Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

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

	Pension Plan				SERP				Other
(In thousands)	2019		2018		2019		2018		2019		2018
Change in benefit obligation:
Beginning balance	$	209,513	$	229,318	$	1,835	$	13,096	$	2,612	$	3,094
Interest cost	7,941		7,212		65		103		85		78
Actuarial loss (gain)	33,157		(18,499)		163		—		(103)		(352)
Benefits paid and administrative expenses	(9,207)		(8,518)		(128)		(11,364)		(195)		(208)
Ending balance (1)	241,404		209,513		1,935		1,835		2,399		2,612
Change in plan assets:
Beginning balance	191,972		216,225		—		—		—		—
Actual return on plan assets	46,856		(15,735)		—		—		—		—
Employer contributions	10,000		—		128		11,364		195		208
Benefits paid and administrative expenses	(9,207)		(8,518)		(128)		(11,364)		(195)		(208)
Ending balance	239,621		191,972		—		—		—		—
Funded status of the plan at year end (2)	$	(1,783)	$	(17,541)	$	(1,935)	$	(1,835)	$	(2,399)	$	(2,612)

(1)The total accumulated benefit obligation for the defined benefit pension and other postretirement benefits was $245.7 million and $214.0 million at December 31, 2019 and 2018, respectively.

(2)The underfunded status amounts are included in accrued expense and other liabilities in the consolidated balance sheets.

Schedule of Net Periodic Benefit Cost Not yet Recognized

The following table summarizes the impact on AOCL related to the defined benefit pension and other postretirement benefits at December 31:

	Pension Plan				SERP				Other
(In thousands)	2019		2018		2019		2018		2019		2018
Net actuarial loss (gain) included in AOCL	$	56,555	$	64,523	$	602	$	453	$	(458)	$	(368)
Deferred tax benefit (expense)	12,528		14,623		133		103		(101)		(83)
Amounts included in accumulated AOCL, net of tax	$	44,027	$	49,900	$	469	$	350	$	(357)	$	(285)

Schedule of Expected Benefit Payments

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

(In thousands)	Pension Plan		SERP		Other
2020	$	9,010	$	131	$	314
2021	9,797		134		295
2022	10,490		133		274
2023	10,488		132		252
2024	10,883		135		229
2025-2029	59,126		627		815

Summary of Net Periodic Benefit Cost

The components of the net periodic benefit cost (benefit) for the defined benefit pension and other postretirement benefits were as follows for the years ended December 31:

	Pension Plan						SERP						Other
(In thousands)	2019		2018		2017		2019		2018		2017		2019		2018		2017
Service cost	$	—	$	—	$	50	$	—	$	—	$	—	$	—	$	—	$	—
Interest cost on benefit obligations	7,941		7,212		7,314		65		103		375		85		78		92
Expected return on plan assets	(11,436)		(12,716)		(12,296)		—		—		—		—		—		—
Recognized net loss (gain)	5,705		4,862		5,864		14		2,846		748		(13)		—		—
Net periodic benefit cost (benefit)	$	2,210	$	(642)	$	932	$	79	$	2,949	$	1,123	$	72	$	78	$	92

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

Changes in funded status related to the defined benefit pension and other postretirement benefits and recognized as a component of OCI in the consolidated statement of comprehensive income as follows for the years ended December 31:

	Pension Plan						SERP						Other
(In thousands)	2019		2018		2017		2019		2018		2017		2019		2018		2017
Net (gain) loss	$	(2,263)	$	9,952	$	(561)	$	164	$	—	$	1,037	$	(103)	$	(352)	$	(631)
Amounts reclassified from AOCL	(5,705)		(4,862)		(5,864)		(14)		(2,846)		(748)		13		—		—
Total (gain) loss recognized in OCI	$	(7,968)	$	5,090	$	(6,425)	$	150	$	(2,846)	$	289	$	(90)	$	(352)	$	(631)

Schedule of Changes in Fair Value of Plan Assets

A summary of the fair value and hierarchy classification of financial assets of the pension plan is as follows:

	At December 31,
	2019								2018
(In thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Exchange traded fund	$	36,552	$	—	$	—	$	36,552	$	30,641	$	—	$	—	$	30,641
Money market fund	1,225		—		—		1,225		1,695		—		—		1,695
Investments measured at NAV (1)	—		—		—		201,844		—		—		—		159,636
Total pension plan assets	$	37,777	$	—	$	—	239,621		$	32,336	$	—	$	—	$	191,972

Schedule of Assumptions Used

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

	Pension Plan				SERP				Other
	2019		2018		2019		2018		2019		2018
Discount rate	3.07	%	4.12	%	2.82	%	3.95	%	2.50	%	3.69	%

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

	Pension Plan						SERP						Other
	2019		2018		2017		2019		2018		2017		2019		2018		2017
Discount rate	4.12	%	3.50	%	4.01	%	3.95	%	3.30	%	3.63	%	3.69	%	3.00	%	3.27	%
Expected long-term return on assets	6.00	%	6.00	%	6.50	%	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		6.50	%	7.00	%	7.50	%

Schedule of Multiemployer Plans

The following table sets forth contributions and funding status of Webster Bank's portion of this plan:

(Dollars in thousands)			Contributions by Webster Bank for the year ended December 31,			Funded Status of the Plan at December 31,
Plan Name	Employer Identification Number	Plan Number	2019	2018	2017	2019	2018
Pentegra Defined Benefit Plan for Financial Institutions	13-5645888	333	$863	$679	$614	At least 80 percent	At least 80 percent

Schedule of Allocation of Plan Assets

The following table presents the target allocation and the pension plan asset allocation for the periods indicated, by asset category:

	Target Allocation		Percentage of Pension Plan Assets
	2020		2019		2018
Fixed income investments	62	%	61	%	56	%
Equity investments	38		38		43
Cash and cash equivalents	—		1		1
Total	100	%	100	%	100	%