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Retirement Plans | 9 Months Ended
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Sep. 30, 2024
Retirement Benefits [Abstract] |
Retirement Plans | Retirement Plans The Corporation has a noncontributory defined benefit RAP, covering substantially all employees who meet the eligibility requirements. The benefits are based primarily on years of service and the employee’s eligible compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Retirement plans of acquired entities are typically merged into the RAP depending on the terms of the merger agreement, and, as applicable, credit is usually applied to employees for years of service at the acquired institution for vesting and eligibility purposes. The Corporation also provides healthcare access to a limited group of retired employees from a previous acquisition in the Postretirement Plan. There are no other active retiree healthcare plans. The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan for the three and nine months ended September 30, 2024 and 2023 were as follows:
| Three Months Ended Sep 30, | Nine Months Ended Sep 30,
($ in thousands) | 2024 | 2023 | 2024 | 2023
RAP |  |  |  |
Service cost | $ | 508 |  | $ | 800 |  | $ | 2,263 |  | $ | 2,392 |
Interest cost | 2,943 |  | 2,794 |  | 8,380 |  | 8,165 |
Expected return on plan assets | (8,649) |  | (8,243) |  | (25,949) |  | (24,647) |
Amortization of prior service cost | (54) |  | (63) |  | (161) |  | (188) |
Amortization of actuarial loss | — |  | — |  | — |  | 37 |
Total net periodic pension cost | $ | (5,252) |  | $ | (4,713) |  | $ | (15,467) |  | $ | (14,241) |
Postretirement Plan |  |  |  |
Interest cost | $ | 18 |  | $ | 20 |  | $ | 54 |  | $ | 59 |
Amortization of prior service cost | (19) |  | (19) |  | (56) |  | (56) |
Amortization of actuarial (gain) | (7) |  | (7) |  | (21) |  | (22) |
Total net periodic benefit cost | $ | (8) |  | $ | (6) |  | $ | (23) |  | $ | (19) |
The components of net periodic pension cost and net periodic benefit cost, other than the service cost component, are included in the line item other of noninterest expense on the consolidated statements of income. The service cost components are included in personnel on the consolidated statements of income. The Corporation’s funding policy is to pay at least the minimum amount required by federal law and regulations, with consideration given to the maximum funding amounts allowed. The Corporation regularly reviews the funding of its RAP. There were no contributions during 2023 or the nine months ended September 30, 2024.

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