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Pension, Savings, And Other Employee Benefits | 9 Months Ended
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Sep. 30, 2015
Pension, Savings, And Other Employee Benefits [Abstract] |
Pension, Savings, And Other Employee Benefits | Note 11 – Pension, Savings, and Other Employee Benefits Pension plan. FHN sponsors a noncontributory, qualified defined benefit pension plan to employees hired or re-hired on or before September 1, 2007. Pension benefits are based on years of service, average compensation near retirement or other termination, and estimated social security benefits at age 65. Benefits under the plan are “frozen” so that years of service and compensation changes after 2012 do not affect the benefit owed. The contributions are based upon actuarially determined amounts necessary to fund the total benefit obligation. FHN did not make any contributions t o the qualified pension plan in 2014. Future decisions to contribute to the plan will be based upon pension funding requirements under the Pension Protection Act, the maximum amount de ductible under the Internal Revenue Code, and the actual performance of plan assets. Management has as sessed the need for future contributions, and does not currently anticipate that FHN will make a contribution to th e qualified pension plan in 2015. FHN also maintains non-qualified plans including a supplemental retirement plan that covers certain employees whose benefits under the qualified pension plan have been limited by tax rules. These other non-qualified plans are unfunded, and contributions to the se plans cover all benefits paid under the non-qualified plans. Payments made under the non-qualified plans were $5.0 million for 2014. FHN anticipates making benefit payments under the non-qualified plans of $5.0 million in 2015. Savings plan. FHN provid es all qualifying full-time employees with the opportunity to participate in the FHN tax qualified 401(k) savings plan. The qualified plan allows employees to defer receipt of earned salary, up to tax law limits, on a tax-advantaged basis. Accounts, which are held in trust, may be invested in a wide range of mutual funds and in FHN common stock. Up to tax law limits, FHN provides a 100 percent match for the first 6 percent of salary deferred, with company match contributions invested according to a particip ant’s current investment elections. Through a non-qualified savings restoration plan, FHN provides a restorative benefit to certain highly-compensated employees who participate in the savings plan and whose contribution elections are capped by tax limitati ons. Other employee benefits. FHN provides postretirement life insurance benefits to certain employees and also provides postretirement medical insurance benefits to retirement-eligible employees. The postretirement medical plan is contributory with FHN c ontributing a fixed amount for certain participants. FHN’s postretirement benefits include certain prescription drug benefits. In third quarter 2015, FHN notified participants of revisions to the retiree medical plan effective January 1, 2016. In conjuncti on with this action, FHN recognized an $8.3 million curtailment gain in third quarter 2015. FHN also recognized a $1.0 million reduction in the plans’ projected benefit obligation and a $5.3 million tax affected adjustment
The components of net periodic benefit cost for the three months ended September 30 are as follows:
|  |  |  | Pension Benefits |  | Other Benefits |
(Dollars in thousands) | 2015 |  | 2014 |  | 2015 |  | 2014 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 10 |  | $ | 8 |  | $ | 37 |  | $ | 45 |
Interest cost |  | 9,278 |  |  | 8,866 |  |  | 342 |  |  | 400 |
Expected return on plan assets |  | (9,354) |  |  | (10,034) |  |  | (243) |  |  | (259) |
Amortization of unrecognized: |  |  |  |  |  |  |  |  |  |  |  |
| Prior service cost/(credit) |  | 84 |  |  | 86 |  |  | (291) |  |  | (290) |
| Actuarial (gain)/loss |  | 2,786 |  |  | 1,904 |  |  | (334) |  |  | (377) |
Net periodic benefit cost | $ | 2,804 |  | $ | 830 |  | $ | (489) |  | $ | (481) |
ACS 715 curtailment gain |  | - |  |  | - |  |  | (8,283) |  |  | - |
ACS 715 special termination benefits (a) |  | - |  |  | 1,009 |  |  | - |  |  | - |
Total periodic benefit costs | $ | 2,804 |  | $ | 1,839 |  | $ | (8,772) |  | $ | (481) |
(a) In third quarter 2014, a one-time special termination benefits charge was recognized related to recalculation of a participant's benefit under a non-qualified plan upon retirement.
The components of net periodic benefit cost for the nine months ended September 30 are as follows:
|  | Pension Benefits |  | Other Benefits |
(Dollars in thousands) | 2015 |  | 2014 |  | 2015 |  | 2014 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 30 |  | $ | 42 |  | $ | 112 |  | $ | 155 |
Interest cost |  | 27,318 |  |  | 26,186 |  |  | 1,062 |  |  | 1,316 |
Expected return on plan assets |  | (28,137) |  |  | (30,070) |  |  | (726) |  |  | (769) |
Amortization of unrecognized: |  |  |  |  |  |  |  |  |  |  |  |
| Prior service cost/(credit) |  | 250 |  |  | 260 |  |  | (873) |  |  | (872) |
| Actuarial (gain)/loss |  | 7,577 |  |  | 5,174 |  |  | (822) |  |  | (755) |
Net periodic benefit cost | $ | 7,038 |  | $ | 1,592 |  | $ | (1,247) |  | $ | (925) |
ACS 715 curtailment gain |  | - |  |  | - |  |  | (8,283) |  |  | - |
ACS 715 special termination benefits (a) |  | - |  |  | 1,009 |  |  | - |  |  | - |
Total periodic benefit costs | $ | 7,038 |  | $ | 2,601 |  | $ | (9,530) |  | $ | (925) |
(a) In third quarter 2014, a one-time special termination benefits charge was recognized related to recalculation of a participant's benefit under a non-qualified plan upon retirement.

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