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Pension, Savings, And Other Employee Benefits | 6 Months Ended
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Jun. 30, 2020
Retirement Benefits, Description [Abstract] |
Pension, Savings, and Other Employee Benefits | 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. Minimum contributions are based upon actuarially determined amounts necessary to fund the total benefit obligation. Decisions to contribute to the plan are based upon pension funding requirements under the Pension Protection Act, the maximum amount deductible under the Internal Revenue Code, the actual performance of plan assets, and trends in the regulatory environment. FHN made no contributions to the qualified pension plan in 2019. Management does not currently anticipate that FHN will make a contribution to the qualified pension plan for the remainder of 2020. 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 these plans cover all benefits paid under the non-qualified plans. Payments made under the non-qualified plans were $5.2 million for 2019. FHN anticipates making benefit payments under the non-qualified plans of $5.2 million in 2020. Savings plan. FHN provides all qualifying full-time employees with the opportunity to participate in FHN's tax qualifi ed 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 matching contributions invested according to a participant’s current investment election. 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 limitations. 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 contributing a fixed amount for certain participants. FHN’s postretirement benefits include certain prescription drug benefits. Service cost is included in Employee compensation, incentives, and benefits in the Consolidated Condensed Statements of Income. All other components of net periodic benefit cost are included in All other expense. The components of net periodic benefit cost for the three months ended June 30 are as follows:
|  | Pension Benefits |  | Other Benefits
(Dollars in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Components of net periodic benefit cost |  |  |  |  |  |  |  |
Service cost |  | $ | 8 |  |  | $ | 8 |  |  | $ | 24 |  |  | $ | 24 |
Interest cost |  | 5,910 |  |  | 7,575 |  |  | 307 |  |  | 351 |
Expected return on plan assets |  | (6,169 | ) |  | (9,173 | ) |  | (311 | ) |  | (269 | )
Amortization of unrecognized: |  |  |  |  |  |  |  |
Prior service cost/(credit) |  | — |  |  | — |  |  | 8 |  |  | — |
Actuarial (gain)/loss |  | 3,224 |  |  | 2,435 |  |  | (79 | ) |  | (117 | )
Net periodic benefit cost/(credit) |  | $ | 2,973 |  |  | $ | 845 |  |  | $ | (51 | ) |  | $ | (11 | )
The components of net periodic benefit cost for the six months ended June 30 are as follows:
|  | Pension Benefits |  | Other Benefits
(Dollars in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Components of net periodic benefit cost |  |  |  |  |  |  |  |
Service cost |  | $ | 16 |  |  | $ | 16 |  |  | $ | 49 |  |  | $ | 48 |
Interest cost |  | 11,819 |  |  | 15,150 |  |  | 611 |  |  | 702 |
Expected return on plan assets |  | (12,337 | ) |  | (18,346 | ) |  | (622 | ) |  | (538 | )
Amortization of unrecognized: |  |  |  |  |  |  |  |
Prior service cost/(credit) |  | — |  |  | — |  |  | 16 |  |  | — |
Actuarial (gain)/loss |  | 6,448 |  |  | 4,870 |  |  | (154 | ) |  | (234 | )
Net periodic benefit cost/(credit) |  | $ | 5,946 |  |  | $ | 1,690 |  |  | $ | (100 | ) |  | $ | (22 | )

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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