14. EMPLOYEE BENEFIT PLANS

The Company has a defined contribution plan for most of its domestic employees. Under these plans, eligible employees may contribute amounts through payroll deductions supplemented by employer contributions for investment in various investments specified in the plans. The Company contributions to these plans were $700, $569 and $445 for the years ended December 31, 2019, 2018 and 2017.

The Company provides post-retirement medical benefits to certain former domestic employees who met minimum age and service requirements. In 1999, a plan amendment was instituted which limits the liability for post-retirement benefits beginning January 1, 2000 for certain employees who retire after that date. This plan amendment resulted in a $1,100 unrecognized prior service cost reduction which is recognized as employees render the services necessary to earn the post-retirement benefit. The Company’s policy is to pay the cost of these post-retirement benefits when required on a cash basis. The Company also has provided certain foreign employees with retirement related benefits.

The following table presents the amounts recognized in the Company’s consolidated balance sheets at December 31, 2019 and 2018 for post-retirement medical benefits:


		2019		2018
Change in Projected Benefit Obligation:
Projected benefit obligation at January 1	$	450	$	533
Interest cost		16		16
Actuarial loss		63		(21)
Participant contributions		10		13
Benefits paid		(86)		(91)
Projected benefit obligation at December 31	$	453	$	450
Change in fair value of plan assets:
Employer contributions		76		78
Participant contributions		10		13
Benefits paid		(86)		(91)
Funded status	$	(453)	$	(450)
Current liabilities		71		73
Noncurrent liabilities		382		377
Net amount recognized	$	453	$	450
Amount recognized in other comprehensive income (loss)		-		-
Unrecognized net actuarial gain		-		-
Total	$	-	$	-

Accrued post-retirement medical benefit costs are classified as other post-retirement benefit obligations as of December 31, 2019 and 2018 on the consolidated balance sheets.

Net periodic post-retirement medical benefit costs for 2019, 2018, and 2017 included the following components:

For measurement purposes, a 5.6% annual rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rate) was assumed for 2019; the rate was assumed to decrease gradually to 4.6% by the year 2066 and remain at that level thereafter. The difference in the health care cost trend rate assumption may have a significant effect on the amounts reported.

The assumptions used for the years ended December 31 were as follows:


	2019		2018		2017
Annual increase in cost of benefits	5.6	%	5.7	%	5.8	%
Discount rate used to determine year-end obligations	3.5	%	3.9	%	3.3	%
Discount rate used to determine year-end expense	3.9	%	3.3	%	3.3	%

In addition to the post-retirement medical benefits, the Company provides retirement related benefits to certain former executive employees and to certain employees of foreign subsidiaries. The liabilities established for these benefits at December 31, 2019 and 2018 are illustrated below.


		2019		2018
Current portion	$	120	$	119
Long-term portion		655		706
Total liability at December 31	$	775	$	825

The Company calculated the fair values of the pension plans above utilizing a discounted cash flow, using standard life expectancy tables, annual pension payments, and a discount rate of 4.0%.

Employer benefit payments (medical and pension), which reflect expected future service, are expected to be paid in the following years:


2020	$	191
2021		179
2022		167
2023		157
2024		147
Years 2025-2029		387