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ASSOCIATE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
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)202320222021
Change in benefit obligation:
Benefit obligation at beginning of year$1,331 $2,138 $2,288 
Service cost33 52 67 
Interest cost65 51 54 
Actuarial gain(68)(833)(216)
Benefits paid(50)(77)(55)
Benefit obligation at end of year$1,311 $1,331 $2,138 
Change in plan assets:
Fair value of plan assets at beginning of year$— $— $— 
Employer contributions50 77 55 
Benefits paid(50)(77)(55)
Fair value of plan assets at end of year$— $— $— 
Unfunded status$(1,311)$(1,331)$(2,138)
Amounts recognized in accumulated other comprehensive income(1):
Net prior service credit$207 $283 $359 
Net gain1,263 1,625 607 
Net amount recognized$1,470 $1,908 $966 
Components of net periodic (benefit) cost:
Service cost$33 $52 $67 
Interest cost65 51 54 
Amortization of prior service cost(76)(76)(76)
Net gain recognition(160)(84)(20)
Net periodic (benefit) cost$(138)$(57)$25 
Assumption used to determine net periodic benefit cost:
Discount rate5.00 %2.80 %2.40 %
Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO):
Discount rate5.30 %5.00 %2.70 %
(1)Before tax effects
The following disclosures relating to Beneficial pension benefits and other postretirement benefit plans were measured at December 31, 2023:
202320222021
(Dollars in thousands)Pension BenefitsOther Postretirement BenefitsPension BenefitsOther Postretirement BenefitsPension BenefitsOther Postretirement Benefits
Change in benefit obligation:
Benefit obligation at beginning of year$75,151 $13,894 $104,695 $18,105 $112,283 $19,302 
Service cost— 14 — 33 — 39 
Interest cost3,700 659 2,425 383 2,100 309 
Plan participants' contributions— 63 — 55 — 68 
Amendments— — — — (83)— 
Actuarial loss (gain)1,604 256 (26,233)(3,346)(4,420)(442)
Benefits paid(4,336)(1,415)(5,736)(1,336)(5,185)(1,171)
Benefit obligation at end of year$76,119 $13,471 $75,151 $13,894 $104,695 $18,105 
Change in plan assets:
Fair value of plan assets at beginning of year$79,287 $— $108,242 $— $111,129 $— 
Actual return on Plan Assets7,499 — (22,867)— 2,734 — 
Employer contribution240 1,352 225 1,281 308 1,103 
Participants' contributions— 63 — 55 — 68 
Settlements— — — — (83)— 
Benefits paid(4,336)(1,415)(5,736)(1,336)(5,185)(1,171)
Administrative expenses(600)— (577)— (661)— 
Fair value of plan assets at end of year$82,090 $— $79,287 $— $108,242 $— 
Funded (unfunded) status$5,971 $(13,471)$4,136 $(13,894)$3,547 $(18,105)
Amounts recognized in accumulated other comprehensive income(1):
Net loss (gain)$9,920 $(2,612)$10,658 $(3,259)$6,882 $87 
Components of net periodic (benefit) cost:
Service cost$— $14 $— $33 $— $39 
Interest cost3,700 659 2,425 383 2,100 309 
Expected return on plan assets(4,793)— (6,586)— (6,783)— 
Net loss (gain) recognition281 (392)16 — 27 (11)
Net periodic (benefit) cost$(812)$281 $(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, 2023 are as follows:
Consolidated Pension Plan202320222021
Discount rate for net periodic benefit cost5.24 %2.82 %2.50 %
Expected return on plan assets6.25 %6.25 %6.25 %
Discount rate for disclosure obligations5.01 %5.24 %2.82 %
Beneficial Bank Other Postretirement
Discount rate for net periodic benefit cost5.18 %2.69 %2.32 %
Discount rate for disclosure obligations4.96 %5.18 %2.70 %
FMS Other Postretirement
Discount rate for net periodic benefit cost4.93 %2.07 %1.47 %
Discount rate for disclosure obligations4.73 %4.93 %2.07 %
Split-Dollar Plan
Discount rate for net periodic benefit cost4.92 %2.05 %1.44 %
Discount rate for disclosure obligations4.73 %4.92 %2.04 %
Estimated Future Benefit Payments
The following table shows the expected future payments for the next 10 years:
(Dollars in thousands)
During 2024$52 
During 202557 
During 202660 
During 202763 
During 202867 
During 2029 through 2033402 
$701 
The following table shows the expected future payments for the next 10 years:
(Dollars in thousands)Pension BenefitsOther Postretirement Benefits
During 2024$5,999 $1,079 
During 20254,794 1,134 
During 20265,354 1,150 
During 20275,707 1,147 
During 20285,038 1,139 
During 2029 through 203326,480 5,176 
$53,372 $10,825 
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, 2023 and 2022 by asset category are as follows:
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 %
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 %