We maintain contributory and non-contributory retirement plans for eligible employees. Our contributions to the contributory plan amounted to $56.3 million, $56.6 million and $50.1 million in 2019, 2018 and 2017, respectively. The non-contributory plan is a defined benefit pension plan which covers employees of one of our subsidiaries. The benefits are based on years of service and the employee’s highest compensation for any five years of employment. Our funding policy is to contribute annually at least the minimum amount that should be funded in accordance with the provisions of ERISA.

For defined benefit pension plans, the benefit obligation is the “projected benefit obligation”, the actuarial present value, as of December 31 measurement date, of all benefits attributed by the pension benefit formula to employee service rendered to that date. The amount of benefit to be paid depends on a number of future events incorporated into the pension benefit formula, including estimates of the average life of employees/survivors and average years of service rendered. It is measured based on assumptions

concerning future interest rates and future compensation levels. The following table shows the reconciliation of the defined benefit pension plan as of December 31, 2019 and 2018:

	2019			2018
	(000s)
Change in plan assets:
Fair value of plan assets at beginning of year	$	104,591		$	118,667
Actual return (loss) on plan assets		22,331			(7,522	)
Benefits paid		(6,168)			(6,031	)
Administrative expenses		(467	)		(523	)
Fair value of plan assets at end of year	$	120,287		$	104,591
Change in benefit obligation:
Benefit obligation at beginning of year	$	108,428		$	116,056
Service cost	$	725			689
Interest cost	$	4,237			4,063
Benefits paid	$	(6,168)			(6,031	)
Actuarial (gain) loss	$	10,334			(6,349	)
Benefit obligation at end of year	$	117,556		$	108,428
Amounts recognized in the Consolidated Balance Sheet:
Other non-current assets		2,731			—
Other non-current liabilities		—			3,836
Total amounts recognized at end of year	$	2,731		$	3,836

	2019		2018			2017
	(000s)
Components of net periodic cost (benefit)
Service cost	$	725	$	689		$	721
Interest cost		4,237		4,063			4,465
Expected return on plan assets		(4,558)		(5,197	)		(5,862	)
Amortization of actuarial loss		1,533		—			863
Net periodic cost	$	1,937	$	(445	)	$	187

	2019			2018
Weighted average assumptions as of December 31
Discount rate		2.94	%		4.03	%
Rate of compensation increase		4.00	%		4.00	%

	2019			2018			2017
Weighted-average assumptions for net periodic benefit cost calculations
Discount rate		4.03	%		3.60	%		4.14	%
Expected long-term rate of return on plan assets		4.50	%		4.50	%		5.50	%
Rate of compensation increase		4.00	%		4.00	%		4.00	%

The “accumulated benefit obligation” for our pension plan represents the actuarial present value of benefits based on employee service and compensation as of a certain date and does not include an assumption about future compensation levels. The accumulated benefit obligation for our plan was $117.5 million and $108.3 million as of December 31, 2019 and 2018, respectively. As of December 31, 2019, the fair value of plan assets exceeded the accumulated benefit obligation by $2.7 million. As of December 31, 2018, the accumulated benefit obligation exceeded the a fair value of plan assets by $3.7 million.

We estimate that there will be no net loss or prior service cost amortized from accumulated other comprehensive income during 2019.

The market values of our pension plan assets at December 31, 2019 and December 31, 2018, reported using net asset value as a practical expedient, by asset category are as follows:

	2019		2018
Equities:
U.S. Large Cap	$	9,867	$	7,711
U.S. Mid Cap	$	3,054		2,309
U.S. Small Cap	$	3,160		2,094
International Developed	$	7,317		5,710
Emerging Markets	$	4,957		4,137
Fixed income:
Core Fixed Income	$	25,390		24,617
Long Duration Fixed Income	$	63,515		55,318
Real Estate:
REIT Fund	$	2,372		2,037
Cash/Currency:
Cash Equivalents	$	655		658
Total market value	$	120,287	$	104,591

To develop the expected long-term rate of return on plan assets assumption, we considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio.

The following table shows expected benefit payments for the years 2020 through 2029 for our defined pension plan. There will be benefit payments under this plan beyond 2029.

Estimated Future Benefit Payments (000s)
2020	$	6,752
2021		6,868
2022		6,926
2023		6,945
2024		6,939
2025-2029		33,889
Total	$	68,319

	2019			2018
Plan Assets
Asset Category
Equity securities		24	%		21	%
Fixed income securities		74	%		76	%
Other		2	%		3	%
Total		100	%		100	%

Investment Policy, Guidelines and Objectives have been established for the defined benefit pension plan. The investment policy is in keeping with the fiduciary requirements under existing federal laws and managed in accordance with the Prudent Investor Rule. Total portfolio risk is regularly evaluated and compared to that of the plan’s policy target allocation and judged on a relative basis over a market cycle. The following asset allocation policy and ranges have been established in accordance with the overall risk and return objectives of the portfolio:

In accordance with the investment policy, the portfolio will invest in high quality, large and small capitalization companies traded on national exchanges, and investment grade securities. The investment managers will not write or buy options for speculative purposes; securities may not be margined or sold short. The manager may employ futures or options for the purpose of hedging exposure, and will not purchase unregistered sectors, private placements, partnerships or commodities.