Retirement Benefit Plans

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Retirement Benefit Plans

Retirement Benefit Plans

Defined Benefit Pension and Other Postretirement Benefits

The following table summarizes the components of net periodic benefit (income) cost:

	Three months ended March 31,
	2022						2021
(In thousands)	Pension Plan		SERP		OPEB		Pension Plan		SERP		OPEB
Service cost	$	—	$	—	$	6	$	—	$	—	$	—
Interest cost	$	1,377	$	15	$	144	$	1,166	$	7	$	4
Expected return on plan assets	(3,669)		—		—		(3,595)		—		—
Amortization of actuarial loss (gain)	422		7		(18)		1,019		8		(20)
Net periodic benefit (income) cost	$	(1,870)	$	22	$	132	$	(1,410)	$	15	$	(16)

The components of net periodic benefit (income) cost are included within other non-interest expense on the accompanying Condensed Consolidated Statements of Income. The weighted-average expected long-term rate of return on plan assets for the three months ended March 31, 2022 was 5.50%, as determined at the beginning of the year.

In connection with the Sterling merger, Webster assumed the benefit obligations of Sterling's pension and other postretirement benefit plans, which included the Astoria Excess and Supplemental Benefit Plans, Astoria Directors' Retirement Plan, Greater New York Savings Bank Directors' Retirement Plan, Astoria Bank Retiree Health Care Plan, and the Sterling Other Postretirement Life Insurance and Other Plans, totaling $30.5 million as of January 31, 2022. The underfunded status of these plans is included in accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets.