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Pension and Other Postretirement Benefits
 12 Months Ended
Dec. 31, 2021
Other Postretirement Benefits [Abstract]  
Pension and Other Postretirement Benefits PENSION AND OTHER POSTRETIREMENT BENEFITSThe Company has a 401(k) plan which all employees of U.S. subsidiaries are eligible to participate.
The Company contributes to a multiemployer defined benefit pension plan under the terms of a collective-bargaining agreement that covers union-represented employees.

The Company has an unfunded postretirement healthcare plan which provides health insurance to certain employees and their spouses upon retirement. This plan has been frozen and no additional participants will be added to the plan in the future.

Total expense for all retirement plans for the years ended December 31 was (in thousands):
202120202019
401(k) plan$3,196 $2,403 $2,031 
Multiemployer and other defined benefit and pension plans78 70 195 
Postretirement healthcare plan411 351 346 
Total retirement plan expense$3,685 $2,824 $2,572 

The Company's one multiemployer plan is underfunded and has a rehabilitation plan in place. The rehabilitation plan requires minimum contributions from the Company. Given the status of this plan, it is reasonably possible that future contributions to the plan will increase although the Company cannot reasonably estimate a possible range of increased contributions as of December 31, 2021.

The following table presents the changes in the accumulated postretirement benefit obligation related to the Company’s unfunded postretirement healthcare benefits at December 31 (in thousands):
20212020
Projected benefit obligation at January 1$6,443 $6,024 
Service cost— 10 
Interest cost125 172 
Plan amendments162 — 
Actuarial (gain) loss(200)580 
Benefits paid, net of contributions(328)(343)
Projected benefit obligation at December 316,202 6,443 
Fair value of plan assets— — 
Under funded status(6,202)(6,443)
Unamortized prior service cost412 294 
Unrecognized actuarial loss1,530 1,843 
Net amount recognized$(4,260)$(4,306)
Amounts recognized in the consolidated financial statements consisted of (in thousands):
20212020
Accrued postretirement benefit liability
Current portion$358 $335 
Long term portion5,844 6,108 
Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs
(1,942)(2,137)
Net amount recognized$4,260 $4,306 
The measurement date used to determine postretirement benefit obligation measures was December 31.
Components of net periodic postretirement benefit cost charged to expense for the years ended December 31 were as follows (in thousands):
202120202019
Service cost$— $10 $17 
Interest cost125 172 234 
Amortization of unrecognized prior service cost44 44 44 
Loss amortization (2)
113 64 51 
Net periodic benefit cost$282 $290 $346 
Assumptions used to calculate the benefit obligation:
Discount rate2.4 %2.0 %2.9 %
Annual rate of increase in the per capita cost of:
Medical costs before age 65 (1)
7.0 %7.0 %6.8 %
Medical costs after age 65 (1)
4.5 %4.5 %4.5 %
Prescription drug costs (1)
7.0 %7.0 %7.0 %

(1)    It was assumed that these rates would gradually decline to 3.8% by 2075.
(2)    Actuarial (gains)/losses are amortized utilizing the corridor approach. Differences between actual
experience and the actuarial assumptions are reflected in (gain)/loss. If the total net (gain) or loss exceeds 10 percent of the greater of the accumulated postretirement benefit obligation or plan assets, this excess must be amortized over the average remaining service period of the active plan participants. If most of the plan participants are inactive, the amortization period is the expected future lifetime of inactive plan participants.


Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands):

20222023202420252026Years 2027 - 2031
Expected benefit payments$358 $369 $377 $389 $401 $1,961