Note 12, Benefit Plans:

We have a non-qualified, non-contributory supplemental executive retirement plan (the “SERP”) for employees whose retirement benefits are reduced due to their annual compensation levels. The SERP provides annual benefits amounting to 55% of final average earnings less benefits payable from Social Security benefits and our former pension plan which was settled in 2014. The SERP limits the total amount of annual retirement benefits that may be paid to a participant from all sources (former pension plan, Social Security and the SERP) to $125,000. The SERP is not funded so we pay benefits directly to participants. The SERP was frozen as of December 31, 2015 and no additional benefits have been accrued after that date.

The following table summarizes information about our SERP.

(In thousands)	2019			2018
Change in benefit obligation:
Benefit obligation at beginning of the year	$	7,394		$	8,199
Interest cost		315			290
Actuarial losses (gains)		906			(769	)
Benefits paid		(316	)		(326	)
Benefit obligation at end of year		8,299			7,394
Change in plan assets:
Employer contribution		316			326
Benefits paid		(316	)		(326	)
Fair value of plan assets at end of year		—			—
Funded status of the plan – (underfunded)	$	(8,299	)	$	(7,394	)
Accumulated benefit obligations	$	8,299		$	7,394

Amounts recognized in the consolidated balance sheets consist of:

(In thousands)	2019			2018
Current liabilities	$	(406	)	$	(366	)
Noncurrent liabilities		(7,893	)		(7,028	)
	$	(8,299	)	$	(7,394	)

The net actuarial loss recognized in accumulated other comprehensive income (loss) before the effect of income taxes was $1,923,000 in 2019 and $1,063,000 in 2018.

Net pension cost included the following components:

	SERP
(In thousands)	2019		2018		2017
Interest cost on projected benefit obligation	$	315	$	290	$	321
Amortization of actuarial loss		46		136		90
Net pension costs	$	361	$	426	$	411

Assumptions

We use a measurement date of December 31 for our SERP plan. Assumptions used to determine net periodic benefit cost for years ended December 31 are as follows:

	SERP
	2019			2018			2017
Discount rate		4.36	%		3.68	%		4.30	%
Rate of compensation increase		n/a			n/a			n/a

Assumptions used to determine benefit obligations at December 31 for the SERP are as follows:

	2019			2018
Discount rate		3.29	%		4.36	%
Rate of compensation increase		n/a			n/a

Cash Flows

The following schedule outlines the expected benefit payments related to the SERP in future years. These expected benefits were estimated based on the same actuarial assumptions used to determine benefit obligations at December 31, 2019.

(In thousands)		2020				2021				2022				2023				2024					2025-2029
Benefit Payments		$	406			$	435			$	434			$	427			$	434			$	2,668

Other Plans

We have an employee savings/retirement (401(k)) plan to which substantially all our employees may contribute. We match employee contributions 100% of the first 4% contributed by participants and in 2018 made an additional discretionary contribution. We expensed employer contributions of approximately $5,173,000, $4,770,000 and $3,932,000 in 2019, 2018 and 2017, respectively.

We offer no post-retirement benefits other than the plans discussed above and no significant post-employment benefits.