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Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Defined Benefit Plans Disclosures The following table sets forth the change in plan assets, change in projected benefit obligation, rate assumptions and components of net periodic benefit cost as of December 31 with respect to the plan. The measurement dates of the assets and liabilities of the plan were December 31 of the respective years presented.
 
Reconciliation of Funded Status
 Year Ended December 31,
(in thousands)   20212020
Change in projected benefit obligation   
Benefit obligation at beginning of year$24,100 $22,449 
Service cost5 4 
Interest cost553 689 
Liability actuarial (gain) loss (994)2,025 
Benefits paid(1,100)(1,067)
Benefit obligation at end of year$22,564 $24,100 
Change in fair value of plan assets    
Fair value of plan assets at beginning of year$22,370 $20,605 
Return on plan assets2,401 2,832 
Employer contributions— — 
Benefits paid(1,100)(1,067)
Fair value of plan assets at end of year23,671 22,370 
Funded status $1,107 $(1,730)
Schedule of Allocation of Plan Assets The pension plans' weighted-average asset allocation as a percentage of plan assets at December 31 is as follows:
 
Asset Allocation as a Percentage of the Plan
 
Year Ended December 31,
 20212020
Equity securities36%56%
Debt securities62%38%
Short-term investments2%2%
Other—%4%
Total100%100%
Fair Value, Assets Measured on Recurring Basis
The following table presents the hierarchy levels for our postretirement benefit plan investments as of December 31 as described in Note 1 to the Consolidated Financial Statements:
 
 

 
 
(in thousands)		December 31, 2021
Quoted
Prices in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Mutual Funds:    
Mid Cap$637 $637 $— $— 
International940 940 — — 
Common/Collective Trusts:
Wells Fargo Liability Driven Solution CIT I7,782 — 7,782 — 
Wells Fargo Liability Driven Solution CIT II7,026 — 7,026 — 
Wells Fargo BlackRock International Equity616 — 616 — 
Wells Fargo/Causeway International Value586 — 586 — 
Wells Fargo BlackRock Large Cap Growth Index Fund950 — 950 — 
Wells Fargo BlackRock Large Cap Value Index Fund968 — 968 — 
Wells Fargo Multi-Manager Small Cap1,015 — 1,015 — 
Wells Fargo BlackRock Russell 2000 Index Fund332 — 332 — 
Wells Fargo BlackRock S&P Mid Cap Index Fund419 — 419 — 
Wells Fargo/MFS Value CIT F469 — 469 — 
Wells Fargo/T. Rowe Price Large-Cap Growth Managed CIT465 — 465 — 
Wells Fargo/T. Rowe Price Equity Income Managed CIT487 — 487 — 
Wells Fargo Voya Large Cap Growth CIT F482 — 482 — 
Cash & Short-term Investments497 497 — — 
Total$23,671 $2,074 $21,597 $— 
            
 
 
 
 
(in thousands)		December 31, 2020
Quoted
Prices in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
 
Significant
Unobservable
Inputs
(Level 3)
Mutual Funds:    
Mid Cap$1,450 $1,450 $— $— 
Large Cap3,233 3,233 — — 
International2,660 2,660 — — 
Common/Collective Trusts:
Wells Fargo Liability Driven Solution3,106 — 3,106 — 
Wells Fargo BlackRock International Equity959 — 959 — 
Wells Fargo Core Bond1,552 — 1,552 — 
Wells Fargo/Causeway International Value923 — 923 — 
Wells Fargo BlackRock Large Cap Growth Index Fund1,268 — 1,268 — 
Wells Fargo BlackRock Large Cap Value Index Fund1,240 — 1,240 — 
Wells Fargo Multi-Manager Small Cap1,544 — 1,544 — 
Wells Fargo BlackRock Russell 2000 Index Fund702 — 702 — 
Wells Fargo BlackRock S&P Mid Cap Index Fund781 — 781 — 
Wells Fargo/MFS Value CIT F627 — 627 — 
Wells Fargo/T. Rowe Price Large-Cap Growth Managed CIT639 — 639 — 
Wells Fargo/T. Rowe Price Equity Income Managed CIT643 — 643 — 
Wells Fargo Voya Large Cap Growth CIT F639 — 639 — 
Cash & Short-term Investments404 404 — — 
Total$22,370 $7,747 $14,623 $— 
Schedule of Changes in Projected Benefit Obligations
The change in the Projected Benefit Obligation (PBO) as of December 31, 2021 and 2020, is shown below:
 
Reconciliation of Benefit Obligation
Year Ended December 31,
(in thousands)20212020
Benefit obligation at January 1,$10,160 $9,022 
Service cost369 305 
Interest cost205 236 
Liability actuarial loss (gain)759 1,168 
Benefits paid(167)(1,025)
Plan amendments— 454 
Benefit obligation at December 31,$11,326 $10,160 
Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Assumptions Used In determining the projected benefit obligation and the net pension cost, we used the following significant weighted-average assumptions: 
Rates to Determine Benefit Obligation
 
Year Ended December 31,
 20212020
Discount rate2.75%2.35%
Composite rate of compensation increaseN/AN/A
 

Rates to Determine Net Periodic Benefit Cost
 Year Ended December 31,
 20212020
Discount rate2.35%3.15%
Long-term rate of return on plan assets7.25%7.25%
Composite rate of compensation increaseN/AN/A
Schedule of Net Periodic Benefit Cost
The following table presents the components of net periodic benefit cost (gains are denoted with parentheses and losses are not):
Components of Net Periodic Benefit Cost
 Year Ended December 31,
 (in thousands)
20212020
Service cost$5 $4 
Interest cost553 689 
Expected return on plan assets(1,581)(1,452)
Amortization of net loss542 508 
Net periodic benefit cost$(481)$(251)
Schedule of Expected Benefit Payments The following table illustrates the estimated pension benefit payments that are projected to be paid:
 
Projected Future Benefit Payments
 
(in thousands)
Employees’
Retirement Plan
2022$1,269 
20231,288 
20241,301 
20251,310 
20261,306 
Years 2027 through 20316,287 
Supplemental Employee Retirement Plan  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Assumptions Used
In determining the projected benefit obligation and the net pension cost, we used the following significant weighted-average assumptions:
 
Assumptions used to determine benefit obligations at December 31:
 
Rates to Determine Benefit Obligation
 20212020
Discount rate2.50%2.05%
Composite rate of compensation increase3.00%3.00%
 
Assumptions used to determine net periodic benefit cost for the years ended December 31:
 
Rates to Determine Net Periodic Benefit Cost
 20212020
Discount rate2.05%2.95%
Composite rate of compensation increase3.00%3.00%
Long-term rate of return on plan assetsN/AN/A
Schedule of Net Periodic Benefit Cost
The components of net periodic pension expense were as follows:
 
Components of Net Periodic Benefit Cost
Year Ended December 31,
(in thousands)20212020
Service cost$369 $305 
Interest cost205 236 
Amortization of prior service cost413 317 
Amortization of net (gain)/loss318 158 
Recognition of settlement— 188 
Net periodic benefit cost$1,305 $1,204 
Schedule of Expected Benefit Payments
Future estimated benefits expected to be paid from the plan over the next ten years as follows:

Projected Future Benefit Payments
(in thousands)SERP
2022$456 
2023489 
2024530 
2025606 
2026828 
Years 2027 through 20314,105