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Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
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)   20202019
Change in projected benefit obligation   
Benefit obligation at beginning of year$22,449 $20,050 
Service cost4 3 
Interest cost689 819 
Liability actuarial (gain) loss 2,025 2,604 
Benefits paid(1,067)(1,027)
Benefit obligation at end of year$24,100 $22,449 
Change in fair value of plan assets    
Fair value of plan assets at beginning of year$20,605 $18,106 
Return on plan assets2,832 3,526 
Employer contributions— — 
Benefits paid(1,067)(1,027)
Fair value of plan assets at end of year22,370 20,605 
Funded status $(1,730)$(1,844)
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,
 20202019
Equity securities56%56%
Debt securities38%37%
Short-term investments2%2%
Other4%5%
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, 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 Solution 3,106 — 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 $— 
            
 
 
 
 
(in thousands)		December 31, 2019
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$2,239 $2,239 $— $— 
Large Cap2,574 2,574 — — 
International1,879 1,879 — — 
Common/Collective Trusts:
Wells Fargo Liability Driven Solution 2,866 — 2,866 — 
Wells Fargo BlackRock International Equity861 — 861 — 
Wells Fargo Core Bond1,413 — 1,413 — 
Wells Fargo/Causeway International Value864 — 864 — 
Wells Fargo BlackRock Large Cap Growth Index Fund1,153 — 1,153 — 
Wells Fargo BlackRock Large Cap Value Index Fund1,159 — 1,159 — 
Wells Fargo Multi-Manager Small Cap1,434 — 1,434 — 
Wells Fargo BlackRock Russell 2000 Index Fund667 — 667 — 
Wells Fargo BlackRock S&P Mid Cap Index Fund732 — 732 — 
Wells Fargo/MFS Value CIT F599 — 599 — 
Wells Fargo/T. Rowe Price Large-Cap Growth Managed CIT602 — 602 — 
Wells Fargo/T. Rowe Price Equity Income Managed CIT590 — 590 — 
Wells Fargo Voya Large Cap Growth CIT F605 — 605 — 
Cash & Short-term Investments368 368 — — 
Total$20,605 $7,060 $13,545 $— 
Schedule of Changes in Projected Benefit Obligations
The change in the Projected Benefit Obligation (PBO) as of December 31, 2020 and 2019, is shown below:
 
Reconciliation of Benefit Obligation
Year Ended December 31,
(in thousands)20202019
Benefit obligation at January 1,$9,022 $7,446 
Service cost305 240 
Interest cost236 298 
Liability actuarial loss (gain)1,168 1,193 
Benefits paid(1,025)(155)
Plan amendments454 — 
Benefit obligation at December 31,$10,160 $9,022 
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,
 20202019
Discount rate2.35%3.15%
Composite rate of compensation increaseN/AN/A
 

Rates to Determine Net Periodic Benefit Cost
 Year Ended December 31,
 20202019
Discount rate3.15%4.20%
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)
20202019
Service cost$4 $3 
Interest cost689 819 
Expected return on plan assets(1,452)(1,273)
Amortization of net loss508 542 
Net periodic benefit cost$(251)$91 
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
2021$1,219 
20221,273 
20231,291 
20241,300 
20251,309 
Years 2026 through 20306,365 
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
 20202019
Discount rate2.05%2.95%
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
 20202019
Discount rate2.95%4.10%
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)20202019
Service cost$305 $240 
Interest cost236 298 
Amortization of prior service cost317 318 
Amortization of net (gain)/loss158 — 
Recognition of settlement188 — 
Net periodic benefit cost$1,204 $856 
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
2021$360 
2022464 
2023469 
2024503 
2025575 
Years 2026 through 20303,702