Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Summary of Changes in Benefit Obligation, Changes in Plan Assets and the Funded Status of the Pension Plans and Other Postretirement Benefit Plans

The following table sets forth changes in benefit obligation, changes in plan assets and the funded status of the pension plans and other postretirement benefit plans at December 31:

	Webster Pension						Webster SERP						Other Benefits
(In thousands)	2013			2012			2013			2012			2013			2012
Change in benefit obligation:
Benefit obligation at beginning of year	$	187,145		$	169,176		$	8,660		$	8,093		$	4,229		$	5,126
Service cost	40			30			—			—			—			—
Interest cost	7,365			7,307			289			316			109			177
Actuarial loss (gain)	(17,909		)	15,044			(160		)	353			(239		)	(698		)
Benefits paid and administrative expenses	(5,452		)	(4,412		)	(114		)	(102		)	(278		)	(376		)
Benefit obligation at end of year	171,189			187,145			8,675			8,660			3,821			4,229
Change in plan assets:
Fair value of plan assets at beginning of year	151,191			136,905			—			—			—			—
Actual return on plan assets	16,443			18,698			—			—			—			—
Employer contributions	—			—			114			102			278			376
Benefits paid and administrative expenses	(5,452		)	(4,412		)	(114		)	(102		)	(278		)	(376		)
Fair value of plan assets at end of year	162,182			151,191			—			—			—			—
Underfunded at end of year	$	(9,007	)	$	(35,954	)	$	(8,675	)	$	(8,660	)	$	(3,821	)	$	(4,229	)

Amount Recognized in the Consolidated Balance Sheets

An asset is recognized for an overfunded plan, and a liability is recognized for an underfunded plan.

	2013									2012
(In thousands)	Webster Pension			Webster SERP			Other Benefits			Webster Pension			Webster SERP			Other Benefits
Prepaid expenses and other assets	$	—		$	—		$	—		$	—		$	—		$	—
Accrued expenses and other liabilities	(9,007		)	(8,675		)	(3,821		)	(35,954		)	(8,660		)	(4,229		)
Underfunded	$	(9,007	)	$	(8,675	)	$	(3,821	)	$	(35,954	)	$	(8,660	)	$	(4,229	)

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The components of accumulated other comprehensive loss related to pensions and other postretirement benefits at December 31, 2013 and 2012 are summarized below. Webster expects that $2.9 million in net actuarial loss and $73 thousand in prior service cost will be recognized as components of net periodic benefit cost in 2014.

	2013						2012
(In thousands)	Webster Pension		Webster SERP		Other Benefits		Webster Pension		Webster SERP		Other Benefits
Net actuarial loss	$	41,267	$	1,419	$	351	$	70,860	$	1,705	$	591
Prior service cost	—		—		159		—		—		232
Total pre-tax amounts included in accumulated other comprehensive loss	$	41,267	$	1,419	$	510	$	70,860	$	1,705	$	823
Deferred tax benefit	14,779		508		183		25,377		611		295
Amounts included in accumulated other comprehensive loss, net of tax	$	26,488	$	911	$	327	$	45,483	$	1,094	$	528

Summary of Expected Future Benefit Payments

Expected future benefit payments for the pension plans and other postretirement benefit plans are presented below:

(In thousands)	Webster  Pension		Webster SERP		Other Benefits
2014	$	6,944	$	2,748	$	387
2015	7,111		1,459		385
2016	6,957		417		378
2017	7,833		380		366
2018	8,104		381		350
2019-2023	46,428		1,162		1,466

Summary of Net Periodic Benefit Cost

	Webster Pension									Webster SERP						Other Benefits
(In thousands)	2013			2012			2011			2013		2012		2011		2013		2012		2011
Net Periodic Benefit Cost Recognized in Net Income:
Service cost (benefits earned during the period)	$	40		$	30		$	175		$	—	$	—	$	—	$	—	$	—	$	—
Interest cost on benefit obligations	7,365			7,307			7,463			289		316		350		109		177		215
Expected return on plan assets	(11,114		)	(10,069		)	(10,550		)	—		—		—		—		—		—
Amortization of prior service cost	—			—			—			—		—		—		73		73		73
Net amortization	6,355			6,103			2,674			125		71		—		—		107		65
Net periodic benefit cost (income) recognized in net income	$	2,646		$	3,371		$	(238	)	$	414	$	387	$	350	$	182	$	357	$	353

Summary of Components of Accumulated Other Comprehensive Loss on a Pre-Tax Basis

Amounts related to the Company’s defined benefit pension plans recognized as a component of other comprehensive income were as follows:

	Webster Pension									Webster SERP								Other Benefits
(In thousands)	2013			2012			2011			2013			2012			2011		2013			2012			2011
Changes in Funded Status Recognized in Other Comprehensive Income:
Net loss (gain)	$	(23,238	)	$	6,416		$	36,272		$	(160	)	$	353		$	760	$	(239	)	$	(698	)	$	452
Amounts reclassified from accumulated other comprehensive income	(6,355		)	(6,103		)	(2,674		)	(125		)	(71		)	—		—			(107		)	(65		)
Amortization of prior service cost	—			—			—			—			—			—		(73		)	(73		)	(73		)
Total loss (gain) recognized in other comprehensive income (loss)	$	(29,593	)	$	313		$	33,598		$	(285	)	$	282		$	760	$	(312	)	$	(878	)	$	314

Summary of Changes in Fair Value of Level 3 Plan Assets

A summary of fair values of the pension plan assets measured at fair value, including the classification of such instruments pursuant to the valuation hierarchy follows:

	December 31, 2013								December 31, 2012
(In thousands)	Total		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fair value of financial assets of the Plan:
Registered investment companies:
Exchange traded funds	$	29,831	$	29,831	$	—	$	—	$	31,745	$	31,745	$	—	$	—
Cash and cash equivalents	269		269		—		—		14		14		—		—
Common collective funds	130,886		—		130,886		—		118,096		—		118,096		—
Insurance company investment contract	1,196		—		—		1,196		1,336		—		—		1,336
Total	$	162,182	$	30,100	$	130,886	$	1,196	$	151,191	$	31,759	$	118,096	$	1,336

Summary of Plan Assets by Level

The following table sets forth a summary of changes in the fair value of the plan’s level 3 assets for the years ended December 31, 2013 and 2012:

(In thousands)	2013			2012
Level 3—pension assets, beginning of period	$	1,336		$	1,401
Transfers into Level 3	—			—
Unrealized gains relating to instruments still held at the reporting date	(39		)	21
Benefit payments, administrative expenses and interest income, net	(101		)	(86		)
Balance, end of year	$	1,196		$	1,336

Summary of Allocation of the Fair Value of the Pension Plan's Assets

The allocation of the fair value of the pension plan’s assets at the December 31 measurement date is shown in the following table:

	2013		2012
Assets Category:
Fixed income investments	50	%	40	%
Equity investments	50		60
Total	100	%	100	%

Summary of Plan Asset Allocation Targets

The investment policy guidelines in effect as of December 31, 2013 set the following asset allocation targets:

	Target
Assets Category:
Fixed income investments	50	%
Equity investments	50
Total	100	%

Summary of Assumption for the Expected Long-Term Rate of Return on Assets

The basis for Webster’s 2013 assumption for the expected long-term rate of return on assets is as follows:

	Portfolio		Return
Asset Category:
Fixed income investments	50	%	5.4	%
U.S. equity investments	35		8.9
International equity investments	15		9.3

Summary of Weighted-Average Assumptions to Determine Benefit Obligations

Weighted-average assumptions used to determine benefit obligations at December 31 are as follows:

	Webster Pension				Webster SERP				Other Benefits
	2013		2012		2013		2012		2013		2012
Discount rate	4.80	%	3.90	%	4.25	%	3.40	%	3.75	%	2.85	%
Rate of compensation increase	n/a		n/a		n/a		n/a		n/a		n/a

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 are as follows:

	Webster Pension						Webster SERP						Other Benefits
	2013		2012		2011		2013		2012		2011		2013		2012		2011
Discount rate	3.90	%	4.35	%	5.50	%	3.40	%	4.00	%	5.10	%	2.85	%	3.60	%	4.55	%
Expected long-term return on assets	7.25	%	7.50	%	7.75	%	n/a		n/a		n/a		n/a		n/a		n/a
Rate of compensation increase	n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a
Assumed healthcare cost trend	n/a		n/a		n/a		n/a		n/a		n/a		8.0	%	8.0	%	8.0	%

Summary of Contributions and Funding Status of the Plan

The following table sets forth contributions and funding status of the Fund:

	Contributions by Webster  Bank Period Ending December 31,						Funded Status of Plan		Surcharge Imposed
(In thousands) EIN/Pension Plan Number	2013		2012		2011		2013	2012
13-5645888/333	$	870	$	1,230	$	1,429	At least 80 percent	At least 80 percent	No