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Defined Benefit and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2018
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,

 

 

 

2018

 

 

2017

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

10,102

 

 

$

75,900

 

Service cost

 

 

277

 

 

 

253

 

Interest cost

 

 

332

 

 

 

1,461

 

Actuarial (gain) loss

 

 

(827

)

 

 

391

 

Benefits paid for the Plan

 

 

(705

)

 

 

(68,583

)

Settlement loss

 

 

—

 

 

 

680

 

Benefit obligation, end of year

 

$

9,179

 

 

$

10,102

 

 

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

4,596

 

 

$

54,734

 

Actual return on plan assets

 

 

(314

)

 

 

481

 

Employer contributions

 

 

377

 

 

 

17,964

 

Benefit payments for the Plan

 

 

(705

)

 

 

(68,583

)

Fair value of plan assets, end of year

 

$

3,954

 

 

$

4,596

 

 

 

 

 

 

 

 

 

 

Funded status at end of year - net liability

 

$

(5,225

)

 

$

(5,506

)

 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

Net loss - amount recognized

 

$

2,170

 

 

$

3,187

 
Net Periodic Benefit Cost

 

 

 

Years Ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

277

 

 

$

253

 

 

$

428

 

Interest cost

 

 

332

 

 

 

1,461

 

 

 

3,355

 

Expected return on plan assets

 

 

(227

)

 

 

(317

)

 

 

(2,897

)

Recognized net loss due to defined benefit plan termination

 

 

—

 

 

 

17,662

 

 

 

—

 

Recognized net loss due to lump sum settlements

 

 

161

 

 

 

—

 

 

 

3,906

 

Recognized net actuarial loss

 

 

571

 

 

 

1,414

 

 

 

2,749

 

Net periodic benefit cost

 

$

1,114

 

 

$

20,473

 

 

$

7,541

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

$

(1,017

)

 

$

(18,168

)

 

$

(3,572

)

Total recognized in net periodic benefit cost and other comprehensive

   income (loss)

 

$

97

 

 

$

2,305

 

 

$

3,969

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average assumptions as of end of year:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate for benefit obligation

 

 

3.97

%

 

 

3.32

%

 

 

3.71

%

Discount rate for net periodic benefit cost

 

 

3.32

%

 

 

3.71

%

 

 

3.86

%

Expected long-term return on plan assets

 

 

5.00

%

 

 

5.00

%

 

 

4.25

%
Weighted-Average Asset Allocation

The weighted-average asset allocations by asset category are presented below for the Continuing Plan at December 31, 2018 and 2017.  No assets remained in the Plan at December 31, 2017.  

 

 

 

December 31,

 

 

 

2018

 

 

2017

 

Money market fund

 

 

8.0

%

 

 

6.0

%

Exchange traded funds:

 

 

 

 

 

 

 

 

Equity securities

 

 

52.0

%

 

 

48.0

%

Fixed income

 

 

29.0

%

 

 

32.0

%

International

 

 

11.0

%

 

 

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, 2018 and 2017 ($ in thousands):

 

 

December 31, 2018

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market fund

 

$

304

 

 

$

304

 

 

$

—

 

 

$

—

 

Exchange traded funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

 

2,044

 

 

 

2,044

 

 

 

—

 

 

 

—

 

Fixed income

 

 

1,162

 

 

 

1,162

 

 

 

—

 

 

 

—

 

International

 

 

444

 

 

 

444

 

 

 

—

 

 

 

—

 

Total assets at fair value

 

$

3,954

 

 

$

3,954

 

 

$

—

 

 

$

—

 

 

 

 

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

 

 

$

—

 

 

$

—

 
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

 

2019

 

$

218

 

2020

 

 

283

 

2021

 

 

382

 

2022

 

 

438

 

2023

 

 

517

 

2024 - 2028

 

 

3,037

 
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,

 

 

 

2018

 

 

2017

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

57,930

 

 

$

58,495

 

Service cost

 

 

116

 

 

 

141

 

Interest cost

 

 

1,865

 

 

 

2,103

 

Actuarial loss

 

 

(3,228

)

 

 

642

 

Benefits paid

 

 

(3,426

)

 

 

(3,451

)

Benefit obligation, end of year

 

$

53,257

 

 

$

57,930

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

—

 

 

$

—

 

Employer contributions

 

 

3,426

 

 

 

3,451

 

Benefit payments

 

 

(3,426

)

 

 

(3,451

)

Fair value of plan assets, end of year

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

Funded status at end of year - net liability

 

$

(53,257

)

 

$

(57,930

)

 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

Net loss

 

$

13,403

 

 

$

17,514

 

Prior service cost

 

 

859

 

 

 

1,109

 

Amounts recognized

 

$

14,262

 

 

$

18,623

 
Net Periodic Benefit Cost

 

 

 

Years Ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

116

 

 

$

141

 

 

$

295

 

Interest cost

 

 

1,865

 

 

 

2,103

 

 

 

2,223

 

Amortization of prior service cost

 

 

250

 

 

 

250

 

 

 

250

 

Recognized net actuarial loss

 

 

884

 

 

 

866

 

 

 

864

 

Net periodic benefit cost

 

$

3,115

 

 

$

3,360

 

 

$

3,632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other changes in plan assets and benefit obligation recognized in other

   comprehensive income (loss), before taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Net (gain) loss

 

$

(4,111

)

 

$

(224

)

 

$

(810

)

Amortization of prior service cost

 

 

(250

)

 

 

(250

)

 

 

(250

)

Total recognized in other comprehensive income (loss)

 

$

(4,361

)

 

$

(474

)

 

$

(1,060

)

Total recognized in net periodic benefit cost and other comprehensive

   income (loss)

 

$

(1,246

)

 

$

2,886

 

 

$

2,572

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average assumptions as of end of year:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate for benefit obligation

 

 

3.97

%

 

 

3.32

%

 

 

3.71

%

Discount rate for net periodic benefit cost

 

 

3.32

%

 

 

3.71

%

 

 

3.86

%
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

 

2019

 

$

3,534

 

2020

 

 

4,052

 

2021

 

 

4,123

 

2022

 

 

4,291

 

2023

 

 

4,126

 

2024 - 2028

 

 

18,638