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Defined Benefit Pension Plans
 6 Months Ended
Jun. 30, 2020
Defined Benefit Plan [Abstract]  
Defined Benefit Pension Plans Defined Benefit Pension Plans
Washington Trust maintains a qualified pension plan for the benefit of certain eligible employees who were hired prior to October 1, 2007. Washington Trust also has non-qualified retirement plans to provide supplemental retirement benefits to certain employees, as defined in the plans. The defined benefit pension plans were previously amended to freeze benefit accruals after a 10-year transition period ending in December 2023.

The qualified pension plan is funded on a current basis, in compliance with the requirements of ERISA.

The following table presents components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss), on a pre-tax basis:
(Dollars in thousands)
Qualified
Pension Plan
 
Non-Qualified Retirement Plans
 
Three Months
 
Six Months
 
Three Months
 
Six Months
Periods ended June 30,
2020
2019
 
2020
2019
 
2020
2019
 
2020
2019
Net Periodic Benefit Cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost (1)

$541


$509

 

$1,082


$1,018

 

$42


$32

 

$85


$63

Interest cost (2)
627

742

 
1,253

1,484

 
117

141

 
233

282

Expected return on plan assets (2)
(1,134
)
(1,123
)
 
(2,269
)
(2,247
)
 
—

—

 
—

—

Amortization of prior service credit (2)
—

(4
)
 
—

(8
)
 
—

—

 
—

—

Recognized net actuarial loss (2)
395

198

 
791

396

 
140

101

 
280

203

Net periodic benefit cost

$429


$322

 

$857


$643

 

$299


$274

 

$598


$548


(1)
Included in salaries and employee benefits expense in the Unaudited Consolidated Statements of Income.
(2)
Included in other expenses in the Unaudited Consolidated Statements of Income.

The following table presents the measurement date and weighted-average assumptions used to determine net periodic benefit cost:
 
Qualified Pension Plan
 
Non-Qualified Retirement Plans
For the six months ended June 30,
2020
 
2019
 
2020
 
2019
Measurement date
Dec 31, 2019
 
Dec 31, 2018
 
Dec 31, 2019
 
Dec 31, 2018
Equivalent single discount rate for benefit obligations
3.42%
 
4.38%
 
3.30%
 
4.28%
Equivalent single discount rate for service cost
3.54
 
4.44
 
3.62
 
4.48
Equivalent single discount rate for interest cost
3.07
 
4.12
 
2.93
 
3.98
Expected long-term return on plan assets
5.75
 
5.75
 
N/A
 
N/A
Rate of compensation increase
3.75
 
3.75
 
3.75
 
3.75