
	Pension Benefits				Post-retirement Benefits
(000’s omitted)	2022		2021		2022		2021
Change in benefit obligation:
Benefit obligation at the beginning of year	$	183,270	$	190,361	$	1,529	$	1,718
Service cost		4,959		5,920		0		0
Interest cost		5,334		5,036		68		44
Plan amendment / acquisition		1,851		0		536		0
Participant contributions		0		0		0		0
Deferred actuarial (gain)/loss		(31,759)		(4,881)		(306)		(85)
Benefits paid		(12,294)		(13,166)		(171)		(148)
Benefit obligation at end of year		151,361		183,270		1,656		1,529
Change in plan assets:
Fair value of plan assets at beginning of year		290,687		272,600		0		0
Actual return of plan assets		(34,967)		27,614		0		0
Participant contributions		0		0		0		0
Employer contributions		906		3,639		171		148
Plan acquisition		0		0		0		0
Benefits paid		(12,294)		(13,166)		(171)		(148)
Fair value of plan assets at end of year		244,332		290,687		0		0
Over/(Under) funded status at year end	$	92,971	$	107,417	$	(1,656)	$	(1,529)

Amounts recognized in the consolidated statement of condition were:
Other assets	$	106,986	$	127,538	$	0	$	0
Other liabilities		(14,015)		(20,121)		(1,656)		(1,529)
Amounts recognized in accumulated other comprehensive loss/(income) (“AOCI”) were:
Net loss	$	38,894	$	16,977	$	255	$	585
Net prior service cost (credit)		3,112		3,969		(728)		(907)
Pre-tax AOCI		42,006		20,946		(473)		(322)
Taxes		(10,351)		(5,236)		119		82
AOCI at year end	$	31,655	$	15,710	$	(354)	$	(240)


	Pension Benefits				Post-retirement Benefits
	2022		2021		2022		2021
Discount rate	5.40	%	3.10	%	5.40	%	3.10	%
Expected return on plan assets	6.70	%	6.70	%	N/A		N/A
Rate of compensation increase	4.50% for 2023,		4.00% for 2022,	%
	3.50% for 2024	+	3.50% for 2023	+	N/A		N/A
Interest crediting rates	6.00% while employed,		6.00% while employed,
	3.55% after termination		1.94% after termination		N/A		N/A

The weighted-average assumptions used to determine the net periodic pension cost for the years ended December 31 are as follows:


	Pension Benefits						Post-retirement Benefits
	2022		2021		2020		2022		2021		2020
Discount rate	3.10	%	2.80	%	3.50	%	3.10	%	2.80	%	3.60	%
Expected return on plan assets	6.70	%	7.00	%	7.00	%	N/A		N/A		N/A
Rate of compensation	4.00% for 2022,
increase	3.50% for 2023	+	3.50	%	3.50	%	N/A		N/A		N/A
Interest crediting rates	6.00% while employed,		6.00% while employed,		6.00% while employed,
	1.94% after termination		1.42% after termination		2.16% after termination		N/A		N/A		N/A

The fair values of the Company’s defined benefit pension plan assets at December 31, 2022 by asset category are as follows:

The fair values of the Company’s defined benefit pension plan assets at December 31, 2021 by asset category are as follows:

(a)	This category is exchange-traded funds representing a diversified index of high yield corporate bonds.

(b)	This category is comprised of exchange-traded funds and mutual funds holding non-traditional investment classes including private equity funds and alternative exchange funds.

(c)	Excludes dividends and interest receivable totaling $0.6 million and $0.4 million at December 31, 2022 and 2021, respectively.