Directors Retirement Plan

12 Months Ended

Dec. 31, 2020

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)	2020		2019
Accrued plan cost included in other liabilities	$	655	$	646
Amount not recognized as component of net postretirement benefit cost
Recognized in accumulated other comprehensive income
Net actuarial loss	$	36	$	64
Amounts not recognized as a component of net postretirement benefit	$	36	$	64

    The net periodic plan cost included the following components:

	Years Ended December 31,
(in thousands)	2020		2019		2018
Service cost	$	18	$	14	$	15
Interest cost	17		22		20
Amortization of gain	—		(2)		—
	$	35	$	34	$	35

A discount rate of 2.21%, 2.89% and 3.97% was assumed in the plan valuation for 2020, 2019 and 2018, 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)
2021	$	37
2022	38
2023	38
2024	52
2025	53
2026-2030	200

The Company expects its contribution to the directors' retirement plan to be $37,000 in 2021.

There is no expected amount to be recognized in accumulated other comprehensive income as a component of net periodic benefit cost in 2021.