Benefit Plan

9 Months Ended

Sep. 30, 2021

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 any of the three-month or nine-month periods ended September 30, 2021 and 2020.

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)	2021		2020		2021		2020
Service cost	$	2,479	$	2,080	$	7,437	$	6,240	Employee benefits
Interest cost	1,340		1,320		4,020		3,960		Other components of net periodic pension benefit income
Expected return on plan assets	(3,933)		(3,602)		(11,799)		(10,806)		Other components of net periodic pension benefit income
Recognized net actuarial loss and prior service costs	555		294		1,665		882		Other components of net periodic pension benefit income
Net periodic pension benefit expense	$	441	$	92	$	1,323	$	276

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 months and nine months ended September 30, 2021 and 2020 was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,				Affected Line Item in the Consolidated Condensed Statements of Income
(In thousands)	2021		2020		2021		2020
Service cost	$	203	$	218	$	611	$	801	Employee benefits
Interest cost	150		134		448		401		Miscellaneous expense
Total SERP expense	$	353	$	352	$	1,059	$	1,202