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ASSOCIATE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
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)202420232022
Change in benefit obligation:
Benefit obligation at beginning of year$1,311 $1,331 $2,138 
Service cost32 33 52 
Interest cost66 65 51 
Actuarial gain(40)(68)(833)
Benefits paid(83)(50)(77)
Benefit obligation at end of year$1,286 $1,311 $1,331 
Change in plan assets:
Fair value of plan assets at beginning of year$— $— $— 
Employer contributions83 50 77 
Benefits paid(83)(50)(77)
Fair value of plan assets at end of year$— $— $— 
Unfunded status$(1,286)$(1,311)$(1,331)
Amounts recognized in accumulated other comprehensive income(1):
Net prior service credit$131 $207 $283 
Net gain1,132 1,263 1,625 
Net amount recognized$1,263 $1,470 $1,908 
Components of net periodic benefit income:
Service cost$32 $33 $52 
Interest cost66 65 51 
Amortization of prior service credit(76)(76)(76)
Net gain recognition(147)(160)(84)
Net periodic benefit income$(125)$(138)$(57)
Assumption used to determine net periodic benefit cost:
Discount rate4.80 %5.00 %2.80 %
Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO):
Discount rate5.50 %5.30 %5.00 %
(1)Before tax effects
The following disclosures relating to Beneficial pension benefits and other postretirement benefit plans were measured at December 31:
202420232022
(Dollars in thousands)Pension BenefitsOther Postretirement BenefitsPension BenefitsOther Postretirement BenefitsPension BenefitsOther Postretirement Benefits
Change in benefit obligation:
Benefit obligation at beginning of year$76,119 $13,471 $75,151 $13,894 $104,695 $18,105 
Service cost— 8 — 14 — 33 
Interest cost3,581 648 3,700 659 2,425 383 
Plan participants' contributions— 41 — 63 — 55 
Actuarial (gain) loss(5,481)68 1,604 256 (26,233)(3,346)
Benefits paid(5,035)(1,382)(4,336)(1,415)(5,736)(1,336)
Benefit obligation at end of year$69,184 $12,854 $76,119 $13,471 $75,151 $13,894 
Change in plan assets:
Fair value of plan assets at beginning of year$82,090 $— $79,287 $— $108,242 $— 
Actual return on plan assets1,439 — 7,499 — (22,867)— 
Employer contribution126 1,341 240 1,352 225 1,281 
Participants' contributions— 41 — 63 — 55 
Benefits paid(5,035)(1,382)(4,336)(1,415)(5,736)(1,336)
Administrative expenses(571)— (600)— (577)— 
Fair value of plan assets at end of year$78,049 $— $82,090 $— $79,287 $— 
Funded (unfunded) status$8,865 $(12,854)$5,971 $(13,471)$4,136 $(13,894)
Amounts recognized in accumulated other comprehensive income(1):
Net loss (gain)$8,370 $(2,386)$9,920 $(2,612)$10,658 $(3,259)
Components of net periodic benefit (income) cost:
Service cost$— $8 $— $14 $— $33 
Interest cost3,581 648 3,700 659 2,425 383 
Expected return on plan assets(4,924)— (4,793)— (6,586)— 
Net loss (gain) recognition129 (158)281 (392)16 — 
Net periodic benefit (income) cost$(1,214)$498 $(812)$281 $(4,145)$416 
(1)Before tax effects
Significant assumptions used to calculate the net periodic benefit cost and obligation for Beneficial postretirement plans as of December 31, 2024 are as follows:
Consolidated Pension Plan202420232022
Discount rate for net periodic benefit cost5.01 %5.24 %2.82 %
Expected return on plan assets6.25 %6.25 %6.25 %
Discount rate for disclosure obligations5.60 %5.01 %5.24 %
Beneficial Bank Other Postretirement
Discount rate for net periodic benefit cost4.96 %5.18 %2.69 %
Discount rate for disclosure obligations5.51 %4.96 %5.18 %
FMS Other Postretirement
Discount rate for net periodic benefit cost4.73 %4.93 %2.07 %
Discount rate for disclosure obligations5.15 %4.73 %4.93 %
Split-Dollar Plan
Discount rate for net periodic benefit cost4.72 %4.92 %2.05 %
Discount rate for disclosure obligations5.13 %4.73 %4.92 %
Schedule of Estimated Future Benefit Payments
The following table shows the expected future payments for the next 10 years:
(Dollars in thousands)
During 2025$57 
During 202660 
During 202764 
During 202867 
During 202969 
During 2029 through 2033406 
$723 
The following table shows the expected future payments for the next 10 years:
(Dollars in thousands)Pension BenefitsOther Postretirement Benefits
During 2025$4,536 $1,228 
During 20265,120 1,220 
During 20275,497 1,202 
During 20285,020 1,185 
During 20294,641 1,150 
During 2029 through 203325,894 5,129 
$50,708 $11,114 
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, 2024 and 2023 by asset category are as follows:
Category Used for Fair Value Measurement
December 31, 2024
(Dollars in thousands)Level 1Level 2Level 3TotalPercent
Assets:
Mutual Funds:
Large cap$3,406 $— $— $3,406 4.4 %
International6,252 — — 6,252 8.0 
Global Managed Volatility5,546 — — 5,546 7.1 
U.S. Managed Volatility2,070 — — 2,070 2.7 
Fixed Income51,592 — — 51,592 66.1 
U.S. Government Agencies— 8,958 — 8,958 11.5 
Pooled separate accounts13 — — 13 — 
Accrued Income212 — — 212 0.2 
Total$69,091 $8,958 $— $78,049 100.0 %
Category Used for Fair Value Measurement
December 31, 2023
(Dollars in thousands)Level 1Level 2Level 3TotalPercent
Assets:
Mutual Funds:
Large cap$3,215 $— $— $3,215 3.9 %
International5,839 — — 5,839 7.1 
Global Managed Volatility5,177 — — 5,177 6.3 
U.S. Managed Volatility1,932 — — 1,932 2.4 
Fixed Income54,878 — — 54,878 66.9 
U.S. Government Agencies— 10,743 — 10,743 13.1 
Pooled Separate Accounts98 — — 98 0.1 
Accrued Income208 — — 208 0.2 
Total$71,347 $10,743 $— $82,090 100.0 %