Employee Benefit Plans

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

16. EMPLOYEE BENEFIT PLANS

United has a defined benefit retirement plan covering qualified employees hired prior to October 1, 2007. Pension benefits are based on years of service and the average of the employee’s highest five consecutive plan years of basic compensation paid during the ten plan years preceding the date of determination. Contributions are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. No discretionary contributions were made during the first six months of 2022 and 2021.

Included in accumulated other comprehensive income at December 31, 2021 are unrecognized actuarial losses of $44,370 ($34,032 net of tax) that have not yet been recognized in net periodic pension cost.

Net periodic pension cost for the three and six months ended June 30, 2022 and 2021 included the following components:

	Three Months Ended June 30						Six Months Ended June 30
	2022			2021			2022			2021
Service cost	$	710		$	758		$	1,413		$	1,508
Interest cost		1,222			1,031			2,430			2,051
Expected return on plan assets		(3,229	)		(2,957	)		(6,422	)		(5,881	)
Recognized net actuarial loss		832			1,589			1,656			3,161
Net periodic pension cost	$	(465	)	$	421		$	(923	)	$	839
Weighted-average assumptions:
Discount rate		3.08	%		2.81	%		3.08	%		2.81	%
Expected return on assets		6.25	%		6.25	%		6.25	%		6.25	%
Rate of compensation increase (prior to age 40)		5.00	%		5.00	%		5.00	%		5.00	%
Rate of compensation increase (ages 40-54)		4.00	%		4.00	%		4.00	%		4.00	%
Rate of compensation increase (otherwise)		3.50	%		3.50	%		3.50	%		3.50	%