30, 2021 and 2020, and the obligation is included in other liabilities as an accrued postretirement benefit cost.

The Company maintains an Executive Supplemental Income Retirement Plan (“SERP”) for certain employees and a Director Retirement Plan (“DRP”). As the SERP and DRP plans are unfunded, there are no plan assets associated with these plans.

The components of net periodic benefit cost and other amounts recognized in other comprehensive income were as follows for the three and nine months ended September 30, 2021 and 2020:

SERP and DRP
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
(In thousands)(In thousands)
Service cost$38 $24 $113 $66 
Interest cost19 21 56 76 
Prior Service Cost17 17 51 51 
Amortization:
Net loss (gain)36 32 106 (135)
Net periodic benefit cost$110 $94 $326 $58 

Post Retirement
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
(In thousands)(In thousands)
Service cost$— $— $1 $1 
Interest cost$10 $12 $29 $41 
Amortization:
Net loss (gain)(1)— (2)(111)
Net periodic benefit cost$9 $12 $28 $(69)
The components of net periodic benefit cost other than the service cost component are included in the line item “other noninterest expense” in the Statement of Operations.