Benefit Plan

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Benefit Plan

Benefit Plans

Park has a noncontributory defined benefit pension plan (the "Pension Plan") covering substantially all of its employees. The Pension Plan provides benefits based on an employee’s years of service and compensation.

There were no Pension Plan contributions for either of the three-month or nine-month periods ended September 30, 2020 and 2019.

The following table shows the components of net periodic pension benefit expense:

	Three Months Ended September 30,				Nine Months Ended September 30,				Affected Line Item in the Consolidated Condensed Statements of Income
(In thousands)	2020		2019		2020		2019
Service cost	$	2,080	$	1,468	$	6,240	$	4,404	Employee benefits
Interest cost	1,320		1,373		3,960		4,119		Other components of net periodic pension benefit income
Expected return on plan assets	(3,602)		(3,026)		(10,806)		(9,078)		Other components of net periodic pension benefit income
Recognized net actuarial loss and prior service costs	294		470		882		1,410		Other components of net periodic pension benefit income
Net periodic pension benefit expense	$	92	$	285	$	276	$	855

Park has entered into Supplemental Executive Retirement Plan Agreements (the “SERP Agreements”) with certain key officers of the Corporation and its subsidiaries which provide defined pension benefits in excess of limits imposed by federal tax law. The expense for the Corporation related to the SERP Agreements for the three and nine months ended September 30, 2020 and 2019 was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,				Affected Line Item in the Consolidated Condensed Statement of Income
(In thousands)	2020		2019		2020		2019
Service cost	$	218	$	202	$	801	$	604	Employee benefits
Interest cost	134		165		401		495		Miscellaneous expense
Total SERP expense	$	352	$	367	$	1,202	$	1,099