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Associate Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits
The following disclosures relating to postretirement medical benefits were measured at December 31:
 
(Dollars in thousands)202120202019
Change in benefit obligation:
Benefit obligation at beginning of year$2,288 $2,170 $1,893 
Service cost67 61 54 
Interest cost54 67 78 
Actuarial (gain) loss(216)80 229 
Benefits paid(55)(90)(84)
Benefit obligation at end of year$2,138 $2,288 $2,170 
Change in plan assets:
Fair value of plan assets at beginning of year$— $— $— 
Employer contributions55 90 84 
Benefits paid(55)(90)(84)
Fair value of plan assets at end of year$— $— $— 
Unfunded status$(2,138)$(2,288)$(2,170)
Amounts recognized in accumulated other comprehensive income(1):
Net prior service credit$359 $435 $511 
Net gain607 376 491 
Net amount recognized$966 $811 $1,002 
Components of net periodic cost (benefit):
Service cost$67 $61 $54 
Interest cost54 67 78 
Amortization of prior service cost(76)(76)(76)
Net gain recognition(20)(36)(63)
Net periodic cost (benefit)$25 $16 $(7)
Assumption used to determine net periodic benefit cost:
Discount rate2.40 %3.20 %4.20 %
Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO):
Discount rate2.70 %2.40 %3.10 %
(1)Before tax effects
The following disclosures relating to Alliance pension benefits were measured at:
 
(Dollars in thousands)June 30, 2020December 31, 2019
Change in benefit obligation:
Benefit obligation at beginning of year$6,893 $6,289 
Interest cost105 253 
Settlements(7,272)(282)
Disbursements— (231)
Actuarial loss274 864 
Benefit obligation at end of period$— $6,893 
Change in plan assets:
Fair value of plan assets at beginning of year$7,431 $6,533 
Actual return on plan assets(159)1,435 
Settlements(7,272)(273)
Benefits paid— (231)
Administrative expenses— (33)
Fair value of plan assets at end of period$— $7,431 
Funded status$— $538 
Amounts recognized in accumulated other comprehensive income(1):
Net loss$— $(279)
Components of net periodic cost (benefit):
Service cost$17 $40 
Interest cost105 253 
Expected return on plan assets(196)(471)
Settlements— 16 
Plan settlement loss1,431 — 
Net gain recognition— — 
Net periodic cost (benefit)$1,357 $(162)
(1)Before tax effects
The following disclosures relating to Beneficial pension benefits and other postretirement benefit plans were measured at December 31, 2021:
20212020
(Dollars in thousands)Pension BenefitsOther Postretirement BenefitsPension BenefitsOther Postretirement Benefits
Change in benefit obligation:
Benefit obligation at beginning of year$112,283 $19,302 $102,878 $20,263 
Service cost— 39 — 48 
Interest cost2,100 309 2,910 475 
Plan participants' contributions— 68 — 35 
Amendments(83)— — (202)
Actuarial (loss) gain(4,420)(442)11,499 (520)
Benefits paid(5,185)(1,171)(5,004)(797)
Benefit obligation at end of year$104,695 $18,105 $112,283 $19,302 
Change in plan assets:
Fair value of plan assets at beginning of year$111,129 $— $100,388 $— 
Actual return on Plan Assets2,734 — 15,985 — 
Employer contribution308 1,103 340 762 
Participants' contributions— 68 — 35 
Settlements(83)— — — 
Benefits paid(5,185)(1,171)(5,004)(797)
Administrative expenses(661)— (580)— 
Fair value of plan assets at end of year$108,242 $— $111,129 $— 
Funded (unfunded) status$3,547 $(18,105)$(1,154)$(19,302)
Amounts recognized in accumulated other comprehensive income(1):
Net loss$6,882 $87 $6,635 $517 
Components of net periodic (benefit) cost:
Service cost$— $39 $— $48 
Interest cost2,100 309 2,910 475 
Expected return on plan assets(6,783)— (6,363)— 
Net loss (gain) recognition27 (11)4 (205)
Net periodic (benefit) cost$(4,656)$337 $(3,449)$318 
(1)Before tax effects
Significant assumptions used to calculate the net periodic benefit cost and obligation for Beneficial postretirement plans as of December 31, 2021 are as follows:
Consolidated Pension Plan20212020
Discount rate for net periodic benefit cost2.50 %2.91 %
Expected return on plan assets6.25 %6.50 %
Discount rate for disclosure obligations2.82 %3.25 %
Beneficial Bank Other Postretirement
Discount rate for net periodic benefit cost2.32 %3.12 %
Discount rate for disclosure obligations2.70 %2.31 %
FMS Other Postretirement
Discount rate for net periodic benefit cost1.47 %2.61 %
Discount rate for disclosure obligations2.07 %1.49 %
Split-Dollar Plan
Discount rate for net periodic benefit cost1.44 %2.57 %
Discount rate for disclosure obligations2.04 %1.45 %
Estimated Future Benefit Payments
The following table shows the expected future payments for the next 10 years:
(Dollars in thousands)
During 2022$58 
During 202360 
During 202464 
During 202570 
During 202673 
During 2027 through 2031431 
$756 
The following table shows the expected future payments for the next 10 years:
(Dollars in thousands)Pension BenefitsOther Postretirement Benefits
During 2022$5,124 $1,083 
During 20235,284 1,092 
During 20246,451 1,095 
During 20255,236 1,143 
During 20266,745 1,150 
During 2027 through 203127,877 5,507 
$56,717 $11,070 
Schedule of Allocation of Plan Assets
The fair values and weighted average asset allocations in plan assets of all pension and postretirement plan assets at December 31, 2021 and 2020 by asset category are as follows:
Category Used for Fair Value Measurement
December 31, 2021
(Dollars in thousands)Level 1Level 2Level 3TotalPercent
Assets:
Mutual Funds:
Large cap$5,610 $— $— $5,610 5.2 %
Mid cap75 — — 75 0.1 
Small cap59 — — 59 0.1 
International9,728 — — 9,728 9.0 
Global Managed Volatility8,640 — — 8,640 8.0 
U.S. Managed Volatility3,243 — — 3,243 3.0 
Fixed Income69,194 — — 69,194 63.9 
U.S. Government Agencies— 11,524 — 11,524 10.6 
Accrued Income169 — — 169 0.1 
Total$96,718 $11,524 $— $108,242 100.0 %
Category Used for Fair Value Measurement
December 31, 2020
(Dollars in thousands)Level 1Level 2Level 3TotalPercent
Assets:
Mutual Funds:
Large cap$5,827 $— $— $5,827 5.2 %
Mid cap69 — — 69 0.1 
Small cap61 — — 61 0.1 
International10,249 — — 10,249 9.2 
Global Managed Volatility8,970 — — 8,970 8.1 
U.S. Managed Volatility3,363 — — 3,363 3.0 
Fixed Income73,071 — — 73,071 65.8 
U.S. Government Agencies9,345 — — 9,345 8.4 
Accrued Income174 — — 174 0.1 
Total$111,129 $— $— $111,129 100.0 %