Salary Deferral Plans

12 Months Ended

Dec. 31, 2020

Deferred Compensation Arrangements [Abstract]

Salary Deferral Plans

Note 12.  Salary Deferral Plans

Pinnacle Financial has a 401(k) retirement plan (the 401k Plan) covering all employees who elect to participate, subject to certain eligibility requirements. The 401(k) Plan allows employees to defer up to 50% of their salary subject to regulatory limitations with Pinnacle Financial matching 100% of the first 4% of employee self-directed contributions during 2020, 2019, and 2018. Pinnacle Financial's expense associated with the matching component of the plan for each of the years in the three-year period ended December 31, 2020 was approximately $9.4 million, $8.1 million and $7.6 million, respectively, and is included in the accompanying consolidated statements of operations in salaries and employee benefits expense.

Pinnacle Financial has assumed supplemental retirement plans for certain directors and executive officers of banks which we have acquired. At December 31, 2020 and 2019, respectively, Pinnacle Financial had recorded $29.8 million and $29.2 million of liabilities on its balance sheet associated with these supplemental executive retirement plans. A portion of these assumed plans were fully funded with Rabbi Trusts whose balances at December 31, 2020 totaled $17.3 million. At December 31, 2020, the remaining amounts that are not yet funded are included in other liabilities in the accompanying consolidated balance sheets.