Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Schedule of Changes in the Projected Benefit Obligation and Plan Assets of the Corporation’s Pension and Postretirement Plans

The following schedule sets forth the changes in the projected benefit obligation and plan assets of the Corporation's Pension and Postretirement Plans:

	Pension Plan						Postretirement Plan
	2013			2012			2013			2012
	(In thousands)
Projected benefit obligation:
Benefit obligation at beginning of year	$	115,177		$	100,216		$	3,243		$	3,290
Service cost	1,247			1,168			18			—
Interest cost	4,603			4,795			143			146
Plan amendments	—			—			720			—
Net actuarial (gain) loss	(10,926		)	13,200			(428		)	25
Benefits paid	(4,187		)	(4,202		)	(219		)	(218		)
Benefit obligation at end of year	105,914			115,177			3,477			3,243
Fair value of plan assets:
Fair value of plan assets at beginning of year	98,187			82,521			—			—
Actual return on plan assets	19,829			7,868			—			—
Employer contributions	15,000			12,000			219			218
Benefits paid	(4,187		)	(4,202		)	(219		)	(218		)
Fair value of plan assets at end of year	128,829			98,187			—			—
Funded (unfunded) status at December 31	$	22,915		$	(16,990	)	$	(3,477	)	$	(3,243	)
Accumulated benefit obligation	$	99,551		$	108,078		$	3,477		$	3,243

Schedule of Weighted-average rate assumptions of the Pension and Postretirement Plans

Weighted-average rate assumptions of the Pension and Postretirement Plans follow:

	Pension Plan						Postretirement Plan
	2013		2012		2011		2013		2012		2011
Discount rate used in determining benefit obligation — December 31	5.00	%	4.08	%	4.90	%	4.27	%	4.08	%	4.90	%
Discount rate used in determining expense	4.08		4.90		5.65		4.08		4.90		5.65
Expected long-term return on Pension Plan assets	7.00		7.00		7.00		—		—		—
Rate of compensation increase used in determining benefit obligation — December 31	3.50		3.50		3.50		—		—		—
Rate of compensation increase used in determining pension expense	3.50		3.50		3.50		—		—		—
Year 1 increase in cost of postretirement benefits	—		—		—		8.5		8.0		9.0

Schedule of Net periodic Pension Cost (Income) of the Pension and Postretirement Plans

Net periodic pension cost (income) of the Pension and Postretirement Plans was as follows for the years ended December 31:

	Pension Plan									Postretirement Plan
	2013			2012			2011			2013			2012			2011
	(In thousands)
Service cost	$	1,247		$	1,168		$	1,133		$	18		$	—		$	—
Interest cost	4,603			4,795			4,779			143			146			167
Expected return on plan assets	(7,794		)	(6,925		)	(6,328		)	—			—			—
Amortization of prior service credit	(1		)	(1		)	(2		)	343			(300		)	(325		)
Amortization of net actuarial loss (gain)	3,670			2,382			1,073			(73		)	(28		)	(31		)
Net cost (income)	$	1,725		$	1,419		$	655		$	431		$	(182	)	$	(189	)

Schedule of Estimated Future Benefit Payments Under the Pension and Postretirement Plans

The following schedule presents estimated future benefit payments under the Pension and Postretirement Plans for retirees already receiving benefits and future retirees, assuming they retire and begin receiving unreduced benefits as soon as they are eligible:

	Pension Plan		Postretirement Plan
	(In thousands)
2014	$	5,132	$	310
2015	5,508		320
2016	6,101		330
2017	6,068		330
2018	6,038		330
2019 - 2023	34,127		1,600
Total	$	62,974	$	3,220

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

A one percentage-point change in these rates would have the following effects:

	One Percentage-Point
	Increase		Decrease
	(In thousands)
Effect on total of service and interest cost components in 2013	$	12	$	(11	)
Effect on postretirement benefit obligation as of December 31, 2013	273		(245		)

Schedule of Allocation of Plan Assets

The Pension Plan's asset allocation by asset category was as follows:

	December 31,
Asset Category	2013		2012
Equity securities	70	%	70	%
Debt securities	29		28
Other	1		2
Total	100	%	100	%

The following schedule sets forth the fair value of the Pension Plan's assets and the level of the valuation inputs used to value those assets at December 31, 2013 and 2012:

Asset Category	Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In thousands)
December 31, 2013
Cash	$	902	$	—	$	—	$	902
Equity securities:
U.S. large- and mid-cap stocks(a)	56,015		—		—		56,015
U.S. small-cap mutual funds	5,608		—		—		5,608
International large-cap mutual funds	15,504		—		—		15,504
Emerging markets mutual funds	6,360		—		—		6,360
Chemical Financial Corporation common stock	6,672		—		—		6,672
Debt securities:
U.S. Treasury and government sponsored agency bonds and notes	4,600		2,574		—		7,174
Corporate bonds(b)	—		8,693		—		8,693
Mutual funds(c)	21,901		—		—		21,901
Other	—		—		—		—
Total	$	117,562	$	11,267	$	—	$	128,829
December 31, 2012
Cash	$	1,708	$	—	$	—	$	1,708
Equity securities:
U.S. large- and mid-cap stocks(a)	44,158		—		—		44,158
U.S. small-cap mutual funds	4,076		—		—		4,076
International large-cap mutual funds	9,009		—		—		9,009
Emerging markets mutual funds	6,291		—		—		6,291
Chemical Financial Corporation common stock	5,005		—		—		5,005
Debt securities:
U.S. Treasury and government sponsored agency bonds and notes	4,876		1,056		—		5,932
Corporate bonds(b)	—		15,853		—		15,853
Mutual funds(c)	6,005		—		—		6,005
Other	150		—		—		150
Total	$	81,278	$	16,909	$	—	$	98,187

(a) Comprised of common stocks and mutual funds traded on U.S. Exchanges whose issuers had market capitalizations exceeding $3 billion.

(b) Comprised of investment grade bonds of U.S. issuers from diverse industries.

(c) Comprised primarily of fixed-income bonds issued by the U.S. Treasury and government sponsored agencies and bonds of U.S. and foreign issuers from diverse industries.

Schedule of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax, Related to the Corporation’s Pension, Postretirement and Supplemental Plans

The following sets forth the changes in accumulated other comprehensive income (loss), net of tax, related to the Corporation's Pension, Postretirement and Supplemental Plans during 2013:

	Pension Plan			Postretirement Plan			Supplemental Plan			Total
	(In thousands)
Accumulated other comprehensive income (loss) at beginning of year	$	(35,288	)	$	283		$	(388	)	$	(35,393	)
Comprehensive income (loss) adjustment:
Prior service costs (credits)	(1		)	84			—			83
Net actuarial gain	17,310			231			58			17,599
Plan changes	—			(329		)	—			(329		)
Comprehensive income (loss) adjustment	17,309			(14		)	58			17,353
Accumulated other comprehensive income (loss) at end of year	$	(17,979	)	$	269		$	(330	)	$	(18,040	)

Schedule of Estimated Income (Loss) That Will Be Amortized From Accumulated Other Comprehensive Income (Loss) Into Net Periodic Cost

The estimated income (loss) that will be amortized from accumulated other comprehensive income (loss) into net periodic cost, net of tax, in 2014 is as follows:

	Pension Plan			Postretirement Plan			Supplemental Plan			Total
	(In thousands)
Prior service (costs) credits	$	1		$	(84	)	$	—		$	(83	)
Net gain (loss)	(1,403		)	67			(76		)	(1,412		)
Total	$	(1,402	)	$	(17	)	$	(76	)	$	(1,495	)