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Benefit Plans
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Benefit Plans 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 was frozen as of December 31, 2015 and no additional benefits were earned or have been accrued after that date. 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 following table summarizes information about our SERP.
(In thousands)20222021
Change in benefit obligation:
Benefit obligation at beginning of the year$8,756 $9,001 
Interest cost241 213 
Actuarial (gains) losses(1,832)(99)
Benefits paid(359)(359)
Benefit obligation at end of year6,806 8,756 
Change in plan assets:
Employer contribution359 359 
Benefits paid(359)(359)
Fair value of plan assets at end of year— — 
Funded status of the plan – (underfunded)$(6,806)$(8,756)
Accumulated benefit obligations$6,806 $8,756 
Amounts recognized in the consolidated balance sheets consist of:
(In thousands)20222021
Current liabilities$(464)$(458)
Noncurrent liabilities(6,342)(8,298)
$(6,806)$(8,756)
The net actuarial loss recognized in accumulated other comprehensive income (loss) before the effect of income taxes was $148,000 in 2022 and $2,198,000 in 2021.
Net pension cost included the following components:
(In thousands)202220212020
Interest cost on projected benefit obligation$241 $213 $266 
Amortization of actuarial loss218 257 159 
Net pension costs$459 $470 $425 
There are no actuarial loss amounts expected to be amortized from accumulated other comprehensive loss into net periodic cost in 2023.
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:
202220212020
Discount rate2.80 %2.41 %3.29 %
Rate of compensation increasen/an/an/a
Assumptions used to determine benefit obligations at December 31 for the SERP are as follows:
20222021
Discount rate5.43 %2.80 %
Rate of compensation increasen/an/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, 2022.
(In thousands)202320242025202620272028-2032
Benefit Payments$464 $470 $514 $568 $586 $2,711 
Other Plans
We have an employee savings/retirement (401(k)) plan to which substantially all our employees may contribute. We match employee contributions 100% up to 4% of a participant’s compensation, with a maximum match per participant of $12,200 in 2022 and $11,600 in 2021. We suspended the matching contribution for six weeks during 2020 as part of our business continuity plan. We expensed employer contributions of approximately $6,431,000, $6,046,000 and $4,069,000 in 2022, 2021 and 2020, respectively.
We offer participation in a self-directed, non-qualified deferred compensation plan to certain executives and employees. The plan allows a participant to defer a portion of their income. We may also make annual contributions based on the participant’s annual deferral, and our contributions were approximately $69,000, $74,000 and $43,000 in 2022, 2021, and 2020, respectively. The investments for the plan (and its predecessor plan) are held in rabbi trusts and are used to meet the obligations of the plans and precludes us from using such assets for operating purposes. The plans’ assets totaled approximately $8,152,000 and $9,184,000 at December 31, 2022 and 2021, respectively, and are included in other assets. The related liability under the plans of approximately $8,158,000 and $9,201,000 at December 31, 2022 and 2021, respectively, is included in other liabilities.
We offer no post-retirement benefits other than the plans discussed above and no significant post-employment benefits.