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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Change in Component of Other Comprehensive income (Loss) Related to Retirement Plan and Post-retirement Benefit Plan

The following table details the change in the components of other comprehensive income (loss) related to the retirement plan and the postretirement benefit plan, at December 31, 2020 and 2019, respectively:

(dollars in thousands)
 
December 31, 2020
 
 
 
Retirement
Plan
   
Post-
Retirement
Benefit Plan
   
Total
 
Change in overfunded position of pension and postretirement benefits
 
$
(386
)
   
(1,295
)
   
(1,681
)
Amortization of net actuarial gain
   
-
     
708
     
708
 
Amortization of prior service credit
   
-
     
196
     
196
 
Total
 
$
(386
)
   
(391
)
   
(777
)

 
 
December 31, 2019
 
 
 
Retirement
Plan
   
Post-
Retirement
Benefit Plan
   
Total
 
Change in overfunded position of pension and postretirement benefits
 
$
(3,275
)
   
(2,692
)
   
(5,967
)
Amortization of net actuarial (loss) gain
   
(59
)
   
333
     
274
 
Amortization of prior service credit
   
-
     
197
     
197
 
Total
   
(3,334
)
   
(2,162
)
   
(5,496
)
Asset Allocation of Pension and Postretirement Benefit Plans

The asset allocations of the Company’s pension and postretirement benefit plans at December 31, were as follows:

 
 
Pension Benefit
Plan Assets
   
Postretirement Benefit
Plan Assets
 
 
 
2020
   
2019
   
2020
   
2019
 
Debt Securities
   
23
%
   
33
     
24
     
34
 
Equity Securities
   
68
     
63
     
66
     
63
 
Other
   
9
     
4
     
10
     
3
 
Total
   
100
%
   
100
     
100
     
100
 
Fair Value of Plan Assets by type of Financial Instrument and Level Hierarchy

The fair value of the plan assets at December 31, 2020 and 2019, by asset category, is as follows:

 
       
Fair Value Measurements at
December 31, 2020 Using:
 
Retirement Plan
(dollars in thousands)
 
Carrying
Value
   
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
   
Significant
Other
Observable
Inputs
(Level 2)
   
Significant
Unobservable
Inputs
(Level 3)
 
Plan Assets
                       
Cash and cash equivalents
 
$
4,809
     
4,809
     
-
     
-
 
Equity mutual funds
   
38,352
     
38,352
     
-
     
-
 
U.S. government sponsored enterprises
   
4,983
     
-
     
4,983
     
-
 
Corporate bonds
   
7,427
     
-
     
7,427
     
-
 
Fixed income mutual funds
   
666
     
666
     
-
     
-
 
 
                               
Total Plan Assets
 
$
56,237
     
43,827
     
12,410
     
-
 

 
       
Fair Value Measurements at
December 31, 2020 Using:
 
Postretirement Benefits
(dollars in thousands)
 
Carrying
Value
   
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
   
Significant
Other
Observable
Inputs
(Level 2)
   
Significant
Unobservable
Inputs
(Level 3)
 
Plan Assets
                       
Cash and cash equivalents
 
$
2,887
     
2,887
     
-
     
-
 
Equity mutual funds
   
19,304
     
19,304
     
-
     
-
 
U.S. government sponsored enterprises
   
3,607
     
-
     
3,607
     
-
 
Corporate bonds
   
3,328
     
-
     
3,328
     
-
 
 
                               
Total Plan Assets
 
$
29,126
     
22,191
     
6,935
     
-
 


 
       
Fair Value Measurements at
December 31, 2019 Using:
 
Retirement Plan
(dollars in thousands)
 
Carrying
Value
   
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
   
Significant
Other
Observable
Inputs
(Level 2)
   
Significant
Unobservable
Inputs
(Level 3)
 
Plan Assets
                       
Cash and cash equivalents
 
$
2,165
     
2,165
     
-
     
-
 
Equity mutual funds
   
32,411
     
32,411
     
-
     
-
 
U.S. government sponsored enterprises
   
4,434
     
-
     
4,434
     
-
 
Corporate bonds
   
11,646
     
-
     
11,646
     
-
 
Fixed income mutual funds
   
608
     
608
     
-
     
-
 
 
                               
Total Plan Assets
 
$
51,264
     
35,184
     
16,080
     
-
 

 
       
Fair Value Measurements at
December 31, 2019 Using:
 
Postretirement Benefits
(dollars in thousands)
 
Carrying
Value
   
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
   
Significant
Other
Observable
Inputs
(Level 2)
   
Significant
Unobservable
Inputs
(Level 3)
 
Plan Assets
                       
Cash and cash equivalents
 
$
677
     
677
     
-
     
-
 
Equity mutual funds
   
16,794
     
16,794
     
-
     
-
 
U.S. government sponsored enterprises
   
2,560
     
-
     
2,560
     
-
 
Corporate bonds
   
6,327
     
-
     
6,327
     
-
 
 
                               
Total Plan Assets
 
$
26,358
     
17,471
     
8,887
     
-
 
Summary of the Status of Stock Option Plans

Under the 2019 Equity Incentive Plan, the exercise price of each option shall not be less than 100% of the fair value of the Company’s stock on the date of grant, and for an Incentive Stock Option (ISO) granted to a ten percent shareholder the option price shall not be less than 110% of the fair value of the Company’s stock on the date of the ISO grant.  The vesting period and term of the option will be determined at the time of the option grant as set forth in the Award Agreement.  Options granted under the 2010 Equity Incentive Plan and the Directors Plan will continue to expire ten years, and vest over five years, from the date the options were granted.  A summary of the status of TrustCo’s stock option awards as of December 31, 2020 and changes during the year then ended, are as follows:

 
 
Outstanding Options
 
 
Number of
Options
   
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life
Balance, January 1, 2020
   
519,091
   
$
6.67
 
 
New options awarded - 2020
   
-
     
-
 
 
Expired options - 2020
   
-
     
-
 
 
Options forfeited - 2020
   
-
     
-
 
 
Exercised options - 2020
   
-
     
-
 
 
Balance, December 31, 2020
   
519,091
   
$
6.67
 
3.5  Years
                      
   
Exercisable Options
                      
Balance, December 31, 2020
   
519,091
   
$
6.67
 
3.5 Years
Restricted Share Units
Restricted share units

 
 
Outstanding
Units
 
Balance, December 31, 2019
   
244,273
 
New awards granted
   
222,155
 
Forfeited awards
   
(7,527
)
Awards settled
   
(112,580
)
Balance, December 31, 2020
   
346,321
 
Performance Share Units
Performance share units

 
 
Outstanding
Units
 
Balance, December 31, 2019
   
478,551
 
New awards granted
   
234,142
 
Forfeited awards
   
(952
)
Awards settled
   
(120,143
)
Balance, December 31, 2020
   
591,598
 
Retirement Plan [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Change in Projected/Accumulated Benefit Obligation

The following tables set forth the plan’s funded status and amounts recognized in the Company’s consolidated statements of condition at December 31, 2020 and 2019:

Change in Projected Benefit Obligation:

 
 
December 31,
 
(dollars in thousands)
 
2020
   
2019
 
 
           
Projected benefit obligation at beginning of year
 
$
30,824
     
28,518
 
Service cost
   
37
     
42
 
Interest cost
   
1,076
     
1,244
 
Benefit payments and expected expenses
   
(1,956
)
   
(1,798
)
Net actuarial loss
   
3,523
     
2,818
 
Projected benefit obligation at end of year
 
$
33,504
     
30,824
 
Change in Plan Assets and Reconciliation of Funded Status
Change in Plan Assets and Reconciliation of Funded Status:

 
 
December 31,
 
(dollars in thousands)
 
2020
   
2019
 
 
           
Fair Value of plan assets at beginning of year
 
$
51,264
     
44,157
 
Actual gain on plan assets
   
6,953
     
8,902
 
Benefit payments and actual expenses
   
(1,980
)
   
(1,795
)
Fair value of plan assets at end of year
   
56,237
     
51,264
 
 
               
Funded status at end of year
 
$
22,733
     
20,440
 
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive income (loss) consist of the following as of:

 
 
December 31,
 
 
 
2020
   
2019
 
Net actuarial loss
 
$
1,401
     
1,787
 
Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income (Loss)
Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income (Loss):

 
 
For the years ended
December 31,
 
(dollars in thousands)
 
2020
   
2019
   
2018
 
 
                 
Service cost
 
$
37
     
42
     
34
 
Interest cost
   
1,076
     
1,244
     
1,197
 
Expected return on plan assets
   
(3,020
)
   
(2,811
)
   
(3,012
)
Amortization of net loss
   
-
     
59
     
-
 
Net periodic pension credit
   
(1,907
)
   
(1,466
)
   
(1,781
)
 
                       
Amortization of net loss
   
-
     
(59
)
   
-
 
Net actuarial (gain) loss included in other comprehensive income (loss)
   
(386
)
   
(3,275
)
   
2,149
 
Total recognized in other comprehensive income (loss)
   
(386
)
   
(3,334
)
   
2,149
 
 
                       
Total recognized in net periodic benefit (credit) cost and other comprehensive income (loss)
 
$
(2,293
)
   
(4,800
)
   
368
 
Estimated Future Benefit Payments
Estimated Future Benefit Payments


The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

(dollars in thousands)
     
Year
 
Pension Benefits
 
2021
 
$
1,850
 
2022
   
1,830
 
2023
   
1,815
 
2024
   
1,821
 
2025
   
1,814
 
2026 - 2030
   
9,101
 
Assumptions used to Determine Benefit Obligation and Net Periodic Expense

The assumptions used to determine benefit obligations at December 31 are as follows:

 
 
2020
   
2019
   
2018
 
Discount rate
   
2.65
%
   
3.56
     
4.53
 


The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows:

 
 
2020
   
2019
   
2018
 
Discount rate
   
3.56
%
   
4.53
     
3.93
 
Expected long-term rate of return on assets
   
6.00
     
6.50
     
6.50
 
Postretirement Benefits [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Change in Projected/Accumulated Benefit Obligation

Change in Accumulated Benefit Obligation:

(dollars in thousands)
           
 
 
December 31,
 
 
 
2020
   
2019
 
Accumulated benefit obligation at beginning of year
 
$
6,134
     
5,400
 
Service cost
   
73
     
65
 
Interest cost
   
203
     
239
 
Benefits paid
   
(116
)
   
(173
)
Net actuarial loss
   
315
     
603
 
Accumulated benefit obligation at end of year
 
$
6,609
     
6,134
 
Change in Plan Assets and Reconciliation of Funded Status

Change in Plan Assets and Reconciliation of Funded Status:

(dollars in thousands)
           
 
 
December 31,
 
 
 
2020
   
2019
 
Fair value of plan assets at beginning of year
 
$
26,358
     
22,091
 
Actual gain on plan assets
   
2,793
     
4,285
 
Company contributions
   
91
     
155
 
Benefits paid
   
(116
)
   
(173
)
Fair value of plan assets at end of year
   
29,126
     
26,358
 
 
               
Funded status at end of year
 
$
22,517
     
20,224
 
Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income (Loss)

Components of Net Periodic Benefit Income and Other Amounts Recognized in Other Comprehensive Income (Loss):

(dollars in thousands)
 
December 31,
 
 
 
2020
   
2019
   
2018
 
Service cost
 
$
73
     
65
     
53
 
Interest cost
   
203
     
239
     
202
 
Expected return on plan assets
   
(1,183
)
   
(990
)
   
(1,028
)
Amortization of net actuarial gain
   
(708
)
   
(333
)
   
(556
)
Amortization of prior service credit
   
(196
)
   
(197
)
   
(100
)
Net periodic benefit credit
   
(1,811
)
   
(1,216
)
   
(1,429
)
 
                       
Net (gain) loss
   
(1,295
)
   
(2,692
)
   
830
 
Amortization of prior service credit
   
196
     
197
     
100
 
Prior service cost
   
-
     
-
     
705
 
Amortization of net gain
   
708
     
333
     
556
 
Total amount recognized in other comprehensive income (loss)
   
(391
)
   
(2,162
)
   
2,191
 
 
                       
Total amount recognized in net periodic benefit cost and other comprehensive income (loss)
 
$
(2,202
)
   
(3,378
)
   
762
 
Estimated Future Benefit Payments
Expected Future Benefit Payments


The following benefit payments are expected to be paid:

(dollars in thousands)
     
 
     
Year
 
Postretirement Benefits
 
 
     
2021
 
$
121
 
2022
   
133
 
2023
   
146
 
2024
   
160
 
2025
   
181
 
2026 - 2030
   
1,257
 
Assumptions used to Determine Benefit Obligation and Net Periodic Expense

The discount rate assumption used to determine benefit obligations at December 31 is as follows:

 
 
2020
   
2019
   
2018
 
Discount rate
   
2.65
%
   
3.56
     
4.53
 


The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows:

 
 
2020
   
2019
   
2018
 
Discount rate
   
3.56
%
   
4.53
     
3.93
 
Expected long-term rate of return on assets, net of tax
   
4.50
     
4.50
     
4.50