DEFINED BENEFIT PENSION PLAN (Tables)

3 Months Ended

Mar. 31, 2020

DEFINED BENEFIT PENSION PLAN

Schedule of anticipated distributions over the next five years

The anticipated distributions over the next five years and through December 31, 2029 are detailed in the table below (dollars in thousands):

2020	$	131
2021		129
2022		137
2023		143
2024		141
2025-2029		869
Total	$	1,550

Schedule of assumptions in the actuarial valuation

	2020	2019
Weighted average discount rate	2.92%	2.92%
Rate of increase in future compensation levels	N/A	N/A
Expected long-term rate of return on plan assets	8.00%	8.00%

Schedule of asset allocation

The intention of the plan sponsor is to invest the plan assets in mutual funds with the following asset allocation; which was in place at both March 31, 2020 and December 31, 2019.

	Target	Actual
	Allocation	Allocation
Equity securities	50% to 70%	60%
Fixed income securities	30% to 50%	40%