XML 62 R48.htm IDEA: XBRL DOCUMENT v3.25.0.1
Defined Benefit and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2024
Trustmark Capital Accumulation Plan [Member]  
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]  
Plan Benefit Obligation, Plan Assets and Funded Status of the Plan

The following tables present information regarding the benefit obligation, plan assets, funded status, amounts recognized in accumulated other comprehensive loss, net periodic benefit cost and other statistical disclosures for the Continuing Plan for the periods presented ($ in thousands):

 

 

December 31,

 

 

 

2024

 

 

2023

 

Change in benefit obligation:

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

5,923

 

 

$

6,907

 

Service cost

 

 

40

 

 

 

52

 

Interest cost

 

 

246

 

 

 

292

 

Actuarial (gain) loss

 

 

(214

)

 

 

164

 

Benefits paid

 

 

(464

)

 

 

(1,492

)

Benefit obligation, end of year

 

$

5,531

 

 

$

5,923

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

2,403

 

 

$

2,907

 

Actual return on plan assets

 

 

233

 

 

 

237

 

Employer contributions

 

 

513

 

 

 

751

 

Benefit payments

 

 

(464

)

 

 

(1,492

)

Fair value of plan assets, end of year

 

$

2,685

 

 

$

2,403

 

 

 

 

 

 

 

 

Funded status at end of year - net liability

 

$

(2,846

)

 

$

(3,520

)

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive loss:

 

 

 

 

 

 

Net (gain) loss - amount recognized

 

$

(601

)

 

$

(262

)

 

 

 

 

 

 

 

Actuarial (gain) loss included in benefit obligation:

 

 

 

 

 

 

Change in discount rate

 

$

(344

)

 

$

124

 

Change in mortality table

 

 

 

 

 

(38

)

Other

 

 

130

 

 

 

78

 

Actuarial (gain) loss

 

$

(214

)

 

$

164

 

Net Periodic Benefit Cost

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

Service cost

 

$

40

 

 

$

52

 

 

$

115

 

Interest cost

 

 

246

 

 

 

292

 

 

 

192

 

Expected return on plan assets

 

 

(96

)

 

 

(107

)

 

 

(121

)

Recognized net (gain) loss due to lump sum settlements

 

 

(13

)

 

 

25

 

 

 

 

Recognized net actuarial loss

 

 

 

 

 

 

 

 

224

 

Net periodic benefit cost

 

$

177

 

 

$

262

 

 

$

410

 

 

 

 

 

 

 

 

 

 

 

Other changes in plan assets and benefit obligation recognized in other
   comprehensive income (loss), before taxes:

 

 

 

 

 

 

 

 

 

Net loss - Total recognized in other comprehensive income (loss)

 

$

(339

)

 

$

9

 

 

$

(1,699

)

Total recognized in net periodic benefit cost and other comprehensive
   income (loss)

 

$

(162

)

 

$

271

 

 

$

(1,289

)

 

 

 

 

 

 

 

 

 

 

Weighted-average assumptions as of end of year:

 

 

 

 

 

 

 

 

 

Discount rate for benefit obligation

 

 

5.30

%

 

 

4.67

%

 

 

4.88

%

Discount rate for net periodic benefit cost

 

 

4.67

%

 

 

4.88

%

 

 

2.41

%

Expected long-term return on plan assets

 

 

5.00

%

 

 

5.00

%

 

 

5.00

%

 

Weighted-Average Asset Allocation

The weighted-average asset allocations by asset category are presented below for the Continuing Plan at December 31, 2024 and 2023.

 

 

December 31,

 

 

 

2024

 

 

2023

 

Money market fund

 

 

2.0

%

 

 

27.0

%

Exchange traded funds:

 

 

 

 

 

 

Equity securities

 

 

33.0

%

 

 

36.0

%

Fixed income

 

 

59.0

%

 

 

28.0

%

International

 

 

6.0

%

 

 

9.0

%

Total

 

 

100.0

%

 

 

100.0

%

Plan Assets Measured at Fair Value

The following tables set forth by level, within the fair value hierarchy, the Continuing Plan’s assets measured at fair value at December 31, 2024 and 2023 ($ in thousands):

 

 

December 31, 2024

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market fund

 

$

55

 

 

$

55

 

 

$

 

 

$

 

Exchange traded funds:

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

 

874

 

 

 

874

 

 

 

 

 

 

 

Fixed income

 

 

1,600

 

 

 

1,600

 

 

 

 

 

 

 

International

 

 

156

 

 

 

156

 

 

 

 

 

 

 

Total assets at fair value

 

$

2,685

 

 

$

2,685

 

 

$

 

 

$

 

 

 

 

December 31, 2023

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market fund

 

$

643

 

 

$

643

 

 

$

 

 

$

 

Exchange traded funds:

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

 

861

 

 

 

861

 

 

 

 

 

 

 

Fixed income

 

 

690

 

 

 

690

 

 

 

 

 

 

 

International

 

 

209

 

 

 

209

 

 

 

 

 

 

 

Total assets at fair value

 

$

2,403

 

 

$

2,403

 

 

$

 

 

$

 

Estimated Future Benefit Payments and Other Disclosures

The following table presents the expected benefit payments, which reflect expected future service, for the Continuing Plan ($ in thousands):

 

Year

 

Amount

 

2025

 

$

693

 

2026

 

 

762

 

2027

 

 

961

 

2028

 

 

535

 

2029

 

 

414

 

2030 - 2034

 

 

1,575

 

Supplemental Retirement Plan [Member]  
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]  
Plan Benefit Obligation, Plan Assets and Funded Status of the Plan

The following tables present information regarding the benefit obligation, plan assets, funded status, amounts recognized in accumulated other comprehensive loss, net periodic benefit cost and other statistical disclosures for Trustmark’s nonqualified supplemental retirement plans for the periods presented ($ in thousands):

 

 

December 31,

 

 

 

2024

 

 

2023

 

Change in benefit obligation:

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

41,619

 

 

$

43,201

 

Service cost

 

 

45

 

 

 

69

 

Interest cost

 

 

1,851

 

 

 

2,013

 

Actuarial (gain) loss

 

 

(1,009

)

 

 

763

 

Benefits paid

 

 

(4,344

)

 

 

(4,427

)

Benefit obligation, end of year

 

$

38,162

 

 

$

41,619

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

 

 

$

 

Employer contributions

 

 

4,344

 

 

 

4,427

 

Benefit payments

 

 

(4,344

)

 

 

(4,427

)

Fair value of plan assets, end of year

 

$

 

 

$

 

 

 

 

 

 

 

 

Funded status at end of year - net liability

 

$

(38,162

)

 

$

(41,619

)

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive loss:

 

 

 

 

 

 

Net loss

 

$

6,880

 

 

$

8,235

 

Prior service cost

 

 

15

 

 

 

126

 

Amounts recognized

 

$

6,895

 

 

$

8,361

 

 

 

 

 

 

 

 

Actuarial (gain) loss included in benefit obligation:

 

 

 

 

 

 

Change in discount rate

 

$

(1,794

)

 

$

649

 

Change in mortality table

 

 

 

 

 

(308

)

Other

 

 

785

 

 

 

422

 

Actuarial (gain) loss

 

$

(1,009

)

 

$

763

 

Net Periodic Benefit Cost

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

Service cost

 

$

45

 

 

$

69

 

 

$

71

 

Interest cost

 

 

1,851

 

 

 

2,013

 

 

 

1,278

 

Amortization of prior service cost

 

 

111

 

 

 

111

 

 

 

111

 

Recognized net actuarial loss

 

 

346

 

 

 

284

 

 

 

986

 

Net periodic benefit cost

 

$

2,353

 

 

$

2,477

 

 

$

2,446

 

 

 

 

 

 

 

 

 

 

 

Other changes in plan assets and benefit obligation recognized in other
   comprehensive income (loss), before taxes:

 

 

 

 

 

 

 

 

 

Net (gain) loss

 

$

(1,355

)

 

$

479

 

 

$

(10,181

)

Amortization of prior service cost

 

 

(111

)

 

 

(111

)

 

 

(111

)

Total recognized in other comprehensive income (loss)

 

$

(1,466

)

 

$

368

 

 

$

(10,292

)

Total recognized in net periodic benefit cost and other comprehensive
   income (loss)

 

$

887

 

 

$

2,845

 

 

$

(7,846

)

 

 

 

 

 

 

 

 

 

 

Weighted-average assumptions as of end of year:

 

 

 

 

 

 

 

 

 

Discount rate for benefit obligation

 

 

5.30

%

 

 

4.67

%

 

 

4.88

%

Discount rate for net periodic benefit cost

 

 

4.67

%

 

 

4.88

%

 

 

2.41

%

Estimated Future Benefit Payments and Other Disclosures

The following table presents the expected benefits payments for Trustmark’s supplemental retirement plans ($ in thousands):

 

Year

 

Amount

 

2025

 

$

3,885

 

2026

 

 

3,850

 

2027

 

 

3,673

 

2028

 

 

3,550

 

2029

 

 

3,545

 

2030 - 2034

 

 

15,563