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Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2019

Net periodic pension cost of the Plan for the years ended December 31, 2019, 2018 and 2017 was as follows:

The reconciliation of changes in the Plan’s projected benefit obligations and assets are as follows:

	December 31,
	2019			2018
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	5,944		$	6,579
Interest cost		242			224
Actuarial loss (gain)		510			(362	)
Expenses paid		—			(135	)
Benefits paid		(357	)		(362	)
Projected benefit obligation at end of year	$	6,339		$	5,944
Change in plan assets:
Fair value of plan assets at beginning of year	$	4,737		$	5,261
Actual return on plan assets		972			(27	)
Company contributions		31			—
Expenses paid		—			(135	)
Benefits paid		(357	)		(362	)
Fair value of plan assets at end of year	$	5,383		$	4,737
Funded status	$	(956	)	$	(1,207	)

The assumptions used to determine the Plan’s net periodic benefit cost and benefit obligations are as follows:

	December 31,
	2019			2018			2017
Discount rate for net periodic pension cost		4.20	%		3.50	%		4.00	%
Discount rate for benefit obligations		3.10	%		4.20	%		3.50	%
Expected long-term return of plan assets		7.00	%		7.50	%		7.75	%

The weighted average asset allocations for the Plan at December 31, 2019 and 2018 were as follows:

Benefit payments projected for the Plan are as follows: