Note Q — Employee Benefits

Savings Plan

We maintain a 401(k) Savings and Retirement plan that covers all of our employees. Under the plan, employees may defer a portion of their compensation up to the levels permitted by the Internal Revenue Service. We recorded matching contributions of approximately $6.1 million, $5.8 million, and $5.9 million under this plan during 2019, 2018, and 2017, respectively, which were included within “Personnel costs” and “General and administrative expenses” in our consolidated statements of operations.

Defined Benefit Supplemental Executive Retirement Plan

Effective January 2004, we implemented an unfunded noncontributory DB SERP for certain senior executives. The DB SERP, which we administer, calls for fifteen annual payments upon retirement with the payment amount based on years of service and final average salary. Benefit costs and liability balances are calculated based on certain assumptions including benefits earned, discount rates, interest costs, mortality rates, and other factors. We engaged an actuary to calculate the related benefit obligation at December 31, 2019 and 2018 as well as net periodic benefit plan expense for the years ended December 31, 2019, 2018, and 2017. As of December 31, 2019 and 2018, the average remaining service period of plan participants is 9.5 and 10.5 years, respectively. We believe the assumptions used are appropriate; however, changes in assumptions or differences in actual experience may affect our benefit obligation and future expenses. Actual results that differ from the assumptions are accumulated and amortized over future periods, affecting the recorded obligation and expense in future periods.

The DB SERP's net benefit obligation is as follows:


Change in Benefit Obligation
(in thousands)
Benefit obligation as of December 31, 2016	$	21,304
Service cost		340
Interest cost		711
Payments		(1,913)
Actuarial loss		351
Benefit obligation as of December 31, 2017		20,793
Service cost		367
Interest cost		600
Payments		(1,913)
Actuarial gain		(920)
Benefit obligation at December 31, 2018		18,927
Service cost		335
Interest cost		658
Payments		(1,913)
Actuarial loss		1,207
Benefit obligation as of December 31, 2019	$	19,214

The funded status of the DB SERP's net benefit obligation is as follows:


	December 31,
(in thousands)	2019		2018
Unfunded status	$	15,950	$	16,740
Unamortized net loss		3,264		2,187
Net amount recognized	$	19,214	$	18,927

Amounts Recognized in the Consolidated Balance Sheets:


	December 31,
(in thousands)	2019		2018
Current accrued expenses and other current liabilities	$	1,913	$	1,913
Non-current other liabilities		17,301		17,014
Total accrued liabilities	$	19,214	$	18,927

We recorded gross actuarial losses (gains) under the DB SERP of approximately $1.2 million, ($0.9) million, and $0.4 million in 2019, 2018, and 2017, respectively, in other comprehensive loss. There were no other components such as prior service costs or transition obligations relating to the DB SERP costs recorded within other comprehensive loss during 2019, 2018, or 2017.

The following weighted average assumptions were used to determine the benefit obligation as of December 31 of each year. Net periodic benefit cost for each year was determined using the weighted average assumptions as of the prior year. We used a third party actuarial specialist to assist in determining, among other things, the discount rate for all three years presented.

Previously, the cash surrender value of a COLI funded our DB SERP. However, we received the cash surrender value of the DB SERP COLI in the amount of $17.1 million in 2017, resulting in the benefit obligation being unfunded at December 31, 2019 and 2018.

Our assumed weighted average discount rate for the defined benefit plan reflects the hypothetical rate at which the projected benefit obligation could be effectively settled or paid out to participants. We determine our discount rate based on a range of factors, including a yield curve composed of rates of return on high-quality, fixed income corporate bonds.


	2019		2018		2017
Discount rate	2.9	%	4.0	%	3.3	%
Average rate of increase in compensation	2.5	%	3.0	%	3.0	%

At December 31, 2019, the estimated accumulated benefit obligation is $19.2 million. Future payments under the Plan are as follows:


(in thousands)
2020	$	1,913
2021		1,913
2022		1,913
2023		1,913
2024		1,913
Thereafter		9,649
	$	19,214

Defined Contribution Supplemental Executive Retirement Plan

In 2013, we established a defined contribution plan (“DC SERP”) that covers certain of our senior executives. Each participant is given a notional account to manage his or her annual distributions and allocate the funds among various investment options (e.g. mutual funds). These accounts are tracking accounts only for the purpose of calculating the participant’s benefit. The participant does not have ownership of the underlying mutual funds. When a participant initiates or changes the allocation of his or her notional account, we will generally make an allocation of our investments to match those chosen by the participant. While the allocation of our sub accounts is generally intended to mirror the participant’s account records (i.e. the distributions and gains or losses on those funds), the employee does not have legal ownership of any funds until payout upon retirement. The underlying investments are owned by the insurance company with which we own an insurance policy.

As of December 31, 2019 and 2018, the estimated accumulated benefit obligation is $3.9 million and $3.0 million, respectively, of which $3.3 million and $2.4 million is funded and $0.6 million and $0.6 million is unfunded at December 31, 2019 and 2018, respectively.

In connection with the DC SERP benefit obligation, we maintain a COLI policy. The carrying value of the COLI is measured at its cash surrender value and is presented within “Other assets” in our consolidated balance sheets. See Note I - “Other Current Assets and Other Assets” for additional information.