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Defined Benefit and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2016
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 tax-qualified defined benefit pension plans (Trustmark Capital Accumulation Plan and BancTrust Pension Plan) for the periods presented ($ in thousands):

 

 

 

December 31,

 

 

 

2016

 

 

2015

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

91,403

 

 

$

101,904

 

Service cost

 

 

428

 

 

 

513

 

Interest cost

 

 

3,355

 

 

 

3,461

 

Actuarial gain

 

 

(893

)

 

 

(2,807

)

Benefits paid for the Plan

 

 

(18,393

)

 

 

(11,668

)

Benefit obligation, end of year

 

$

75,900

 

 

$

91,403

 

 

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

74,137

 

 

$

86,287

 

Actual return on plan assets

 

 

(1,079

)

 

 

(547

)

Employer contributions

 

 

69

 

 

 

65

 

Benefit payments for the Plan

 

 

(18,393

)

 

 

(11,668

)

Fair value of plan assets, end of year

 

$

54,734

 

 

$

74,137

 

 

 

 

 

 

 

 

 

 

Funded status at end of year - net liability

 

$

(21,166

)

 

$

(17,266

)

 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

Net loss - amount recognized

 

$

21,355

 

 

$

24,927

 

 

Net Periodic Benefit Cost

 

 

 

Years Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

428

 

 

$

513

 

 

$

495

 

Interest cost

 

 

3,355

 

 

 

3,461

 

 

 

5,299

 

Expected return on plan assets

 

 

(2,897

)

 

 

(5,187

)

 

 

(6,245

)

Recognized net loss due to BancTrust termination

 

 

 

 

 

 

 

 

1,355

 

Recognized net loss due to lump sum settlements

 

 

3,906

 

 

 

2,221

 

 

 

905

 

Recognized net actuarial loss (gain)

 

 

2,749

 

 

 

3,878

 

 

 

(283

)

Net periodic benefit cost

 

$

7,541

 

 

$

4,886

 

 

$

1,526

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

$

(3,572

)

 

$

(3,173

)

 

$

12,664

 

Total recognized in net periodic benefit cost and other comprehensive

   income (loss)

 

$

3,969

 

 

$

1,713

 

 

$

14,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average assumptions as of end of year:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate for benefit obligation

 

 

3.71

%

 

 

3.86

%

 

 

3.57

%

Discount rate for net periodic benefit cost

 

 

3.86

%

 

 

3.57

%

 

 

4.30

%

Expected long-term return on plan assets

 

 

4.25

%

 

 

7.00

%

 

 

7.50

%

 

Weighted-Average Asset Allocation

The weighted-average asset allocations by asset category for the Plan at December 31, 2016 and 2015 are presented below.

 

 

 

December 31,

 

 

 

2016

 

 

2015

 

Money market fund

 

 

13.0

%

 

 

3.6

%

Fixed income mutual funds

 

 

 

 

 

29.0

%

Equity mutual funds

 

 

 

 

 

16.1

%

Equity securities

 

 

 

 

 

51.3

%

U.S. Treasuries

 

 

87.0

%

 

 

 

Total

 

 

100.0

%

 

 

100.0

%

 

Plan Assets Measured at Fair Value

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets measured at fair value at December 31, 2016 and 2015 ($ in thousands):

 

 

 

December 31, 2016

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market fund

 

$

6,859

 

 

$

6,859

 

 

$

 

 

$

 

U.S. Treasuries

 

 

47,875

 

 

 

47,875

 

 

 

 

 

 

 

Total assets at fair value

 

$

54,734

 

 

$

54,734

 

 

$

 

 

$

 

 

 

 

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

 

 

$

 

 

$

 

 

Estimated Future Benefit Payments and Other Disclosures

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

 

Year

 

Amount

 

2017

 

$

67,400

 

2018

 

 

210

 

2019

 

 

285

 

2020

 

 

334

 

2021

 

 

391

 

2022 - 2026

 

 

2,706

 

 

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,

 

 

 

2016

 

 

2015

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

57,766

 

 

$

59,744

 

Service cost

 

 

295

 

 

 

431

 

Interest cost

 

 

2,223

 

 

 

2,082

 

Actuarial loss (gain)

 

 

1,537

 

 

 

(1,702

)

Benefits paid

 

 

(3,326

)

 

 

(2,789

)

Benefit obligation, end of year

 

$

58,495

 

 

$

57,766

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

 

 

$

 

Employer contributions

 

 

3,326

 

 

 

2,789

 

Benefit payments

 

 

(3,326

)

 

 

(2,789

)

Fair value of plan assets, end of year

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

Funded status at end of year - net liability

 

$

(58,495

)

 

$

(57,766

)

 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

Net loss

 

$

17,739

 

 

$

18,548

 

Prior service cost

 

 

1,359

 

 

 

1,609

 

Amounts recognized

 

$

19,098

 

 

$

20,157

 

 

Net Periodic Benefit Cost

 

 

 

Years Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

295

 

 

$

431

 

 

$

296

 

Interest cost

 

 

2,223

 

 

 

2,082

 

 

 

2,198

 

Amortization of prior service cost

 

 

250

 

 

 

250

 

 

 

250

 

Recognized net actuarial loss

 

 

864

 

 

 

992

 

 

 

661

 

Net periodic benefit cost

 

$

3,632

 

 

$

3,755

 

 

$

3,405

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other changes in plan assets and benefit obligation recognized in other

   comprehensive income (loss), before taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Net (gain) loss

 

$

(810

)

 

$

(2,694

)

 

$

6,733

 

Amortization of prior service cost

 

 

(250

)

 

 

(250

)

 

 

(250

)

Total recognized in other comprehensive income (loss)

 

$

(1,060

)

 

$

(2,944

)

 

$

6,483

 

Total recognized in net periodic benefit cost and other comprehensive

   income (loss)

 

$

2,572

 

 

$

811

 

 

$

9,888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average assumptions as of end of year:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate for benefit obligation

 

 

3.71

%

 

 

3.86

%

 

 

3.57

%

Discount rate for net periodic benefit cost

 

 

3.86

%

 

 

3.57

%

 

 

4.30

%

 

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

 

2017

 

$

3,648

 

2018

 

 

3,766

 

2019

 

 

3,845

 

2020

 

 

4,067

 

2021

 

 

4,113

 

2022 - 2026

 

 

19,982