Quarterly report pursuant to Section 13 or 15(d)

PENSION AND POST RETIREMENT BENEFIT PLAN

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PENSION AND POST RETIREMENT BENEFIT PLAN
3 Months Ended
Mar. 31, 2020
Retirement Benefits [Abstract]  
PENSION AND POST RETIREMENT BENEFIT PLAN

NOTE 11. PENSION AND POST RETIREMENT BENEFIT PLAN

During September 2019, the Company settled its fully-funded pension plan. At December 31, 2019, $21.6 million of pension assets remained available to fund other employee benefits. The Company used $5.9 million to fund its 401(k)-match obligation during the quarter ended March 31, 2020, and plans to continue funding future benefit plan obligations, with a possible reversion of any remaining pension assets to the Company per ERISA regulations. As of March 31, 2020, the Company had approximately $15.6 million remaining of benefit plan assets.

ROLLINS, INC. AND SUBSIDIARIES

 

Components of Net Pension Benefit Loss/(Gain)

 

                 
    Three Months Ended
March 31,
 
(in thousands)   2020     2019  
Interest and service cost   $ 25     $ 924  
Expected return on plan assets     (35 )     (30 )
Amortization of net loss     25       892  
Net periodic benefit   $ 15     $ 1,786  

 

During the three months ended March 31, 2020, and the same period in 2019, the Company made no contributions to its defined benefit retirement plans (the “Plans”). The Company made no contributions for the year ended December 31, 2019.