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Defined Benefit and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2015
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 Trustmark’s qualified defined benefit pension plans (Trustmark Capital Accumulation Plan and BancTrust Pension Plan) ($ in thousands):

 

 

 

December 31,

 

 

 

2015

 

 

2014

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

101,904

 

 

$

128,974

 

Service cost

 

 

513

 

 

 

495

 

Interest cost

 

 

3,461

 

 

 

5,299

 

Actuarial (gain) loss

 

 

(2,807

)

 

 

11,675

 

Benefits paid for BancTrust Pension Plan

 

 

 

 

 

(38,853

)

Benefits paid for Trustmark Capital Accumulation Plan

 

 

(11,668

)

 

 

(7,041

)

Settlement loss from BancTrust termination

 

 

 

 

 

1,355

 

Benefit obligation, end of year

 

$

91,403

 

 

$

101,904

 

 

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

86,287

 

 

$

126,142

 

Actual return on plan assets

 

 

(547

)

 

 

4,632

 

Employer contributions

 

 

65

 

 

 

1,407

 

Benefit payments for BancTrust Pension Plan

 

 

 

 

 

(38,853

)

Benefit payments for Trustmark Capital Accumulation Plan

 

 

(11,668

)

 

 

(7,041

)

Fair value of plan assets, end of year

 

$

74,137

 

 

$

86,287

 

 

 

 

 

 

 

 

 

 

Funded status at end of year - net liability

 

$

(17,266

)

 

$

(15,617

)

 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

Net loss - amount recognized

 

$

24,927

 

 

$

28,100

 

 

Net Periodic Benefit Cost

 

 

 

Years Ended December 31,

 

 

 

2015

 

 

2014

 

 

2013

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

513

 

 

$

495

 

 

$

595

 

Interest cost

 

 

3,461

 

 

 

5,299

 

 

 

4,758

 

Expected return on plan assets

 

 

(5,187

)

 

 

(6,245

)

 

 

(7,720

)

Recognized net loss due to BancTrust termination

 

 

 

 

 

1,355

 

 

 

 

Recognized net loss due to lump sum settlements

 

 

2,221

 

 

 

905

 

 

 

2,225

 

Recognized net actuarial (gain) loss

 

 

3,878

 

 

 

(283

)

 

 

5,516

 

Net periodic benefit cost

 

$

4,886

 

 

$

1,526

 

 

$

5,374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other changes in plan assets and benefit obligation recognized in other

   comprehensive income (loss), before taxes:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(3,173

)

 

$

12,664

 

 

$

(29,742

)

Total recognized in net periodic benefit cost and other comprehensive

   income (loss)

 

$

1,713

 

 

$

14,190

 

 

$

(24,368

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average assumptions as of end of year:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate for benefit obligation

 

 

3.86

%

 

 

3.57

%

 

 

4.30

%

Discount rate for net periodic benefit cost

 

 

3.57

%

 

 

4.30

%

 

 

3.50

%

Expected long-term return on plan assets

 

 

7.00

%

 

 

7.50

%

 

 

7.50

%

 

Weighted-Average Asset Allocation

The weighted-average asset allocations by asset category for Trustmark’s qualified defined benefit pension plans at December 31, 2015 and 2014 are presented below.  Due to the termination and full distribution of the BancTrust Pension Plan during 2014, December 31, 2015 and 2014 includes only amounts related to the Trustmark Capital Accumulation Plan.

 

 

 

December 31,

 

 

 

2015

 

 

2014

 

Money market fund

 

 

3.6

%

 

 

8.7

%

Fixed income mutual funds

 

 

29.0

%

 

 

11.9

%

Equity mutual funds

 

 

16.1

%

 

 

72.2

%

Equity securities

 

 

51.3

%

 

 

7.0

%

Fixed income hedge fund

 

 

0.0

%

 

 

0.2

%

Total

 

 

100.0

%

 

 

100.0

%

 

Plan Assets Measured at Fair Value

The following table sets forth by level, within the fair value hierarchy, the qualified defined benefit pension plan’s assets measured at fair value at December 31, 2015 and 2014 ($ in thousands):

 

 

 

December 31, 2015

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market fund

 

$

2,678

 

 

$

2,678

 

 

$

 

 

$

 

Fixed income mutual funds

 

 

21,472

 

 

 

21,472

 

 

 

 

 

 

 

Equity mutual funds

 

 

11,922

 

 

 

11,922

 

 

 

 

 

 

 

Equity securities

 

 

38,065

 

 

 

38,065

 

 

 

 

 

 

 

Total assets at fair value

 

$

74,137

 

 

$

74,137

 

 

$

 

 

$

 

 

 

 

December 31, 2014

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market fund

 

$

7,544

 

 

$

7,544

 

 

$

 

 

$

 

Fixed income mutual funds

 

 

10,267

 

 

 

10,267

 

 

 

 

 

 

 

Equity mutual funds

 

 

62,265

 

 

 

62,265

 

 

 

 

 

 

 

Equity securities

 

 

6,057

 

 

 

6,057

 

 

 

 

 

 

 

Fixed income hedge fund

 

 

154

 

 

 

 

 

 

 

 

 

154

 

Total assets at fair value

 

$

86,287

 

 

$

86,133

 

 

$

 

 

$

154

 

 

Changes in Fair Value of Plan Level Three Assets

The following table sets forth a summary of changes in fair value of the Level 3 plan assets for the years ended December 31, 2015 and 2014 ($ in thousands):

 

 

 

Fixed Income

Hedge Fund

 

Balance, January 1, 2014

 

$

163

 

Change in fair value

 

 

(9

)

Balance, December 31, 2014

 

 

154

 

Disposition

 

 

(154

)

Balance, December 31, 2015

 

$

 

 

Estimated Future Benefit Payments and Other Disclosures

The following table presents the expected benefit payments, which reflect expected future service, for Trustmark’s Capital Accumulation Plan ($ in thousands):

 

Year

 

Amount

 

2016

 

$

10,817

 

2017

 

 

8,082

 

2018

 

 

6,417

 

2019

 

 

6,158

 

2020

 

 

5,915

 

2021 - 2025

 

 

26,459

 

 

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 ($ in thousands):

 

 

 

December 31,

 

 

 

2015

 

 

2014

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

59,744

 

 

$

52,489

 

Service cost

 

 

431

 

 

 

296

 

Interest cost

 

 

2,082

 

 

 

2,198

 

Actuarial (gain) loss

 

 

(1,702

)

 

 

7,392

 

Benefits paid

 

 

(2,789

)

 

 

(2,631

)

Benefit obligation, end of year

 

$

57,766

 

 

$

59,744

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

 

 

$

 

Employer contributions

 

 

2,789

 

 

 

2,631

 

Benefit payments

 

 

(2,789

)

 

 

(2,631

)

Fair value of plan assets, end of year

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

Funded status at end of year - net liability

 

$

(57,766

)

 

$

(59,744

)

 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

Net loss

 

$

18,548

 

 

$

21,242

 

Prior service cost

 

 

1,609

 

 

 

1,860

 

Amounts recognized

 

$

20,157

 

 

$

23,102

 

 

Net Periodic Benefit Cost

 

 

 

Years Ended December 31,

 

 

 

2015

 

 

2014

 

 

2013

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

431

 

 

$

296

 

 

$

597

 

Interest cost

 

 

2,082

 

 

 

2,198

 

 

 

1,943

 

Amortization of prior service cost

 

 

250

 

 

 

250

 

 

 

250

 

Recognized net actuarial loss

 

 

992

 

 

 

661

 

 

 

1,038

 

Net periodic benefit cost

 

$

3,755

 

 

$

3,405

 

 

$

3,828

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other changes in plan assets and benefit obligation recognized in other

   comprehensive income (loss), before taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Net (gain) loss

 

$

(2,694

)

 

$

6,733

 

 

$

(5,224

)

Amortization of prior service cost

 

 

(250

)

 

 

(250

)

 

 

(250

)

Total recognized in other comprehensive income (loss)

 

$

(2,944

)

 

$

6,483

 

 

$

(5,474

)

Total recognized in net periodic benefit cost and other comprehensive

   income (loss)

 

$

811

 

 

$

9,888

 

 

$

(1,646

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average assumptions as of end of year:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate for benefit obligation

 

 

3.86

%

 

 

3.57

%

 

 

4.30

%

Discount rate for net periodic benefit cost

 

 

3.57

%

 

 

4.30

%

 

 

3.50

%

 

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

 

2016

 

$

3,071

 

2017

 

 

3,462

 

2018

 

 

3,610

 

2019

 

 

3,683

 

2020

 

 

3,865

 

2021 - 2025

 

 

19,685