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Defined Benefit and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2017
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 (the Continuing Plan and the Plan) for the periods presented ($ in thousands):

 

 

 

December 31,

 

 

 

2017

 

 

2016

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

75,900

 

 

$

91,403

 

Service cost

 

 

253

 

 

 

428

 

Interest cost

 

 

1,461

 

 

 

3,355

 

Actuarial loss (gain)

 

 

391

 

 

 

(893

)

Benefits paid for the Plan

 

 

(68,583

)

 

 

(18,393

)

Settlement loss

 

 

680

 

 

 

 

Benefit obligation, end of year

 

$

10,102

 

 

$

75,900

 

 

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

54,734

 

 

$

74,137

 

Actual return on plan assets

 

 

481

 

 

 

(1,079

)

Employer contributions

 

 

17,964

 

 

 

69

 

Benefit payments for the Plan

 

 

(68,583

)

 

 

(18,393

)

Fair value of plan assets, end of year

 

$

4,596

 

 

$

54,734

 

 

 

 

 

 

 

 

 

 

Funded status at end of year - net liability

 

$

(5,506

)

 

$

(21,166

)

 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

Net loss - amount recognized

 

$

3,187

 

 

$

21,355

 

 

Net Periodic Benefit Cost

 

 

 

Years Ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

253

 

 

$

428

 

 

$

513

 

Interest cost

 

 

1,461

 

 

 

3,355

 

 

 

3,461

 

Expected return on plan assets

 

 

(317

)

 

 

(2,897

)

 

 

(5,187

)

Recognized net loss due to defined benefit plan termination

 

 

17,662

 

 

 

 

 

 

 

Recognized net loss due to lump sum settlements

 

 

 

 

 

3,906

 

 

 

2,221

 

Recognized net actuarial loss

 

 

1,414

 

 

 

2,749

 

 

 

3,878

 

Net periodic benefit cost

 

$

20,473

 

 

$

7,541

 

 

$

4,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

$

(18,168

)

 

$

(3,572

)

 

$

(3,173

)

Total recognized in net periodic benefit cost and other comprehensive

   income (loss)

 

$

2,305

 

 

$

3,969

 

 

$

1,713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average assumptions as of end of year:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate for benefit obligation

 

 

3.32

%

 

 

3.71

%

 

 

3.86

%

Discount rate for net periodic benefit cost

 

 

3.71

%

 

 

3.86

%

 

 

3.57

%

Expected long-term return on plan assets

 

 

5.00

%

 

 

4.25

%

 

 

7.00

%

 

Weighted-Average Asset Allocation

The weighted-average asset allocations by asset category are presented below for the Continuing Plan at December 31, 2017 and 2016, and for the Plan at December 31, 2016.  No assets remained in the Plan at December 31, 2017.  

 

 

December 31,

 

 

 

2017

 

 

2016

 

Money market fund

 

 

6.0

%

 

 

13.0

%

U.S. Treasuries

 

 

 

 

 

87.0

%

Exchange traded funds:

 

 

 

 

 

 

 

 

Equity securities

 

 

48.0

%

 

 

 

Fixed income

 

 

32.0

%

 

 

 

International

 

 

14.0

%

 

 

 

Total

 

 

100.0

%

 

 

100.0

%

 

Plan Assets Measured at Fair Value

The following table sets forth by level, within the fair value hierarchy, the Continuing Plan’s assets measured at fair value at December 31, 2017 and 2016 and the Plan’s assets at December 31, 2016 ($ in thousands):

 

 

 

December 31, 2017

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market fund

 

$

269

 

 

$

269

 

 

$

 

 

$

 

Exchange traded funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

 

2,199

 

 

 

2,199

 

 

 

 

 

 

 

Fixed income

 

 

1,462

 

 

 

1,462

 

 

 

 

 

 

 

International

 

 

666

 

 

 

666

 

 

 

 

 

 

 

Total assets at fair value

 

$

4,596

 

 

$

4,596

 

 

$

 

 

$

 

 

 

 

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

 

 

$

 

 

$

 

 

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

 

2018

 

$

196

 

2019

 

 

282

 

2020

 

 

333

 

2021

 

 

394

 

2022

 

 

453

 

2023 - 2027

 

 

2,961

 

 

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,

 

 

 

2017

 

 

2016

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

58,495

 

 

$

57,766

 

Service cost

 

 

141

 

 

 

295

 

Interest cost

 

 

2,103

 

 

 

2,223

 

Actuarial loss

 

 

642

 

 

 

1,537

 

Benefits paid

 

 

(3,451

)

 

 

(3,326

)

Benefit obligation, end of year

 

$

57,930

 

 

$

58,495

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

 

 

$

 

Employer contributions

 

 

3,451

 

 

 

3,326

 

Benefit payments

 

 

(3,451

)

 

 

(3,326

)

Fair value of plan assets, end of year

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

Funded status at end of year - net liability

 

$

(57,930

)

 

$

(58,495

)

 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

Net loss

 

$

17,514

 

 

$

17,739

 

Prior service cost

 

 

1,109

 

 

 

1,359

 

Amounts recognized

 

$

18,623

 

 

$

19,098

 

 

Net Periodic Benefit Cost

 

 

 

Years Ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

141

 

 

$

295

 

 

$

431

 

Interest cost

 

 

2,103

 

 

 

2,223

 

 

 

2,082

 

Amortization of prior service cost

 

 

250

 

 

 

250

 

 

 

250

 

Recognized net actuarial loss

 

 

866

 

 

 

864

 

 

 

992

 

Net periodic benefit cost

 

$

3,360

 

 

$

3,632

 

 

$

3,755

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other changes in plan assets and benefit obligation recognized in other

   comprehensive income (loss), before taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Net (gain) loss

 

$

(224

)

 

$

(810

)

 

$

(2,694

)

Amortization of prior service cost

 

 

(250

)

 

 

(250

)

 

 

(250

)

Total recognized in other comprehensive income (loss)

 

$

(474

)

 

$

(1,060

)

 

$

(2,944

)

Total recognized in net periodic benefit cost and other comprehensive

   income (loss)

 

$

2,886

 

 

$

2,572

 

 

$

811

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average assumptions as of end of year:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate for benefit obligation

 

 

3.32

%

 

 

3.71

%

 

 

3.86

%

Discount rate for net periodic benefit cost

 

 

3.71

%

 

 

3.86

%

 

 

3.57

%

 

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

 

2018

 

$

3,475

 

2019

 

 

3,591

 

2020

 

 

4,047

 

2021

 

 

4,105

 

2022

 

 

4,262

 

2023 - 2027

 

 

19,230