16.	EMPLOYEE BENEFIT PLANS

Profit Sharing Plan

The Plumas Bank Profit Sharing Plan commenced

April 1, 1988

and is available to employees meeting certain service requirements. Under the Plan, employees are able to defer a selected percentage of their annual compensation. Included under the Plan's investment options is the option to invest in Company stock. During

2019

the Company’s contribution consisted of a matching amount of

30%

of the employee’s contribution up to a total of

of the employee’s compensation totaling

$231,000.

During

2018

and

2017,

the Company’s contribution totaled

$176,000

and

$150,000,

respectively consisting of a matching amount of

30%

of the employee’s contribution up to a total of

2.4%

of the employee’s compensation.

Salary Continuation and Retirement Agreements

Salary continuation and retirement agreements are in place for the Company’s president,

three

of its current executive vice presidents,

five

members of the Board of Directors as well as

five

former executives and

four

former directors. Under these agreements, the directors and executives will receive monthly payments for periods ranging from

ten

fifteen

years, after retirement. The estimated present value of these future benefits is accrued over the period from the effective dates of the agreements until the participants' expected retirement dates. The expense recognized under these plans for the years ended

December 31, 2019,

2018

and

2017

totaled

$334,000,

$185,000

and

$307,000,

respectively. Accrued compensation payable under these plans totaled

$3,625,000

and

$3,682,000

December 31, 2019

and

2018

, respectively.

In connection with some of these agreements, the Bank purchased single premium life insurance policies with cash surrender values totaling

$13,184,000

and

$12,856,000

December 31, 2019

and

2018

, respectively. Income earned on these policies, net of expenses, totaled

$328,000,

$328,000

and

$338,000

for the years ended

December 31, 2019,

2018

and

2017

, respectively.