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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items]  
Components of Company Plan Benefit Expense

The following table summarizes key information related to the Company’s defined benefit pension plans. The table illustrates the reconciliation of the beginning and ending balances of the benefit obligation showing the effects during the periods presented attributable to service cost, interest cost, plan amendments, termination benefits, actuarial gains and losses. The assumptions used in the Company’s calculation of accrued pension costs are based on market information and the Company’s historical rates for employment compensation and discount rates. The vested benefit obligation is determined as the actuarial present value of the vested benefits to which the employee is currently entitled to but based on the employee's expected date of separation or retirement.

 

 

 

December 31, 2023

 

 

December 31, 2022

 

Accumulated Benefit Obligation, End of Year

 

$

23,882

 

 

$

21,612

 

 

 

 

 

 

 

Change in Projected Benefit Obligation

 

 

 

 

 

 

Projected Benefit Obligation, Beginning of Year

 

$

26,207

 

 

$

31,830

 

Service Cost

 

 

745

 

 

 

1,118

 

Interest Cost

 

 

1,345

 

 

 

962

 

Actuarial Gain

 

 

421

 

 

 

(6,710

)

Benefits Paid

 

 

(928

)

 

 

(993

)

Projected Benefit Obligation, End of Year

 

$

27,790

 

 

$

26,207

 

Change in Plan Assets

 

 

 

 

 

 

Plan Assets at Fair Value, Beginning of Year

 

$

 

 

$

 

Company Contributions

 

 

928

 

 

 

993

 

Benefits Paid

 

 

(928

)

 

 

(993

)

Plan Assets at Fair Value, End of Year

 

$

 

 

$

 

Unfunded Status of the Plan

 

$

(27,790

)

 

$

(26,207

)

Amounts Recognized in Accumulated Other Comprehensive Income

 

 

 

 

 

 

Net Loss

 

 

(90

)

 

 

(511

)

Total Pension Cost

 

$

(90

)

 

$

(511

)

Components of Net Periodic Benefit Cost

 

 

2023

 

 

2022

 

Components of Net Periodic Benefit Cost

 

 

 

 

 

 

Service Cost

 

$

745

 

 

$

1,118

 

Interest Cost

 

 

1,345

 

 

 

962

 

Amortization of:

 

 

 

 

 

 

Net Loss

 

 

 

 

 

431

 

Net Periodic Pension Cost

 

$

2,090

 

 

$

2,511

 

Weighted Average Assumptions for Expense

 

 

 

 

 

 

Discount Rate

 

 

5.00

%

 

 

5.20

%

Expected Return on Plan Assets

 

N/A

 

 

N/A

 

Rate of Compensation Increase

 

 

4.40

%

 

 

4.40

%

Benefit Payments Representing the Company's Obligations to Fomer CEO and Employees

The benefit payments reflected in the table below represent the Company’s obligations to employees that are eligible for retirement or have already retired and are receiving deferred compensation benefits:

 

Fiscal Year

 

Pension
Benefits

 

 

 

(In thousands)

 

2024

 

$

1,029

 

2025

 

 

1,104

 

2026

 

 

1,315

 

2027

 

 

1,525

 

2028

 

 

1,675

 

Thereafter

 

 

21,142

 

 

$

27,790

 

George C. Zoley  
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items]  
Benefit Payments Representing the Company's Obligations to Fomer CEO and Employees The following table presents the balance due to the Executive Chairman at the end of the next two and a half years under the Amended and Restated Executive Retirement Agreement provided that the Executive Chairman is still providing services to the Company under his Executive Chairman Employment Agreement:

 

Period End

 

Retirement
Obligation

 

 

 

(In thousands)

 

12/31/2024

 

$

12,617

 

12/31/2025

 

$

16,336

 

6/30/2026

 

$

18,010