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Associate Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
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)202020192018
Change in benefit obligation:
Benefit obligation at beginning of year$2,170 $1,893 $1,990 
Service cost61 54 60 
Interest cost67 78 70 
Actuarial loss (gain)80 229 (143)
Benefits paid(90)(84)(84)
Benefit obligation at end of year$2,288 $2,170 $1,893 
Change in plan assets:
Fair value of plan assets at beginning of year$— $— $— 
Employer contributions90 84 84 
Benefits paid(90)(84)(84)
Fair value of plan assets at end of year$— $— $— 
Unfunded status$(2,288)$(2,170)$(1,893)
Amounts recognized in accumulated other comprehensive income(1):
Net prior service credit$435 $511 $587 
Net gain376 491 783 
Net amount recognized$811 $1,002 $1,370 
Components of net periodic benefit cost:
Service cost$61 $54 $60 
Interest cost67 78 70 
Amortization of prior service cost(76)(76)(76)
Net gain recognition(36)(63)(45)
Net periodic benefit cost$16 $(7)$9 
Assumption used to determine net periodic benefit cost:
Discount rate3.20 %4.20 %3.60 %
Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO):
Discount rate2.40 %3.10 %4.20 %
(1)Before tax effects
The following disclosures relating to Alliance pension benefits were measured at:
 
(Dollars in thousands)June 30, 2020December 31, 2019December 31, 2018
Change in benefit obligation:
Benefit obligation at beginning of year$6,893 $6,289 $7,853 
Interest cost105 253 279 
Settlements(7,272)(282)(1,142)
Disbursements— (231)(271)
Actuarial loss (gain)274 864 (430)
Benefit obligation at end of period$— $6,893 $6,289 
Change in plan assets:
Fair value of plan assets at beginning of year$7,431 $6,533 $8,378 
Actual return on plan assets(159)1,435 (393)
Settlements(7,272)(273)(1,146)
Benefits paid— (231)(271)
Administrative expenses— (33)(35)
Fair value of plan assets at end of period$— $7,431 $6,533 
Funded status$— $538 $244 
Amounts recognized in accumulated other comprehensive income(1):
Net (loss) gain$— $(279)$(413)
Components of net periodic benefit cost:
Service cost$17 $40 $40 
Interest cost105 253 279 
Expected return on plan assets(196)(471)(596)
Settlements— 16 (24)
Plan settlement loss1,431 — — 
Net gain recognition— — 413 
Net periodic benefit cost$1,357 $(162)$112 
(1)Before tax effects
The following disclosures relating to Beneficial pension benefits and other postretirement benefit plans were measured at December 31, 2020:
20202019
(Dollars in thousands)Pension BenefitsOther Postretirement BenefitsPension BenefitsOther Postretirement Benefits
Change in benefit obligation:
Benefit obligation at beginning of year$102,878 $20,263 $— $— 
Acquired in business combinations— — 91,568 19,504 
Service cost— 48 — 76 
Interest cost2,910 475 2,851 588 
Plan participants' contributions— 35 — 34 
Amendments— (202)— — 
Actuarial gain (loss)11,499 (520)12,020 1,035 
Benefits paid(5,004)(797)(3,561)(974)
Benefit obligation at end of year$112,283 $19,302 $102,878 $20,263 
Change in plan assets:
Fair value of plan assets at beginning of year$100,388 $— $— $— 
Acquired in business combinations— — 90,814 — 
Actual return on Plan Assets15,985 — 13,350 — 
Employer contribution340 762 293 940 
Participants' contributions— 35 — 34 
Benefits paid(5,004)(797)(3,561)(974)
Administrative expenses(580)— (508)— 
Fair value of plan assets at end of year$111,129 $— $100,388 $— 
Unfunded status$(1,154)$(19,302)$(2,490)$(20,263)
Amounts recognized in accumulated other comprehensive income(1):
Net loss$6,635 $517 $(4,174)$(1,035)
Components of net periodic benefit cost:
Service cost$— $48 $— $76 
Interest cost2,910 475 2,851 588 
Expected return on plan assets(6,363)— (4,829)— 
Net (gain) loss recognition4 (205)— — 
Net periodic benefit cost$(3,449)$318 $(1,978)$664 
(1)Before tax effects
Significant assumptions used to calculate the net periodic benefit cost and obligation for Beneficial postretirement plans as of December 31, 2020 are as follows:
Consolidated Pension Plan20202019
Discount rate for net periodic benefit cost2.91 %4.14 %
Expected return on plan assets6.50 %6.50 %
Discount rate for disclosure obligations3.25 %3.25 %
Beneficial Bank Other Postretirement
Discount rate for net periodic benefit cost3.12 %4.10 %
Discount rate for disclosure obligations2.31 %3.19 %
FMS Other Postretirement
Discount rate for net periodic benefit cost2.61 %3.60 %
Discount rate for disclosure obligations1.49 %2.60 %
Split-Dollar Plan
Discount rate for net periodic benefit cost2.57 %3.54 %
Discount rate for disclosure obligations1.45 %2.55 %
Estimated Future Benefit Payments
The following table shows the expected future payments for the next 10 years:
(Dollars in thousands)
During 2021$55 
During 202257 
During 202360 
During 202465 
During 202571 
During 2026 through 2030425 
$733 
Estimated future benefit payments:
The following table shows the expected future payments for the next 10 years:
(Dollars in thousands)Pension BenefitsOther Postretirement Benefits
During 2021$4,694 $1,099 
During 20224,918 1,103 
During 20235,488 1,129 
During 20246,123 1,120 
During 20255,078 1,145 
During 2026 through 203028,445 5,516 
$54,746 $11,112 
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, 2020 and 2019 by asset category are as follows:
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 %
Category Used for Fair Value Measurement
December 31, 2019
(Dollars in thousands)Level 1Level 2Level 3TotalPercent
Assets:
Mutual Funds:
Large cap$4,532 $— $— $4,532 4.5 %
Mid cap67 — — 67 0.1 
Small cap63 — — 63 0.1 
International7,902 — — 7,902 7.9 
Global Managed Volatility6,955 — — 6,955 6.9 
U.S. Managed Volatility2,611 — — 2,611 2.6 
Fixed Income62,924 — — 62,924 62.7 
U.S. Government Agencies15,166 — — 15,166 15.1 
Accrued Income168 — — 168 0.1 
Total$100,388 $— $— $100,388 100.0 %