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Directors Retirement Plan
 12 Months Ended
Dec. 31, 2019
Retirement Benefits, Description [Abstract]  
Directors Retirement Plan DIRECTORS RETIREMENT PLAN
The Company provides a retirement plan for directors appointed to the Company's Board of Directors prior to 2009 who after completing five years of service may retire and receive benefit payments ranging from $5,000 through $17,500 per annum, depending upon years of credited service, for a period of ten years. This plan is unfunded. The following tables present the status of the plan and the components of net periodic plan cost for the years then ended. The measurement date for the accumulated benefit obligation is December 31 of the years presented.
 
 
December 31,
(in thousands)
 
2019
 
2018
Accrued plan cost included in other liabilities
 
$
646

 
$
604

Amount not recognized as component of net postretirement benefit cost
 
 
 
 
Recognized in accumulated other comprehensive income
 
 
 
 
Net actuarial loss (gain)
 
$
64

 
$
(29
)
Unrecognized prior service cost
 
—

 
—

Amounts not recognized as a component of net postretirement benefit
 
$
64

 
$
(29
)

The net periodic plan cost included the following components:
 
 
Years Ended December 31,
(in thousands)
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
Service cost
 
$
14

 
$
15

 
$
21

Interest cost
 
22

 
20

 
23

Amortization of prior service cost
 
—

 
—

 
3

Amortization of gain
 
(2
)
 
—

 
—

 
 
$
34

 
$
35

 
$
47


A discount rate of 2.89%, 3.97% and 3.30% was assumed in the plan valuation for 2019, 2018 and 2017, respectively. As the benefit amount is not dependent upon compensation levels, a rate of increase in compensation assumption was not utilized in the plan valuation.
The directors' retirement plan holds no plan assets. The benefits expected to be paid in each of the next five years and in aggregate for the five years thereafter are as follows:
(in thousands)
 
2020
$
63

2021
37

2022
38

2023
38

2024
52

2025-2029
210


The Company expects its contribution to the directors' retirement plan to be $63,000 in 2020.
There is no expected amount to be recognized in accumulated other comprehensive income as a component of net periodic benefit cost in 2020.