Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2020

The following schedule sets forth the changes in the benefit obligation and plan assets of the Corporation's plans:


	Pension Plans				Postretirement Benefit Plans
	At or For the Year Ended December 31,
(In thousands)	2020		2019		2020		2019
Benefit obligation:
Benefit obligation, beginning of year	$	165,976	$	28,330	$	5,276	$	3,320
Benefit obligation acquired in TCF/Chemical Merger	—		136,587		—		2,271
Service cost	—		—		1		1
Interest cost	3,785		3,013		143		149
Net actuarial (gain) loss	782		3,831		295		(19)
Plan amendment(1)	—		—		(449)		—
Benefits paid	(170,543)		(5,785)		(460)		(446)
Benefit obligations, end of year	—		165,976		4,806		5,276
Fair value of plan assets:
Fair value of plan assets, beginning of year	169,484		32,844		—		—
Fair value of plan assets acquired in TCF/Chemical Merger	—		141,746		—		—
Actual gain on plan assets(2)	12,551		333		—		—
Benefits paid	(170,543)		(5,439)		(460)		(377)
Employer contributions	2,423		—		460		377
Fair value of plan assets, end of year	13,915		169,484		—		—
Funded status of plan, end of period	$	13,915	$	3,508	$	(4,806)	$	(5,276)
Accumulated benefit obligation	$	—	$	165,976	$	—	$	—
Amounts recognized in the Consolidated Statements of Financial Condition:
Prepaid (accrued) benefit cost, end of period	$	—	$	3,508	$	(4,806)	$	(5,276)
Prior service cost included in accumulated other comprehensive income (loss)	$	—	$	—	$	(504)	$	(101)

(1)The Legacy TCF Postretirement Plan was updated to move a fully insured medical program through Medicare Advantage and a prior service credit has been established.

(2)Includes $8.5 million net gain as a result of the Pension Plans mark to market adjustment and a net pension settlement gain, included in other noninterest expense in the Consolidated Statements of Income during 2020.

Weighted-average rate assumptions of the Corporation's plans follow:


	Legacy TCF Pension Plan						Chemical Pension Plan						Legacy TCF Postretirement Plan						Chemical Postretirement Plan
(In thousands)	2020		2019		2018		2020		2019		2018		2020		2019		2018		2020		2019		2018
Discount rate used in determining benefit obligation -December 31	N/A		2.17	%	3.95	%	N/A		2.54	%	—	%	1.57	%	2.70	%	3.85	%	2.14	%	3.14	%	—	%
Discount rate used in determining expense	2.17	%	3.95		3.30		2.54	%	3.48		—		2.70		3.85		3.15		3.14		3.11		—

Expected long-term return on Pension Plan Assets	0.50		1.75		1.50		2.54		3.48		—		N/A		N/A		N/A		N/A		N/A		N/A
Health care cost trend rate assumed for next year	—		—		—		—		—		—		5.34		5.45		5.6		6.75		—		—
Final health care cost trend rate	—		—		—		—		—		—		4.50		4.50		4.5		4.75		—		—
Year that final health care trend rate is reached	—		—		—		—		—		—		2038		2038		2038		2028		—		—

N/A Not Applicable.

Schedule of Net Periodic Benefit Plan (Income) Cost Included in Other Non-interest Expense

The net periodic benefit plan (income) cost included in other noninterest expense for the Corporation's plans was as follows for the years ended December 31:


	Pension Plans						Postretirement Plans
(In thousands)	2020		2019		2018		2020		2019		2018
Interest cost	$	3,785	$	3,013	$	983	$	143	$	149	$	110
Service cost	—		—		—		1		1		—

Return on plan assets	(12,551)		(333)		607		—		—		—
Recognized actuarial loss (gain)	782		3,831		(630)		295		(19)		(115)

Amortization of prior service cost	—		—		—		(46)		(46)		(46)


Net periodic benefit plan (income) cost	$	(7,984)	$	6,511	$	960	$	393	$	85	$	(51)

Schedule of Expected Future Benefit Payments Used to Determine the Benefit Obligation

The following schedule presents estimated future benefit payments for the next 10 years under the Corporation's Postretirement Plans for retirees already receiving benefits and future retirees, assuming they retire and begin receiving unreduced benefits as soon as they are eligible:


(In thousands)	Postretirement Plans
2021	$	591
2022	550
2023	510
2024	462
2025	428
2026 - 2029	1,574
Total	$	4,115

Schedule of Pension Plan Investments Measured at Fair Value on a Recurring Basis

The following schedule sets forth the fair value of the Pension Plans' assets and the level of valuation inputs used to value those assets at December 31, 2020 and 2019.


	At December 31, 2020
(In thousands)	Level 1		Level 2		Level 3		Total
Cash	$	12,515	$	—	$	—	$	12,515













Total investments at fair value	$	12,515	$	—	$	—	$	12,515


	At December 31, 2019
(In thousands)	Level 1		Level 2		Level 3		Total
Cash	$	3,579	$	—	$	—	$	3,579





Debt Securities:
U.S. Treasury and government sponsored agency bonds and notes	—		86,952		—		86,952
Mutual funds(1)	69,845		—		—		69,845
Corporate bonds	—		6,718		—		6,718
Mortgage-backed securities	—		2,346		—		2,346
Other	775		—		—		775
Total investments at fair value	$	74,199	$	96,016	$	—	$	170,215

(1)Comprised primarily of money market mutual funds, fixed-income bonds issued by the U.S. Treasury and government sponsored agencies and bonds of U.S. and foreign issuers from diverse industries.

Schedule of Changes Recognized in Accumulated Other Comprehensive Income (Loss)

The following sets forth the changes in accumulated other comprehensive income (loss), before tax, related to the Corporation's Postretirement Plans:


		At or For the Year Ended December 31,
	Postretirement Plans
(In thousands)		2020		2019		2018
Accumulated other comprehensive income (loss) before tax, beginning of period		$	(101)	$	(147)	$	(193)



Amortization of prior service credit (recognized in net periodic benefit cost)		46		46		46
Plan amendment		(449)		—		—
Accumulated other comprehensive income (loss) before tax, end of period		$	(504)	$	(101)	$	(147)

The Pension Plans do not have any accumulated other comprehensive income (loss).