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ASSOCIATE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2022
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)202220212020
Change in benefit obligation:
Benefit obligation at beginning of year$2,138 $2,288 $2,170 
Service cost52 67 61 
Interest cost51 54 67 
Actuarial (gain) loss(833)(216)80 
Benefits paid(77)(55)(90)
Benefit obligation at end of year$1,331 $2,138 $2,288 
Change in plan assets:
Fair value of plan assets at beginning of year$— $— $— 
Employer contributions77 55 90 
Benefits paid(77)(55)(90)
Fair value of plan assets at end of year$— $— $— 
Unfunded status$(1,331)$(2,138)$(2,288)
Amounts recognized in accumulated other comprehensive income(1):
Net prior service credit$283 $359 $435 
Net gain1,625 607 376 
Net amount recognized$1,908 $966 $811 
Components of net periodic (benefit) cost:
Service cost$52 $67 $61 
Interest cost51 54 67 
Amortization of prior service cost(76)(76)(76)
Net gain recognition(84)(20)(36)
Net periodic (benefit) cost$(57)$25 $16 
Assumption used to determine net periodic benefit cost:
Discount rate2.80 %2.40 %3.20 %
Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO):
Discount rate5.00 %2.70 %2.40 %
(1)Before tax effects
The following disclosures relating to Alliance pension benefits were measured at:
(Dollars in thousands)June 30, 2020
Change in benefit obligation:
Benefit obligation at beginning of year$6,893 
Interest cost105 
Settlements(7,272)
Actuarial loss274 
Benefit obligation at end of period$— 
Change in plan assets:
Fair value of plan assets at beginning of year$7,431 
Actual return on plan assets(159)
Settlements(7,272)
Fair value of plan assets at end of period$— 
Funded status$— 
Amounts recognized in accumulated other comprehensive income(1):
Net loss$— 
Components of net periodic cost:
Service cost$17 
Interest cost105 
Expected return on plan assets(196)
Plan settlement loss1,431 
Net periodic cost$1,357 
(1)Before tax effects
The following disclosures relating to Beneficial pension benefits and other postretirement benefit plans were measured at December 31, 2022:
20222021
(Dollars in thousands)Pension BenefitsOther Postretirement BenefitsPension BenefitsOther Postretirement Benefits
Change in benefit obligation:
Benefit obligation at beginning of year$104,695 $18,105 $112,283 $19,302 
Service cost— 33 — 39 
Interest cost2,425 383 2,100 309 
Plan participants' contributions— 55 — 68 
Amendments— — (83)— 
Actuarial gain(26,233)(3,346)(4,420)(442)
Benefits paid(5,736)(1,336)(5,185)(1,171)
Benefit obligation at end of year$75,151 $13,894 $104,695 $18,105 
Change in plan assets:
Fair value of plan assets at beginning of year$108,242 $— $111,129 $— 
Actual return on Plan Assets(22,867)— 2,734 — 
Employer contribution225 1,281 308 1,103 
Participants' contributions— 55 — 68 
Settlements— — (83)— 
Benefits paid(5,736)(1,336)(5,185)(1,171)
Administrative expenses(577)— (661)— 
Fair value of plan assets at end of year$79,287 $— $108,242 $— 
Funded (unfunded) status$4,136 $(13,894)$3,547 $(18,105)
Amounts recognized in accumulated other comprehensive income(1):
Net loss (gain)$10,658 $(3,259)$6,882 $87 
Components of net periodic (benefit) cost:
Service cost$— $33 $— $39 
Interest cost2,425 383 2,100 309 
Expected return on plan assets(6,586)— (6,783)— 
Net loss (gain) recognition16 — 27 (11)
Net periodic (benefit) cost$(4,145)$416 $(4,656)$337 
(1)Before tax effects
Significant assumptions used to calculate the net periodic benefit cost and obligation for Beneficial postretirement plans as of December 31, 2022 are as follows:
Consolidated Pension Plan20222021
Discount rate for net periodic benefit cost2.82 %2.50 %
Expected return on plan assets6.25 %6.25 %
Discount rate for disclosure obligations5.24 %2.82 %
Beneficial Bank Other Postretirement
Discount rate for net periodic benefit cost2.69 %2.32 %
Discount rate for disclosure obligations5.18 %2.70 %
FMS Other Postretirement
Discount rate for net periodic benefit cost2.07 %1.47 %
Discount rate for disclosure obligations4.93 %2.07 %
Split-Dollar Plan
Discount rate for net periodic benefit cost2.05 %1.44 %
Discount rate for disclosure obligations4.92 %2.04 %
Estimated Future Benefit Payments
The following table shows the expected future payments for the next 10 years:
(Dollars in thousands)
During 2023$55 
During 202458 
During 202562 
During 202665 
During 202768 
During 2028 through 2032390 
$698 
The following table shows the expected future payments for the next 10 years:
(Dollars in thousands)Pension BenefitsOther Postretirement Benefits
During 2023$4,846 $1,081 
During 20246,398 1,122 
During 20255,043 1,167 
During 20266,561 1,170 
During 20276,067 1,159 
During 2028 through 203227,458 5,400 
$56,373 $11,099 
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, 2022 and 2021 by asset category are as follows:
Category Used for Fair Value Measurement
December 31, 2022
(Dollars in thousands)Level 1Level 2Level 3TotalPercent
Assets:
Mutual Funds:
Large cap$3,721 $— $— $3,721 4.7 %
International6,651 — — 6,651 8.4 
Global Managed Volatility5,901 — — 5,901 7.4 
U.S. Managed Volatility2,216 — — 2,216 2.8 
Fixed Income43,255 — — 43,255 54.6 
U.S. Government Agencies— 17,259 — 17,259 21.8 
Pooled separate accounts123 — — 123 0.2 
Accrued Income161 — — 161 0.1 
Total$62,028 $17,259 $— $79,287 100.0 %
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 %