PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS

3 Months Ended

Mar. 31, 2020

Pension, Profit Sharing, and Other Employee Benefit Plans [Abstract]

Pension Profit Sharing, and Other Employee Benefit Plans

Note 11 – Pension, Profit Sharing, and Other Employee Benefit Plans

Defined Benefit Pension Plan

The Company has a qualified, noncontributory, defined benefit pension plan (the “Plan”). Benefits after January 1, 2005, are based on the benefit earned as of December 31, 2004, plus benefits earned in future years of service based on the employee’s compensation during each such year. All benefit accruals for employees were frozen as of December 31, 2007 based on past service and thus salary increases and additional years of service after such date no longer affect the defined benefit provided by the Plan, although additional vesting may continue to occur.

The Company's funding policy is to contribute amounts to the Plan sufficient to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended. In addition, the Company contributes additional amounts as it deems appropriate based on benefits attributed to service prior to the date of the Plan freeze. The Plan invests primarily in a diversified portfolio of managed fixed income and equity funds.

The components of net periodic benefit cost for the periods indicated are presented in the following table:

		Three Months Ended March 31,
(In thousands)		2020		2019
Interest cost on projected benefit obligation		$	359	$	402
Expected return on plan assets			(456)		(412)
Recognized net actuarial loss			219		265
	Net periodic benefit cost	$	122	$	255