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Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2020

Net periodic pension cost of the Plan for the years ended December 31, 2020, 2019 and 2018 was as follows:

The reconciliation of changes in the Plan’s projected benefit obligations and assets are as follows:

	December 31,
	2020			2019
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	6,339		$	5,944
Interest cost		191			242
Actuarial loss		567			510
Benefits paid		(348	)		(357	)
Projected benefit obligation at end of year	$	6,749		$	6,339
Change in plan assets:
Fair value of plan assets at beginning of year	$	5,383		$	4,737
Actual return on plan assets		623			972
Company contributions		150			31
Benefits paid		(348	)		(357	)
Fair value of plan assets at end of year	$	5,808		$	5,383
Funded status	$	(941	)	$	(956	)

The assumptions used to determine the Plan’s net periodic benefit cost and benefit obligations are as follows:

	December 31,
	2020			2019			2018
Discount rate for net periodic pension cost		3.10	%		4.20	%		3.50	%
Discount rate for benefit obligations		2.30	%		3.10	%		4.20	%
Expected long-term return of plan assets		6.25	%		7.00	%		7.50	%

The weighted average asset allocations for the Plan at December 31, 2020 and 2019 were as follows:

Benefit payments projected for the Plan are as follows: